Attached files
Exhibit 12
ConAgra Foods, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
($ in millions)
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity method investment earnings | $ | (495.5 | ) | $ | 361.3 | $ | 1,022.8 | $ | 510.0 | $ | 1,054.8 | ||||||||
Add (deduct): | |||||||||||||||||||
Fixed charges | 399.1 | 454.5 | 336.8 | 219.7 | 240.8 | ||||||||||||||
Distributed income of equity method investees | 91.3 | 46.1 | 25.8 | 27.4 | 13.3 | ||||||||||||||
Capitalized interest | (6.6 | ) | (13.6 | ) | (5.5 | ) | (4.4 | ) | (10.3 | ) | |||||||||
Earnings available for fixed charges (a) | $ | (11.7 | ) | $ | 848.3 | $ | 1,379.9 | $ | 752.7 | $ | 1,298.6 | ||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 333.1 | $ | 381.7 | $ | 279.1 | $ | 171.3 | $ | 188.8 | |||||||||
Capitalized interest | 6.6 | 13.6 | 5.5 | 4.4 | 10.3 | ||||||||||||||
One third of rental expense (1) | 59.4 | 59.2 | 52.2 | 44.0 | 41.7 | ||||||||||||||
Total fixed charges (b) | $ | 399.1 | $ | 454.5 | $ | 336.8 | $ | 219.7 | $ | 240.8 | |||||||||
Ratio of earnings to fixed charges (a/b) (2) | — | 1.9 | 4.1 | 3.4 | 5.4 |
(1) Considered to be representative of interest factor in rental expense.
(2) In fiscal 2015, the Company incurred losses from operations, and as a result, our earnings were insufficient to cover our fixed charges by $410.8 million.