LEE SARA CORP, 10-Q, 2000-02-10

LEE SARA CORP
10-Q, 2000-02-10
FOOD AND KINDRED PRODUCTS

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EXHIBIT 12.2

SARA LEE CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
And Preferred Stock Dividend Requirements
(in millions, except ratios)

	Twenty-Six Weeks Ended
	January 1, 2000			December 26, 1998(1)
Fixed charges and preferred stock dividend requirements:
Interest expense	$	114		$	114
Interest portion of rental expense		34			30

Total fixed charges before capitalized interest and preferred stock dividend requirements		148			144
Capitalized interest		5			5
Preferred stock dividend requirements(2)		10			10

Total fixed charges and preferred stock dividend requirements	$	163		$	159

Earnings available for fixed charges and preferred stock dividend requirements:
Income before income taxes	$	886		$	923
Less undistributed income in minority-owned companies		(4	)		(2	)
Add minority interest in majority-owned subsidiaries		17			16
Add amortization of capitalized interest		9			11
Add fixed charges before capitalized interest and preferred stock dividend requirements		148			144

Total earnings available for fixed charges and preferred stock dividend requirements	$	1,056		$	1,092

Ratio of earnings to fixed charges and preferred stock dividend requirements		6.5			6.9

(1): In the second quarter of fiscal 1999, the Corporation recorded a pretax charge of $76 million in connection with a voluntary recall of certain of its packaged meat products.

In the first quarter of fiscal 1999, the Corporation recorded a pretax gain of $137 million in connection with the sale of its international tobacco operations.

(2): Preferred stock dividends in the above computation have been increased to an amount representing the pretax earnings that would have been required to cover such dividends.

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SARA LEE CORPORATION AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges And Preferred Stock Dividend Requirements (in millions, except ratios)