EX-12 4 d396564dex12.htm EX-12 EX-12

Exhibit 12

Conagra Brands, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

($ in millions)

 

     2017     2016     2015     2014     2013  

Earnings:

           

Income from continuing operations before income taxes and equity method investment earnings

    $ 729.5     $ 108.8     $ 584.6     $ 376.0     $ 491.8  

Add (deduct):

           

Fixed charges

      225.7       328.4       361.7       420.4       308.3  

Distributed income of equity method investees

      68.3       40.4       79.3       0.2       1.4  

Capitalized interest

      (5.0 )      (7.8 )      (6.6 )      (13.6 )      (5.5 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings available for fixed charges (a)

    $ 1,018.5     $ 469.8     $ 1,019.0     $ 783.0     $ 796.0  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expense

    $ 199.2     $ 297.0     $ 329.2     $ 380.8     $ 278.2  

Capitalized interest

      5.0       7.8       6.6       13.6       5.5  

One third of rental expense (1)

      21.5       23.6       25.9       26.0       24.6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges (b)

    $ 225.7     $ 328.4     $ 361.7     $ 420.4     $ 308.3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (a/b)

      4.5       1.4       2.8       1.9       2.6  

 

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