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Previous: PENNEY J C CO INC, 10-Q, EX-12.A, 2000-12-12 |
Next: PENNEY J C CO INC, 10-Q, EX-27.A, 2000-12-12 |
<PAGE>
Exhibit 12(b)
J. C. Penney Company, Inc.
and Consolidated Subsidiaries
Computation of Ratios of Available Income to Fixed Charges
52 weeks 52 weeks
ended ended
October 28, October 30,
($ Millions) 2000 1999
----------- -----------
Income/(loss) from continuing operations $ (221) $ 863
(before income taxes, and
capitalized interest)
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
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Total available income $ 581 $ 1,771
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Ratio of available income to fixed charges 0.7 2.0
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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 $221 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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