EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

CONAGRA FOODS, INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(Dollars in millions)

 

     2008     2007     2006     2005     2004  

Earnings:

           

Income from continuing operations before income taxes, equity method investment earnings (loss), and cumulative effect of changes in accounting

    $ 696.2     $ 699.4     $ 756.8     $ 769.1     $ 662.8  

Add/(deduct):

           

Fixed charges

      313.6       308.1       366.2       400.0       386.7  

Distributed income of equity investees

      28.0       13.0       12.8       15.6       24.4  

Capitalized interest

      (8.2 )     (7.1 )     (5.0 )     (8.6 )     (4.4 )

Preferred distributions of subsidiary

      —         —         —         —         (3.5 )
                                        

Earnings available for fixed charges (a)

    $ 1,029.6     $ 1,013.4     $ 1,130.8     $ 1,176.1     $ 1,066.0  
                                        

Fixed Charges:

           

Interest expense

    $ 262.4     $ 256.7     $ 310.7     $ 345.0     $ 339.7  

Capitalized interest

      8.2       7.1       5.0       8.6       4.4  

Preferred distributions of subsidiary

      —         —         —         —         3.5  

One third of rental expense (1)

      43.0       44.3       50.5       46.4       39.1  
                                        

Total fixed charges (b)

    $ 313.6     $ 308.1     $ 366.2     $ 400.0     $ 386.7  
                                        

Ratio of earnings to fixed charges (a/b)

      3.3       3.3       3.1       2.9       2.8  

 

(1)

Considered to be representative of interest factor in rental expense.