RATIO OF EARNINGS TO FIXED CHARGES
Published on March 29, 2006
EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions, except ratios)
| Fiscal Year | ||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
| Income from continuing operations before income tax |
$ | 17,358 | $ | 16,105 | $ | 14,193 | $ | 12,368 | $ | 10,396 | ||||||||||
| Capitalized interest |
(157 | ) | (120 | ) | (144 | ) | (124 | ) | (130 | ) | ||||||||||
| Minority interest |
(324 | ) | (249 | ) | (214 | ) | (193 | ) | (183 | ) | ||||||||||
| Adjusted income from continuing operations before income taxes |
16,877 | 15,736 | 13,835 | 12,051 | 10,083 | |||||||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest* |
1,603 | 1,332 | 1,157 | 1,191 | 1,491 | |||||||||||||||
| Interest component of rent |
328 | 319 | 306 | 318 | 289 | |||||||||||||||
| Total fixed charges |
1,931 | 1,651 | 1,463 | 1,509 | 1,780 | |||||||||||||||
| Income from continuing operations before income taxes and fixed charges |
$ | 18,808 | $ | 17,387 | $ | 15,298 | $ | 13,560 | $ | 11,863 | ||||||||||
| Ratio of Earnings to Fixed Charges |
9.7x | 10.5x | 10.5x | 9.0x | 6.7x | |||||||||||||||
| * | Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest. |
Certain reclassifications have been made to prior periods to conform to the current period presentation. In addition, the impact of McLane Company, Inc. as a discontinued operation has been removed for all periods presented.