EX-12.1 6 a2182320zex-12_1.htm EXHIBIT 12.1
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EXHIBIT 12.1

STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES

 
    
   Years Ended December 31,
  
(Dollars in millions)
    
  
   
   2007
   2006
   2005
   2004
   2003
  
EXCLUDING INTEREST ON DEPOSITS:                                    
Pre-tax income from continuing operations, as reported       $ 1,903   $ 1,771   $ 1,432   $ 1,192   $ 1,112  
Share of pre-tax income of unconsolidated affiliates         65     43     16     39     11  
Fixed charges         1,248     1,384     948     481     424  
       
 
 
 
 
 
Earnings   (A)   $ 3,216   $ 3,198   $ 2,396   $ 1,712   $ 1,547  
       
 
 
 
 
 
Interest on other short-term borrowings       $ 959   $ 1,145   $ 753   $ 315   $ 279  
Interest on long-term debt, including amortization of debt issuance costs         189     140     100     68     69  
Portion of rents representative of the interest factor in long-term leases (1)         100     99     95     98     76  
       
 
 
 
 
 
Fixed Charges   (B)   $ 1,248   $ 1,384   $ 948   $ 481   $ 424  
       
 
 
 
 
 
Consolidated ratio of earnings to fixed charges excluding interest on deposits   (A)/(B)     2.58 x   2.31 x   2.53 x   3.56 x   3.65 x
       
 
 
 
 
 
INCLUDING INTEREST ON DEPOSITS:                                    
Pre-tax income from continuing operations, as reported       $ 1,903   $ 1,771   $ 1,432   $ 1,192   $ 1,112  
Share of pre-tax income of unconsolidated subsidiaries         65     43     16     39     11  
Fixed charges         3,546     3,275     2,080     993     796  
       
 
 
 
 
 
Earnings   (C)   $ 5,514   $ 5,089   $ 3,528   $ 2,224   $ 1,919  
       
 
 
 
 
 
Interest on other short-term borrowings and deposits       $ 3,257   $ 3,036   $ 1,885   $ 827   $ 651  
       
 
 
 
 
 
Interest on long-term debt, including amortization of debt issuance costs         189     140     100     68     69  
Portion of rents representative of the interest factor in long-term leases (1)         100     99     95     98     76  
       
 
 
 
 
 
Fixed Charges   (D)   $ 3,546   $ 3,275   $ 2,080   $ 993   $ 796  
       
 
 
 
 
 
Consolidated ratio of earnings to fixed charges including interest on deposits   (C)/(D)     1.55 x   1.55 x   1.70 x   2.24 x   2.41 x
       
 
 
 
 
 
(1)
The interest factor on long-term operating leases was estimated using one-third of rental expense. The interest factor on long-term capital leases was equal to the amount recorded as interest expense in the consolidated statement of income.



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