EXHIBIT 12.1
Starbucks Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
| Two Quarters Ended |
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
| Mar 29, 2015 |
Sep 28, 2014 |
Sep 29, 2013 |
Sep 30, 2012 |
Oct 2, 2011 |
Oct 3, 2010 | |||||||||||||||||||||||||||||
| Earnings/(loss)(1) |
$ | 2,061.6 | $ | 3,159.7 | $ | (229.9 | ) | $ | 2,059.1 | $ | 1,811.1 | $ | 1,437.0 | |||||||||||||||||||||
| Income from equity investees |
(107.7 | ) | (268.3 | ) | (251.4 | ) | (210.7 | ) | (173.7 | ) | (148.1 | ) | ||||||||||||||||||||||
| Distributed income from equity investees |
57.9 | 139.2 | 115.6 | 86.7 | 85.6 | 91.4 | ||||||||||||||||||||||||||||
| Amortization of capitalized interest |
1.9 | 3.6 | 2.6 | 2.2 | 1.8 | 1.2 | ||||||||||||||||||||||||||||
| Fixed charges, excluding capitalized interest |
157.0 | 310.1 | 237.7 | 224.5 | 252.0 | 266.3 | ||||||||||||||||||||||||||||
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| Total earnings/(loss) available for fixed charges |
$ | 2,170.7 | $ | 3,344.3 | $ | (125.4 | ) | $ | 2,161.8 | $ | 1,976.8 | $ | 1,647.8 | |||||||||||||||||||||
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| Fixed charges: |
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| Interest and debt expense(2) |
$ | 36.0 | $ | 70.2 | $ | 38.5 | $ | 35.9 | $ | 37.7 | $ | 37.7 | ||||||||||||||||||||||
| Interest portion of rental expense |
123.7 | 246.0 | 209.6 | 191.8 | 218.7 | 233.5 | ||||||||||||||||||||||||||||
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| Total fixed charges |
$ | 159.7 | $ | 316.2 | $ | 248.1 | $ | 227.7 | $ | 256.4 | $ | 271.2 | ||||||||||||||||||||||
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| Ratio of earnings to fixed charges(3) |
13.6 | 10.6 | — | 9.5 | 7.7 | 6.1 | ||||||||||||||||||||||||||||
(1) Earnings/(loss) represents income/(loss) from continuing operations before income taxes.
(2) Includes amortization of debt-related expenses and interest capitalized during the period. Excludes interest on uncertain tax positions, which is recorded in income tax expense/(benefit) in the consolidated statements of earnings.
(3) For the fiscal year ended September 29, 2013, our earnings were insufficient to cover fixed charges by $373.5 million.