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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) |
| 2017 |
| 2016 |
| ||
Income from continuing operations before income taxes (1) |
| $ | 1,425 |
| $ | 1,035 |
|
|
|
|
|
|
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Add: fixed charges, excluding capitalized interest |
| 411 |
| 397 |
| ||
|
|
|
|
|
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Income as adjusted before income taxes |
| $ | 1,836 |
| $ | 1,432 |
|
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|
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Fixed charges: |
|
|
|
|
| ||
Interest expense |
| $ | 293 |
| $ | 285 |
|
Capitalized interest |
| 0 |
| 1 |
| ||
Portion of rental expense representative of interest |
| 118 |
| 112 |
| ||
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|
|
|
|
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Total fixed charges |
| $ | 411 |
| $ | 398 |
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|
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Ratio of income from continuing operations to fixed charges |
| 4.47 |
| 3.60 |
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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.