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General Mills 10-Q 2007
Exhibit 12 to General Mills, Inc. Form 10-Q for the period ended November 26, 2006

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Twenty-six Weeks
Ended
Fiscal Year Ended
Dollars in Millions Nov. 26,
2006
Nov. 27,
2005
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   $ 951   $ 900   $ 1,559   $ 1,808   $ 1,502   $ 1,310   $ 663  
Plus: Distributed Income of Equity Investees    10    24    77    83    60    95    17  
Plus: Fixed Charges (1)    246    224    463    524    569    619    468  
Plus: Amortization of Capitalized Interest, net of Interest Capitalized        1    2    1    (5 )  (5 )    
 
Earnings Available to Cover Fixed Charges   $ 1,207   $ 1,149   $ 2,101   $ 2,416   $ 2,126   $ 2,019   $ 1,148  
 
Ratio of Earnings to Fixed Charges     4.91     5.13     4.54     4.61     3.74     3.26     2.45  
 
 
(1) Fixed Charges:  
Interest and Minority Interest  
Expense, Gross   $ 228   $ 208   $ 428   $ 488   $ 537   $ 589   $ 445  
Rentals (1/3)    18    16    35    36    32    30    23  
 
Total Fixed Charges   $ 246   $ 224   $ 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.








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