Kraft 2010 Annual Report Download - page 194
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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,
2010 2009 2008 2007 2006
Earnings from continuing operations before income taxes $ 3,642 $ 3,946 $ 2,336 $ 3,335 $ 3,425
Add / (Deduct):
Equity in net earnings of less than 50% owned affiliates (115) (92) (97) (83) (71)
Dividends from less than 50% owned affiliates 61 55 84 57 50
Fixed charges 2,109 1,434 1,410 818 695
Interest capitalized, net of amortization 1 (1) (5) (6) (5)
Earnings available for fixed charges $ 5,698 $ 5,342 $ 3,728 $ 4,121 $ 4,094
Fixed charges:
Interest incurred:
Interest expense (a) $ 1,943 $ 1,280 $ 1,281 $ 698 $ 573
Capitalized interest 2 4 6 10 8
1,945 1,284 1,287 708 581
Portion of rent expense deemed to represent interest factor 164 150 123 110 114
Fixed charges $ 2,109 $ 1,434 $ 1,410 $ 818 $ 695
Ratio of earnings to fixed charges 2.7 3.7 2.6 5.0 5.9
Notes:
(a) Excludes interest related to uncertain tax positions, which is recorded in our tax provision.