EX-12 4 a10-17268_1ex12.htm EX-12

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR NINE MONTHS ENDED SEPTEMBER 30,

(UNAUDITED)

 

(Dollars in millions)

 

2010

 

2009

 

Income before income taxes (1)

 

$

12,777

 

$

11,775

 

 

 

 

 

 

 

Add: Fixed charges, excluding capitalized interest

 

1,064

 

1,238

 

 

 

 

 

 

 

Income as adjusted before income taxes

 

$

13,841

 

$

13,013

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

688

 

$

868

 

Capitalized interest

 

5

 

9

 

Portion of rental expense representative of interest

 

376

 

370

 

 

 

 

 

 

 

Total fixed charges

 

$

1,069

 

$

1,247

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

12.95

 

10.44

 

 

(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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