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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Years ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||
Earnings: | ||||||||||||||||
Income from continuing operations before income taxes | $ | 2,388 | $ | 2,471 | $ | 1,834 | $ | 3,514 | $ | 3,984 | ||||||
Equity investee (earnings) or losses | (35 | ) | (55 | ) | (51 | ) | (90 | ) | (109 | ) | ||||||
Fixed charges | 324 | 410 | 465 | 589 | 809 | |||||||||||
Distributed income from equity investments | — | 35 | 94 | 78 | 104 | |||||||||||
Non-controlling interest | (11 | ) | (92 | ) | (65 | ) | (114 | ) | (27 | ) | ||||||
Capitalized interest | (51 | ) | (18 | ) | (18 | ) | (6 | ) | (13 | ) | ||||||
Total earnings | $ | 2,615 | $ | 2,751 | $ | 2,259 | $ | 3,971 | $ | 4,748 | ||||||
Fixed Charges: | ||||||||||||||||
Interest expense | $ | 286 | $ | 378 | $ | 441 | $ | 563 | $ | 776 | ||||||
Estimated interest portion of rental payments(a) | 38 | 32 | 24 | 26 | 33 | |||||||||||
Fixed charges | $ | 324 | $ | 410 | $ | 465 | $ | 589 | $ | 809 | ||||||
Ratio of earnings to fixed charges | 8.07 | 6.71 | 4.86 | 6.74 | 5.87 |
- (a)
- Interest expense was estimated by using one-third of total rental payments.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES