EX-12 4 ex12.htm Exhibit 12

 

Exhibit 12

 

  

General Electric Company
Ratio of Earnings to Fixed Charges

 

 		 

(Dollars in millions)

Years ended December 31

  
 

 
   

1999

    

  

2000

    

  

2001

    

  

2002

    

  

2003

   
 

 

 

 

 

 

General Electric Company and consolidated affiliates

                              

Earnings (a)

$

15,942

  

$

18,873

  

$

20,049

  

$

19,217

  

$

20,194

  

Plus:

Interest and other financial charges
included in expense

  

10,174

    

11,903

    

11,212

    

10,321

    

10,515

  
 

One-third of rental expense (b)

  

558

    

608

    

566

    

584

    

542

  
 

 

 

 

 

 

Adjusted "earnings"

$

26,674

  

$

31,384

  

$

31,827

  

$

30,122

  

$

31,251

  
 

 

 

 

 

 

Fixed Charges:

                              
 

Interest and other financial charges

$

10,174

  

$

11,903

  

$

11,212

  

$

10,321

  

$

10,515

  
 

Interest capitalized

  

123

    

124

    

98

    

53

    

48

  
 

One-third of rental expense (b)

  

558

    

608

    

566

    

584

    

542

  
 

 

 

 

 

 

Total fixed charges

$

10,855

  

$

12,635

  

$

11,876

  

$

10,958

  

$

11,105

  
 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.46

    

2.48

    

2.68

    

2.75

    

2.81

  
 

 

 

 

 

 

 

  

(a) Earnings before income taxes, minority interest and cumulative effect of accounting changes.
(b) Considered to be representative of interest factor in rental expense.