EX-12 4 a10-5717_1ex12.htm EX-12

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR THREE MONTHS ENDED MARCH 31,

(UNAUDITED)

 

(Dollars in millions)

 

2010

 

2009

 

 

 

 

 

 

 

Income before income taxes (1)

 

$

3,524

 

$

3,123

 

 

 

 

 

 

 

Add: Fixed charges, excluding capitalized interest

 

355

 

455

 

 

 

 

 

 

 

Income as adjusted before income taxes

 

$

3,879

 

$

3,578

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

230

 

$

332

 

Capitalized interest

 

0

 

3

 

Portion of rental expense representative of interest

 

125

 

123

 

 

 

 

 

 

 

Total fixed charges

 

$

355

 

$

458

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

10.93

 

7.81

 

 

(1)          Income 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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