EX-12.2 4 d605035dex122.htm EX-12.2 EX-12.2

EXHIBIT 12.2

Computation of Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 

(in millions, except ratios)

   Three Months Ended
March 31, 2018
 

Income from operations before income taxes

   $ 1,089  

Interest expense

     30  

Rental expense attributable to interest

     1  
  

 

 

 

Earnings

   $ 1,120  
  

 

 

 

Interest expense

   $ 30  

Capitalized interest

     1  

Rental expense attributable to interest

     1  

Preferred stock dividends

     —    
  

 

 

 

Fixed charges and preferred stock dividends

   $ 32  
  

 

 

 

Ratio of earnings to fixed charges (a)

     35.00  
  

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends (b)

     35.00  
  

 

 

 

 

(a) The ratio has been computed by dividing earnings by fixed charges. For purposes of computing the ratio:

 

    earnings include income from operations before income taxes, adjusted for interest expense and the portion of rental expense deemed to be representative of the interest component of rental expense; and

 

    fixed charges consist of interest expense, capitalized interest and the portion of rental expense deemed to be representative of the interest component of rental expense.

 

(b) The ratio has been computed by dividing earnings by fixed charges and preferred stock dividends. For purposes of computing the ratio:

 

    earnings include income from operations before income taxes, adjusted for interest expense and the portion of rental expense deemed to be representative of the interest component of rental expense; and

 

    fixed charges and preferred stock dividends consist of interest expense, capitalized interest, the portion of rental expense deemed to be representative of the interest component of rental expense and preferred stock dividends.