Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Dollars in Millions
| Nine Months | Years Ended December 31, | |||||||||||||||||||||||||||
| September 30, | ||||||||||||||||||||||||||||
| 2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
Earnings available for fixed charges | ||||||||||||||||||||||||||||
- Income from continuing operations before provision for Income taxes and cumulative effect of accounting changes | $ | 6,028.5 | $ | 5,266.7 | $ | 7,000.3 | $ | 6,487.0 | $ | 6,158.0 | $ | 3,572.1 | (1) | $ | 4,154.4 | |||||||||||||
- Noncontrolling interest expense in operating results of majority-owned subsidiaries, including fixed charges related to redeemable preferred stock, less equity in undistributed operating results of less than 50%-owned affiliates | 9.9 | 8.1 | 10.4 | 7.5 | 10.7 | 7.2 | 5.5 | |||||||||||||||||||||
- Income tax provision (benefit) of 50%- owned affiliates included in income from continuing operations before provision for income taxes | 52.7 | 22.4 | 28.7 | 47.7 | 30.0 | 22.4 | 5.9 | |||||||||||||||||||||
- Portion of rent charges (after reduction for rental income from subleased properties) considered to be representative of interest factors* | 254.7 | 232.8 | 315.4 | 302.8 | 321.3 | 312.8 | 304.0 | |||||||||||||||||||||
- Interest expense, amortization of debt discount and issuance costs, and depreciation of capitalized interest* | 386.8 | 350.8 | 479.1 | 504.5 | 556.8 | 442.7 | 437.4 | |||||||||||||||||||||
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| $ | 6,732.6 | $ | 5,880.8 | $ | 7,833.9 | $ | 7,349.5 | $ | 7,076.8 | $ | 4,357.2 | $ | 4,907.2 | |||||||||||||||
Fixed charges | ||||||||||||||||||||||||||||
- Portion of rent charges (after reduction for rental income from subleased properties) considered to be representative of interest factors* | $ | 254.7 | $ | 232.8 | $ | 315.4 | $ | 302.8 | $ | 321.3 | $ | 312.8 | $ | 304.0 | ||||||||||||||
- Interest expense, amortization of debt discount and issuance costs, and fixed charges related to redeemable preferred stock* | 373.7 | 342.0 | 461.5 | 486.9 | 539.7 | 425.9 | 418.4 | |||||||||||||||||||||
- Capitalized interest* | 10.2 | 8.2 | 12.0 | 11.9 | 12.5 | 7.0 | 5.5 | |||||||||||||||||||||
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| $ | 638.6 | $ | 583.0 | $ | 788.9 | $ | 801.6 | $ | 873.5 | $ | 745.7 | $ | 727.9 | |||||||||||||||
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Ratio of earnings to fixed charges | 10.54 | 10.09 | 9.93 | 9.17 | 8.10 | 5.84 | 6.74 | |||||||||||||||||||||
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| * | Includes amounts of the Company and its majority-owned subsidiaries, and one-half of the amounts of 50%-owned affiliates. The Company records interest expense on unrecognized tax benefits in the provision for income taxes. This interest is not included in the computation of fixed charges. |
| (1) | Includes pretax charges of $1.7 billion primarily related to impairment in connection with the Company’s sale of its Latin American businesses to a developmental licensee. |