EX-12 9 cag-5x29x2016x10kex12.htm EXHIBIT 12 Exhibit


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



 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity method investment earnings
$
583.6

 
$
1,000.3

 
$
771.0

 
$
966.6

 
$
510.0

Add (deduct):
 
 
 
 
 
 
 
 
 
Fixed charges
358.2

 
388.3

 
445.5

 
333.4

 
219.7

Distributed income of equity method investees
78.3

 
91.3

 
46.1

 
25.8

 
27.4

Capitalized interest
(7.8
)
 
(6.6
)
 
(13.6
)
 
(5.5
)
 
(4.4
)
Earnings available for fixed charges (a)
$
1,012.3

 
$
1,473.3

 
$
1,249.0

 
$
1,320.3

 
$
752.7

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
299.1

 
$
331.2

 
$
379.8

 
$
278.6

 
$
171.3

Capitalized interest
7.8

 
6.6

 
13.6

 
5.5

 
4.4

One third of rental expense (1)
51.3

 
50.5

 
52.1

 
49.3

 
44.0

Total fixed charges (b)
$
358.2

 
$
388.3

 
$
445.5

 
$
333.4

 
$
219.7

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (a/b)
2.8

 
3.8

 
2.8

 
4.0

 
3.4


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