EX-12 4 a09-26663_1ex12.htm EX-12

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR NINE MONTHS ENDED SEPTEMBER 30,

(UNAUDITED)

 

(Dollars in millions)

 

2009

 

2008

 

Income before income taxes (1)

 

$

11,775

 

$

10,924

 

 

 

 

 

 

 

Add: Fixed charges, excluding capitalized interest

 

1,238

 

1,372

 

 

 

 

 

 

 

Income as adjusted before income taxes

 

$

13,013

 

$

12,296

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

868

 

$

1,067

 

Capitalized interest

 

9

 

11

 

Portion of rental expense representative of interest

 

370

 

305

 

 

 

 

 

 

 

Total fixed charges

 

$

1,247

 

$

1,383

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

10.44

 

8.89

 

 

(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.

 

70