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  
     2006     2005     2004     2003     2002  

Income from continuing operations before income tax

    $ 17,358     $ 16,105     $ 14,193     $ 12,368     $ 10,396  

Capitalized interest

      (157 )     (120 )     (144 )     (124 )     (130 )

Minority interest

      (324 )     (249 )     (214 )     (193 )     (183 )
                                        

Adjusted income from continuing operations before income taxes

      16,877       15,736       13,835       12,051       10,083  
                                        

Fixed charges:

           

Interest*

      1,603       1,332       1,157       1,191       1,491  

Interest component of rent

      328       319       306       318       289  
                                        

Total fixed charges

      1,931       1,651       1,463       1,509       1,780  
                                        

Income from continuing operations before income taxes and fixed charges

    $ 18,808     $ 17,387     $ 15,298     $ 13,560     $ 11,863  
                                        

Ratio of Earnings to Fixed Charges

      9.7x       10.5x       10.5x       9.0x       6.7x  
* Includes interest on debt and capital leases, 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. as a discontinued operation has been removed for all periods presented.