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Exhibit 12
CONAGRA FOODS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
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FISCAL YEAR ENDED
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2002 2001 2000 1999 1998
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Fixed Charges as Defined:
Interest expense...................................... $ 439.5 $ 477.2 $ 351.3 $ 368.3 $ 368.9
Capitalized interest.................................. 6.0 5.1 5.5 6.9 11.4
Interest in cost of goods sold........................ 20.8 35.0 31.4 20.0 19.1
Preferred distributions of subsidiary................. 25.1 42.4 43.0 41.4 44.3
One third of non-cancelable lease rent................ 44.5 31.0 33.5 39.8 38.8
Total fixed charges (A)............................... 535.9 590.7 464.7 476.4 482.5
Earnings as Defined:
Pretax income after elimination of undistributed
earnings of equity method investees................... $ 1,251.2 $ 1,112.5 $ 605.6 $ 622.2 $ 1,005.3
Add fixed charges..................................... 535.9 590.7 464.7 476.4 482.5
Less capitalized interest............................. (6.0) (5.1) (5.5) (6.9) (11.4)
Earnings and fixed charges (B)........................ $ 1,781.1 $ 1,698.1 $ 1,064.8 $ 1,091.7 $ 1,476.4
Ratio of earnings to fixed charges (B/A).............. 3.3 2.9 2.3* 2.3** 3.1
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* In 2000, pretax income includes restructuring and restructuring-related
charges of $621.4 million. Excluding the charges, the "ratio of earnings to
fixed charges" was 3.6. See Note 14 on pages 59 and 60 of the company's
2002 Annual Report to Stockholders.
** In 1999, pretax income includes restructuring charges of $440.8 million.
Excluding the charges, the "ratio of earnings to fixed charges" was 3.2.
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