Exhibit 12.1
Computation of Ratio of Earnings From Continuing Operations to Fixed Charges
(In millions, except ratio)
| Six
Months Ended June 26, 2011 |
Fiscal Year | |||||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
| EARNINGS FROM CONTINUING OPERATIONS |
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| Earnings from continuing operations before income taxes |
$ | 1,695 | $ | 3,826 | $ | 4,230 | $ | 4,626 | $ | 4,310 | $ | 3,546 | ||||||||||||
| Interest expense |
169 | 345 | 308 | 332 | 341 | 361 | ||||||||||||||||||
| Distributed (undistributed) earnings of equity investees, net |
(30 | ) | (81 | ) | (60 | ) | (43 | ) | (57 | ) | (20 | ) | ||||||||||||
| Portion of rents representative of an interest factor and other |
27 | 48 | 53 | 48 | 44 | 48 | ||||||||||||||||||
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| Adjusted earnings from continuing operations before income tax |
$ | 1,861 | $ | 4,138 | $ | 4,531 | $ | 4,963 | $ | 4,638 | $ | 3,935 | ||||||||||||
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| FIXED CHARGES |
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| Interest expense |
$ | 169 | $ | 345 | $ | 308 | $ | 332 | $ | 341 | $ | 361 | ||||||||||||
| Portion of rents representative of an interest factor and other |
27 | 48 | 53 | 48 | 44 | 48 | ||||||||||||||||||
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| Total fixed charges |
$ | 196 | $ | 393 | $ | 361 | $ | 380 | $ | 385 | $ | 409 | ||||||||||||
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| RATIO OF EARNINGS FROM CONTINUING OPERATIONS TO FIXED CHARGES |
9.5 | 10.5 | 12.6 | 13.1 | 12.0 | 9.6 | ||||||||||||||||||
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Our computation of the ratio of earnings from continuing operations to fixed charges includes our consolidated subsidiaries and equity investees. “Earnings” are determined by adding “total fixed charges,” excluding interest capitalized, to earnings from continuing operations before income taxes, eliminating undistributed earnings of our equity investees and adding back losses of our equity investees. “Total fixed charges” consists of interest on all indebtedness, amortization of debt discount or premium, interest capitalized, and an interest factor attributable to rents.