General Mills (GIS) 10-K 2015 FY Annual report

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Fiscal Year Ended
In Millions, Except Ratios	May 31, 2015			May 25, 2014			May 26, 2013			May 27, 2012			May 29, 2011
Earnings before income taxes and after-tax earnings from joint ventures	$	1,761.9		$	2,655.0		$	2,534.9		$	2,210.5		$	2,428.2
Distributed income of equity investees		72.6			90.5			115.7			68.0			72.7
Plus: Fixed charges (1)		403.5			389.8			400.1			431.8			414.2
Plus: Amortization of capitalized interest, net of interest capitalized		(3.0	)		(0.8	)		(0.4	)		(5.5	)		(3.7	)
Earnings available to cover fixed charges	$	2,235.0		$	3,134.5		$	3,050.3		$	2,704.8		$	2,911.4
Ratio of earnings to fixed charges		5.54			8.04			7.62			6.26			7.03
(1)   Fixed charges:
Interest expense	$	335.5		$	323.4		$	333.8		$	370.7		$	360.9
Preferred distributions to noncontrolling interests		3.5			3.4			3.7			2.6			2.5
Rentals (1/3)		64.5			63.0			62.6			58.5			50.8
Total fixed charges	$	403.5		$	389.8		$	400.1		$	431.8		$	414.2

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 noncontrolling interest holders, plus one-third (the proportion deemed representative of the interest factor) of rent expense.