Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
(In millions, except ratios) | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income from continuing operations | $ | 12,326 | $ | 14,469 | $ | 15,899 | $ | 17,259 | $ | 19,651 | ||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 185 | 233 | 258 | 307 | 349 | |||||||||||||||
Pre-tax income from continuing operations plus fixed charges | $ | 12,511 | $ | 14,702 | $ | 16,157 | $ | 17,566 | $ | 20,000 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense and amortization of capitalized expenses related to indebtedness | $ | 58 | $ | 84 | $ | 83 | $ | 101 | $ | 104 | ||||||||||
Estimated interest component included in rent expense | 127 | 149 | 175 | 206 | 245 | |||||||||||||||
Total fixed charges | $ | 185 | $ | 233 | $ | 258 | $ | 307 | $ | 349 | ||||||||||
Ratio of earnings to fixed charges | 68 | 63 | 63 | 57 | 57 | |||||||||||||||