EX-12.1 4 dex121.txt COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12.1 SARA LEE CORPORATION AND SUBSIDIARIES ------------------------------------- Computation of Ratio of Earnings to Fixed Charges ------------------------------------------------- (In millions, except ratios) ----------------------------
Thirty-Nine Weeks Ended ------------------------------------ March 30, March 31, 2002 (1) 2001 (2) --------- -------- Fixed charges: Interest expense $ 224 $ 211 Interest portion of rental expense 46 49 ------ ------ Total fixed charges before capitalized interest 270 260 Capitalized interest 4 14 ------ ------ Total fixed charges $ 274 $ 274 ====== ====== Earnings available for fixed charges: Income from continuing operations before income taxes $ 755 $ 841 Less undistributed income in minority-owned companies (4) (4) Add minority interest in majority-owned subsidiaries 24 43 Add amortization of capitalized interest 18 18 Add fixed charges before capitalized interest 270 260 ------ ------ Total earnings available for fixed charges $1,063 $1,158 ====== ====== Ratio of earnings to fixed charges 3.9 4.2 ====== ======
(1) - During the first nine months of fiscal 2002, the Corporation recorded a pretax charge of $183 million in connection with certain reshaping actions. (2) - During the first nine months of fiscal 2001, the Corporation recorded a pretax charge of $332 million in connection with certain reshaping actions. During the first nine months of fiscal 2001, the Corporation recorded a pretax gain of $105 million in connection with the initial public offering of its Coach division. Page 49