EX-12.1 2 tsn2018q3exh-121.htm EXHIBIT 12.1 Exhibit
EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(dollars in millions)
 
 
Nine Months Ended
 
Fiscal Years
 
June 30, 2018
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity method investment earnings
$
1,974

 
$
2,609

 
$
2,586

 
$
1,908

 
$
1,241

 
$
1,254

Add: Fixed charges
326

 
353

 
313

 
358

 
194

 
219

Add: Amortization of capitalized interest
7

 
7

 
7

 
5

 
5

 
5

Less: Capitalized interest
(12
)
 
(12
)
 
(7
)
 
(10
)
 
(8
)
 
(8
)
Total adjusted earnings
2,295

 
2,957

 
2,899

 
2,261

 
1,432

 
1,470

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest
256

 
266

 
241

 
283

 
122

 
116

Capitalized interest
12

 
12

 
7

 
10

 
8

 
8

Amortization of debt issuance and debt discount expense
7

 
13

 
8

 
10

 
10

 
28

Rentals at computed interest factor (1)
51

 
62

 
57

 
55

 
54

 
67

Total fixed charges
$
326

 
$
353

 
$
313

 
$
358

 
$
194

 
$
219

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
7.04

 
8.38

 
9.26

 
6.32

 
7.38

 
6.71


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