EX-12.1 7 unhex1219302015.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(dollars in millions)
 
2015
 
2014
 
2015
 
2014
Earnings before income taxes
 
$
2,789

 
$
2,751

 
$
8,023

 
$
7,042

Fixed charges
 
272

 
186

 
653

 
566

Total earnings available for fixed charges
 
$
3,061

 
$
2,937

 
$
8,676

 
$
7,608

 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
Interest expense
 
$
229

 
$
152

 
$
530

 
$
467

Interest component of rental payments
 
43

 
34

 
123

 
99

Total fixed charges
 
$
272

 
$
186

 
$
653

 
$
566

Ratio of earnings to fixed charges
 
11.3

 
15.8

 
13.3

 
13.4



The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense plus the interest factor in rental expense.