EX-12 3 exhibit124qfy18.htm EXHIBIT 12 Exhibit


Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
Fiscal Year Ended
 
June 29, 2018
 
June 30, 2017
 
July 1, 2016
 
July 3, 2015
 
June 27, 2014
 
 
 
 
 
 
 
 
 
 
 
(In millions, except ratios)
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
721

 
$
638

 
$
611

 
$
287

 
$
440

Plus: Income taxes
205

 
267

 
273

 
109

 
202

Fixed charges
181

 
179

 
188

 
135

 
99

Amortization of capitalized interest

 

 
1

 

 

Less: Interest capitalized during the period

 

 

 
(2
)
 
(2
)
 
$
1,107

 
$
1,084

 
$
1,073

 
$
529

 
$
739

Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
170

 
$
172

 
$
183

 
$
130

 
$
94

Plus: Interest capitalized during the period

 

 

 
2

 
2

Interest portion of rental expense
11

 
7

 
5

 
3

 
3

 
$
181

 
$
179

 
$
188

 
$
135

 
$
99

Ratio of Earnings to Fixed Charges
6.12

 
6.06

 
5.71

 
3.92

 
7.46