McKesson 2005 Annual Report Download - page 334
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EXHIBIT 12
McKESSON CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(a) Interest expense includes amortization of debt discounts and deferred loan costs.
(b) Earnings for the year ended March 31, 2005 were inadequate to cover fixed charges.
The coverage deficiency was $221.7 million for the ratio of earnings to fixed charges.
Years Ended March 31,
(In millions) 2005 2004 2003 2002 2001
Earnin
g
s:
Income (loss) from continuing operations before income taxes $ (239.8) $ 911.4 $ 851.4 $ 602.1 $ 4.6
Adjustments:
Equity in net income of and dividends from equity investees 24.2 (1.1) (5.6) 1.8 (2.8)
Fixed charges 162.6 160.9 167.9 164.4 162.0
Interest capitalized (6.1) (3.7) (3.3) (1.8) (2.0)
Earnings as adjusted $(59.1) $1,067.5 $1,010.4 $ 766.5 $161.8
Fixed char
g
es:
Interest expense (a) $118.0 $120.2 $128.1 $ 125.9 $123.8
Portion of rental expense representative of the interest factor 38.5 37.0 36.5 36.7 36.2
Capitalized interest 6.1 3.7 3.3 1.8 2.0
Total fixed charges $ 162.6 $ 160.9 $ 167.9 $ 164.4 $ 162.0
Ratio:
Ratio of earnings to fixed charges (b) 6.6X 6.0X 4.7X 1.0X