Best Buy 2003 Annual Report Download - page 136

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Exhibit 12.1
Ratio of Earnings to Fixed Charges
($ in millions)
Mar. 1,
2003 Mar. 2,
2002 Mar. 3,
2001 Feb. 26,
2000 Feb. 27,
1999
Ratio of Earnings to Fixed Charges:
Earnings:
Net earnings $ 99 $ 570 $ 396 $ 347 $ 216
Discontinued operations, net of tax 441 — 5 — —
Change in accounting principles, net of tax 82 — — — —
Income tax expense 392 356 248 216 136
Earnings from continuing operations before
income tax expense 1,014 926 649 563 352
Fixed Charges:
Interest portion of rental expense 132 110 86 68 56
Interest expense 24 10 6 5 21
Total fixed charges 156 120 92 73 77
Less:
Capitalized interest (5) (1) — — —
Fixed charges in earnings 151 119 92 73 77
Earnings available for fixed charges 1,165 1,045 741 636 429
Ratio of earnings to fixed charges 7.68 8.83 8.05 8.62 5.56
Note: Computation is based on continuing operations