Exhibit
12
STATEMENT REGARDING COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES(1)
(Dollars in Millions)
|
Fiscal
Year Ended
|
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December
30,
2007
|
December
31,
2006
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January
1,
2006
|
January
2,
2005
|
December
28,
2003
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| Determination of Earnings: | ||||||||||||||||||||
|
Earnings
Before Provision for Taxes on Income
|
$ | 13,283 | $ | 14,587 | $ | 13,116 | $ | 12,331 | $ | 9,771 | ||||||||||
|
Fixed
Charges
|
397 | 158 | 137 | 272 | 300 | |||||||||||||||
|
Total
Earnings as Defined
|
$ | 13,680 | 14,745 | $ | 13,253 | $ | 12,603 | $ | 10,071 | |||||||||||
| Fixed Charges and Other: | ||||||||||||||||||||
|
Rents
|
101 | 95 | 83 | 85 | 93 | |||||||||||||||
|
Interest
Expense Before Capitalization of Interest
|
426 | 181 | 165 | 323 | 315 | |||||||||||||||
|
Total Fixed Charges
|
$ | 527 | $ | 276 | $ | 248 | $ | 408 | $ | 408 | ||||||||||
|
Ratio
of Earnings to Fixed Charges
|
25.96 | 53.42 | 53.44 | 30.89 | 24.68 | |||||||||||||||
_____________
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(1) The
ratio of earnings to fixed charges is computed by dividing the sum of
earnings before provision for taxes on income and fixed charges by fixed
charges. Fixed charges represent interest expense (before
interest is capitalized), amortization of debt discount and an appropriate
interest factor on operating
leases.
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