EX-12 2 ex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

 
 
 
First Half
 
For the Years Ended December 31,
 
 
 
2006
 
2005
 
2004
 
2003
 
2002
 
2001
 
   
(in millions)
 
Earnings
                         
Income from continuing operations before income taxes
 
$
1,407
 
$
3,861
 
$
4,431
 
$
2,956
 
$
1,979
 
$
1,493
 
Less: Equity in net income/(loss) of affiliated companies
   
8
   
11
   
(2
)
 
12
   
13
   
5
 
Fixed charges
   
3,515
   
5,868
   
5,364
   
5,865
   
6,965
   
8,958
 
Earnings before fixed charges
 
$
4,914
 
$
9,718
 
$
9,797
 
$
8,809
 
$
8,931
 
$
10,446
 
                                       
Fixed charges
                                     
Interest expense
 
$
3,503
 
$
5,842
 
$
5,333
 
$
5,831
 
$
6,929
 
$
8,922
 
Rents
   
12
   
26
   
31
   
34
   
36
   
36
 
Total fixed charges
 
$
3,515
 
$
5,868
 
$
5,364
 
$
5,865
 
$
6,965
 
$
8,958
 
                                       
Ratio of earnings to fixed charges
   
1.40
   
1.66
   
1.83
   
1.50
   
1.28
   
1.17