EX-12 4 a12-7383_1ex12.htm EX-12

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR THREE MONTHS ENDED MARCH 31,

(UNAUDITED)

 

(Dollars in millions)

 

2012

 

2011

 

Income before income taxes (1)

 

$

3,841

 

$

3,831

 

 

 

 

 

 

 

Add: Fixed charges, excluding capitalized interest

 

382

 

362

 

 

 

 

 

 

 

Income as adjusted before income taxes

 

$

4,223

 

$

4,193

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

252

 

$

235

 

Capitalized interest

 

9

 

3

 

Portion of rental expense representative of interest

 

130

 

127

 

 

 

 

 

 

 

Total fixed charges

 

$

391

 

$

365

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

10.80

 

11.49

 

 

(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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