EX-12 3 ex12-statementofcomputatio.htm EXHIBIT 12 Ex 12 - Statement of Computation - Form 10-K - 2014 12289


EXHIBIT 12
JOHNSON & JOHNSON AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1) 
(Dollars in Millions)
 
Fiscal Year Ended
 
December 28, 2014
December 29, 2013
 
December 30, 2012
 
January 1, 2012
 
January 2, 2011
 
Determination of Earnings:
 
 
 
 
 
 
 
 

 
Earnings Before Provision for Taxes on Income
$
20,563

$
15,471

 
$
13,775

 
$
12,361

 
$
16,947

 
Fixed Charges, less Capitalized Interest
647

603

 
657

 
675

 
555

 
Total Earnings as Defined
$
21,210

$
16,074

 
$
14,432

 
$
13,036

 
$
17,502

 
Fixed Charges:
 
 
 
 
 
 
 
 

 
Estimated Interest Portion of Rent Expense
114

121

 
125

 
104

 
100

 
Interest Expense before Capitalization of Interest
648

587

 
647

 
655

 
528

 
Total Fixed Charges
$
762

$
708

 
$
772

 
$
759

 
$
628

 
Ratio of Earnings to Fixed Charges
27.83

22.70

 
18.69

 
17.18

 
27.87

 
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(1) 
The ratio of earnings to fixed charges is computed by dividing the sum of earnings before provision for taxes on income and fixed charges by fixed charges. Fixed charges represent interest expense (before interest is capitalized), amortization of debt discount and an appropriate interest factor on operating leases.