Kraft 2009 Annual Report Download - page 176

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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,
2009 2008 2007 2006 2005
Earnings from continuing operations before
income taxes $ 4,287 $ 2,603 $ 3,572 $ 3,648 $ 3,738
Add / (Deduct):
Equity in net earnings of less than 50%
owned affiliates (92) (96) (83) (71) (67)
Dividends from less than 50% owned affiliates 55 84 57 51 55
Fixed charges 1,452 1,426 836 708 777
Interest capitalized, net of amortization (1) (5) (5) (4) (1)
Earnings available for fixed charges $ 5,701 $ 4,012 $ 4,377 $ 4,332 $ 4,502
Fixed charges:
Interest incurred:
Interest expense (a) $ 1,280 $ 1,281 $ 702 $ 578 $ 651
Capitalized interest 3 6 10 8 3
1,283 1,287 712 586 654
Portion of rent expense deemed to represent
interest factor 169 139 124 122 123
Fixed charges $ 1,452 $ 1,426 $ 836 $ 708 $ 777
Ratio of earnings to fixed charges 3.9 2.8 5.2 6.1 5.8
Notes:
(a) Excludes interest related to uncertain tax positions, which is recorded in our tax provision.
Source: KRAFT FOODS INC, 10-K, February 25, 2010 Powered by Morningstar® Document Research℠