Attached files

file filename
8-K - FORM 8-K FILED ON 5-23-2014 - Macy's, Inc.es8k05232014.htm
EX-4.2 - SIXTH SUPPLEMENTAL TRUST INDENTURE - Macy's, Inc.esexhibit42.htm
EX-5.1 - OPINION OF JONES DAY - Macy's, Inc.esexhibit51.htm
EX-1.1 - UNDERWRITING AGREEMENT - Macy's, Inc.esexhibit11.htm

                                                                         Exhibit 12.1

 

Macy’s, Inc.
Computation of Historical Ratios of Earnings to Fixed Charges (a)
(in millions, except ratio data)

 

 

13 Weeks Ended

Fiscal Year Ended

 

5/3/2014

2/1/14

2/2/13

1/28/12

1/29/11

1/30/2010

 

Income before income taxes

  $343

  $2,290

  $2,102

  $1,968

  $1,320

  $507

Add:   Interest Expense

100

390

562

447

579

562

            Portion of rents representative of

              the interest factor

27

104

106

106

105

106

Adjusted Income

   $470

   $2,784

   $2,770

   $2,521

  $2,004

  $1,175

Fixed Charges:

 

 

 

 

 

 

            Interest Expense

100

390

562

447

579

562

            Capitalized Interest

2

11

15

8

5

5

            Portion of rents representative of the

              interest factor

27

104

106

106

105

106

Total Fixed Charges

   $129

   $505

   $683

   $561

  $689

  $673

Ratio of earnings to fixed charges

3.6x

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, amortization of debt expenses, and that portion of rental expenses on operating leases deemed to be the equivalent of interest.