General Mills (GIS) 10-Q 2017 Q2 Quarterly report

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six-Month Period Ended						Fiscal Year Ended
In Millions, Except Ratios	Nov. 27, 2016			Nov. 29, 2015			May 29, 2016			May 31, 2015			May 25, 2014			May 26, 2013			May 27, 2012
Earnings before income taxes andafter-tax earnings from joint ventures	$	1,265.3		$	1,439.9		$	2,403.6		$	1,761.9		$	2,655.0		$	2,534.9		$	2,210.5
Distributed income of equity investees		31.9			28.6			75.1			72.6			90.5			115.7			68.0
Plus: Fixed charges (1)		189.3			190.5			386.8			403.5			389.8			400.1			431.8
Plus: Amortization of capitalized interest, net of interest capitalized		(0.2	)		(2.0	)		(3.4	)		(3.0	)		(0.8	)		(0.4	)		(5.5	)
Earnings available to cover fixed charges	$	1,486.3		$	1,657.0		$	2,862.1		$	2,235.0		$	3,134.5		$	3,050.3		$	2,704.8
Ratio of earnings to fixed charges		7.85			8.70			7.40			5.54			8.04			7.62			6.26
(1) Fixed charges:
Interest expense	$	154.8		$	156.5		$	319.6		$	335.5		$	323.4		$	333.8		$	370.7
Preferred distributions to noncontrolling interest holders		2.5			2.0			4.2			3.5			3.4			3.7			2.6
Rentals (1/3)		32.0			32.0			63.0			64.5			63.0			62.6			58.5
Total fixed charges	$	189.3		$	190.5		$	386.8		$	403.5		$	389.8		$	400.1		$	431.8

For purposes of computing the ratio of earnings to fixed charges, earnings represent earnings before income taxes andafter-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, plusone-third (the proportion deemed representative of the interest factor) of rent expense.