EX-12 6 exhibit12_09302014.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12_09302014


Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
(In millions, except ratios)
 
 
 
Nine Months Ended
September 30,
 
2009
 
2010
 
2011
 
2012
 
2013
 
2014
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations
 
$
8,381

 
$
10,796

 
$
12,326

 
$
14,469

 
$
15,899

 
$
12,732

Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
109

 
103

 
185

 
233

 
258

 
223

Pre-tax income from continuing operations plus fixed charges
 
$
8,490

 
$
10,899

 
$
12,511

 
$
14,702

 
$
16,157

 
$
12,955

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of capitalized expenses related to indebtedness
 
$
1

 
$
5

 
$
58

 
$
84

 
$
83

 
$
76

Estimated interest component included in rent expense
 
108

 
98

 
127

 
149

 
175

 
147

Total fixed charges
 
$
109

 
$
103

 
$
185

 
$
233

 
$
258

 
$
223

Ratio of earnings to fixed charges
 
78

 
106

 
68

 
63

 
63

 
58