EX-12.2 5 l41132exv12w2.htm EX-12.2 exv12w2
Exhibit 12.2
Computation of Ratio of Earnings to Fixed Charges
                                                 
    Nine Months Ended     For the Years Ended  
    September 30,     December 31,  
    2010     2009     2008     2007     2006     2005  
    (in millions)  
Earnings:
                                               
Income (loss) from continuing operations before income taxes
    ($2,365 )     ($3,494 )     ($4,060 )     ($29,775 )   $ 1,483     $ 1,291  
Equity in losses (income) of unconsolidated investments
    848       803       64       3       6       (107 )
Fixed charges
    1,579       2,047       2,094       2,213       2,242       1,742  
Interest capitalized
    (10 )     (12 )     (123 )     (127 )     (113 )     (53 )
Amortization of interest capitalized
    64       85       80       72       107       98  
           
Earnings (loss), as adjusted
    116       (571 )     (1,945 )     (27,614 )     3,725       2,971  
           
 
Fixed charges:
                                               
Interest expense, gross
    1,114       1,450       1,362       1,433       1,533       1,294  
Interest capitalized
    10       12       123       127       113       53  
Portion of rentals representative of interest
    455       585       609       653       596       395  
           
Fixed charges
    1,579       2,047       2,094       2,213       2,242       1,742  
           
 
Ratio of earnings to fixed charges
    (1)     (2)     (3)     (4)     1.66       1.71  
 
                                   
 
(1)   Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.5 billion at September 30, 2010.
 
(2)   Earnings (loss), as adjusted were inadequate to cover fixed charges by $2.6 billion in 2009.
 
(3)   Earnings (loss), as adjusted were inadequate to cover fixed charges by $4.0 billion in 2008.
 
(4)   Earnings (loss), as adjusted were inadequate to cover fixed charges by $29.8 billion in 2007.