Tyson Foods (TSN) 10-Q 2015 Q3 Quarterly report

EXHIBIT 12.1

Ratio of Earnings to Fixed Charges

													(dollars in millions)
	Nine Months Ended			Fiscal Years
	June 27, 2015			2014			2013			2012			2011
Earnings:
Income from continuing operations before income taxes and equity method investment earnings	$	1,429		$	1,241		$	1,254		$	949		$	1,066
Add: Fixed charges	272			194			219			264			305
Add: Amortization of capitalized interest	4			5			5			5			4
Less: Capitalized interest	(7		)	(8		)	(8		)	(10		)	(9		)
Total adjusted earnings	1,698			1,432			1,470			1,208			1,366
Fixed Charges:
Interest	213			122			116			150			191
Capitalized interest	7			8			8			10			9
Amortization of debt discount expense	8			10			28			39			44
Rentals at computed interest factor (1)	44			54			67			65			61
Total fixed charges	$	272		$	194		$	219		$	264		$	305
Ratio of Earnings to Fixed Charges	6.24			7.38			6.71			4.58			4.48

⁽¹⁾  Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs.