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COMPUTATION OF RATIO OF EARNINGS FROM CONTINUING
OPERATIONS TO FIXED CHARGES
(Unaudited)
| Years Ended December 31: | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) | |||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||
Income from continuing operations before income taxes(1) | $ | 14,492 | $ | 13,322 | $ | 12,236 | $ | 10,546 | $ | 9,406 | |||||
Add: | |||||||||||||||
Fixed charges, excluding capitalized interest | 1,877 | 1,391 | 1,188 | 1,048 | 1,121 | ||||||||||
Income as adjusted before income taxes | $ | 16,369 | $ | 14,713 | $ | 13,424 | $ | 11,594 | $ | 10,527 | |||||
Fixed charges: | |||||||||||||||
Interest expense | $ | 1,422 | $ | 970 | $ | 745 | $ | 567 | $ | 648 | |||||
Capitalized interest | 9 | 11 | 16 | 4 | 15 | ||||||||||
Portion of rental expense representative of interest | 455 | 421 | 443 | 481 | 473 | ||||||||||
Total fixed charges | $ | 1,886 | $ | 1,402 | $ | 1,204 | $ | 1,052 | $ | 1,136 | |||||
Ratio of income from continuing operations to fixed charges | 8.7 | 10.5 | 11.1 | 11.0 | 9.3 |
- (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.
COMPUTATION OF RATIO OF EARNINGS FROM CONTINUING OPERATIONS TO FIXED CHARGES (Unaudited)