EX-12 3 d347676dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

 

Exhibit 12

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

(In millions, except ratios)                               


Year Ended June 30,    2012     2011     2010     2009     2008  

Earnings (a)

                                        

Earnings from continuing operations before income taxes

   $   22,267      $   28,071      $   25,013      $   19,821      $   23,814   

Add: Fixed charges

     435        349        207        88        151   

Add: Cash distributions from equity method investments

     74        14        14        85        10   

Subtract: Income from equity method investments

     27        110        18        81        62   


 


 


 


 


Total Earnings

   $ 22,749      $ 28,324      $ 25,216      $ 19,913      $ 23,913   
    


 


 


 


 


Fixed Charges (b)

                                        

Interest expense

   $ 345      $ 264      $ 146      $ 38      $ 106   

Capitalized debt related expenses

     35        31        5        0        0   

Interest component of rental expense

     55        54        56        50        45   


 


 


 


 


Total Fixed Charges

   $ 435      $ 349      $ 207      $ 88      $ 151   
    


 


 


 


 


Ratio of Earnings to Fixed Charges

     52        81        122        226        158   

 

(a)

Earnings represent earnings from continuing operations before income taxes and before income (losses) from equity method investments plus: (1) fixed charges; and (2) cash distributions from equity method investments.

(b)

Fixed charges include: (1) interest expense; (2) capitalized debt issuance costs; and (3) the portion of operating rental expense which management believes is representative of the interest component of rental expense.