EX-12 2 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

EXHIBIT 12

RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions, except ratios)

 

     Fiscal Year  
     2008     2007     2006     2005     2004  

Income from continuing operations before income taxes and minority interest

   $ 20,198     $ 18,968     $ 17,535     $ 16,320     $ 14,429  

Capitalized interest

     (150 )     (182 )     (157 )     (120 )     (144 )

Minority interest

     (406 )     (425 )     (324 )     (249 )     (214 )
                                        

Adjusted income before income taxes

     19,642       18,361       17,054       15,951       14,071  
                                        

Fixed Charges:

          

Interest *

     2,267       2,009       1,603       1,326       1,150  

Interest component of rent

     464       368       328       319       306  
                                        

Total fixed charges

     2,731       2,377       1,931       1,645       1,456  
                                        

Income from continuing operations before income taxes and fixed charges

   $ 22,373     $ 20,738     $ 18,985     $ 17,596     $ 15,527  
                                        

Ratio of earnings to fixed charges

     8.2       8.7       9.8       10.7       10.7  

 

* Includes interest on debt, capital leases, uncertain tax positions, amortization of debt issuance costs and capitalized interest.

Certain reclassifications have been made to prior periods to conform to the current period presentation. In addition, the impact of McLane Company, Inc., a wholly owned subsidiary sold in fiscal 2004, and the impact of our South Korean and German operations, disposed of in fiscal 2007, have been removed for all periods presented.