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EXHIBIT 12
McKESSON CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended March 31, | ||||||||||||||||||||
(In millions) | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income (Loss) from continuing operations before income taxes | $ | 1,158 | $ | (245 | ) | $ | 906 | $ | 848 | $ | 598 | |||||||||
Adjustments: | ||||||||||||||||||||
Equity in net income of and dividends from equity investees | (17 | ) | (5 | ) | (1 | ) | (6 | ) | 2 | |||||||||||
Fixed charges | 136 | 161 | 160 | 167 | 165 | |||||||||||||||
Interest Capitalized | (4 | ) | (6 | ) | (4 | ) | (3 | ) | (2 | ) | ||||||||||
Earnings as adjusted | $ | 1,273 | $ | (95 | ) | $ | 1,061 | $ | 1,006 | $ | 763 | |||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense (a) | $ | 94 | $ | 118 | $ | 120 | $ | 128.0 | $ | 126 | ||||||||||
Portion of rental expense representative of the interest factor | 38 | 37 | 36 | 36 | 37 | |||||||||||||||
Capitalized interest | 4 | 6 | 4 | 3 | 2 | |||||||||||||||
Total fixed charges | $ | 136 | $ | 161 | $ | 160 | $ | 167 | $ | 165 | ||||||||||
Ratio: | ||||||||||||||||||||
Ratio of earnings to fixed charges | 9.4 | X | (b) | 6.6 | X | 6.0 | X | 4.6 | X | |||||||||||
(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 $256 million for ratio of earnings to fixed charges. |