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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)
(Dollars in millions) |
| 2013 |
| 2012 | ||
Income before income taxes (1) |
| $ | 12,574 |
| $ | 14,093 |
|
|
|
|
|
|
|
Add: fixed charges, excluding capitalized interest |
|
| 1,100 |
|
| 1,150 |
|
|
|
|
|
|
|
Income as adjusted before income taxes |
| $ | 13,674 |
| $ | 15,243 |
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
Interest expense |
| $ | 733 |
| $ | 760 |
Capitalized interest |
|
| 19 |
|
| 16 |
Portion of rental expense representative of interest |
|
| 367 |
|
| 390 |
|
|
|
|
|
|
|
Total fixed charges |
| $ | 1,119 |
| $ | 1,166 |
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
|
| 12.22 |
|
| 13.07 |
|
|
|
|
|
|
|
(1) Income before income taxes excludes (a) amortization of capitalized interest, and (b) the company's share in the income | ||||||
and losses of less-than-fifty percent-owned affiliates. |
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