EX-12.1 4 unhex12112312015.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
(dollars in millions)
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings before income taxes
 
$
10,231

 
$
9,656

 
$
8,915

 
$
8,622

 
$
7,959

Fixed charges
 
957

 
753

 
839

 
732

 
594

Total earnings available for fixed charges
 
$
11,188

 
$
10,409

 
$
9,754

 
$
9,354

 
$
8,553

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
790

 
$
618

 
$
708

 
$
632

 
$
505

Interest component of rental payments
 
167

 
135

 
131

 
100

 
89

Total fixed charges
 
$
957

 
$
753

 
$
839

 
$
732

 
$
594

Ratio of earnings to fixed charges
 
11.7

 
13.8

 
11.6

 
12.8

 
14.4


The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense plus the interest factor in rental expense.