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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR SIX MONTHS ENDED JUNE 30,
(UNAUDITED)
(Dollars in millions) |
| 2012 |
| 2011 |
| ||
Income before income taxes (1) |
| $ | 9,017 |
| $ | 8,719 |
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Add: Fixed charges, excluding capitalized interest |
| 761 |
| 720 |
| ||
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Income as adjusted before income taxes |
| $ | 9,778 |
| $ | 9,439 |
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Fixed charges: |
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Interest expense |
| $ | 501 |
| $ | 469 |
|
Capitalized interest |
| 14 |
| 6 |
| ||
Portion of rental expense representative of interest |
| 260 |
| 251 |
| ||
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Total fixed charges |
| $ | 775 |
| $ | 726 |
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Ratio of earnings to fixed charges |
| 12.62 |
| 13.00 |
| ||
(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.