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GIS » Topics » COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

This excerpt taken from the GIS 10-K filed Jul 11, 2008.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                                     
      Fiscal Year  
In Millions, Except Ratios     2008     2007   2006   2005   2004  
Earnings before income taxes and after-tax earnings from joint ventures
    $ 1,806.1     $ 1,631.3   $ 1,559.4   $ 1,807.6   $ 1,502.3  
Distributed income of equity investees
      108.7       45.2     77.4     83.0     60.0  
Plus: Fixed charges(1)
      494.6       496.8     462.8     524.1     569.0  
Plus: amortization of capitalized interest, net of interest capitalized
      (2.0 )     –     1.7     0.9     (4.6 )
Earnings available to cover fixed charges
    $ 2,407.4     $ 2,173.3   $ 2,101.3   $ 2,415.6   $ 2,126.7  
Ratio of earnings to fixed charges
      4.87       4.37     4.54     4.61     3.74  
 
 
(1) Fixed charges:
                                   
Interest and minority interest expense
    $ 454.0     $ 460.4   $ 427.5   $ 488.3   $ 537.0  
Rentals (1/3)
      40.6       36.4     35.3     35.8     32.0  
Total fixed charges
    $ 494.6     $ 496.8   $ 462.8   $ 524.1   $ 569.0  
 
 
 
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.

This excerpt taken from the GIS 8-K filed Jan 16, 2007.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Fiscal Year Ended
Dollars in Millions May 28,
2006		 May 29,
2005		 May 30,
2004		 May 25,
2003		 May 26,
2002
 
Earnings before Income Taxes                        
and After-tax Earnings from Joint Ventures   $ 1,559   $ 1,808   $ 1,502   $ 1,310   $ 663  
Plus: Distributed Income of Equity Investees    77    83    60    95    17  
Plus: Fixed Charges (1)    463    524    569    619    468  
Plus: Amortization of Capitalized Interest, net of Interest Capitalized    2    1    (5 )  (5 )  —  
 
Earnings Available to Cover Fixed Charges   $ 2,101   $ 2,416   $ 2,126   $ 2,019   $ 1,148  
 
Ratio of Earnings to Fixed Charges     4.54     4.61     3.74     3.26     2.45  
 
 
(1) Fixed Charges:  
Interest and Minority Interest  
Expense, Gross   $ 428   $ 488   $ 537   $ 589   $ 445  
Rentals (1/3)    35    36    32    30    23  
 
Total Fixed Charges   $ 463   $ 524   $ 569   $ 619   $ 468  
 

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 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. We have reclassified previously reported Ratios of Earnings to Fixed Charges to conform to the current year presentation.







EXCERPTS ON THIS PAGE:

10-K
Jul 11, 2008
8-K
Jan 16, 2007

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