Exhibit 12
Ratio of Earnings to Fixed Charges
| (in millions) |
Twelve Months Ended December 31, | ||||||||
| 2002 |
2003 |
2004 | |||||||
| Earnings: |
|||||||||
| Earnings before income taxes and accounting changes |
$ | 5,009 | $ | 4,370 | $ | 4,922 | |||
| Add: Interest expense |
173 | 121 | 149 | ||||||
| Add: One-third of rental expense (a) |
228 | 226 | 231 | ||||||
| Total earnings |
$ | 5,410 | $ | 4,717 | $ | 5,302 | |||
| Fixed Charges: |
|||||||||
| Interest expense |
$ | 173 | $ | 121 | $ | 149 | |||
| Interest capitalized |
25 | 25 | 25 | ||||||
| One-third of rental expense (a) |
228 | 226 | 231 | ||||||
| Total fixed charges |
$ | 426 | $ | 372 | $ | 405 | |||
| Ratio of Earnings to Fixed Charges |
12.7 | 12.7 | 13.1 | ||||||
| (a) | Considered to be representative of interest factor in rental expense. |