EXHIBIT 12.1
STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 1,432 | $ | 1,192 | $ | 1,112 | $ | 1,555 | $ | 930 | ||||||||||
Share of pre-tax income (loss) of unconsolidated affiliates | 16 | 39 | 11 | (1 | ) | 14 | ||||||||||||||
Fixed charges | 948 | 481 | 424 | 552 | 1,025 | |||||||||||||||
Earnings | (A) | $ | 2,396 | $ | 1,712 | $ | 1,547 | $ | 2,106 | $ | 1,969 | |||||||||
Interest on other short-term borrowings | $ | 753 | $ | 315 | $ | 279 | $ | 426 | $ | 881 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 100 | 68 | 69 | 71 | 93 | |||||||||||||||
Portion of rents representative of the interest factor in long-term leases(1) | 95 | 98 | 76 | 55 | 51 | |||||||||||||||
Fixed charges | (B) | $ | 948 | $ | 481 | $ | 424 | $ | 552 | $ | 1,025 | |||||||||
Consolidated ratio of earnings to fixed charges, excluding interest on deposits | (A)/(B) | 2.53 | x | 3.56 | x | 3.65 | x | 3.82 | x | 1.92 | x | |||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 1,432 | $ | 1,192 | $ | 1,112 | $ | 1,555 | $ | 930 | ||||||||||
Share of pre-tax income (loss) of unconsolidated subsidiaries | 16 | 39 | 11 | (1 | ) | 14 | ||||||||||||||
Fixed charges | 2,080 | 993 | 796 | 1,050 | 1,881 | |||||||||||||||
Earnings | (C) | $ | 3,528 | $ | 2,224 | $ | 1,919 | $ | 2,604 | $ | 2,825 | |||||||||
Interest on other short-term borrowings and deposits | $ | 1,885 | $ | 827 | $ | 651 | $ | 924 | $ | 1,737 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 100 | 68 | 69 | 71 | 93 | |||||||||||||||
Portion of rents representative of the interest factor in long-term leases(1) | 95 | 98 | 76 | 55 | 51 | |||||||||||||||
Fixed charges | (D) | $ | 2,080 | $ | 993 | $ | 796 | $ | 1,050 | $ | 1,881 | |||||||||
Consolidated ratio of earnings to fixed charges, including interest on deposits | (C)/(D) | 1.70 | x | 2.24 | x | 2.41 | x | 2.48 | x | 1.50 | 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. |