Exhibit 12
McDONALDS' CORPORATION
STATEMENT RE COMPUTATION OF RATIOS
(Dollars in Millions)
Year Ended December 31,
1993 1992 1991 1990 1989
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EARNINGS AVAILABLE FOR FIXED CHARGES
- Income before provision for income taxes $1,675.7 $1,448.1 $1,299.4 $1,246.3 $1,157.2
- Minority interest in operating results of
majority-owned subsidiaries, less equity in
undistributed operating results of
less-than-50% owned affiliates 6.9 5.3 5.1 0.6 1.3
- Provision for income taxes of 50% owned
affiliates included in consolidated income
before provision for income taxes 34.2 29.4 34.1 28.8 29.3
- Portion of rent charges (after reduction
for rental income from subleased
properties) considered to be representative
of interest factors* 71.6 70.1 67.9 59.0 51.8
- Interest expense, amortization of debt
discount and issuance costs, and
depreciation of capitalized interest* 358.0 413.8 433.9 411.9 332.3
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$2,146.4 $1,966.7 $1,840.4 $1,746.6 $1,571.9
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FIXED CHARGES
- Portion of rent charges (after reduction
for rental income from subleased
properties) considered to be representative
of interest factors* $71.6 $70.1 $67.9 $59.0 $51.8
- Interest expense and amortization of debt
discount and issuance costs* 349.3 405.4 425.7 403.4 324.8
- Capitalized interest* 20.7 20.5 28.5 38.9 31.8
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$441.6 $496.0 $522.1 $501.3 $408.4
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RATIO OF EARNINGS TO FIXED CHARGES 4.86 3.96 3.53 3.48 3.85
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*Includes amounts of the Registrant and its majority-owned subsidiaries, and one-half of the amounts of 50% owned
affiliates.