EX-12 8 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  
     2010     2009     2008     2007     2006  

Income from continuing operations before income taxes

   $ 22,066      $ 20,898      $ 20,158      $ 18,968      $ 17,513   

Capitalized interest

     (85     (88     (150     (182     (157

Noncontrolling interest

     (513     (499     (406     (425     (324
                                        

Adjusted income before income taxes

     21,468        20,311        19,602        18,361        17,032   
                                        

Fixed Charges:

          

Interest *

     2,160        2,267        2,267        2,009        1,603   

Interest component of rent

     597        406        464        368        328   
                                        

Total fixed charges

     2,757        2,673        2,731        2,377        1,931   
                                        

Income from continuing operations before income taxes and fixed charges

   $ 24,225      $ 22,984      $ 22,333      $ 20,738      $ 18,963   
                                        

Ratio of earnings to fixed charges

     8.8        8.6        8.2        8.7        9.8   

* Includes interest on debt, capital leases, uncertain tax positions, amortization of debt issuance costs and capitalized interest.