EX-12.1 4 tsn2017q2exh-121.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit
EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(dollars in millions)

 
6 Months Ending
 
Fiscal Years
 
April 1, 2017
 
2016
 
2015
 
2014
 
2013
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity method investment earnings
$
1,425

 
$
2,586

 
$
1,908

 
$
1,241

 
$
1,254

 
Add: Fixed charges
148

 
313

 
358

 
194

 
219

 
Add: Amortization of capitalized interest
3

 
7

 
5

 
5

 
5

 
Less: Capitalized interest
(5
)
 
(7
)
 
(10
)
 
(8
)
 
(8
)
 
Total adjusted earnings
1,571

 
2,899

 
2,261

 
1,432

 
1,470

 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest
110

 
241

 
283

 
122

 
116

 
Capitalized interest
5

 
7

 
10

 
8

 
8

 
Amortization of debt discount expense
4

 
8

 
10

 
10

 
28

 
Rentals at computed interest factor (1)
29

 
57

 
55

 
54

 
67

 
Total fixed charges
$
148

 
$
313

 
$
358

 
$
194

 
$
219

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
10.61

 
9.26

 
6.32

 
7.38

 
6.71

 

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