EX-12.1 4 tsn2016q2exh-121.htm RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12.1
Ratio of Earnings to Fixed Charges

|  |  |  |  |  |  |  |  | (dollars in millions) |
| Six Months Ended |  | Fiscal Years
| April 2, 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012
Earnings: |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes and equity method investment earnings | $ | 1,351 |  |  | $ | 1,908 |  |  | $ | 1,241 |  |  | $ | 1,254 |  |  | $ | 949 |
Add: Fixed charges | 164 |  |  | 358 |  |  | 194 |  |  | 219 |  |  | 264 |
Add: Amortization of capitalized interest | 3 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Less: Capitalized interest | (4 | ) |  | (10 | ) |  | (8 | ) |  | (8 | ) |  | (10 | )
Total adjusted earnings | 1,514 |  |  | 2,261 |  |  | 1,432 |  |  | 1,470 |  |  | 1,208 |
Fixed Charges: |  |  |  |  |  |  |  |  |
Interest | 128 |  |  | 283 |  |  | 122 |  |  | 116 |  |  | 150 |
Capitalized interest | 4 |  |  | 10 |  |  | 8 |  |  | 8 |  |  | 10 |
Amortization of debt discount expense | 4 |  |  | 10 |  |  | 10 |  |  | 28 |  |  | 39 |
Rentals at computed interest factor (1) | 29 |  |  | 55 |  |  | 54 |  |  | 67 |  |  | 65 |
Total fixed charges | $ | 165 |  |  | $ | 358 |  |  | $ | 194 |  |  | $ | 219 |  |  | $ | 264 |
Ratio of Earnings to Fixed Charges | 9.18 |  |  | 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.