EX-12 5 y94471exv12.txt STATEMENT OF COMPUTATION OF RATIO OF EARNINGS 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, DECEMBER 29, DECEMBER 30, DECEMBER 31, JANUARY 2, 2003 2002 2001 2000 2000 ------------ ------------ ------------ ------------ ---------- Determination of Earnings: Earnings Before Provision for Taxes on Income............. $10,308 9,291 7,898 6,868 5,877 Fixed Charges.................. 300 259 245 292 337 ------- ----- ----- ----- ----- Total Earnings as Defined.............. $10,608 9,550 8,143 7,160 6,214 ======= ===== ===== ===== ===== Fixed Charges and Other: Rents.......................... 93 99 92 88 82 Interests...................... 207 160 153 204 255 ------- ----- ----- ----- ----- Fixed Charges.......... 300 259 245 292 337 Capitalized Interest........... 108 98 95 97 84 ------- ----- ----- ----- ----- Total Fixed Charges.... $ 408 357 340 389 421 ======= ===== ===== ===== ===== Ratio of Earnings to Fixed Charges........................ 26.00 26.75 23.95 18.41 14.76 ======= ===== ===== ===== =====
--------------- (1) The ratio of earnings to fixed charges represents the historical ratio of Johnson & Johnson and is calculated on a total enterprise basis. The ratio is computed by dividing the sum of earnings before provision for taxes and fixed charges (excluding capitalized interest) by fixed charges. Fixed charges represent interest (including capitalized interest) and amortization of debt discount and expense and the interest factor of all rentals, consisting of an appropriate interest factor on operating leases. 16