The J. M. Smucker Company (SJM) 10-Q 2016 Q3 Quarterly report

Exhibit 12.1

The J. M. Smucker Company

Computation of Ratio of Earnings to Fixed Charges

(in millions of dollars)

	January 31, 2016
	Three Months Ended			Nine Months Ended
Earnings before fixed charges:
Income before income taxes	$	275.3		$	767.7
Total fixed charges	49.2			148.4
Less: capitalized interest	(0.2		)	(0.8		)
Earnings available for fixed charges	$	324.3		$	915.3
Fixed charges:
Interest and other debt expense, net of capitalized interest	$	44.1		$	131.9
Capitalized interest	0.2			0.8
Estimated interest portion of rent expense (A)	4.9			15.7
Total fixed charges	$	49.2		$	148.4
Ratio of earnings to fixed charges	6.6			6.2

(A) For purposes of this calculation, management estimates approximately one-third of rent expense is representative of interest expense.