EX-12 4 a12-20368_1ex12.htm EX-12

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR NINE MONTHS ENDED SEPTEMBER 30,

(UNAUDITED)

 

(Dollars in millions)

 

2012

 

2011

 

Income before income taxes (1)

 

$

14,093

 

$

13,752

 

 

 

 

 

 

 

Add: Fixed charges, excluding capitalized interest

 

1,150

 

1,101

 

 

 

 

 

 

 

Income as adjusted before income taxes

 

$

15,243

 

$

14,853

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

760

 

$

721

 

Capitalized interest

 

16

 

7

 

Portion of rental expense representative of interest

 

390

 

380

 

 

 

 

 

 

 

Total fixed charges

 

$

1,166

 

$

1,108

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

13.07

 

13.41

 

 

(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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