EX-12.2 5 dex122.txt COMP RATIO - EARNINGS... PSD EXHIBIT 12.2 SARA LEE CORPORATION AND SUBSIDIARIES -------------------------------------- Computation of Ratio of Earnings to Fixed Charges ------------------------------------------------- And Preferred Stock Dividend Requirements ----------------------------------------- (In millions, except ratios) ----------------------------
Twenty-Six Weeks Ended --------------------------------- December 29, December 30, 2001 (1) 2000 (2) -------------- -------------- Fixed charges and preferred stock dividend requirements: Interest expense $ 154 $ 151 Interest portion of rental expense 30 37 -------------- -------------- Total fixed charges before capitalized interest and preferred stock dividend requirements 184 188 Capitalized interest 3 11 Preferred stock dividend requirements (3) 9 9 -------------- -------------- Total fixed charges and preferred stock dividend requirements $ 196 $ 208 ============== ============== Earnings available for fixed charges and preferred stock dividend requirements: 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 and preferred stock dividend requirements 184 188 -------------- -------------- Total earnings available for fixed charges and preferred stock dividend requirements $ 660 $ 755 ============== ============== Ratio of earnings to fixed charges and preferred stock dividend requirements 3.4 3.6 ============== ==============
(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. (3) - Preferred stock dividends in the computation have been increased to an amount representing the pre-tax earnings that would have been required to cover such dividends. Page 41