Exhibit 12.1
Kellogg Company
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Fiscal Year Ended | ||||||||||||||||||
(dollars in millions) | Nine Months Ended September 30, 2017 | December 31, 2016 | January 2, 2016 | January 3, 2015 | December 28, 2013 | December 29, 2012 | ||||||||||||
Fixed charges: | ||||||||||||||||||
Interest expense, prior to amounts capitalized | $ | 192 | $ | 410 | $ | 231 | $ | 214 | $ | 237 | $ | 263 | ||||||
Interest included in interest expense not related to third party indebtedness (interest on uncertain tax positions) | (1) | (2) | - | (3) | (4) | (4) | ||||||||||||
Portions of rental expense representing interest | 36 | 59 | 63 | 59 | 58 | 58 | ||||||||||||
Less: interest expense related to the early redemption of long-term debt | - | (153) | - | 7 | - | - | ||||||||||||
Total fixed charges (B) | $ | 227 | $ | 314 | $ | 294 | $ | 277 | $ | 291 | $ | 317 | ||||||
Earnings before income taxes | $ | 1,084 | $ | 927 | $ | 773 | $ | 825 | $ | 2,606 | $ | 1,325 | ||||||
Fixed charges | 227 | 314 | 294 | 277 | 291 | 317 | ||||||||||||
Interest on uncertain tax positions included in pre-tax income | 1 | 2 | - | 3 | 4 | 4 | ||||||||||||
Amortization of capitalized interest | 2 | 3 | 3 | 3 | 3 | 5 | ||||||||||||
Less: interest capitalized | (3) | (4) | (4) | (5) | (3) | (2) | ||||||||||||
Earnings before income taxes and fixed charges (A) | $ | 1,311 | $ | 1,242 | $ | 1,066 | $ | 1,103 | $ | 2,901 | $ | 1,649 | ||||||
Ratio of earnings to fixed charges (A/B) | 5.8 | 4.0 | 3.6 | 4.0 | 10.0 | 5.2 |