EX-12 9 cag-5x31x2015x10kex12.htm EXHIBIT 12
Exhibit 12
ConAgra Foods, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
($ in millions)

| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations before income taxes and equity method investment earnings | $ | (495.5 | ) |  | $ | 361.3 |  |  | $ | 1,022.8 |  |  | $ | 510.0 |  |  | $ | 1,054.8 |
Add (deduct): |  |  |  |  |  |  |  |  |
Fixed charges | 399.1 |  |  | 454.5 |  |  | 336.8 |  |  | 219.7 |  |  | 240.8 |
Distributed income of equity method investees | 91.3 |  |  | 46.1 |  |  | 25.8 |  |  | 27.4 |  |  | 13.3 |
Capitalized interest | (6.6 | ) |  | (13.6 | ) |  | (5.5 | ) |  | (4.4 | ) |  | (10.3 | )
Earnings available for fixed charges (a) | $ | (11.7 | ) |  | $ | 848.3 |  |  | $ | 1,379.9 |  |  | $ | 752.7 |  |  | $ | 1,298.6 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest expense | $ | 333.1 |  |  | $ | 381.7 |  |  | $ | 279.1 |  |  | $ | 171.3 |  |  | $ | 188.8 |
Capitalized interest | 6.6 |  |  | 13.6 |  |  | 5.5 |  |  | 4.4 |  |  | 10.3 |
One third of rental expense (1) | 59.4 |  |  | 59.2 |  |  | 52.2 |  |  | 44.0 |  |  | 41.7 |
Total fixed charges (b) | $ | 399.1 |  |  | $ | 454.5 |  |  | $ | 336.8 |  |  | $ | 219.7 |  |  | $ | 240.8 |
Ratio of earnings to fixed charges (a/b) (2) | — |  |  | 1.9 |  |  | 4.1 |  |  | 3.4 |  |  | 5.4 |

(1) Considered to be representative of interest factor in rental expense.
(2) In fiscal 2015, the Company incurred losses from operations, and as a result, our earnings were insufficient to cover our fixed charges by $410.8 million.