Exhibit 12
ConAgra Foods, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
($ in millions)
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes and equity method investment earnings | $ | 576.4 | $ | 1,150.0 | $ | 614.7 | $ | 1,215.1 | $ | 891.6 | ||||||||||
Add (deduct): | ||||||||||||||||||||
Fixed charges | 455.1 | 338.7 | 258.2 | 273.5 | 301.6 | |||||||||||||||
Distributed income of equity method investees | 46.1 | 26.4 | 27.4 | 13.3 | 30.6 | |||||||||||||||
Capitalized interest | (13.8 | ) | (6.1 | ) | (5.6 | ) | (11.6 | ) | (12.2 | ) | ||||||||||
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Earnings available for fixed charges (a) | $ | 1,063.8 | $ | 1,509.0 | $ | 894.7 | $ | 1,490.3 | $ | 1,211.6 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 381.5 | $ | 278.6 | $ | 208.0 | $ | 219.7 | $ | 246.0 | ||||||||||
Capitalized interest | 13.8 | 6.1 | 5.6 | 11.6 | 12.2 | |||||||||||||||
One third of rental expense(1) | 59.8 | 54.0 | 44.6 | 42.4 | 43.4 | |||||||||||||||
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Total fixed charges (b) | $ | 455.1 | $ | 338.7 | $ | 258.2 | $ | 273.5 | $ | 301.6 | ||||||||||
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Ratio of earnings to fixed charges (a/b) | 2.3 | 4.5 | 3.5 | 5.4 | 4.0 | |||||||||||||||
| (1) | Considered to be representative of interest factor in rental expense. |
