Exhibit 12.1
Starbucks Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Fiscal Year Ended | ||||||||||||||||||||||||
Three Quarters Ended June 30, 2013 | Sep 30, 2012 | Oct 2, 2011 | Oct 3, 2010 | Sep 27, 2009 | Sep 28, 2008 | |||||||||||||||||||
Earnings1 | $ | 1,822.3 | $ | 2,059.1 | $ | 1,811.1 | $ | 1,437.0 | $ | 559.9 | $ | 455.6 | ||||||||||||
Income from equity investees | (170.4 | ) | (210.7 | ) | (173.7 | ) | (148.1 | ) | (121.9 | ) | (113.6 | ) | ||||||||||||
Distributed income from equity investees | 68.1 | 86.7 | 85.6 | 91.4 | 53.0 | 52.6 | ||||||||||||||||||
Amortization of capitalized interest | 1.7 | 2.2 | 1.8 | 1.2 | 1.0 | 0.8 | ||||||||||||||||||
Fixed charges, excluding capitalized interest | 166.0 | 224.5 | 252.0 | 266.3 | 284.4 | 300.4 | ||||||||||||||||||
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Total earnings available for fixed charges | $ | 1,887.7 | $ | 2,161.8 | $ | 1,976.8 | $ | 1,647.8 | $ | 776.4 | $ | 695.8 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest and debt expense2 | $ | 27.5 | $ | 35.9 | $ | 37.7 | $ | 37.7 | $ | 42.2 | $ | 61.4 | ||||||||||||
Interest portion of rental expense | 146.9 | 191.8 | 218.7 | 233.5 | 245.1 | 246.2 | ||||||||||||||||||
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Total fixed charges | $ | 174.4 | $ | 227.7 | $ | 256.4 | $ | 271.2 | $ | 287.3 | $ | 307.6 | ||||||||||||
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Ratio of earnings to fixed charges | 10.8x | 9.5x | 7.7x | 6.1x | 2.7x | 2.3x |
1 | Earnings represent income from continuing operations before provision for income taxes. |
2 | Includes amortization of debt-related expenses and interest capitalized during the period. |