EX-12 2 a2206744zex-12.htm EX-12
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EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(Unaudited)

 
   Years Ended December 31:  
(Dollars in millions)
  2011   2010   2009   2008   2007  

Income before income taxes(1)

   $ 21,012   $ 19,737   $ 18,159   $ 16,742   $ 14,492  

Add:

                                

Fixed charges, excluding capitalized interest

     1,576     1,499     1,667     2,021     1,942  
                       

Income as adjusted before income taxes

   $ 22,588   $ 21,236   $ 19,826   $ 18,763   $ 16,434  
                       

Fixed charges:

                                

Interest expense

   $ 964   $ 923   $ 1,108   $ 1,461   $ 1,422  

Capitalized interest

     9     5     13     15     9  

Portion of rental expense representative of interest

     612     576     559     560     520  
                       

Total fixed charges

   $ 1,585   $ 1,504   $ 1,680   $ 2,036   $ 1,951  
                       

Ratio of income to fixed charges

     14.3     14.1     11.8     9.2     8.4  
(1)
Income 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.



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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)