Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - GENERAL MILLS INC | d107084d10q.htm |
| EX-31.2 - EXHIBIT 31.2 - GENERAL MILLS INC | d107084dex312.htm |
| EX-31.1 - EXHIBIT 31.1 - GENERAL MILLS INC | d107084dex311.htm |
| EX-32.2 - EXHIBIT 32.2 - GENERAL MILLS INC | d107084dex322.htm |
| EX-32.1 - EXHIBIT 32.1 - GENERAL MILLS INC | d107084dex321.htm |
Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Six-Month Period Ended |
Fiscal Year Ended | |||||||||||||||||||||||||||
| In Millions, Except Ratios | Nov. 29, 2015 |
Nov. 23, 2014 |
May 31, 2015 |
May 26, 2013 |
May 27, 2012 |
May 29, 2011 |
May 30, 2010 |
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| Earnings before income taxes and after-tax earnings from joint ventures |
$ | 1,439.9 | $ | 960.7 | $ | 1,761.9 | $ | 2,655.0 | $ | 2,534.9 | $ | 2,210.5 | $ | 2,428.2 | ||||||||||||||
| Distributed income of equity investees |
28.6 | 28.9 | 72.6 | 90.5 | 115.7 | 68.0 | 72.7 | |||||||||||||||||||||
| Plus: Fixed charges (1) |
190.5 | 200.9 | 403.5 | 389.8 | 400.1 | 431.8 | 414.2 | |||||||||||||||||||||
| Plus: Amortization of capitalized interest, net of interest capitalized |
(2.0 | ) | (1.1 | ) | (3.0 | ) | (0.8 | ) | (0.4 | ) | (5.5 | ) | (3.7 | ) | ||||||||||||||
| Earnings available to cover fixed charges |
$ | 1,657.0 | $ | 1,189.4 | $ | 2,235.0 | $ | 3,134.5 | $ | 3,050.3 | $ | 2,704.8 | $ | 2,911.4 | ||||||||||||||
| Ratio of earnings to fixed charges |
8.70 | 5.92 | 5.54 | 8.04 | 7.62 | 6.26 | 7.03 | |||||||||||||||||||||
| (1) Fixed charges: |
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| Interest expense |
$ | 156.5 | $ | 165.3 | $ | 335.5 | $ | 323.4 | $ | 333.8 | $ | 370.7 | $ | 360.9 | ||||||||||||||
| Preferred distributions to noncontrolling interest holders |
2.0 | 1.7 | 3.5 | 3.4 | 3.7 | 2.6 | 2.5 | |||||||||||||||||||||
| Rentals (1/3) |
32.0 | 33.9 | 64.5 | 63.0 | 62.6 | 58.5 | 50.8 | |||||||||||||||||||||
| Total fixed charges |
$ | 190.5 | $ | 200.9 | $ | 403.5 | $ | 389.8 | $ | 400.1 | $ | 431.8 | $ | 414.2 | ||||||||||||||
For purposes of computing the ratio of earnings to fixed charges, earnings represent earnings before income taxes and after-tax earnings of joint ventures, distributed income of equity investees, fixed charges, and amortization of capitalized interest, net of interest capitalized. Fixed charges represent gross interest expense (excluding interest on taxes) and subsidiary preferred distributions to the noncontrolling interest holder, plus one-third (the proportion deemed representative of the interest factor) of rent expense.