EX-12 2 dex12.htm STATEMENT RE COMPUTATION OF RATIOS Statement re computation of ratios

EXHIBIT 12

RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions, except ratios)

 

     Fiscal Year  
     2007     2006     2005     2004     2003  

Income from continuing operations before income tax

   $ 18,968     $ 17,535     $ 16,320     $ 14,429     $ 12,490  

Capitalized interest

     (182 )     (157 )     (120 )     (144 )     (124 )

Minority interest

     (425 )     (324 )     (249 )     (214 )     (193 )
                                        

Adjusted income from continuing operations before income taxes

     18,361       17,054       15,951       14,071       12,173  
                                        

Fixed charges:

          

Interest*

     2,009       1,603       1,326       1,150       1,185  

Interest component of rent

     368       328       319       306       318  
                                        

Total fixed charges

     2,377       1,931       1,645       1,456       1,503  
                                        

Income from continuing operations before income taxes and fixed charges

   $ 20,738     $ 18,985     $ 17,596     $ 15,527     $ 13,676  
                                        

Ratio of Earnings to Fixed Charges

     8.7 x     9.8 x     10.7 x     10.7 x     9.1 x

* 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., a wholly owned subsidiary sold in fiscal 2004, and the impact of our South Korean and German operations, disposed of in fiscal 2007, have been removed for all periods presented.