EX-12 2 ex12-statementofcomputatio.htm EXHIBIT 12 - STATEMENT OF COMPUTATION Ex 12 - Statement of Computation - Form 10-K - 2013 1229


EXHIBIT 12
JOHNSON & JOHNSON AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1) 
(Dollars in Millions)
 
Fiscal Year Ended
 
December 29, 2013
 
December 30, 2012
 
January 1, 2012
 
January 2, 2011
 
January 3, 2010
 
Determination of Earnings:
 
 
 
 
 
 
 

 
 

 
Earnings Before Provision for Taxes on Income
$
15,471

 
$
13,775

 
$
12,361

 
$
16,947

 
$
15,755

 
Fixed Charges, less Capitalized Interest
603

 
657

 
675

 
555

 
558

 
Total Earnings as Defined
$
16,074

 
$
14,432

 
$
13,036

 
$
17,502

 
$
16,313

 
Fixed Charges:
 
 
 
 
 
 
 

 
 

 
Estimated Interest Portion of Rent Expense
121

 
125

 
104

 
100

 
107

 
Interest Expense before Capitalization of Interest
587

 
647

 
655

 
528

 
552

 
Total Fixed Charges
$
708

 
$
772

 
$
759

 
$
628

 
$
659

 
Ratio of Earnings to Fixed Charges
22.70

 
18.69

 
17.18

 
27.87

 
24.75

 
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(1) 
The ratio of earnings to fixed charges is computed by dividing the sum of earnings before provision for taxes on income and fixed charges by fixed charges. Fixed charges represent interest expense (before interest is capitalized), amortization of debt discount and an appropriate interest factor on operating leases.