EX-99.2 7 generalmills070113_ex99-2.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 99.2 to General Mills, Inc. Form 8-K dated January 16, 2007

Exhibit 99.2

The information contained in this Exhibit 99.2 does not reflect events occurring after the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended May 28, 2006 (the “Initial Report”), except to the extent included in Amendment No. 1 to the Initial Report (the “Amended Report”), and does not modify or update the disclosures in the Initial Report or the Amended Report, other than as required to reflect the reclassifications described in this Form 8-K. Significant developments with respect to those disclosures, as well as other changes in our business, have occurred and are described in filings we have made with the Securities and Exchange Commission after filing the Initial Report.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Fiscal Year Ended
Dollars in Millions May 28,
2006
May 29,
2005
May 30,
2004
May 25,
2003
May 26,
2002
 
Earnings before Income Taxes                        
and After-tax Earnings from Joint Ventures   $ 1,559   $ 1,808   $ 1,502   $ 1,310   $ 663  
Plus: Distributed Income of Equity Investees    77    83    60    95    17  
Plus: Fixed Charges (1)    463    524    569    619    468  
Plus: Amortization of Capitalized Interest, net of Interest Capitalized    2    1    (5 )  (5 )    
 
Earnings Available to Cover Fixed Charges   $ 2,101   $ 2,416   $ 2,126   $ 2,019   $ 1,148  
 
Ratio of Earnings to Fixed Charges     4.54     4.61     3.74     3.26     2.45  
 
 
(1) Fixed Charges:  
Interest and Minority Interest  
Expense, Gross   $ 428   $ 488   $ 537   $ 589   $ 445  
Rentals (1/3)    35    36    32    30    23  
 
Total Fixed Charges   $ 463   $ 524   $ 569   $ 619   $ 468  
 

For purposes of computing the ratio of earnings to fixed charges, earnings represent earnings before income taxes and after-tax earnings of joint ventures, distributed income of equity investees, fixed charges, and amortization of capitalized interest, net of interest capitalized. Fixed charges represent gross interest expense and subsidiary preferred distributions to minority interest holders, plus one-third (the proportion deemed representative of the interest factor) of rent expense. Calculations are based on underlying numbers. We have reclassified previously reported Ratios of Earnings to Fixed Charges to conform to the current year presentation.