EX-12 3 genmills073723_ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES General Mills, Inc. Exhibit 12.1 to Form 10-Q for period ended August 28, 2007

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

Quarter
Ended

 

Fiscal Year Ended

 

Dollars in millions

 

Aug.26,
2007

 

Aug.27,
2006

 

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

 

$

396.8

 

$

385.8

 

$

1,631.3

 

$

1,559.0

 

$

1,807.0

 

$

1,502.0

 

$

1,309.6

 

Distributed income of equity investees

 

 

16.4

 

 

10.9

 

 

45.2

 

 

77.4

 

 

83.0

 

 

60.0

 

 

94.6

 

Plus: Fixed charges (1)

 

 

129.3

 

 

121.3

 

 

496.8

 

 

462.4

 

 

524.0

 

 

569.0

 

 

619.1

 

Plus: amortization of capitalized interest, net of interest capitalized

 

 

(0.7

)

 

—

 

 

—

 

 

1.7

 

 

0.9

 

 

(4.6

)

 

(4.5

)

Earnings available to cover fixed charges

 

$

541.8

 

$

518.0

 

$

2,173.3

 

$

2,100.5

 

$

2,414.9

 

$

2,126.4

 

$

2,018.8

 

Ratio of earnings to fixed charges

 

 

4.19

 

 

4.27

 

 

4.37

 

 

4.54

 

 

4.61

 

 

3.74

 

 

3.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and minority interest expense, gross

 

$

120.3

 

$

112.4

 

$

460.8

 

$

427.0

 

$

488.2

 

$

537.0

 

$

589.7

 

Rentals (1/3)

 

 

9.0

 

 

8.9

 

 

36.0

 

 

35.4

 

 

35.8

 

 

32.0

 

 

29.4

 

Total fixed charges

 

$

129.3

 

$

121.3

 

$

496.8

 

$

462.4

 

$

524.0

 

$

569.0

 

$

619.1

 

 

 

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.