EX-12 4 a13-13617_1ex12.htm EX-12

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR SIX MONTHS ENDED JUNE 30,

(UNAUDITED)

 

(Dollars in millions)

 

2013

 

2012

 

Income before income taxes (1)

 

$

7,759

 

$

9,017

 

 

 

 

 

 

 

Add: fixed charges, excluding capitalized interest

 

735

 

761

 

 

 

 

 

 

 

Income as adjusted before income taxes

 

$

8,494

 

$

9,778

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

491

 

$

501

 

Capitalized interest

 

17

 

14

 

Portion of rental expense representative of interest

 

244

 

260

 

 

 

 

 

 

 

Total fixed charges

 

$

752

 

$

775

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

11.30

 

12.62

 

 

(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.

 

86