EXHIBIT 12.1
SARA LEE CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)
|
|
Thirty-Nine Weeks Ended
|
|
|
|
April 1, 2000
|
|
March 27, 1999(1)
|
|
| Fixed charges: |
|
|
|
|
|
|
|
| Interest expense |
|
$ |
175 |
|
$ |
173 |
|
| Interest portion of rental expense |
|
|
49 |
|
|
50 |
|
| |
|
|
|
|
|
| Total fixed charges before capitalized interest |
|
|
224 |
|
|
223 |
|
| Capitalized interest |
|
|
7 |
|
|
5 |
|
| |
|
|
|
|
|
| Total fixed charges |
|
$ |
231 |
|
$ |
228 |
|
| |
|
|
|
|
|
Earnings available for fixed charges: |
|
|
|
|
|
|
|
| Income before income taxes |
|
$ |
1,245 |
|
$ |
1,268 |
|
| Less undistributed income in minority-owned companies |
|
|
(6 |
) |
|
(4 |
) |
| Add minority interest in majority-owned subsidiaries |
|
|
26 |
|
|
23 |
|
| Add amortization of capitalized interest |
|
|
15 |
|
|
17 |
|
| Add fixed charges before capitalized interest |
|
|
224 |
|
|
223 |
|
| |
|
|
|
|
|
| Total earnings available for fixed charges |
|
$ |
1,504 |
|
$ |
1,527 |
|
| |
|
|
|
|
|
| Ratio of earnings to fixed charges |
|
|
6.5 |
|
|
6.7 |
|
| |
|
|
|
|
|
- (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.
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