EX-12 7 a2222209zex-12.htm EX-12
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EXHIBIT 12

COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS
TO FIXED CHARGES
(Unaudited)

 
   Years Ended December 31:  
(Dollars in millions)
  2014   2013*   2012*   2011*   2010*  

Income from continuing operations before income taxes(1)

   $ 19,993   $ 20,252   $ 22,544   $ 21,482   $ 20,144  

Add:

                                

Fixed charges, excluding capitalized interest

     1,556     1,575     1,593     1,576     1,499  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income as adjusted before income taxes

   $ 21,549   $ 21,827   $ 24,137   $ 23,058   $ 21,643  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Fixed charges:

                                

Interest expense

   $ 1,025   $ 989   $ 1,004   $ 964   $ 923  

Capitalized interest

     4     22     18     9     5  

Portion of rental expense representative of interest

     531     586     589     612     576  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 1,560   $ 1,597   $ 1,611   $ 1,585   $ 1,504  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of income from continuing operations to fixed charges

     13.8     13.7     15.0     14.5     14.4  
(1)
Income from continuing operations before income taxes excludes (a) amortization of capitalized interest and (b) the company's share in the income and losses of less-than-fifty percent owned affiliates.

*
Reclassified to reflect discontinued operations presentation.



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COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS TO FIXED CHARGES (Unaudited)