EX-12 7 a2226548zex-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)
  2015   2014   2013   2012   2011  

Income from continuing operations before income taxes(1)

   $ 15,953   $ 19,993   $ 20,252   $ 22,544   $ 21,482  

Add:

                                

Fixed charges, excluding capitalized interest

     1,500     1,556     1,575     1,593     1,576  
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Income as adjusted before income taxes

   $ 17,453   $ 21,549   $ 21,827   $ 24,137   $ 23,058  
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Fixed charges:

                                

Interest expense

   $ 1,009   $ 1,025   $ 989   $ 1,004   $ 964  

Capitalized interest

     0     4     22     18     9  

Portion of rental expense representative of interest

     491     531     586     589     612  
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Total fixed charges

   $ 1,500   $ 1,560   $ 1,597   $ 1,611   $ 1,585  
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Ratio of income from continuing operations to fixed charges

     11.6     13.8     13.7     15.0     14.5  
(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.



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