Kraft 2006 Annual Report Download - page 114

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EXHIBIT 12
KRAFT FOODS INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
Years Ended December 31,
2006
2005
2004
2003
2002
Earnings from continuing operations before income taxes and minority
interest $ 4,016 $ 4,116 $ 3,946 $ 5,195 $ 5,114
Add (Deduct):
Equity in net earnings of less than 50% owned affiliates (71) (67) (7) (53) (51)
Dividends from less than 50% owned affiliates 51 55 46 41 28
Fixed charges 733 799 828 831 1,003
Interest capitalized, net of amortization (4) (1) (1) (1) (1)
Earnings available for fixed charges $ 4,725 $ 4,902 $ 4,812 $ 6,013 $ 6,093
Fixed charges:
Interest incurred:
Interest expense $ 578 $ 651 $ 677 $ 678 $ 854
Capitalized interest 8 3 2 3 4
586 654 679 681 858
Portion of rent expense deemed to represent interest factor 147 145 149 150 145
Fixed charges $ 733 $ 799 $ 828 $ 831 $ 1,003
Ratio of earnings to fixed charges 6.4 6.1 5.8 7.2 6.1
Source: KRAFT FOODS INC, 10-K, March 01, 2007