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EXHIBIT 12
McKESSON CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended March 31, | ||||||||||||||||||||
(Dollars in millions) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,864 | $ | 1,064 | $ | 1,457 | $ | 1,297 | $ | 1,171 | ||||||||||
Adjustment to exclude equity in net income of and dividends from equity investees | (2 | ) | (1 | ) | (17 | ) | (17 | ) | (15 | ) | ||||||||||
Fixed charges | 240 | 195 | 198 | 141 | 133 | |||||||||||||||
Amortization of capitalized interest | 4 | 4 | 4 | 3 | 2 | |||||||||||||||
Less: Capitalized interest | — | (1 | ) | (3 | ) | (3 | ) | (4 | ) | |||||||||||
Earnings as adjusted | $ | 2,106 | $ | 1,261 | $ | 1,639 | $ | 1,421 | $ | 1,287 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense(a) (c) | $ | 187 | $ | 144 | $ | 142 | $ | 99 | $ | 94 | ||||||||||
Capitalized interest | — | 1 | 3 | 3 | 4 | |||||||||||||||
Portion of rental expense representative of the interest factor(b) | 53 | 50 | 53 | 39 | 35 | |||||||||||||||
Total fixed charges | $ | 240 | $ | 195 | $ | 198 | $ | 141 | $ | 133 | ||||||||||
Ratio: | ||||||||||||||||||||
Ratio of earnings to fixed charges | 8.8 | 6.5 | 8.3 | 10.1 | 9.7 | |||||||||||||||
(a) | Interest expense includes amortization of debt discounts and deferred loan costs. | |
(b) | One-third of net rent expense is the portion of rental expense deemed representative of the interest factor. | |
(c) | Interest accrued on the liability recorded for uncertain tax positions is excluded from Interest expense. |