EX-12 3 ex12computationofratioofea.htm STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Ex12 Computation of Ratio of Earnings to Fixed Charges -10K 2014

EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years ended January 3, 2015, December 28, 2013, December 29, 2012,
December 31, 2011 and January 1, 2011
(Millions of Dollars)

 
Fiscal Year
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings from continuing operations before income taxes and non-controlling interest
$
1,084.8

 
$
587.6

 
$
533.1

 
$
666.1

 
$
169.4

Add:
 
 
 
 
 
 
 
 
 
Interest expense
177.2

 
160.1

 
144.0

 
140.4

 
109.8

Portion of rents representative of interest factor
13.6

 
14.6

 
14.4

 
14.6

 
17.4

Distributed income of equity investees
—

 
—

 
—

 
2.8

 
3.5

Income as adjusted
$
1,275.6

 
$
762.3

 
$
691.5

 
$
823.9

 
$
300.1

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
177.2

 
$
160.1

 
$
144.0

 
$
140.4

 
$
109.8

Portion of rents representative of interest factor
13.6

 
14.6

 
14.4

 
14.6

 
17.4

Fixed charges
$
190.8

 
$
174.7

 
$
158.4

 
$
155.0

 
$
127.2

Ratio of earnings to fixed charges
6.7

 
4.4

 
4.4

 
5.3

 
2.4