Exhibit 12
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In millions, except ratios) | ||||||||||||||||||||
Year Ended June 30, | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings (a) | ||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 18,507 | $ | 27,820 | $ | 27,052 | $ | 22,267 | $ | 28,071 | ||||||||||
Add: Fixed charges | 867 | 674 | 489 | 435 | 349 | |||||||||||||||
Add: Cash distributions from equity method investments | 1 | 54 | 71 | 74 | 14 | |||||||||||||||
Subtract: Income (loss) from equity method investments | (78 | ) | (152 | ) | (99 | ) | 27 | 110 | ||||||||||||
Total Earnings | $ | 19,453 | $ | 28,700 | $ | 27,711 | $ | 22,749 | $ | 28,324 | ||||||||||
Fixed Charges (b) | ||||||||||||||||||||
Interest expense | $ | 756 | $ | 577 | $ | 394 | $ | 345 | $ | 264 | ||||||||||
Capitalized debt related expenses | 25 | 20 | 35 | 35 | 31 | |||||||||||||||
Interest component of rental expense | 86 | 77 | 60 | 55 | 54 | |||||||||||||||
Total Fixed Charges | $ | 867 | $ | 674 | $ | 489 | $ | 435 | $ | 349 | ||||||||||
Ratio of Earnings to Fixed Charges | 22 | 43 | 57 | 52 | 81 |
(a) | Earnings represent earnings from continuing operations before income taxes and before income (losses) from equity method investments plus: (1) fixed charges; and (2) cash distributions from equity method investments. |
(b) | Fixed charges include: (1) interest expense; (2) capitalized debt issuance costs; and (3) the portion of operating rental expense which management believes is representative of the interest component of rental expense. |