In millions 

2011

2010

2009

2008

2007

Earnings

Earnings before income taxes and noncontrolling interests

$

2,671

$

1,617

$

640

$

1,178

$

1,169

Add:

Fixed charges

106

95

87

99

102

Amortization of capitalized interest

2

3

5

3

6

Distributed income of equity investees

341

178

215

186

107

Less:

Equity in earnings of investees

375

321

196

231

192

Capitalized interest

4

5

6

11

5

Earnings before fixed charges

$

2,741

$

1,567

$

745

$

1,224

$

1,187

Fixed charges

Interest expense

$

44

$

40

$

35

$

42

$

58

Capitalized interest

4

5

6

11

5

Amortization of debt discount

2

1

2

2

1

Interest portion of rental expense (1)

56

49

44

44

38

Total fixed charges

$

106

$

95

$

87

$

99

$

102

Ratio of earnings to fixed charges

25.9

16.5

8.6

12.4

11.6