EX-12.1 3 unhex12112312017.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
(dollars in millions)
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings before income taxes
 
$
14,023

 
$
11,863

 
$
10,231

 
$
9,656

 
$
8,915

Fixed charges
 
1,399

 
1,249

 
957

 
753

 
839

Total earnings available for fixed charges
 
$
15,422

 
$
13,112

 
$
11,188

 
$
10,409

 
$
9,754

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
1,186

 
$
1,067

 
$
790

 
$
618

 
$
708

Interest component of rental payments
 
213

 
182

 
167

 
135

 
131

Total fixed charges
 
$
1,399

 
$
1,249

 
$
957

 
$
753

 
$
839

Ratio of earnings to fixed charges
 
11.0

 
10.5

 
11.7

 
13.8

 
11.6


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.