EX-12 2 sbux-9272015xexhibit12.htm EXHIBIT 12
EXHIBIT 12
Starbucks Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)

|  | Sep 27, 2015 |  | Sep 28, 2014 |  | Sep 29, 2013 |  | Sep 30, 2012 |  | Oct 2, 2011
Fiscal year ended |  |  |  |  |  |  |  |  |  |
Earnings/(loss)(1) |  | $ | 3,903.0 |  |  | $ | 3,159.7 |  |  | $ | (229.9 | ) |  | $ | 2,059.1 |  |  | $ | 1,811.1 |
Income from equity investees |  | (249.9 | ) |  | (268.3 | ) |  | (251.4 | ) |  | (210.7 | ) |  | (173.7 | )
Distributed income from equity investees |  | 148.2 |  |  | 139.2 |  |  | 115.6 |  |  | 86.7 |  |  | 85.6 |
Amortization of capitalized interest |  | 4.1 |  |  | 3.6 |  |  | 2.6 |  |  | 2.2 |  |  | 1.8 |
Fixed charges, excluding capitalized interest |  | 326.5 |  |  | 310.1 |  |  | 237.7 |  |  | 224.5 |  |  | 252.0 |
Total earnings/(loss) available for fixed charges |  | $ | 4,131.9 |  |  | $ | 3,344.3 |  |  | $ | (125.4 | ) |  | $ | 2,161.8 |  |  | $ | 1,976.8 |
Fixed charges: |  |  |  |  |  |  |  |  |  |
Interest and debt expense(2) |  | $ | 74.2 |  |  | $ | 70.2 |  |  | $ | 38.5 |  |  | $ | 35.9 |  |  | $ | 37.7 |
Interest portion of rental expense |  | 256.0 |  |  | 246.0 |  |  | 209.6 |  |  | 191.8 |  |  | 218.7 |
Total fixed charges |  | $ | 330.2 |  |  | $ | 316.2 |  |  | $ | 248.1 |  |  | $ | 227.7 |  |  | $ | 256.4 |
Ratio of earnings to fixed charges(3) |  | 12.5 |  |  | 10.6 |  |  | — |  |  | 9.5 |  |  | 7.7 |

(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.