EX-12.1 5 tsn2015q4exh-121.htm CALCULATION OF RATIO EARNINGS TO FIXED CHARGES Exhibit
EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
(dollars in millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Years
 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity method investment earnings
 
$
1,908

 
$
1,241

 
$
1,254

 
$
949

 
$
1,066

Add: Fixed charges
 
358

 
194

 
219

 
264

 
305

Add: Amortization of capitalized interest
 
5

 
5

 
5

 
5

 
4

Less: Capitalized interest
 
(10
)
 
(8
)
 
(8
)
 
(10
)
 
(9
)
Total adjusted earnings
 
2,261

 
1,432

 
1,470

 
1,208

 
1,366

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest
 
283

 
122

 
116

 
150

 
191

Capitalized interest
 
10

 
8

 
8

 
10

 
9

Amortization of debt discount expense
 
10

 
10

 
28

 
39

 
44

Rentals at computed interest factor (1)
 
55

 
54

 
67

 
65

 
61

Total fixed charges
 
$
358

 
$
194

 
$
219

 
$
264

 
$
305

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
6.32

 
7.38

 
6.71

 
4.58

 
4.48


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