COMPUTATION OF RATIO OF INCOME FROM
CONTINUING OPERATIONS TO FIXED CHARGES
FOR THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
|
(Dollars in millions) |
|
2018 |
|
2017 |
| ||
|
Income from continuing operations before income taxes (1) |
|
$ |
1,138 |
|
$ |
1,425 |
|
|
|
|
|
|
|
| ||
|
Add: fixed charges, excluding capitalized interest |
|
481 |
|
411 |
| ||
|
|
|
|
|
|
| ||
|
Income as adjusted before income taxes |
|
$ |
1,619 |
|
$ |
1,836 |
|
|
|
|
|
|
|
| ||
|
Fixed charges: |
|
|
|
|
| ||
|
Interest expense |
|
$ |
347 |
|
$ |
293 |
|
|
Capitalized interest |
|
3 |
|
0 |
| ||
|
Portion of rental expense representative of interest |
|
135 |
|
118 |
| ||
|
|
|
|
|
|
| ||
|
Total fixed charges |
|
$ |
484 |
|
$ |
411 |
|
|
|
|
|
|
|
| ||
|
Ratio of income from continuing operations to fixed charges |
|
3.35 |
|
4.47 |
| ||
(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.