EX-12 5 exhibit121.htm EXHIBIT 12 Exhibit


Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
Quarter Ended
 
September 30, 2016
 
October 2, 2015
 
(In millions, except ratios)
Earnings:
 
 
 
Net income
$
160

 
$
148

Plus: Income taxes
65

 
68

Fixed charges
46

 
49

Amortization of capitalized interest
—

 
—

Less: Interest capitalized during the period
—

 
—

Undistributed earnings in equity investments
—

 
—

 
$
271

 
$
265

Fixed Charges:
 
 
 
Interest expense
$
44

 
$
48

Plus: Interest capitalized during the period
—

 
—

Interest portion of rental expense
2

 
1

 
$
46

 
$
49

Ratio of Earnings to Fixed Charges
5.89

 
5.41