EX-12 3 a11-25576_1ex12.htm EX-12

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR NINE MONTHS ENDED SEPTEMBER 30,

(UNAUDITED)

 

(Dollars in millions)

 

2011

 

2010

 

Income before income taxes (1)

 

$

13,752

 

$

12,777

 

 

 

 

 

 

 

Add: Fixed charges, excluding capitalized interest

 

1,101

 

1,064

 

 

 

 

 

 

 

Income as adjusted before income taxes

 

$

14,853

 

$

13,841

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

721

 

$

688

 

Capitalized interest

 

7

 

5

 

Portion of rental expense representative of interest

 

380

 

376

 

 

 

 

 

 

 

Total fixed charges

 

$

1,108

 

$

1,069

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

13.41

 

12.95

 

 

(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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