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Previous: PENNEY J C CO INC, 10-Q, EX-10.A, 2000-09-12 |
Next: PENNEY J C CO INC, 10-Q, EX-12.B, 2000-09-12 |
<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
July 29, July 31,
($ Millions) 2000 1999
_________ _________
Income from continuing operations $ 10 $ 911
(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 78 123
Long term debt 504 556
Capital leases 2 2
Other, net - (5)
_________ __________
Total fixed charges 856 901
Preferred stock dividend, before taxes 35 36
_________ __________
Combined fixed charges and preferred
stock dividend requirement 891 937
_________ __________
Total available income $ 901 $ 1,848
========= ==========
Ratio of available income to combined
fixed charges and preferred stock
dividend requirement 1.0 2.0
========= ==========
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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