EX-12.1 3 tsn2018q2exh-121.htm EXHIBIT 12.1
EXHIBIT 12.1
Ratio of Earnings to Fixed Charges

|  |  |  |  |  |  | (dollars in millions) |
| Six Months Ended |  | Fiscal Years
| March 31, 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes and equity method investment earnings | $ | 1,256 |  |  | $ | 2,609 |  |  | $ | 2,586 |  |  | $ | 1,908 |  |  | $ | 1,241 |  |  | $ | 1,254 |
Add: Fixed charges | 216 |  |  | 353 |  |  | 313 |  |  | 358 |  |  | 194 |  |  | 219 |
Add: Amortization of capitalized interest | 4 |  |  | 7 |  |  | 7 |  |  | 5 |  |  | 5 |  |  | 5 |
Less: Capitalized interest | (8 | ) |  | (12 | ) |  | (7 | ) |  | (10 | ) |  | (8 | ) |  | (8 | )
Total adjusted earnings | 1,468 |  |  | 2,957 |  |  | 2,899 |  |  | 2,261 |  |  | 1,432 |  |  | 1,470 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |
Interest | 169 |  |  | 266 |  |  | 241 |  |  | 283 |  |  | 122 |  |  | 116 |
Capitalized interest | 8 |  |  | 12 |  |  | 7 |  |  | 10 |  |  | 8 |  |  | 8 |
Amortization of debt issuance and debt discount expense | 5 |  |  | 13 |  |  | 8 |  |  | 10 |  |  | 10 |  |  | 28 |
Rentals at computed interest factor (1) | 34 |  |  | 62 |  |  | 57 |  |  | 55 |  |  | 54 |  |  | 67 |
Total fixed charges | $ | 216 |  |  | $ | 353 |  |  | $ | 313 |  |  | $ | 358 |  |  | $ | 194 |  |  | $ | 219 |
Ratio of Earnings to Fixed Charges | 6.80 |  |  | 8.38 |  |  | 9.26 |  |  | 6.32 |  |  | 7.38 |  |  | 6.71 |

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