Exhibit 12.1
Cisco Systems, Inc.
Ratio of earnings to fixed charges
(in millions except for ratio)
| Six Months Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||
| January 25, 2014 |
July 27, 2013 |
July 28, 2012 |
July 30, 2011 |
July 31, 2010 |
July 25, 2009 |
|||||||||||||||||||
| Earnings (a) |
||||||||||||||||||||||||
| Income before provision for income taxes |
$ | 4,295 | $ | 11,227 | $ | 10,159 | $ | 7,825 | $ | 9,415 | $ | 7,693 | ||||||||||||
| Losses attributable to VCE |
111 | 183 | 160 | 76 | 3 | — | ||||||||||||||||||
| Fixed charges |
338 | 708 | 717 | 756 | 732 | 444 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Earnings |
$ | 4,744 | $ | 12,118 | $ | 11,036 | $ | 8,657 | $ | 10,150 | $ | 8,137 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed Charges (b) |
$ | 338 | $ | 708 | $ | 717 | $ | 756 | $ | 732 | $ | 444 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
14x | 17x | 15x | 11x | 14x | 18x | ||||||||||||||||||
| (a) | Earnings represent the amounts resulting from the following 1) our income before provision for income taxes, plus 2) our share of losses attributable to our equity method investment in VCE Company, LLC (“VCE”), plus 3) our fixed charges. |
| (b) | Fixed charges represent interest expense plus an estimate of the interest within rental expense. Interest expense within the provision for income taxes is not included in interest expense. The estimate of the interest within rental expense was calculated by using 30 percent of the rental expense, which Cisco Systems, Inc. believes is a reasonable approximation of the interest component of rental expense. |