RATIO OF EARNINGS TO FIXED CHARGES
Published on April 1, 2009
EXHIBIT
12
RATIO
OF EARNINGS TO FIXED CHARGES
(amounts
in millions, except ratios)
|
Fiscal
Year
|
||||||||||||||||||||
|
2009
|
2008
|
2007
|
||||||||||||||||||
|
2006
|
2005
|
|||||||||||||||||||
|
Income
from continuing operations before income taxes and minority
interest
|
$20,898 | $20,158 | $18,968 | $17,513 | $16,289 | |||||||||||||||
|
Capitalized
interest
|
(88 | ) | (150 | ) | (182 | ) | (157 | ) | (120 | ) | ||||||||||
|
Minority
interest
|
(499 | ) | (406 | ) | (425 | ) | (324 | ) | (249 | ) | ||||||||||
|
Adjusted
income before income taxes
|
20,311 | 19,602 | 18,361 | 17,032 | 15,920 | |||||||||||||||
|
Fixed
Charges:
|
||||||||||||||||||||
|
Interest
*
|
2,267 | 2,267 | 2,009 | 1,603 | 1,326 | |||||||||||||||
|
Interest
component of rent
|
406 | 464 | 368 | 328 | 319 | |||||||||||||||
|
Total
fixed charges
|
2,673 | 2,731 | 2,377 | 1,931 | 1,645 | |||||||||||||||
|
Income
from continuing operations before income taxes and fixed
charges
|
$22,984 | $22,333 | $20,738 | $18,963 | $17,565 | |||||||||||||||
|
Ratio
of earnings to fixed charges
|
8.6 | 8.2 | 8.7 | 9.8 | 10.7 | |||||||||||||||
|
*
Includes interest on debt, capital leases, uncertain tax positions,
amortization of debt issuance costs and capitalized
interest.
|
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Financial
information for fiscal years 2006, 2007 and 2008 has been restated to reflect
the impact of the following activities in fiscal 2009:
|
·
|
The
closure and disposition of 23 stores and other properties of The Seiyu,
Ltd. (“Seiyu”) in Japan under a restructuring plan;
and
|
|
·
|
The
sale of Gazeley Limited (“Gazeley”), a property development subsidiary in
the United Kingdom.
|
Financial
information for fiscal year 2005 has not been restated to reflect the impact of
these activities as the adjustments are immaterial.
Financial
information for fiscal years 2005 and 2006 has been restated to reflect the
disposition of our South Korean and German operations that occurred in fiscal
2007.