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STATEMENT OF RATIOS OF EARNINGS TO FIXED CHARGES
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Years Ended December 31, |
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| (Dollars in millions) |
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2007 |
2006 |
2005 |
2004 |
2003 |
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| EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||
| Pre-tax income from continuing operations, as reported | $ | 1,903 | $ | 1,771 | $ | 1,432 | $ | 1,192 | $ | 1,112 | ||||||||
| Share of pre-tax income of unconsolidated affiliates | 65 | 43 | 16 | 39 | 11 | |||||||||||||
| Fixed charges | 1,248 | 1,384 | 948 | 481 | 424 | |||||||||||||
| Earnings | (A) | $ | 3,216 | $ | 3,198 | $ | 2,396 | $ | 1,712 | $ | 1,547 | |||||||
| Interest on other short-term borrowings | $ | 959 | $ | 1,145 | $ | 753 | $ | 315 | $ | 279 | ||||||||
| Interest on long-term debt, including amortization of debt issuance costs | 189 | 140 | 100 | 68 | 69 | |||||||||||||
| Portion of rents representative of the interest factor in long-term leases (1) | 100 | 99 | 95 | 98 | 76 | |||||||||||||
| Fixed Charges | (B) | $ | 1,248 | $ | 1,384 | $ | 948 | $ | 481 | $ | 424 | |||||||
| Consolidated ratio of earnings to fixed charges excluding interest on deposits | (A)/(B) | 2.58 | x | 2.31 | x | 2.53 | x | 3.56 | x | 3.65 | x | |||||||
| INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||
| Pre-tax income from continuing operations, as reported | $ | 1,903 | $ | 1,771 | $ | 1,432 | $ | 1,192 | $ | 1,112 | ||||||||
| Share of pre-tax income of unconsolidated subsidiaries | 65 | 43 | 16 | 39 | 11 | |||||||||||||
| Fixed charges | 3,546 | 3,275 | 2,080 | 993 | 796 | |||||||||||||
| Earnings | (C) | $ | 5,514 | $ | 5,089 | $ | 3,528 | $ | 2,224 | $ | 1,919 | |||||||
| Interest on other short-term borrowings and deposits | $ | 3,257 | $ | 3,036 | $ | 1,885 | $ | 827 | $ | 651 | ||||||||
| Interest on long-term debt, including amortization of debt issuance costs | 189 | 140 | 100 | 68 | 69 | |||||||||||||
| Portion of rents representative of the interest factor in long-term leases (1) | 100 | 99 | 95 | 98 | 76 | |||||||||||||
| Fixed Charges | (D) | $ | 3,546 | $ | 3,275 | $ | 2,080 | $ | 993 | $ | 796 | |||||||
| Consolidated ratio of earnings to fixed charges including interest on deposits | (C)/(D) | 1.55 | x | 1.55 | x | 1.70 | x | 2.24 | x | 2.41 | 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.