Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR THE YEAR ENDED DECEMBER 31,

(in millions, except ratios)

	2007			2006			2005			2004			2003
Earnings:
Income from continuing operations before taxes on income	$	4,491		$	3,432		$	1,970		$	2,153		$	1,645
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges		—			—			—			—			—
Equity income		(71	)		(72	)		(26	)		(145	)		(138	)
Fixed charges added to earnings		458			440			387			313			346
Distributed income of less than 50 percent-owned persons		51			37			40			59			35
Amortization of capitalized interest:
Consolidated		21			21			25			25			21
Proportionate share of 50 percent-owned persons		—			—			—			—			—
Total earnings	$	4,950		$	3,858		$	2,396		$	2,405		$	1,909
Fixed Charges:
Interest expense:
Consolidated	$	401		$	384		$	339		$	271		$	314
Proportionate share of 50 percent-owned persons		3			5			3			3			4
		404			389			342			274			318
Amount representative of the interest factor in rents:
Consolidated		52			49			43			37			27
Proportionate share of 50 percent-owned persons		2			2			2			2			1
		54			51			45			39			28
Fixed charges added to earnings		458			440			387			313			346
Interest capitalized:
Consolidated		199			128			58			27			21
Proportionate share of 50 percent-owned persons		4			2			—			—			—
		203			130			58			27			21
Preferred stock dividend requirements of majority-owned subsidiaries		—			—			—			—			—
Total fixed charges	$	661		$	570		$	445		$	340		$	367
Ratio of earnings to fixed charges		7.5			6.8			5.4			7.1			5.2