EX-12.1 4 tsn2016q2exh-121.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit
EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
(dollars in millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
Fiscal Years
 
April 2, 2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity method investment earnings
$
1,351

 
$
1,908

 
$
1,241

 
$
1,254

 
$
949

Add: Fixed charges
164

 
358

 
194

 
219

 
264

Add: Amortization of capitalized interest
3

 
5

 
5

 
5

 
5

Less: Capitalized interest
(4
)
 
(10
)
 
(8
)
 
(8
)
 
(10
)
Total adjusted earnings
1,514

 
2,261

 
1,432

 
1,470

 
1,208

Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest
128

 
283

 
122

 
116

 
150

Capitalized interest
4

 
10

 
8

 
8

 
10

Amortization of debt discount expense
4

 
10

 
10

 
28

 
39

Rentals at computed interest factor (1)
29

 
55

 
54

 
67

 
65

Total fixed charges
$
165

 
$
358

 
$
194

 
$
219

 
$
264

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
9.18

 
6.32

 
7.38

 
6.71

 
4.58


(1) 
Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs.