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EXHIBIT 12
COMPUTATION OF RATIO OF INCOME FROM
CONTINUING OPERATIONS TO FIXED CHARGES
FOR THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
(Dollars in millions) |
| 2016 |
| 2015 | ||
Income from continuing operations before income taxes (1) |
| $ | 1,035 |
| $ | 3,003 |
|
|
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Add: fixed charges, excluding capitalized interest |
|
| 397 |
|
| 360 |
|
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|
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Income as adjusted before income taxes |
| $ | 1,432 |
| $ | 3,363 |
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Fixed charges: |
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Interest expense |
| $ | 285 |
| $ | 247 |
Capitalized interest |
|
| 1 |
|
| (2) |
Portion of rental expense representative of interest |
|
| 112 |
|
| 113 |
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Total fixed charges |
| $ | 398 |
| $ | 358 |
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Ratio of income from continuing operations to fixed charges |
|
| 3.60 |
|
| 9.39 |
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(1) Income from continuing operations 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. |
75