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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
(Dollars in millions) |
| 2013 |
| 2012 |
| ||
Income before income taxes (1) |
| $ | 3,611 |
| $ | 3,841 |
|
|
|
|
|
|
| ||
Add: fixed charges, excluding capitalized interest |
| 366 |
| 382 |
| ||
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|
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Income as adjusted before income taxes |
| $ | 3,977 |
| $ | 4,223 |
|
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|
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Fixed charges: |
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|
|
|
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Interest expense |
| $ | 244 |
| $ | 252 |
|
Capitalized interest |
| 15 |
| 9 |
| ||
Portion of rental expense representative of interest |
| 122 |
| 130 |
| ||
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|
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Total fixed charges |
| $ | 381 |
| $ | 391 |
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Ratio of earnings to fixed charges |
| 10.44 |
| 10.80 |
|
(1) Income 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.