STATEMENT RE COMPUTATION OF RATIOS
Published on March 27, 2007
EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions, except ratios)
| Fiscal Year | ||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
| Income from continuing operations before income tax |
$ | 18,968 | $ | 17,535 | $ | 16,320 | $ | 14,429 | $ | 12,490 | ||||||||||
| Capitalized interest |
(182 | ) | (157 | ) | (120 | ) | (144 | ) | (124 | ) | ||||||||||
| Minority interest |
(425 | ) | (324 | ) | (249 | ) | (214 | ) | (193 | ) | ||||||||||
| Adjusted income from continuing operations before income taxes |
18,361 | 17,054 | 15,951 | 14,071 | 12,173 | |||||||||||||||
| Fixed charges: |
||||||||||||||||||||
| Interest* |
2,009 | 1,603 | 1,326 | 1,150 | 1,185 | |||||||||||||||
| Interest component of rent |
368 | 328 | 319 | 306 | 318 | |||||||||||||||
| Total fixed charges |
2,377 | 1,931 | 1,645 | 1,456 | 1,503 | |||||||||||||||
| Income from continuing operations before income taxes and fixed charges |
$ | 20,738 | $ | 18,985 | $ | 17,596 | $ | 15,527 | $ | 13,676 | ||||||||||
| Ratio of Earnings to Fixed Charges |
8.7 | x | 9.8 | x | 10.7 | x | 10.7 | x | 9.1 | x | ||||||||||
| * | 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., a wholly owned subsidiary sold in fiscal 2004, and the impact of our South Korean and German operations, disposed of in fiscal 2007, have been removed for all periods presented.