EX-12 9 cag-5x31x2015x10kex12.htm EXHIBIT 12 CAG-5-31-2015-10K Ex12


Exhibit 12
ConAgra Foods, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
($ in millions)



 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes and equity method investment earnings
$
(495.5
)
 
$
361.3

 
$
1,022.8

 
$
510.0

 
$
1,054.8

Add (deduct):
 
 
 
 
 
 
 
 
 
Fixed charges
399.1

 
454.5

 
336.8

 
219.7

 
240.8

Distributed income of equity method investees
91.3

 
46.1

 
25.8

 
27.4

 
13.3

Capitalized interest
(6.6
)
 
(13.6
)
 
(5.5
)
 
(4.4
)
 
(10.3
)
Earnings available for fixed charges (a)
$
(11.7
)
 
$
848.3

 
$
1,379.9

 
$
752.7

 
$
1,298.6

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
333.1

 
$
381.7

 
$
279.1

 
$
171.3

 
$
188.8

Capitalized interest
6.6

 
13.6

 
5.5

 
4.4

 
10.3

One third of rental expense (1)
59.4

 
59.2

 
52.2

 
44.0

 
41.7

Total fixed charges (b)
$
399.1

 
$
454.5

 
$
336.8

 
$
219.7

 
$
240.8

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (a/b) (2)
—

 
1.9

 
4.1

 
3.4

 
5.4


(1) Considered to be representative of interest factor in rental expense.
(2) In fiscal 2015, the Company incurred losses from operations, and as a result, our earnings were insufficient to cover our fixed charges by $410.8 million.