EX-12 4 a10-12603_1ex12.htm EX-12

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR SIX MONTHS ENDED JUNE 30,

(UNAUDITED)

 

(Dollars in millions)

 

2010

 

2009

 

Income before income taxes (1)

 

$

8,103

 

$

7,390

 

 

 

 

 

 

 

Add: Fixed charges, excluding capitalized interest

 

712

 

858

 

 

 

 

 

 

 

Income as adjusted before income taxes

 

$

8,815

 

$

8,248

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

461

 

$

611

 

Capitalized interest

 

4

 

6

 

Portion of rental expense representative of interest

 

251

 

247

 

 

 

 

 

 

 

Total fixed charges

 

$

716

 

$

864

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

12.31

 

9.55

 

 

(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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