EXHIBIT 12
COMPUTATION OF RATIO OF INCOME FROM
CONTINUING OPERATIONS TO FIXED CHARGES
FOR NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)
(Dollars in millions) |
| 2015 |
| 2014 | ||
Income from continuing operations before income taxes (1) |
| $ | 10,854 |
| $ | 12,897 |
|
|
|
|
|
|
|
Add: fixed charges, excluding capitalized interest |
|
| 1,085 |
|
| 1,147 |
|
|
|
|
|
|
|
Income as adjusted before income taxes |
| $ | 11,939 |
| $ | 14,044 |
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
Interest expense |
| $ | 747 |
| $ | 774 |
Capitalized interest |
|
| (1) |
|
| 3 |
Portion of rental expense representative of interest |
|
| 338 |
|
| 373 |
|
|
|
|
|
|
|
Total fixed charges |
| $ | 1,084 |
| $ | 1,150 |
|
|
|
|
|
|
|
Ratio of income from continuing operations to fixed charges |
|
| 11.02 |
|
| 12.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
93