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COMPUTATION OF RATIO OF EARNINGS FROM CONTINUING
OPERATIONS TO FIXED CHARGES
(Unaudited)
| Years Ended December 31: | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||
Income from continuing operations before income taxes(1) | $ | 19,737 | $ | 18,159 | $ | 16,742 | $ | 14,492 | $ | 13,322 | ||||||
Add: | ||||||||||||||||
Fixed charges, excluding capitalized interest | 1,499 | 1,667 | 2,021 | 1,942 | 1,452 | |||||||||||
Income as adjusted before income taxes | $ | 21,236 | $ | 19,826 | $ | 18,763 | $ | 16,434 | $ | 14,774 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 923 | $ | 1,108 | $ | 1,461 | $ | 1,422 | $ | 970 | ||||||
Capitalized interest | 5 | 13 | 15 | 9 | 11 | |||||||||||
Portion of rental expense representative of interest | 576 | 559 | 560 | 520 | 482 | |||||||||||
Total fixed charges | $ | 1,504 | $ | 1,680 | $ | 2,036 | $ | 1,951 | $ | 1,463 | ||||||
Ratio of income from continuing operations to fixed charges | 14.1 | 11.8 | 9.2 | 8.4 | 10.1 |
- (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)