Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Macy's, Inc. | d281311d8k.htm |
| EX-1.1 - UNDERWRITING AGREEMENT - Macy's, Inc. | d281311dex11.htm |
| EX-5.1 - OPINION OF JONES DAY - Macy's, Inc. | d281311dex51.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 10/29/2011 |
Fiscal Year Ended | |||||||||||||||||||||||
| 1/29/2011 | 1/30/2010 | 1/31/2009 | 2/2/2008 | 2/3/2007 | ||||||||||||||||||||
| Income (Loss) From Continuing Operations Before Income Taxes |
$ | 792 | $ | 1,320 | $ | 507 | $ | (4,938 | ) | $ | 1,320 | $ | 1,446 | |||||||||||
| Add: |
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| Interest Expense |
388 | 579 | 562 | 588 | 579 | 451 | ||||||||||||||||||
| Portion of Rents Representative of the Interest Factor |
81 | 105 | 106 | 110 | 104 | 117 | ||||||||||||||||||
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| Adjusted Income (Loss) |
$ | 1,211 | $ | 2,004 | $ | 1,175 | $ | (4,240 | ) | $ | 2,003 | $ | 2,014 | |||||||||||
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| Fixed Charges: |
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| Interest Expense |
$ | 338 | $ | 579 | $ | 562 | $ | 588 | $ | 579 | $ | 451 | ||||||||||||
| Capitalized Interest |
5 | 5 | 5 | 11 | 11 | 15 | ||||||||||||||||||
| Portion of Rents Representative of the Interest Factor |
81 | 105 | 106 | 110 | 104 | 117 | ||||||||||||||||||
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| Total Fixed Charges |
$ | 424 | $ | 689 | $ | 673 | $ | 709 | $ | 694 | $ | 583 | ||||||||||||
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| Ratio of Earnings (Loss) to Fixed Charges (b) |
2.9x | 2.9x | 1.7x | — | 2.9x | 3.5x | ||||||||||||||||||
| (a) | For purposes of determining the ratio of earnings (loss) to fixed charges, earnings (loss) consist of income (loss) from continuing operations before income taxes plus fixed charges (excluding interest capitalized). Fixed charges represent interest incurred, amortization of debt expenses, and that portion of rental expenses on operating leases deemed to be the equivalent of interest. |
| (b) | For the fiscal year ended January 31, 2009, our earnings were insufficient to cover our fixed charges by $4.95 billion. |