Exhibit 12
Conagra Brands, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
($ in millions)
| Thirteen weeks ended August 26, 2018 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income taxes and equity method investment earnings | $ | 219.4 | $ | 874.8 | $ | 729.5 | $ | 108.8 | $ | 584.6 | $ | 376.0 | ||||||||||||
Add (deduct): | ||||||||||||||||||||||||
Fixed charges | 55.6 | 186.9 | 225.7 | 328.4 | 361.7 | 420.4 | ||||||||||||||||||
Distributed income of equity method investees | 13.2 | 62.5 | 68.3 | 40.4 | 79.3 | 0.2 | ||||||||||||||||||
Capitalized interest | (0.8 | ) | (3.5 | ) | (5.0 | ) | (7.8 | ) | (6.6 | ) | (13.6 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings available for fixed charges (a) | $ | 287.4 | $ | 1,120.7 | $ | 1,018.5 | $ | 469.8 | $ | 1,019.0 | $ | 783.0 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 49.6 | $ | 162.5 | $ | 199.2 | $ | 297.0 | $ | 329.2 | $ | 380.8 | ||||||||||||
Capitalized interest | 0.8 | 3.5 | 5.0 | 7.8 | 6.6 | 13.6 | ||||||||||||||||||
One third of rental expense(1) | 5.2 | 20.9 | 21.5 | 23.6 | 25.9 | 26.0 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges (b) | $ | 55.6 | 186.9 | $ | 225.7 | $ | 328.4 | $ | 361.7 | $ | 420.4 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges (a/b) | 5.2 | 6.0 | 4.5 | 1.4 | 2.8 | 1.9 | ||||||||||||||||||
| (1) | Considered to be representative of interest factor in rental expense. |
