EX-12.1 3 tsn2013q3exh-121.htm RATIO OF EARNINGS TO FIXED CHARGES TSN 2013 Q3 Exh - 12.1

EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
Nine
 
 
 
 
 
 
 
 
 
 
 
Months
 
 
 
 
 
 
 
 
 
 
 
Ending
 
Fiscal Years
 
June 29, 2013
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes and equity method investment earnings
$
873

 
$
949

 
$
1,066

 
$
1,224

 
$
(541
)
 
$
148

Add: Fixed charges
164

 
264

 
305

 
360

 
388

 
272

Add: Amortization of capitalized interest
4

 
5

 
4

 
3

 
4

 
4

Less: Capitalized interest
(6
)
 
(10
)
 
(9
)
 
(11
)
 
(3
)
 
(3
)
Total adjusted earnings
1,035

 
1,208

 
1,366

 
1,576

 
(152
)
 
421

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest
88

 
150

 
191

 
240

 
289

 
212

Capitalized interest
6

 
10

 
9

 
11

 
3

 
3

Amortization of debt discount expense
21

 
39

 
44

 
46

 
38

 
3

Rentals at computed interest factor (1)
49

 
65

 
61

 
63

 
58

 
54

Total fixed charges
$
164

 
$
264

 
$
305

 
$
360

 
$
388

 
$
272

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
6.31

 
4.58

 
4.48

 
4.38

 


 
1.55

Insufficient Coverage


 


 


 


 
540

 



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