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7th grade Bad
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New words:
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COMPUTATION OF RATIO OF EARNINGS FROM CONTINUING
OPERATIONS TO FIXED CHARGES
(Unaudited)
| | Years Ended December 31: | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) | 2008 | 2007* | 2006* | 2005 | 2004 | |||||||||||
Income from continuing operations before income taxes(1) | $ | 16,742 | $ | 14,492 | $ | 13,322 | $ | 12,236 | $ | 10,546 | ||||||
Add: | ||||||||||||||||
Fixed charges, excluding capitalized interest | 2,021 | 1,942 | 1,452 | 1,188 | 1,048 | |||||||||||
Income as adjusted before income taxes | $ | 18,763 | $ | 16,434 | $ | 14,774 | $ | 13,424 | $ | 11,594 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 1,461 | $ | 1,422 | $ | 970 | $ | 745 | $ | 567 | ||||||
Capitalized interest | 15 | 9 | 11 | 16 | 4 | |||||||||||
Portion of rental expense representative of interest | 560 | 520 | 482 | 443 | 481 | |||||||||||
Total fixed charges | $ | 2,036 | $ | 1,951 | $ | 1,463 | $ | 1,204 | $ | 1,052 | ||||||
Ratio of income from continuing operations to fixed charges | 9.2 | 8.4 | 10.1 | 11.1 | 11.0 | |||||||||||
- *
- Rental expense in 2007 and 2006 is presented to conform with 2008 presentation, inclusive of rental expenses associated with automobile leases within certain countries.
- (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)