Tyson Foods (TSN) 10-Q 2016 Q2 Quarterly report

EXHIBIT 12.1

Ratio of Earnings to Fixed Charges

													(dollars in millions)
	Six Months Ended			Fiscal Years
	April 2, 2016			2015			2014			2013			2012
Earnings:
Income from continuing operations before income taxes and equity method investment earnings	$	1,351		$	1,908		$	1,241		$	1,254		$	949
Add: Fixed charges	164			358			194			219			264
Add: Amortization of capitalized interest	3			5			5			5			5
Less: Capitalized interest	(4		)	(10		)	(8		)	(8		)	(10		)
Total adjusted earnings	1,514			2,261			1,432			1,470			1,208
Fixed Charges:
Interest	128			283			122			116			150
Capitalized interest	4			10			8			8			10
Amortization of debt discount expense	4			10			10			28			39
Rentals at computed interest factor (1)	29			55			54			67			65
Total fixed charges	$	165		$	358		$	194		$	219		$	264
Ratio of Earnings to Fixed Charges	9.18			6.32			7.38			6.71			4.58

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