EX-12.1 4 dex121.txt COMP RATIO - EARNINGS TO FIXED CHARGES EXHIBIT 12.1 SARA LEE CORPORATION AND SUBSIDIARIES ------------------------------------- Computation of Ratio of Earnings to Fixed Charges ------------------------------------------------- (In millions, except ratios) ----------------------------
Twenty-Six Weeks Ended ------------------------------ December 29, December 30, 2001 (1) 2000 (2) ----------- ------------ Fixed charges: Interest expense $ 154 $ 151 Interest portion of rental expense 30 37 ----------- ------------ Total fixed charges before capitalized interest 184 188 Capitalized interest 3 11 ----------- ------------ Total fixed charges $ 187 $ 199 =========== ============ Earnings available for fixed charges: Income from continuing operations before income taxes $ 448 $ 529 Less undistributed income in minority-owned companies (1) (5) Add minority interest in majority-owned subsidiaries 17 31 Add amortization of capitalized interest 12 12 Add fixed charges before capitalized interest 184 188 ----------- ------------ Total earnings available for fixed charges $ 660 $ 755 =========== ============ Ratio of earnings to fixed charges 3.5 3.8 =========== ============
(1) - During the first six-months of fiscal 2002, the Corporation recorded a pretax charge of $188 million in connection with certain reshaping actions. (2) - During the second quarter of fiscal 2001, the Corporation recorded a pretax charge of $344 million in connection with certain reshaping actions. During the second quarter of fiscal 2001, the Corporation recorded a pretax gain of $105 million in connection with the initial public offering of its Coach division. Page 40