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EXHIBIT 12.01
Statement Regarding Computation of Ratios of Earnings to Fixed Charges
5 Year Ratio of Earnings to Fixed Charges $ millions | 2003 | Restated 2002 | Restated 2001 | Restated 2000 | Restated 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earnings | ||||||||||||||||
Earnings from continuing operations before minority interest and income taxes | $ | 4,694 | $ | 2,761 | $ | 2,263 | $ | 5,263 | $ | 4,733 | ||||||
Fixed Charges | 361 | 420 | 233 | 148 | 174 | |||||||||||
Capitalized interest, net of amortization | (35 | ) | (16 | ) | (16 | ) | (12 | ) | (15 | ) | ||||||
Total Earnings | $ | 5,020 | $ | 3,165 | $ | 2,480 | $ | 5,399 | $ | 4,892 | ||||||
Fixed Charges | ||||||||||||||||
Interest and debt expense | $ | 277 | $ | 364 | $ | 182 | $ | 108 | $ | 130 | ||||||
Capitalized interest | 35 | 16 | 16 | 12 | 15 | |||||||||||
One third of rental expense | 49 | 40 | 35 | 28 | 29 | |||||||||||
Total Fixed Charges | $ | 361 | $ | 420 | $ | 233 | $ | 148 | $ | 174 | ||||||
Ratio of Earnings to Fixed Charges | 13.91 | 7.54 | 10.64 | 36.48 | 28.11 |
Statement Regarding Computation of Ratios of Earnings to Fixed Charges