Attached files
| file | filename |
|---|---|
| 8-K - 8-K FILED ON NOVEMBER 18, 2014 - Macy's, Inc. | es8k11182014.htm |
| EX-1.1 - UNDERWRITING AGREEMENT - Macy's, Inc. | esexhibit11.htm |
| EX-99.1 - PRESS RELEASE OF MACY'S DATED NOVEMBER 18, 2014 - Macy's, Inc. | esexhibit99.htm |
| EX-5.1 - OPINION OF JONES DAY - Macy's, Inc. | esexhibit51.htm |
| EX-4.2 - SEVENTH SUPPLEMENTAL TRUST INDENTURE - Macy's, Inc. | esexhibit42.htm |
Exhibit 12.1
Macy’s, Inc.
Computation of Historical Ratios of Earnings to Fixed Charges (a)
(in millions, except ratio data)
|
|
39 Weeks Ended |
Fiscal Year Ended |
||||
|
|
11/1/2014 |
2/1/14 |
2/2/13 |
1/28/12 |
1/29/11 |
1/30/2010 |
|
Income before income taxes |
$1,140 |
$2,290 |
$2,102 |
$1,968 |
$1,320 |
$507 |
|
Add: Interest Expense |
298 |
390 |
562 |
447 |
579 |
562 |
|
Portion of rents representative of the interest factor |
84 |
104 |
106 |
106 |
105 |
106 |
|
Adjusted Income |
$1,522 |
$2,784 |
$2,770 |
$2,521 |
$2,004 |
$1,175 |
|
Fixed Charges: |
|
|
|
|
|
|
|
Interest Expense |
298 |
390 |
562 |
447 |
579 |
562 |
|
Capitalized Interest |
9 |
11 |
15 |
8 |
5 |
5 |
|
Portion of rents representative of the interest factor |
84 |
104 |
106 |
106 |
105 |
106 |
|
Total Fixed Charges |
$391 |
$505 |
$683 |
$561 |
$689 |
$673 |
|
Ratio of earnings to fixed charges |
3.9x |
5.5x |
4.1x |
4.5x |
2.9x |
1.7x |
(a) For purposes of determining the ratio of earnings to fixed charges, earnings consist of income before income taxes plus fixed charges (excluding interest capitalized). Fixed charges represent interest incurred, premium on early retirement of debt, if any, amortization of debt expenses, and that portion of rental expenses on operating leases deemed to be the equivalent of interest.