EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
| Fiscal Year | ||||||||||||||||||||
| (Dollar amounts in millions) |
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
| Income from continuing operations before income taxes(1) |
$ | 23,538 | $ | 22,118 | $ | 20,867 | $ | 20,122 | $ | 19,023 | ||||||||||
| Capitalized interest |
(63 | ) | (85 | ) | (88 | ) | (150 | ) | (182 | ) | ||||||||||
| Consolidated net income attributable to the noncontrolling interest |
(604 | ) | (513 | ) | (499 | ) | (406 | ) | (425 | ) | ||||||||||
| Adjusted income from continuing operations before income taxes |
22,871 | 21,520 | 20,280 | 19,566 | 18,416 | |||||||||||||||
| Fixed Charges: |
||||||||||||||||||||
| Interest (2) |
2,268 | 2,160 | 2,267 | 2,267 | 2,009 | |||||||||||||||
| Interest component of rent |
651 | 597 | 406 | 464 | 368 | |||||||||||||||
| Total fixed charges |
2,919 | 2,757 | 2,673 | 2,731 | 2,377 | |||||||||||||||
| Income from continuing operations before income taxes and fixed charges |
$ | 25,790 | $ | 24,277 | $ | 22,953 | $ | 22,297 | $ | 20,793 | ||||||||||
| Ratio of earnings to fixed charges (times) |
8.8 | 8.8 | 8.6 | 8.2 | 8.7 | |||||||||||||||
| (1) | All prior periods have been adjusted to reflect the effect of the accounting change. See “Notes to Consolidated Financial Statements,” Note 2. “Accounting Change.” |
| (2) | Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest. |