EXHIBIT 12
COMPUTATION OF RATIO OF INCOME FROM
CONTINUING OPERATIONS TO FIXED CHARGES
FOR SIX MONTHS ENDED JUNE 30,
(UNAUDITED)
(Dollars in millions) |
| 2015 |
| 2014* | ||
Income from continuing operations before income taxes (1) |
| $ | 7,230 |
| $ | 8,535 |
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Add: fixed charges, excluding capitalized interest |
|
| 724 |
|
| 768 |
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Income as adjusted before income taxes |
| $ | 7,953 |
| $ | 9,303 |
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Fixed charges: |
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Interest expense |
| $ | 499 |
| $ | 519 |
Capitalized interest |
|
| (3) |
|
| 3 |
Portion of rental expense representative of interest |
|
| 225 |
|
| 249 |
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Total fixed charges |
| $ | 721 |
| $ | 771 |
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Ratio of income from continuing operations to fixed charges |
|
| 11.03 |
|
| 12.07 |
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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. |