EX-12.1 3 unhex12112312016.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)
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings before income taxes
 
$
11,863

 
$
10,231

 
$
9,656

 
$
8,915

 
$
8,622

Fixed charges
 
1,249

 
957

 
753

 
839

 
732

Total earnings available for fixed charges
 
$
13,112

 
$
11,188

 
$
10,409

 
$
9,754

 
$
9,354

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
1,067

 
$
790

 
$
618

 
$
708

 
$
632

Interest component of rental payments
 
182

 
167

 
135

 
131

 
100

Total fixed charges
 
$
1,249

 
$
957

 
$
753

 
$
839

 
$
732

Ratio of earnings to fixed charges
 
10.5

 
11.7

 
13.8

 
11.6

 
12.8


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.