EX-12.1 18 gen072744s1_ex12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 to General Mills, Inc. Form 10-K for fiscal year ended May 27, 2007

EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges




    Fiscal Year Ended    
In Millions     May 27,
2007		     May 28,
2006		     May 29,
2005		     May 30,
2004		     May 25,
2003		  
Earnings before income taxes and after-tax earnings from joint ventures       $ 1,631     $ 1,559     $ 1,807     $ 1,502     $ 1,310  
Plus: Distributed income of equity investees         45       77       83       60       95  
Plus: Fixed charges (1)         497       462       524       569       619  
Plus: Amortization of capitalized interest, net of interest capitalized         –       2       1       (5 )     (5 )
Earnings available to cover fixed charges       $ 2,173     $ 2,100     $ 2,415     $ 2,126     $ 2,019  
Ratio of earnings to fixed charges         4.37       4.54       4.61       3.74       3.26  
(1) Fixed charges:                                  
Interest and minority interest expense, gross       $ 461     $ 427     $ 488     $ 537     $ 589  
Rentals (1/3)         36       35       36       32       30  
Total fixed charges       $ 497     $ 462     $ 524     $ 569     $ 619  

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 (excluding interest on taxes) 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.