EX-12 4 genmills071363_ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 to General Mills, Inc. Form 10-Q for period ended February 25, 2007


Exhibit 12

 

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Thirty-nine Weeks
Ended

 

Fiscal Year Ended

 

Dollars in Millions

 

Feb. 25,
2007

 

Feb. 26,
2006

 

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

 

$

1,330

 

$

1,253

 

$

1,559

 

$

1,808

 

$

1,502

 

$

1,310

 

$

663

 

Plus: Distributed Income of Equity Investees

 

 

18

 

 

32

 

 

77

 

 

83

 

 

60

 

 

95

 

 

17

 

Plus: Fixed Charges (1)

 

 

371

 

 

340

 

 

463

 

 

524

 

 

569

 

 

619

 

 

468

 

Plus: Amortization of Capitalized Interest, net of Interest Capitalized

 

 

—

 

 

1

 

 

2

 

 

1

 

 

(5

)

 

(5

)

 

—

 

Earnings Available to Cover Fixed Charges

 

$

1,719

 

$

1,626

 

$

2,101

 

$

2,416

 

$

2,126

 

$

2,019

 

$

1,148

 

Ratio of Earnings to Fixed Charges

 

 

4.63

 

 

4.78

 

 

4.54

 

 

4.61

 

 

3.74

 

 

3.26

 

 

2.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Minority Interest Expense, Gross

 

$

344

 

$

315

 

$

428

 

$

488

 

$

537

 

$

589

 

$

445

 

Rentals (1/3)

 

 

27

 

 

25

 

 

35

 

 

36

 

 

32

 

 

30

 

 

23

 

Total Fixed Charges

 

$

371

 

$

340

 

$

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.