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8th grade Good
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Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year Ended | ||||||||||||||||||||
In Millions, Except Ratios | May 27, 2018 | May 28, 2017 | May 29, 2016 | May 31, 2015 | May 25, 2014 | |||||||||||||||
Earnings before income taxes andafter-tax earnings from joint ventures | $ | 2,135.6 | $ | 2,271.3 | $ | 2,403.6 | $ | 1,761.9 | $ | 2,655.0 | ||||||||||
Distributed income of equity investees | 113.2 | 75.6 | 75.1 | 72.6 | 90.5 | |||||||||||||||
Plus: Fixed charges (1) | 459.6 | 374.8 | 386.8 | 403.5 | 389.8 | |||||||||||||||
Plus: Amortization of capitalized interest, net of interest capitalized | (2.3 | ) | (0.9 | ) | (3.4 | ) | (3.0 | ) | (0.8 | ) | ||||||||||
Earnings available to cover fixed charges | $ | 2,706.1 | $ | 2,720.8 | $ | 2,862.1 | $ | 2,235.0 | $ | 3,134.5 | ||||||||||
Ratio of earnings to fixed charges | 5.89 | 7.26 | 7.40 | 5.54 | 8.04 | |||||||||||||||
(1) Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 389.5 | $ | 306.7 | $ | 319.6 | $ | 335.5 | $ | 323.4 | ||||||||||
Preferred distributions to noncontrolling interests | 7.0 | 5.4 | 4.2 | 3.5 | 3.4 | |||||||||||||||
Rentals (1/3) | 63.1 | 62.7 | 63.0 | 64.5 | 63.0 | |||||||||||||||
Total fixed charges | $ | 459.6 | $ | 374.8 | $ | 386.8 | $ | 403.5 | $ | 389.8 |
For purposes of computing the ratio of earnings to fixed charges, earnings represent earnings before income taxes andafter-tax earnings of joint ventures, distributed income of equity investees, fixed charges, and amortization of capitalized interest, net of interest capitalized. Fixed charges represent gross interest expense (excluding interest on taxes) and subsidiary preferred distributions to noncontrolling interest holders, plusone-third (the proportion deemed representative of the interest factor) of rent expense.