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EXHIBIT 12
COMPUTATION OF RATIO OF INCOME FROM
CONTINUING OPERATIONS TO FIXED CHARGES
FOR THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
(Dollars in millions) |
| 2004 |
| 2003 |
| ||
|
|
|
|
|
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Income from continuing operations before income taxes (1) |
| $ | 2,290 |
| $ | 1,980 |
|
|
|
|
|
|
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Add: Fixed charges, excluding capitalized interest |
| 260 |
| 283 |
| ||
|
|
|
|
|
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Income as adjusted before income taxes |
| $ | 2,550 |
| $ | 2,263 |
|
|
|
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|
|
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Fixed charges: |
|
|
|
|
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Interest expense |
| $ | 143 |
| $ | 168 |
|
Capitalized interest |
| — |
| 4 |
| ||
Portion of rental expense representative of interest |
| 117 |
| 115 |
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|
|
|
|
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Total fixed charges |
| $ | 260 |
| $ | 287 |
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|
|
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Ratio of income from continuing operations to fixed charges |
| 9.81 |
| 7.89 |
|
(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.
1