EX-12 4 ex12.htm EXHIBIT 12 Exhibit


 
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Fiscal Years Ended
 
July 1, 2016
 
July 3, 2015
 
June 27, 2014
 
(In millions, except ratios)
Earnings:
 
 
 
 
 
Income from continuing operations
$
345

 
$
334

 
$
539

Plus: Income taxes
266

 
143

 
256

Fixed charges
191

 
137

 
101

Amortization of capitalized interest
1

 
—

 
—

Less: Interest capitalized during the period
—

 
(2
)
 
(2
)
Undistributed earnings in equity investments
—

 
—

 
—

 
$
803

 
$
612

 
$
894

Fixed Charges:
 
 
 
 
 
Interest expense
$
183

 
$
130

 
$
94

Plus: Interest capitalized during the period
—

 
2

 
2

Interest portion of rental expense
8

 
5

 
5

 
$
191

 
$
137

 
$
101

Ratio of Earnings to Fixed Charges
4.2

 
4.5

 
8.9