Kohl's 2012 Annual Report Download - page 26

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26
The following table includes our leverage ratio calculation, as defined by our debt agreements as of February 2, 2013:
(Dollars in
Millions)
Total Debt.................................................................................................................................. $ 4,561
Permitted Exclusions................................................................................................................. (8)
Subtotal ..................................................................................................................................... 4,553
Rent x 8..................................................................................................................................... 2,120
Included Indebtedness............................................................................................................... $ 6,673
Net Worth.................................................................................................................................. $ 6,048
Investments (accounted for under equity method).................................................................... —
Subtotal ..................................................................................................................................... 6,048
Included Indebtedness............................................................................................................... 6,673
Capitalization ............................................................................................................................ $ 12,721
Leverage Ratio (a)................................................................................................................................................... 0.52
Maximum permitted Leverage Ratio........................................................................................ 0.70
(a) Included Indebtedness divided by Capitalization
The following table includes our Adjusted Debt to EBITDAR and debt/capitalization (a comparable GAAP measure)
calculations:
2012 2011 2010
(Dollars in Millions)
Total Debt............................................................................................. $ 4,553 $ 4,244 $ 3,999
Adjusted Rent (a)....................................................................................................... 2,120 2,117 2,111
Adjusted Debt ...................................................................................... $ 6,673 $ 6,361 $ 6,110
Total Equity.......................................................................................... $ 6,048 $ 6,508 $ 7,850
EBITDAR (b) ............................................................................................................. 2,988 3,201 3,106
Debt/capitalization (c)........................................................................................... 42.9% 39.5% 33.7%
Adjusted Debt to EBITDAR (d)....................................................................... 2.23 1.99 1.97
(a) Represents 8 times annual rent
(b) See details in ROI calculation above
(c) Total debt divided by total debt and shareholders' equity
(d) Adjusted debt divided by EBITDAR