EXHIBIT 12
COMPUTATION OF RATIO OF INCOME FROM
CONTINUING OPERATIONS TO FIXED CHARGES
FOR NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)
(Dollars in millions) |
| 2014 |
| 2013* | ||
Income from continuing operations before income taxes (1) |
| $ | 12,897 |
| $ | 13,148 |
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Add: fixed charges, excluding capitalized interest |
|
| 1,147 |
|
| 1,100 |
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Income as adjusted before income taxes |
| $ | 14,044 |
| $ | 14,248 |
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Fixed charges: |
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Interest expense |
| $ | 774 |
| $ | 733 |
Capitalized interest |
|
| 3 |
|
| 19 |
Portion of rental expense representative of interest |
|
| 373 |
|
| 367 |
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Total fixed charges |
| $ | 1,150 |
| $ | 1,119 |
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Ratio of income from continuing operations to fixed charges |
|
| 12.21 |
|
| 12.73 |
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* Reclassified to reflect discontinued operations presentation. |
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(1) Income from continuing operations 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. |