GE 2005 Annual Report Download - page 158

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Exhibit 12
General Electric Company
Ratio of Earnings to Fixed Charges
Years ended December 31
2005 2004 2003 2002 2001
(Dollars in millions)
As
previously
reported
As
restated
As
previously
reported
As
restated
As
previously
reported
As
restated
As
previously
reported
As
restated
As
previously
reported
As
restated
General Electric Company and
consolidated affiliates
Earnings(a) $ 23,115 $ 23,704 $ 20,499 21,062 $ 17,919 $ 18,455 $ 20,662 $ 18,735 $ 18,472 $ 17,935
Plus: Interest and other financial charges
included in expense 15,276 15,227 11,721 11,676 10,542 10,541 9,883 9,921 10,775 10,808
One-third of rental expense(b) 644 644 601 601 520 520 558 558 538 538
Adjusted “earnings” $ 39,035 $ 39,575 $ 32,821 $ 33,339 $ 28,981 $ 29,516 $ 31,103 $ 29,214 $ 29,785 $ 29,281
Fixed charges:
Interest and other financial charges $ 15,276 $ 15,227 $ 11,721 $ 11,676 $ 10,542 $ 10,541 $ 9,883 $ 9,921 $ 10,775 $ 10,808
Interest capitalized 108 108 92 92 48 48 53 53 98 98
One-third of rental expense 644 644 601 601 520 520 558 558 538 538
Total fixed charges $ 16,028 $ 15,979 $ 12,414 $ 12,369 $ 11,110 $ 11,109 $ 10,494 $ 10,532 $ 11,411 $ 11,444
Ratio of earnings to fixed charges 2.44 2.48 2.64 2.70 2.61 2.66 2.96 2.77 2.61 2.56
(a) Earnings before income taxes, minority interest, discontinued operations and cumulative effect of accounting changes.
(b) Considered to be representative of interest factor in rental expense.