EXHIBIT 12.1
STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES
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| Years Ended December 31, |
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(Dollars in millions) |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
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EXCLUDING INTEREST ON DEPOSITS: |
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Pre-tax income from continuing operations, as reported |
| $ | 1,771 |
| $ | 1,432 |
| $ | 1,192 |
| $ | 1,112 |
| $ | 1,555 |
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Share of pre-tax income (loss) of unconsolidated affiliates |
| 43 |
| 16 |
| 39 |
| 11 |
| (1 | ) | |||||
Fixed charges |
| 1,384 |
| 948 |
| 481 |
| 424 |
| 552 |
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Earnings | (A) | $ | 3,198 |
| $ | 2,396 |
| $ | 1,712 |
| $ | 1,547 |
| $ | 2,106 |
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Interest on other short-term borrowings |
| $ | 1,145 |
| $ | 753 |
| $ | 315 |
| $ | 279 |
| $ | 426 |
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Interest on long-term debt, including amortization of debt issuance costs |
| 140 |
| 100 |
| 68 |
| 69 |
| 71 |
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Portion of rents representative of the interest factor in long-term leases (1) |
| 99 |
| 95 |
| 98 |
| 76 |
| 55 |
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Fixed Charges | (B) | $ | 1,384 |
| $ | 948 |
| $ | 481 |
| $ | 424 |
| $ | 552 |
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Consolidated ratio of earnings to fixed charges excluding interest on deposits | (A)/(B) | 2.31 | x | 2.53 | x | 3.56 | x | 3.65 | x | 3.82 | x | |||||
INCLUDING INTEREST ON DEPOSITS: |
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Pre-tax income from continuing operations, as reported |
| $ | 1,771 |
| $ | 1,432 |
| $ | 1,192 |
| $ | 1,112 |
| $ | 1,555 |
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Share of pre-tax income (loss) of unconsolidated subsidiaries |
| 43 |
| 16 |
| 39 |
| 11 |
| (1 | ) | |||||
Fixed charges |
| 3,275 |
| 2,080 |
| 993 |
| 796 |
| 1,050 |
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Earnings | (C) | $ | 5,089 |
| $ | 3,528 |
| $ | 2,224 |
| $ | 1,919 |
| $ | 2,604 |
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Interest on other short-term borrowings and deposits |
| $ | 3,036 |
| $ | 1,885 |
| $ | 827 |
| $ | 651 |
| $ | 924 |
|
Interest on long-term debt, including amortization of debt issuance costs |
| 140 |
| 100 |
| 68 |
| 69 |
| 71 |
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Portion of rents representative of the interest factor in long-term leases (1) |
| 99 |
| 95 |
| 98 |
| 76 |
| 55 |
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Fixed Charges | (D) | $ | 3,275 |
| $ | 2,080 |
| $ | 993 |
| $ | 796 |
| $ | 1,050 |
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Consolidated ratio of earnings to fixed charges including interest on deposits | (C)/(D) | 1.55 | x | 1.70 | x | 2.24 | x | 2.41 | x | 2.48 | x |
(1) The interest factor on long-term operating leases was estimated using one-third of rental expense. The interest factor on long-term capital leases was equal to the amount recorded as interest expense in the consolidated statement of income.