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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR SIX MONTHS ENDED JUNE 30,
(UNAUDITED)
(Dollars in millions) |
| 2014 |
| 2013 | ||
Income before income taxes (1) |
| $ | 8,159 |
| $ | 7,759 |
|
|
|
|
|
|
|
Add: fixed charges, excluding capitalized interest |
|
| 768 |
|
| 735 |
|
|
|
|
|
|
|
Income as adjusted before income taxes |
| $ | 8,927 |
| $ | 8,494 |
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
Interest expense |
| $ | 519 |
| $ | 491 |
Capitalized interest |
|
| 3 |
|
| 17 |
Portion of rental expense representative of interest |
|
| 249 |
|
| 244 |
|
|
|
|
|
|
|
Total fixed charges |
| $ | 771 |
| $ | 752 |
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
|
| 11.58 |
|
| 11.30 |
|
|
|
|
|
|
|
(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. |