EX-12.1 13 tsn2016q1exh-121.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit
EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
(dollars in millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Months Ending
 
Fiscal Years
 
January 2, 2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity method investment earnings
$
710

 
$
1,908

 
$
1,241

 
$
1,254

 
$
949

Add: Fixed charges
83

 
358

 
194

 
219

 
264

Add: Amortization of capitalized interest
1

 
5

 
5

 
5

 
5

Less: Capitalized interest
(2
)
 
(10
)
 
(8
)
 
(8
)
 
(10
)
Total adjusted earnings
792

 
2,261

 
1,432

 
1,470

 
1,208

Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest
65

 
283

 
122

 
116

 
150

Capitalized interest
2

 
10

 
8

 
8

 
10

Amortization of debt discount expense
2

 
10

 
10

 
28

 
39

Rentals at computed interest factor (1)
14

 
55

 
54

 
67

 
65

Total fixed charges
$
83

 
$
358

 
$
194

 
$
219

 
$
264

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
9.54

 
6.32

 
7.38

 
6.71

 
4.58


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