EX-12 8 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES Computation of Ratio of Earnings to Combined Fixed Charges

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

    Three Months
Ended March 31,
        For the Years Ended December 31,  
    2010         2009         2009         2008         2007         2006         2005  
                        (in millions)                      

Earnings:

                         

Income (loss) from continuing operations before income taxes

  ($ 794     ($ 1,124     ($ 3,494     ($ 4,060     ($ 29,775     $ 1,483        $ 1,291   

Equity in losses (income) of unconsolidated investments

    254          281          803          64          3          6          (107

Fixed charges

    527          518          2,047          2,094          2,213          2,242          1,742   

Interest capitalized

    (3       (7       (12       (123       (127       (113       (53

Amortization of interest capitalized

    21          21          85          80          72          107          98   
                                                                   

Earnings (loss), as adjusted

    5          (311       (571       (1,945       (27,614       3,725          2,971   
                                                                   

Fixed charges:

                         

Interest expense, gross

    372          361          1,450          1,362          1,433          1,533          1,294   

Interest capitalized

    3          7          12          123          127          113          53   

Portion of rentals representative of interest

    152          150          585          609          653          596          395   
                                                                   

Fixed charges

    527          518          2,047          2,094          2,213          2,242          1,742   
                                                                   

Preferred stock dividends paid

    0          0          0          0          0          3          11   

Total fixed charges

    527          518          2,047          2,094          2,213          2,242          1,742   
                                                                   

Total fixed charges and preferred stock dividends

    527          518          2,047          2,094          2,213          2,245          1,753   
                                                                   

Ratio of combined earnings to fixed charges and preferred stock dividends

      (1)          (2)        (3)          (4)          (5)        1.66          1.69   
                                                                   

 

(1) Earnings (loss), as adjusted were inadequate to cover fixed charges by $0.5 billion at March 31, 2010.
(2) Earnings (loss), as adjusted were inadequate to cover fixed charges by $0.8 billion at March 31, 2009.
(3) Earnings (loss), as adjusted were inadequate to cover fixed charges by $2.6 billion in 2009.
(4) Earnings (loss), as adjusted were inadequate to cover fixed charges by $4.0 billion in 2008.
(5) Earnings (loss), as adjusted were inadequate to cover fixed charges by $29.8 billion in 2007.