EX-12.1 12 tsn2013q4exh-121.htm CALCULATION OF RATIO EARNINGS TO FIXED CHARGES TSN 2013 Q4 Exh - 12.1

EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
(dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Years
 
 
2013
 
2012

 
2011

 
2010

 
2009

Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes and equity method investment earnings
 
$
1,254

 
$
949

 
$
1,066

 
$
1,224

 
$
(541
)
Add: Fixed charges
 
220

 
264

 
305

 
360

 
388

Add: Amortization of capitalized interest
 
5

 
5

 
4

 
3

 
4

Less: Capitalized interest
 
(8
)
 
(10
)
 
(9
)
 
(11
)
 
(3
)
Total adjusted earnings
 
1,471

 
1,208

 
1,366

 
1,576

 
(152
)
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest
 
116

 
150

 
191

 
240

 
289

Capitalized interest
 
8

 
10

 
9

 
11

 
3

Amortization of debt discount expense
 
29

 
39

 
44

 
46

 
38

Rentals at computed interest factor (1)
 
67

 
65

 
61

 
63

 
58

Total fixed charges
 
$
220

 
$
264

 
$
305

 
$
360

 
$
388

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
6.69

 
4.58

 
4.48

 
4.38

 


Insufficient Coverage
 


 


 


 


 
540


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