Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | |||||||||||||||
(Dollars in millions, except ratios) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||
(Unaudited) | |||||||||||||||
Interest expensed and capitalized | 2,044 | 1,839 | 1,124 | 503 | 259 | ||||||||||
Interest portion of rental obligations | 76 | 81 | 10 | 10 | 8 | ||||||||||
Total fixed charges (A) | 2,120 | 1,920 | 1,134 | 513 | 267 | ||||||||||
Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries | 11,537 | 14,888 | 7,228 | 4,676 | 6,592 | ||||||||||
Income allocable to minority interest in consolidated entities that have not incurred fixed charges | (1,040 | ) | (1,482 | ) | (859 | ) | (494 | ) | (415 | ) | |||||
Undistributed earnings of equity investees | (1,446 | ) | (816 | ) | (301 | ) | (86 | ) | (149 | ) | |||||
Fixed charges | 2,120 | 1,920 | 1,134 | 513 | 267 | ||||||||||
Earnings-pretax income with applicable adjustments (B) | 11,171 | 14,510 | 7,202 | 4,609 | 6,295 | ||||||||||
Ratio of (B) to (A) | 5.3 | 7.6 | 6.4 | 9.0 | 23.6 |