EX-12 6 cag-525x2014x10kex12.htm EXHIBIT 12 CAG-5.25-2014-10K Ex12


Exhibit 12
ConAgra Foods, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
($ in millions)



 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity method investment earnings
$
576.4

 
$
1,150.0

 
$
614.7

 
$
1,215.1

 
$
891.6

Add (deduct):
 
 
 
 
 
 
 
 
 
Fixed charges
455.1

 
338.7

 
258.2

 
273.5

 
301.6

Distributed income of equity method investees
46.1

 
26.4

 
27.4

 
13.3

 
30.6

Capitalized interest
(13.8
)
 
(6.1
)
 
(5.6
)
 
(11.6
)
 
(12.2
)
Earnings available for fixed charges (a)
$
1,063.8

 
$
1,509.0

 
$
894.7

 
$
1,490.3

 
$
1,211.6

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
381.5

 
$
278.6

 
$
208.0

 
$
219.7

 
$
246.0

Capitalized interest
13.8

 
6.1

 
5.6

 
11.6

 
12.2

One third of rental expense (1)
59.8

 
54.0

 
44.6

 
42.2

 
43.4

Total fixed charges (b)
$
455.1

 
$
338.7

 
$
258.2

 
$
273.5

 
$
301.6

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (a/b)
2.3

 
4.5

 
3.5

 
5.4

 
4.0


(1) Considered to be representative of interest factor in rental expense.