EX-12.1 5 a2203190zex-12_1.htm EX-12.1

Exhibit 12.1

 

Hormel Foods Corporation
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio amounts)

 

 

 

Fiscal Years Ended

 

Three
Months
Ended

 

 

 

October
29, 2006

 

October
28, 2007

 

October
26, 2008

 

October
25, 2009

 

October
31, 2010

 

January 30,
2011

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

430,073

 

471,766

 

460,671

 

528,147

 

624,551

 

229,611

 

Less: Equity earnings of less than 50% owned equity investees

 

(4,083

)

(5,399

)

(7,370

)

(4,793

)

(13,126

)

(6,905

)

Add: Distributed income of equity investees

 

811

 

730

 

970

 

 

 

4,031

 

Add: Amortization of capitalized interest

 

205

 

205

 

205

 

205

 

205

 

51

 

Less: Noncontrolling interest

 

 

(1,929

)

(3,135

)

(3,165

)

(4,189

)

(1,245

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings

 

427,006

 

465,373

 

451,341

 

520,394

 

607,441

 

225,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

 

25,636

 

27,707

 

28,023

 

27,995

 

26,589

 

6,579

 

Estimated interest portion of rental expense

 

7,778

 

7,678

 

7,293

 

7,653

 

8,382

 

1,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

33,414

 

35,385

 

35,316

 

35,648

 

34,971

 

8,432

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Available for Fixed Charges

 

460,420

 

500,758

 

486,657

 

556,042

 

642,412

 

233,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

13.8

x

14.2

x

13.8

x

15.6

x

18.4

x

27.7

x

 


(1) Includes interest on debt and amortization of debt issuance costs.  Interest associated with income tax liabilities is excluded.