Attached files
| file | filename |
|---|---|
| 10-K - 10-K - SUPERVALU INC | f17form10-k.htm |
| EX-32.2 - EX 32.2 - SUPERVALU INC | f17form10-kex322.htm |
| EX-32.1 - EX 32.1 - SUPERVALU INC | f17form10-kex321.htm |
| EX-31.2 - EX 31.2 - SUPERVALU INC | f17form10-kex312.htm |
| EX-31.1 - EX 31.1 - SUPERVALU INC | f17form10-kex311.htm |
| EX-24.1 - EX 24.1 - SUPERVALU INC | f17form10-kex241.htm |
| EX-23.1 - EX 23.1 - SUPERVALU INC | f17form10-kex231.htm |
| EX-21.1 - EX 21.1 - SUPERVALU INC | f17form10-kex211.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
February 25, 2017 (52 weeks) | February 27, 2016 (52 weeks) | February 28, 2015 (53 weeks) | February 22, 2014(1) (52 weeks) | February 23, 2013(2) (52 weeks) | |||||||||||||||
Net earnings (loss) from continuing operations before income taxes | $ | 7 | $ | 108 | $ | 12 | $ | (163 | ) | $ | (581 | ) | |||||||
Less net earnings attributable to noncontrolling interests | (4 | ) | (8 | ) | (7 | ) | (7 | ) | (10 | ) | |||||||||
Net overdistributed earnings of less than fifty percent owned affiliates | — | 1 | — | 1 | 1 | ||||||||||||||
Fixed charges | 205 | 220 | 269 | 430 | 304 | ||||||||||||||
Amortized capitalized interest | — | (1 | ) | (1 | ) | (1 | ) | (3 | ) | ||||||||||
Earnings (loss) available to cover fixed charges | $ | 208 | $ | 320 | $ | 273 | $ | 260 | $ | (289 | ) | ||||||||
Interest expense | 183 | 196 | 243 | 403 | 269 | ||||||||||||||
Capitalized interest | — | 1 | 1 | 1 | 3 | ||||||||||||||
Interest on operating leases | 22 | 23 | 25 | 26 | 32 | ||||||||||||||
Total fixed charges | $ | 205 | $ | 220 | $ | 269 | $ | 430 | $ | 304 | |||||||||
Excess (deficiency) of earnings to fixed charges | $ | 3 | $ | 100 | $ | 4 | $ | (170 | ) | $ | (593 | ) | |||||||
Ratio of earnings to fixed charges | 1.01 | 1.45 | 1.01 | 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, $42 of severance costs 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, $32 of severance costs before tax, $22 of non-cash unamortized financing costs before tax, $6 of non-cash intangible asset impairment charges before tax and $4 of multi-employer pension withdrawal charge before tax, offset in part by $10 in a cash settlement received from credit card companies before tax. |