EX-12.1 2 tsn2015q2exh-121.htm RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12.1
Ratio of Earnings to Fixed Charges

|  |  |  |  |  |  |  |  |  | (dollars in millions) |
|  | Six Months Ending |  | Fiscal Years
|  | March 28, 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings: |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes and equity method investment earnings |  | $ | 915 |  |  | $ | 1,241 |  |  | $ | 1,254 |  |  | $ | 949 |  |  | $ | 1,066 |
Add: Fixed charges |  | 182 |  |  | 194 |  |  | 219 |  |  | 264 |  |  | 305 |
Add: Amortization of capitalized interest |  | 2 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 4 |
Less: Capitalized interest |  | (5 | ) |  | (8 | ) |  | (8 | ) |  | (10 | ) |  | (9 | )
Total adjusted earnings |  | 1,094 |  |  | 1,432 |  |  | 1,470 |  |  | 1,208 |  |  | 1,366 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |
Interest |  | 143 |  |  | 122 |  |  | 116 |  |  | 150 |  |  | 191 |
Capitalized interest |  | 5 |  |  | 8 |  |  | 8 |  |  | 10 |  |  | 9 |
Amortization of debt discount expense |  | 5 |  |  | 10 |  |  | 28 |  |  | 39 |  |  | 44 |
Rentals at computed interest factor (1) |  | 29 |  |  | 54 |  |  | 67 |  |  | 65 |  |  | 61 |
Total fixed charges |  | $ | 182 |  |  | $ | 194 |  |  | $ | 219 |  |  | $ | 264 |  |  | $ | 305 |
Ratio of Earnings to Fixed Charges |  | 6.01 |  |  | 7.38 |  |  | 6.71 |  |  | 4.58 |  |  | 4.48 |

(1) | Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs.