EX-12 6 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12

 

Ratio of Earnings to Fixed Charges

 

(in millions)


   Twelve Months Ended
December 31,


     2002

   2003

   2004

Earnings:

                    

Earnings before income taxes and accounting changes

   $ 5,009    $ 4,370    $ 4,922

Add: Interest expense

     173      121      149

Add: One-third of rental expense (a)

     228      226      231
    

  

  

Total earnings

   $ 5,410    $ 4,717    $ 5,302
    

  

  

Fixed Charges:

                    

Interest expense

   $ 173    $ 121    $ 149

Interest capitalized

     25      25      25

One-third of rental expense (a)

     228      226      231
    

  

  

Total fixed charges

   $ 426    $ 372    $ 405
    

  

  

Ratio of Earnings to Fixed Charges

     12.7      12.7      13.1
    

  

  

 

(a) Considered to be representative of interest factor in rental expense.