EX-12 4 a11-9215_1ex12.htm EX-12

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR THREE MONTHS ENDED MARCH 31,

(UNAUDITED)

 

(Dollars in millions)

 

2011

 

2010

 

 

 

 

 

 

 

Income before income taxes (1)

 

$

3,831

 

$

3,524

 

 

 

 

 

 

 

Add: Fixed charges, excluding capitalized interest

 

362

 

355

 

 

 

 

 

 

 

Income as adjusted before income taxes

 

$

4,193

 

$

3,879

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

235

 

$

230

 

Capitalized interest

 

3

 

0

 

Portion of rental expense representative of interest

 

127

 

125

 

 

 

 

 

 

 

Total fixed charges

 

$

365

 

$

355

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

11.49

 

10.93

 

 

(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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