EX-12 3 d527745dex12.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,    2013     2012     2011     2010     2009  

Earnings (a)

                                        

Earnings from continuing operations before income taxes

   $   27,052      $   22,267      $   28,071      $   25,013      $   19,821   

Add: Fixed charges

     489        435        349        207        88   

Add: Cash distributions from equity method investments

     71        74        14        14        85   

Subtract: Income (loss) from equity method investments

     (99     27        110        18        81   


 


 


 


 


Total Earnings

   $ 27,711      $ 22,749      $ 28,324      $ 25,216      $ 19,913   
    


 


 


 


 


Fixed Charges (b)

                                        

Interest expense

   $ 394      $ 345      $ 264      $ 146      $ 38   

Capitalized debt related expenses

     35        35        31        5        0   

Interest component of rental expense

     60        55        54        56        50   


 


 


 


 


Total Fixed Charges

   $ 489      $ 435      $ 349      $ 207      $ 88   
    


 


 


 


 


Ratio of Earnings to Fixed Charges

     57        52        81        122        226   

 

(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.