EX-12.1 4 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges
EXHIBIT 12.1
SARA LEE CORPORATION AND SUBSIDIARIES
 
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)
 
      
Thirteen Weeks Ended
  
      
September 28, 2002(1)
     
September 29, 2001(2)
  
Fixed charges:
                    
Interest expense
     
$
67
     
$
74
 
Interest portion of rental expense
     
 
15
     
 
14
 
      
    
Total fixed charges before capitalized interest and preference security dividends
     
 
82
     
 
88
 
Preference security dividends of consolidated subsidiaries
     
 
5
     
 
7
 
Capitalized interest
     
 
2
     
 
2
 
      
    
Total fixed charges
     
$
89
     
$
97
 
      
    
Earnings available for fixed charges:
                    
Income before income taxes
     
$
377
     
$
262
 
Less undistributed income in minority-owned companies
     
 
2
     
 
(4
)
Add minority interest in majority-owned subsidiaries
     
 
3
     
 
3
 
Add amortization of capitalized interest
     
 
6
     
 
6
 
Add fixed charges before capitalized interest and preference security dividends
     
 
82
     
 
88
 
      
    
Total earnings available for fixed charges
     
$
470
     
$
355
 
      
    
Ratio of earnings to fixed charges
     
 
5.3
     
 
3.7
 
      
    
(1)
 
During the first quarter of fiscal 2003, the Corporation recorded a pretax credit of $9 in connection with the reversal of certain Reshaping actions.
(2)
 
During the first quarter of fiscal 2002, the Corporation recorded a pretax charge of $1 in connection with certain Reshaping actions.

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