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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)
(Dollars in millions) |
| 2011 |
| 2010 |
| ||
Income before income taxes (1) |
| $ | 13,752 |
| $ | 12,777 |
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|
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Add: Fixed charges, excluding capitalized interest |
| 1,101 |
| 1,064 |
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|
|
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Income as adjusted before income taxes |
| $ | 14,853 |
| $ | 13,841 |
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Fixed charges: |
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|
|
|
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Interest expense |
| $ | 721 |
| $ | 688 |
|
Capitalized interest |
| 7 |
| 5 |
| ||
Portion of rental expense representative of interest |
| 380 |
| 376 |
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Total fixed charges |
| $ | 1,108 |
| $ | 1,069 |
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Ratio of earnings to fixed charges |
| 13.41 |
| 12.95 |
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(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.