EX-12.1 7 a07-2771_1ex12d1.htm EX-12.1

EXHIBIT 12.1

STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES

 

 

Years Ended December 31,

 

(Dollars in millions)

 

     2006     

 

     2005     

 

     2004     

 

     2003     

 

     2002     

 

 

 

 

 

 

 

 

 

 

 

 

 

EXCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations, as reported

 

$

1,771

 

$

1,432

 

$

1,192

 

$

1,112

 

$

1,555

 

Share of pre-tax income (loss) of unconsolidated affiliates

 

43

 

16

 

39

 

11

 

(1

)

Fixed charges

 

1,384

 

948

 

481

 

424

 

552

 

Earnings

(A)

$

3,198

 

$

2,396

 

$

1,712

 

$

1,547

 

$

2,106

 

Interest on other short-term borrowings

 

$

1,145

 

$

753

 

$

315

 

$

279

 

$

426

 

Interest on long-term debt, including amortization of debt issuance costs

 

140

 

100

 

68

 

69

 

71

 

Portion of rents representative of the interest factor in long-term leases (1)

 

99

 

95

 

98

 

76

 

55

 

Fixed Charges

(B)

$

1,384

 

$

948

 

$

481

 

$

424

 

$

552

 

Consolidated ratio of earnings to fixed charges excluding interest on deposits

(A)/(B)

2.31

x

2.53

x

3.56

x

3.65

x

3.82

x

INCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations, as reported

 

$

1,771

 

$

1,432

 

$

1,192

 

$

1,112

 

$

1,555

 

Share of pre-tax income (loss) of unconsolidated subsidiaries

 

43

 

16

 

39

 

11

 

(1

)

Fixed charges

 

3,275

 

2,080

 

993

 

796

 

1,050

 

Earnings

(C)

$

5,089

 

$

3,528

 

$

2,224

 

$

1,919

 

$

2,604

 

Interest on other short-term borrowings and deposits

 

$

3,036

 

$

1,885

 

$

827

 

$

651

 

$

924

 

Interest on long-term debt, including amortization of debt issuance costs

 

140

 

100

 

68

 

69

 

71

 

Portion of rents representative of the interest factor in long-term leases (1)

 

99

 

95

 

98

 

76

 

55

 

Fixed Charges

(D)

$

3,275

 

$

2,080

 

$

993

 

$

796

 

$

1,050

 

Consolidated ratio of earnings to fixed charges including interest on deposits

(C)/(D)

1.55

x

1.70

x

2.24

x

2.41

x

2.48

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.