EX-12.1 3 tsn2012q3exh-121.htm RATIO OF EARNINGS TO FIXED CHARGES TSN 2012 Q3 Exh - 12.1

EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
Nine
 
 
 
 
 
 
 
 
 
 
 
Months
 
 
 
 
 
 
 
 
 
 
 
Ending
 
Fiscal Years
 
June 30, 2012
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
626

 
$
1,074

 
$
1,203

 
$
(543
)
 
$
154

 
$
410

Add: Fixed charges
205

 
305

 
360

 
388

 
272

 
278

Add: Amortization of capitalized interest
3

 
4

 
3

 
4

 
4

 
3

Less: Capitalized interest
(8
)
 
(9
)
 
(11
)
 
(3
)
 
(3
)
 
(2
)
Total adjusted earnings
826

 
1,374

 
1,555

 
(154
)
 
427

 
689

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest
120

 
191

 
240

 
289

 
212

 
228

Capitalized interest
8

 
9

 
11

 
3

 
3

 
2

Amortization of debt discount expense
29

 
44

 
46

 
38

 
3

 
4

Rentals at computed interest factor (1)
48

 
61

 
63

 
58

 
54

 
44

Total fixed charges
$
205

 
$
305

 
$
360

 
$
388

 
$
272

 
$
278

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
4.03

 
4.50

 
4.32

 


 
1.57

 
2.48

Insufficient Coverage


 


 


 
$
542

 


 



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