Attached files

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EX-32.2 - SECTION 1350 CERTIFICATION OF THE CHIEF FINANCIAL OFFICER - GAP INCfy201610-kexhibit322.htm
EX-32.1 - SECTION 1350 CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER - GAP INCfy201610-kexhibit321.htm
EX-31.2 - SECTION 302 CERTIFICATION OF THE CHIEF FINANCIAL OFFICER - GAP INCfy201610-kexhibit312.htm
EX-31.1 - SECTION 302 CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER - GAP INCfy201610-kexhibit311.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - GAP INCexhibit23fy16.htm
EX-21 - SUBSIDIARIES OF REGISTRANT - GAP INCfy2016exhibit21subsidiaryl.htm
10-K - 10-K - GAP INCfy201610-k.htm
Exhibit 12


Ratio of Earnings to Fixed Charges
 
Fiscal Year (number of weeks)
($ in millions except ratios)
2016 (52)
 
2015 (52)
 
2014 (52)
 
2013 (52)
 
2012 (53)
Earnings before income taxes and interest expense
$
1,199

 
$
1,530

 
$
2,088

 
$
2,154

 
$
1,948

Less: capitalized interest, net
(9
)
 
(8
)
 
(7
)
 
(8
)
 
(6
)
Total fixed charges
548

 
533

 
551

 
522

 
675

Earnings for calculation
$
1,738

 
$
2,055

 
$
2,632

 
$
2,668

 
$
2,617

Fixed charges:
 
 
 
 
 
 
 
 
 
Gross interest incurred
$
75

 
$
59

 
$
75

 
$
61

 
$
87

Interest portion of rent expense (1)
473

 
474

 
476

 
461

 
588

Total fixed charges
$
548

 
$
533

 
$
551

 
$
522

 
$
675

Ratio of earnings to fixed charges
3.2

 
3.9

 
4.8

 
5.1

 
3.9

__________
(1) The interest portion of rent expense for fiscal 2016, 2015, 2014, and 2013 was calculated as 36 percent of rent expense. For fiscal 2012, the interest portion of rent expense was calculated as 48 percent of rent expense.