EX-12 4 ex12.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ex12.htm
Exhibit 12
 
 
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
(Dollars in Millions)
 
 
   
Fiscal Year Ended
  
   
December 30,
2007
    
December 31,
2006
    
January 1,
2006
    
January 2,
2005
    
December 28,
2003
  
Determination of Earnings:                              
Earnings Before Provision for Taxes on Income
   $ 13,283     $ 14,587     $ 13,116     $ 12,331     $ 9,771  
Fixed Charges
     397       158       137       272       300  
 Total Earnings as Defined
   $ 13,680       14,745     $  13,253     $ 12,603     $ 10,071  
 Fixed Charges and Other:                                        
 Rents
     101       95       83       85       93  
 Interest Expense Before Capitalization of Interest
     426       181       165       323       315  
  Total Fixed Charges
   $ 527     $ 276     $ 248     $  408     $ 408  
Ratio of Earnings to Fixed Charges
     25.96       53.42       53.44       30.89       24.68  

_____________
 
(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.