EX-12 3 d722626dex12.htm EXHIBIT 12 Exhibit 12

 

Exhibit 12

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

(In millions, except ratios)                    


Year Ended June 30,    2014     2013     2012     2011     2010  

Earnings  (a)

                                        

Earnings from continuing operations before income taxes

   $   27,820      $   27,052      $   22,267      $   28,071      $   25,013   

Add: Fixed charges

     674        489        435        349        207   

Add: Cash distributions from equity method investments

     54        71        74        14        14   

Subtract: Income (loss) from equity method investments

     (152     (99     27        110        18   


 


 


 


 


Total Earnings

   $ 28,700      $ 27,711      $ 22,749      $ 28,324      $ 25,216   
    


 


 


 


 


Fixed Charges (b)

                                        

Interest expense

   $ 577      $ 394      $ 345      $ 264      $ 146   

Capitalized debt related expenses

     20        35        35        31        5   

Interest component of rental expense

     77        60        55        54        56   


 


 


 


 


Total Fixed Charges

   $ 674      $ 489      $ 435      $ 349      $ 207   
    


 


 


 


 


Ratio of Earnings to Fixed Charges

     43        57        52        81        122   

 

(a)

Earnings represent earnings from continuing operations before income taxes and before income (losses) from equity method investments plus: (1) fixed charges; and (2) cash distributions from equity method investments.

(b)

Fixed charges include: (1) interest expense; (2) capitalized debt issuance costs; and (3) the portion of operating rental expense which management believes is representative of the interest component of rental expense.