General Mills (GIS) 10-Q 2014 Q3 Quarterly report

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine-Month Period Ended						Fiscal Year Ended
In Millions, Except Ratios	Feb. 23, 2014			Feb. 24, 2013			May 26, 2013			May 27, 2012			May 29, 2011			May 30, 2010		May 31, 2009
Earnings before income taxes and after-tax earnings from joint ventures	$	2,052.5		$	2,016.1		$	2,534.9		$	2,210.5		$	2,428.2		$	2,204.5	$	1,942.2
Distributed income of equity investees		41.6			65.1			115.7			68.0			72.7			88.0		68.5
Plus: Fixed charges (1)		290.6			299.2			400.1			431.8			414.2			423.1		463.4
Plus: Amortization of capitalized interest, net of interest capitalized		(0.1	)		(0.6	)		(0.4	)		(5.5	)		(3.7	)		0.7		(2.2	)
Earnings available to cover fixed charges	$	2,384.6		$	2,379.8		$	3,050.3		$	2,704.8		$	2,911.4		$	2,716.3	$	2,471.9
Ratio of earnings to fixed charges		8.21			7.95			7.62			6.26			7.03			6.42		5.33
(1) Fixed charges:
Interest expense	$	238.1		$	247.5		$	333.8		$	370.7		$	360.9		$	374.5	$	409.5
Preferred distributions to noncontrolling interest holders		2.6			2.9			3.7			2.6			2.5			2.6		7.2
Rentals (1/3)		49.9			48.8			62.6			58.5			50.8			46.0		46.7
Total fixed charges	$	290.6		$	299.2		$	400.1		$	431.8		$	414.2		$	423.1	$	463.4

For purposes of computing the ratio of earnings to fixed charges, earnings represent earnings before income taxes and after-tax earnings of joint ventures, distributed income of equity investees, fixed charges, and amortization of capitalized interest, net of interest capitalized. Fixed charges represent gross interest expense (excluding interest on taxes) and subsidiary preferred distributions to the noncontrolling interest holder, plus one-third (the proportion deemed representative of the interest factor) of rent expense.