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COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(Unaudited)
| Years Ended December 31: | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||
Income before income taxes(1) | $ | 21,914 | $ | 21,012 | $ | 19,737 | $ | 18,159 | $ | 16,742 | ||||||
Add: | ||||||||||||||||
Fixed charges, excluding capitalized interest | 1,593 | 1,576 | 1,499 | 1,667 | 2,021 | |||||||||||
Income as adjusted before income taxes | $ | 23,507 | $ | 22,588 | $ | 21,236 | $ | 19,826 | $ | 18,763 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 1,004 | $ | 964 | $ | 923 | $ | 1,108 | $ | 1,461 | ||||||
Capitalized interest | 18 | 9 | 5 | 13 | 15 | |||||||||||
Portion of rental expense representative of interest | 589 | 612 | 576 | 559 | 560 | |||||||||||
Total fixed charges | $ | 1,611 | $ | 1,585 | $ | 1,504 | $ | 1,680 | $ | 2,036 | ||||||
Ratio of income to fixed charges | 14.6 | 14.3 | 14.1 | 11.8 | 9.2 |
- (1)
- Income 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.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)