Exhibit 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Three Months | Year Ended June 30, | |||||||||||||||||||||||
(In millions, except ratios) | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
Earnings(a) | ||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 5,534 | $ | 22,267 | $ | 28,071 | $ | 25,013 | $ | 19,821 | $ | 23,814 | ||||||||||||
Add: Fixed charges | 110 | 435 | 349 | 207 | 88 | 151 | ||||||||||||||||||
Add: Cash distributions from equity method investments | — | 74 | 14 | 14 | 85 | 10 | ||||||||||||||||||
Subtract: Income from equity method investments | 19 | 27 | 110 | 18 | 81 | 62 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Earnings | $ | 5,625 | $ | 22,749 | $ | 28,324 | $ | 25,216 | $ | 19,913 | $ | 23,913 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed Charges(b) | ||||||||||||||||||||||||
Interest expense | $ | 86 | $ | 345 | $ | 264 | $ | 146 | $ | 38 | $ | 106 | ||||||||||||
Capitalized debt related expenses | 9 | 35 | 31 | 5 | — | — | ||||||||||||||||||
Interest component of rental expense | 15 | 55 | 54 | 56 | 50 | 45 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Fixed Charges | $ | 110 | $ | 435 | $ | 349 | $ | 207 | $ | 88 | $ | 151 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of Earnings to Fixed Charges | 51 | 52 | 81 | 122 | 226 | 158 |
(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. |