Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CISCO SYSTEMS, INC. | d935942d8k.htm |
Exhibit 12.1
Cisco Systems, Inc.
Ratio of earnings to fixed charges
(in millions except for ratio of earnings to fixed charges)
| Nine Months Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
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| April 25, | July 26, | July 27, | July 28, | July 30, | July 31, | |||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
| Earnings(a) |
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| Income before provision for income taxes |
$ | 8,268 | $ | 9,715 | $ | 11,227 | $ | 10,159 | $ | 7,825 | $ | 9,415 | ||||||||||||
| Losses attributable to VCE |
47 | 223 | 183 | 160 | 76 | 3 | ||||||||||||||||||
| Gain on VCE reorganization |
(126 | ) | — | — | — | — | — | |||||||||||||||||
| Fixed charges(b) |
505 | 688 | 708 | 717 | 756 | 732 | ||||||||||||||||||
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| Total Earnings |
$ | 8,694 | $ | 10,626 | $ | 12,118 | $ | 11,036 | $ | 8,657 | $ | 10,150 | ||||||||||||
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| Fixed charges(b) |
$ | 505 | $ | 688 | $ | 708 | $ | 717 | $ | 756 | $ | 732 | ||||||||||||
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| RATIO OF EARNINGS TO FIXED CHARGES |
17x | 15x | 17x | 15x | 11x | 14x | ||||||||||||||||||
| (a) | “Earnings” represent our income before provision for income taxes, plus (i) our share of losses attributable to our equity method investment in VCE Company, LLC (“VCE”) and (ii) our fixed charges. In October 2014, we ceased accounting for the VCE investment under the equity method after agreeing to restructure and reduce our ownership interest in the VCE investment. As a result, we recognized a gain of $126 in the second quarter of fiscal 2015 in connection with the VCE investment. |
| (b) | “Fixed charges” represent interest expense plus an estimate of the interest within rental expense. Interest expense within the provision for income taxes is not included in interest expense. The estimate of the interest within rental expense was calculated by using 30 percent of the rental expense, which Cisco Systems, Inc. believes is a reasonable approximation of the interest component of rental expense. |