Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - SUPERVALU INC | q3-f17form10xq.htm |
| EX-32.2 - EX 32.2 - SUPERVALU INC | q3-f17form10xqex322.htm |
| EX-32.1 - EX 32.1 - SUPERVALU INC | q3-f17form10xqex321.htm |
| EX-31.2 - EX 31.2 - SUPERVALU INC | q3-f17form10xqex312.htm |
| EX-31.1 - EX 31.1 - SUPERVALU INC | q3-f17form10xqex311.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Year-To-Date Ended | Fiscal Year Ended | ||||||||||||||||||||||
December 3, 2016 (40 weeks) | February 27, 2016 (52 weeks) | February 28, 2015 (53 weeks) | February 22, 2014(1) (52 weeks) | February 23, 2013(2) (52 weeks) | February 25, 2012(3) (52 weeks) | ||||||||||||||||||
Earnings (loss) from continuing operations before income taxes | $ | 10 | $ | 107 | $ | 12 | $ | (162 | ) | $ | (581 | ) | $ | (387 | ) | ||||||||
Less net earnings attributable to noncontrolling interests | (3 | ) | (8 | ) | (7 | ) | (7 | ) | (10 | ) | (13 | ) | |||||||||||
Net overdistributed earnings of less than fifty percent owned affiliates | — | 1 | — | 1 | 1 | — | |||||||||||||||||
Fixed charges | 161 | 220 | 269 | 430 | 304 | 290 | |||||||||||||||||
Amortized capitalized interest | — | (1 | ) | (1 | ) | (1 | ) | (3 | ) | (5 | ) | ||||||||||||
Earnings (loss) available to cover fixed charges | $ | 168 | $ | 319 | $ | 273 | $ | 261 | $ | (289 | ) | $ | (115 | ) | |||||||||
Interest expense | 143 | 196 | 243 | 403 | 269 | 246 | |||||||||||||||||
Capitalized interest | — | 1 | 1 | 1 | 3 | 5 | |||||||||||||||||
Interest on operating leases | 18 | 23 | 25 | 26 | 32 | 39 | |||||||||||||||||
Total fixed charges | $ | 161 | $ | 220 | $ | 269 | $ | 430 | $ | 304 | $ | 290 | |||||||||||
Excess (deficiency) of earnings to fixed charges | $ | 7 | $ | 99 | $ | 4 | $ | (169 | ) | $ | (593 | ) | $ | (405 | ) | ||||||||
Ratio of earnings to fixed charges | 1.04 | 1.45 | 1.01 | N/A | N/A | N/A | |||||||||||||||||
N/A represents a ratio of less than one.
(1) | The Company’s earnings available to cover fixed charges were insufficient to cover fixed charges for fiscal 2014 due to $99 of charges for the write-off of non-cash unamortized financing costs and original issue discount acceleration before tax, $75 of debt refinancing costs before tax, $44 of severance costs and accelerated stock-based compensation charges before tax, $13 of non-cash asset impairment and other charges before tax, $6 of contract breakage and other costs before tax, and $3 of multi-employer pension withdrawal charge before tax, offset in part by $15 of gain on sale of property before tax. |
(2) | The Company’s earnings available to cover fixed charges were insufficient to cover fixed charges for fiscal 2013 due to $214 of non-cash asset impairment and other charges before tax, administrative expenses related to divested NAI operations, $36 of severance costs before tax, $22 of non-cash unamortized financing costs before tax and $6 of non-cash intangible asset impairment charges before tax, offset in part by $10 in a cash settlement received from credit card companies before tax. |
(3) | The Company’s earnings available to cover fixed charges were insufficient to cover fixed charges for fiscal 2012 due to administrative expenses related to divested NAI operations, $92 of non-cash goodwill impairment charges before tax and severance costs of $15 before tax. |