Attached files
| file | filename |
|---|---|
| EX-32.1 - EX 32.1 - SUPERVALU INC | q3-f18form10xqex321.htm |
| EX-32.2 - EX 32.2 - SUPERVALU INC | q3-f18form10xqex322.htm |
| EX-31.2 - EX 31.2 - SUPERVALU INC | q3-f18form10xqex312.htm |
| EX-31.1 - EX 31.1 - SUPERVALU INC | q3-f18form10xqex311.htm |
| 10-Q - 10-Q - SUPERVALU INC | q3-f18form10xq.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
Year-To-Date Ended | Fiscal Year Ended | ||||||||||||||||||
December 2, 2017(1) (40 weeks) | February 25, 2017 (52 weeks) | February 27, 2016 (52 weeks) | February 28, 2015 (53 weeks) | February 22, 2014(2) (52 weeks) | |||||||||||||||
Earnings (loss) from continuing operations before income taxes | $ | (2 | ) | 7 | $ | 108 | $ | 12 | $ | (163 | ) | ||||||||
Less net earnings attributable to noncontrolling interests | (1 | ) | (4 | ) | (8 | ) | (7 | ) | (7 | ) | |||||||||
Net overdistributed earnings of less than fifty percent owned affiliates | — | — | 1 | — | 1 | ||||||||||||||
Fixed charges | 126 | 205 | 220 | 269 | 430 | ||||||||||||||
Amortized capitalized interest | (1 | ) | — | (1 | ) | (1 | ) | (1 | ) | ||||||||||
Earnings available to cover fixed charges | $ | 122 | $ | 208 | $ | 320 | $ | 273 | $ | 260 | |||||||||
Interest expense | 105 | 183 | 196 | 243 | 403 | ||||||||||||||
Capitalized interest | 1 | — | 1 | 1 | 1 | ||||||||||||||
Interest on operating leases | 20 | 22 | 23 | 25 | 26 | ||||||||||||||
Total fixed charges | $ | 126 | 205 | $ | 220 | $ | 269 | $ | 430 | ||||||||||
Excess (deficiency) of earnings to fixed charges | $ | (4 | ) | $ | 3 | $ | 100 | $ | 4 | $ | (170 | ) | |||||||
Ratio of earnings to fixed charges | N/A | 1.01 | 1.45 | 1.01 | 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 2018 year-to-date due to $42 asset impairment charge before tax, $32 of merger and integration costs before tax, $9 of legal reserve charge before tax, $3 of severance costs before tax, $3 of unamortized financing charges before tax, $2 of debt refinancing costs before tax and $2 from store closure charges and costs before tax, offset in part by $2 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 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. |