Kraft 2008 Annual Report Download - page 113
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EXHIBIT 12.1
KRAFT FOODS INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
Years Ended December 31,
2007 2006 2005 2004 2003
Earnings from continuing operations before income taxes $ 3,727 $ 4,011 $ 4,113 $ 3,943 $ 5,191
Add (Deduct):
Equity in net earnings of less than 50% owned affiliates (83) (71) (67) (7) (53)
Dividends from less than 50% owned affiliates 57 51 55 46 41
Fixed charges 859 733 799 828 831
Interest capitalized, net of amortization (5) (4) (1) (1) (1)
Earnings available for fixed charges $ 4,555 $ 4,720 $ 4,899 $ 4,809 $ 6,009
Fixed charges:
Interest incurred:
Interest expense $ 702 $ 578 $ 651 $ 677 $ 678
Capitalized interest 10 8 3 2 3
712 586 654 679 681
Portion of rent expense deemed to represent
interest factor 147 147 145 149 150
Fixed charges $ 859 $ 733 $ 799 $ 828 $ 831
Ratio of earnings to fixed charges 5.3 6.4 6.1 5.8 7.2
Source: KRAFT FOODS INC, 10-K, February 25, 2008 Powered by Morningstar® Document Research℠