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Previous: PENNEY J C CO INC, 10-Q, EX-10.C, 2000-12-12 |
Next: PENNEY J C CO INC, 10-Q, EX-12.B, 2000-12-12 |
<PAGE>
Exhibit 12(a)
J. C. Penney Company, Inc.
and Consolidated Subsidiaries
Computation of Ratios of Available Income to Combined Fixed Charges
and Preferred Stock Dividend Requirement
52 weeks 52 weeks
ended ended
October 28, October 30,
($ Millions) 2000 1999
----------- -----------
Income/(loss) from continuing operations $ (255) $ 827
(before income taxes, before
capitalized interest, but after
preferred stock dividend)
Fixed charges
Interest (including capitalized interest) on:
Operating leases 272 225
Short term debt 46 133
Long term debt 483 551
Capital leases 1 2
Other, net - (3)
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Total fixed charges 802 908
Preferred stock dividend, before taxes 44 36
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Combined fixed charges and preferred
stock dividend requirement 846 944
Total available income $ 591 $ 1,771
=========== ============
Ratio of available income to combined
fixed charges and preferred stock
dividend requirement 0.7 1.9
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The difference between a one to one coverage ratio and the .7 ratio shown above
for the 52 weeks ended October 28, 2000 is $255 million.
The Company believes that, due to the seasonal nature of its business, ratios
for a period of time other than a 52 week period are inappropriate.
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