Attached files
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Two Quarters Ended | ||||||||
January 1, 2016 |
January 2, 2015 |
|||||||
(In millions, except ratios) | ||||||||
Earnings: |
||||||||
Income from continuing operations |
$ | 13 | $ | 264 | ||||
Plus: Income taxes |
114 | 101 | ||||||
Fixed charges |
96 | 50 | ||||||
Amortization of capitalized interest |
| | ||||||
Less: Interest capitalized during the period |
| (2 | ) | |||||
Undistributed earnings in equity investments |
| | ||||||
|
|
|
|
|||||
$ | 223 | $ | 413 | |||||
|
|
|
|
|||||
Fixed Charges: |
||||||||
Interest expense |
$ | 93 | $ | 45 | ||||
Plus: Interest capitalized during the period |
| 2 | ||||||
Interest portion of rental expense |
3 | 3 | ||||||
|
|
|
|
|||||
$ | 96 | $ | 50 | |||||
|
|
|
|
|||||
Ratio of Earnings to Fixed Charges |
2.32 | 8.26 |