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- 10-K Annual report
- 10.20 Stock Option Terms for 2012 Quarterly and Annual Non-qualified Option Grants
- 10.21 Restricted Stock Unit Terms for 2012 Quarterly and Annual Grants
- 10.28 Merck & Co., Inc. U.S. Separation Benefits Plan
- 10.29 Important Information on the Separation Program
- 10.30 Important Information on the Separation Program
- 10.31 Important Information on the Separation Program
- 10.32 Important Information on the Separation Program
- 10.33 Important Information on the Separation Program
- 10.34 Important Information on the Separation Program
- 10.35 Important Information on the Separation Program
- 12 Computation of Ratios of Earnings to Fixed Charges
- 21 Subsidiaries of Merck & Co., Inc.
- 24.1 Power of Attorney
- 24.2 Certified Resolution of Board of Directors
- 31.1 Rule 13A-14(A)/15D-14(A) Certification of Chief Executive Officer
- 31.2 Rule 13A-14(A)/15D-14(A) Certification of Chief Financial Officer
- 32.1 Section 1350 Certification of Chief Executive Officer
- 32.2 Section 1350 Certification of Chief Financial Officer
- CORRESP Corresp
Exhibit 12
MERCK & CO., INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
($ in millions except ratio data)
Years Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Income Before Taxes | $ | 7,334 | $ | 1,653 | $ | 15,290 | $ | 9,931 | $ | 3,492 | ||||||||||
Add (Subtract): | ||||||||||||||||||||
One-third of rents | 138 | 144 | 79 | 75 | 66 | |||||||||||||||
Interest expense, gross | 749 | 715 | 460 | 251 | 384 | |||||||||||||||
Interest capitalized, net of amortization | (2 | ) | 3 | 27 | 42 | 32 | ||||||||||||||
Equity (income) loss from affiliates, net of distributions | (394 | ) | (263 | ) | (511 | ) | (494 | ) | (454 | ) | ||||||||||
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Earnings as defined | $ | 7,825 | $ | 2,252 | $ | 15,345 | $ | 9,805 | $ | 3,520 | ||||||||||
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One-third of rents | $ | 138 | $ | 144 | $ | 79 | $ | 75 | $ | 66 | ||||||||||
Interest expense, gross | 749 | 715 | 460 | 251 | 384 | |||||||||||||||
Preferred stock dividends | 138 | 202 | 143 | 145 | 158 | |||||||||||||||
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Fixed Charges | $ | 1,025 | $ | 1,061 | $ | 682 | $ | 471 | $ | 608 | ||||||||||
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Ratio of Earnings to Fixed Charges | 8 | 2 | 23 | 21 | 6 | |||||||||||||||
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For purposes of computing these ratios, “earnings” consist of income before taxes, one-third of rents (deemed by the Company to be representative of the interest factor inherent in rents), interest expense, interest capitalized, net of amortization and equity (income) loss from affiliates, net of distributions. “Fixed charges” consist of one-third of rents, interest expense as reported in the consolidated financial statements and dividends on preferred stock. Interest expense does not include interest related to uncertain tax positions.