Quarters Ended | Fiscal Years | |||||||||||||||||||||||||||
April 2, | April 3, | |||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
(dollars in millions, except ratio data) | ||||||||||||||||||||||||||||
Pretax income from
continuing operations before
adjustments for noncontrolling
interests in consolidated
subsidiaries and income or
loss from equity investees |
$ | 257 | $ | 209 | $ | 747 | $ | 657 | $ | 837 | $ | 901 | $ | 775 | ||||||||||||||
Fixed charges: |
||||||||||||||||||||||||||||
Interest expense |
16 | 20 | 78 | 86 | 94 | 72 | 57 | |||||||||||||||||||||
1/3 of rent expense |
15 | 15 | 60 | 59 | 51 | 43 | 36 | |||||||||||||||||||||
Total fixed charges |
31 | 36 | 138 | 145 | 145 | 115 | 93 | |||||||||||||||||||||
Pretax income from continuing
operations before adjustments
for noncontrolling interests
in consolidated subsidiaries
and income or loss from equity
investees, plus fixed charges |
$ | 288 | $ | 245 | $ | 885 | $ | 802 | $ | 982 | $ | 1,016 | $ | 868 | ||||||||||||||
Total fixed charges shown above |
$ | 31 | $ | 36 | $ | 138 | $ | 145 | $ | 145 | $ | 115 | $ | 93 | ||||||||||||||
Preferred stock dividends |
| | | | | | 1 | |||||||||||||||||||||
Total fixed charges and
preferred stock dividends |
$ | 31 | $ | 36 | $ | 138 | $ | 145 | $ | 145 | $ | 115 | $ | 94 | ||||||||||||||
Ratio of Earnings to Fixed
Charges(1) |
9.3 | x | 6.9 | x | 6.4 | x | 5.5 | x | 6.8 | x | 8.8 | x | 9.2 | x |
(1) | For purposes of this ratio, earnings are based on income from continuing operations before income taxes and before fixed charges. Income from continuing operations before income taxes is adjusted for noncontrolling interests of partially owned consolidated subsidiaries and for earnings and dividends of investments accounted for on the equity method. Fixed charges consist of interest expense, capitalized interest and one-third of rent expense (excluding contingent rent expense), which approximates the interest factor of such rent expense. |