EX-12 4 d54280exv12.htm STATEMENT OF COMPUTATIONS OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES exv12
 

Exhibit 12
RATIOS OF EARNINGS TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
December 31, 2007
                                         
    Years Ended December 31,  
    2007     2006     2005     2004     2003  
EARNINGS:
                                        
Adjusted earnings from continuing operations before income taxes
   $ 4,168     $ 3,528     $ 4,351     $ 3,032     $ 2,144  
Add fixed charges (see below)
     536       498       593       537       558  
 
                              
Adjusted earnings
   $ 4,704     $ 4,026     $ 4,944     $ 3,569     $ 2,702  
 
                              
 
                                        
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
                                        
Gross interest expense
   $ 512     $ 479     $ 574     $ 512     $ 534  
Dividends on preferred stock of a subsidiary
     —       —       —       —       3  
Estimated interest component of operating lease payments
     24       19       19       25       21  
 
                              
Fixed charges
     536       498       593       537       558  
Preferred stock requirements, pre-tax
     15       15       15       14       14  
 
                              
Combined fixed charges and preferred stock dividends
   $ 551     $ 513     $ 608     $ 551     $ 572  
 
                              
 
                                        
Ratio of earnings to fixed charges
     8.78       8.08       8.34       6.65       4.84  
Ratio of earnings to combined fixed charges and preferred stock dividends
     8.54       7.85       8.13       6.48       4.72