Exhibit 12
CONAGRA FOODS, INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(Dollars in millions)
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| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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| As Restated, see Note 21 to the consolidated financial statements |
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Earnings: |
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Income from continuing operations before income taxes, equity method investment earnings and cumulative effect of changes in accounting |
| $ | 1,109.2 |
| $ | 1,185.5 |
| $ | 1,194.9 |
| $ | 1,057.1 |
| $ | 524.1 |
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Add/(deduct): |
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Fixed charges |
| 399.0 |
| 417.4 |
| 540.3 |
| 597.8 |
| 479.5 |
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Distributed income of equity investees |
| 24.4 |
| 16.7 |
| 16.4 |
| 18.6 |
| 10.6 |
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Capitalized interest |
| (4.4 | ) | (3.9 | ) | (6.0 | ) | (5.1 | ) | (5.1 | ) | |||||
Preferred distributions of subsidiary |
| (3.5 | ) | (8.8 | ) | (25.1 | ) | (42.4 | ) | (43.0 | ) | |||||
Earnings available for fixed charges (a) |
| $ | 1,524.7 |
| $ | 1,606.9 |
| $ | 1,720.5 |
| $ | 1,626.0 |
| $ | 966.1 |
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Fixed Charges: |
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Interest expense |
| $ | 324.5 |
| $ | 328.4 |
| $ | 417.2 |
| $ | 455.6 |
| $ | 327.7 |
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Capitalized interest |
| 4.4 |
| 3.9 |
| 6.0 |
| 5.1 |
| 5.1 |
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Interest in cost of goods sold |
| 13.4 |
| 15.3 |
| 20.8 |
| 35.0 |
| 32.0 |
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Preferred distributions of subsidiary |
| 3.5 |
| 8.8 |
| 25.1 |
| 42.4 |
| 43.0 |
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One third of rental expense (1) |
| 53.2 |
| 61.0 |
| 71.2 |
| 59.7 |
| 71.7 |
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Total fixed charges (b) |
| $ | 399.0 |
| $ | 417.4 |
| $ | 540.3 |
| $ | 597.8 |
| $ | 479.5 |
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Ratio of earnings to fixed charges (a/b) |
| 3.8 |
| 3.8 |
| 3.2 |
| 2.7 |
| 2.0 |
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(1) Considered to be representative of interest factor in rental expense.
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