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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
(Dollars in millions) |
| 2014 |
| 2013 | ||
Income before income taxes (1) |
| $ | 2,983 |
| $ | 3,611 |
|
|
|
|
|
|
|
Add: fixed charges, excluding capitalized interest |
|
| 384 |
|
| 366 |
|
|
|
|
|
|
|
Income as adjusted before income taxes |
| $ | 3,367 |
| $ | 3,977 |
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
Interest expense |
| $ | 260 |
| $ | 244 |
Capitalized interest |
|
| 21 |
|
| 15 |
Portion of rental expense representative of interest |
|
| 124 |
|
| 122 |
|
|
|
|
|
|
|
Total fixed charges |
| $ | 405 |
| $ | 381 |
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
|
| 8.31 |
|
| 10.44 |
|
|
|
|
|
|
|
(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. |