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Computation of Ratios

Fixed-Rate Debt as a Percent of Total Debt(1)(2)
Dollars in millions			Years ended December 31, 2024												2023						2022
Total debt obligations									$	38,424					$	39,345					$	35,904
Fair value adjustments									40						62						91
Deferred debt costs									152						160						147
Debt obligations before fair value adjustments and deferred debt costs									$	38,616					$	39,567					$	36,142
Fixed-rate debt									$	37,013					$	37,816					$	34,604
Fixed-rate debt as a percent of total debt									96		%				96		%				96		%

(1)Based on debt obligations before the effects of fair value hedging adjustments and deferred debt costs. These effects are excluded as they have no impact on the obligation at maturity. See Debt Financing note to the consolidated financial statements.

(2)Includes the effect of interest rate swaps.

Foreign Currency-Denominated Debt as a Percent of Total Debt(1)
Dollars in millions			Years ended December 31, 2024												2023						2022
Total debt obligations									$	38,424					$	39,345					$	35,904
Fair value adjustments									40						62						91
Deferred debt costs									152						160						$	147
Debt obligations before fair value adjustments and deferred debt costs									$	38,616					$	39,567					$	36,142
Foreign currency-denominated debt									$	13,192					$	15,087					$	13,010
Foreign currency-denominated debt as a percent of total debt									34		%				38		%				36		%

(1)Based on debt obligations before the effects of fair value hedging adjustments and deferred debt costs. These effects are excluded as they have no impact on the obligation at maturity. See Debt Financing note to the consolidated financial statements.

Total Debt as a Percent of Total Capitalization(1)(2)
Dollars in millions			Years ended December 31, 2024												2023						2022
Total debt obligations									$	38,424					$	39,345					$	35,904
Fair value adjustments									40						62						91
Deferred debt costs									152						160						147
Debt obligations before fair value adjustments and deferred debt costs									$	38,616					$	39,567					$	36,142
Total capitalization									$	34,819					$	34,860					$	30,139
Total debt as a percent of total capitalization									111		%				114		%				120		%

(1)Based on debt obligations before the effects of fair value hedging adjustments and deferred debt costs. These effects are excluded as they have no impact on the obligation at maturity. See Debt Financing note to the consolidated financial statements.

(2)    Total capitalization represents debt obligations before fair value adjustments and deferred debt costs, and total shareholders' equity.

Cash Provided by Operations as a Percent of Total Debt(1)
Dollars in millions			Years ended December 31, 2024												2023						2022
Total debt obligations									$	38,424					$	39,345					$	35,904
Fair value adjustments									40						62						91
Deferred debt costs									152						160						147
Debt obligations before fair value adjustments and deferred debt costs									$	38,616					$	39,567					$	36,142
Cash provided by operations									$	9,447					$	9,612					$	7,387
Cash provided by operations as a percent of total debt									24		%				24		%				20		%

(1)Based on debt obligations before the effects of fair value hedging adjustments and deferred debt costs. These effects are excluded as they have no impact on the obligation at maturity. See Debt Financing note to the consolidated financial statements.

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Free Cash Flow and Free Cash Flow Conversion Rate
Dollars in millions			Years ended December 31, 2024												2023						2022
Cash provided by operations									$	9,447					$	9,612					$	7,387
Less: Capital expenditures									2,775						2,357						1,899
Free cash flow									$	6,672					$	7,255					$	5,488
Divided by: Net income									8,223						8,469						6,177
Free cash flow conversion rate									81		%				86		%				89		%

After-tax Return on Invested Capital (dollars in millions)
Numerator			Years ended December 31, 2024												2023						2022
Operating income									$	11,712					$	11,647					$	9,371
Add: Nonoperating income (expense)(1)									139						236						199
Earnings before interest and income tax									$	11,851					$	11,883					$	9,570
Add: Impairment and other charges (gains), net									291						362						1,010
Add: Operating lease interest(2)									556						505						453
Less: Income taxes(3)									2,603						2,512						2,218
Net Operating income after tax									$	10,095					$	10,238					$	8,815
Denominator			Years ended December 31, 2024												2023						2022
Add: Average Stockholders' equity(4)									$	(4,658)					$	(5,084)					$	(6,233)
Add: Average Current and Long-term debt(4)									38,476						37,365						34,834
Add: Average Current and Long-term lease liability(4)									13,584						12,944						12,948
Less: Cash and equivalents									(1,085)						(4,579)						(2,584)
Average invested capital									$	46,317					$	40,645					$	38,965
Return on Invested Capital									22			%			25			%			23			%

(1)The nonoperating income (expense) amount presented in 2022 excludes $537.2 million of expense related to the settlement of a tax audit in France.

(2)The Operating lease interest is calculated using the Short-term and Long-term Lease liability amount multiplied by 4.1%, 3.9% and 3.5% for the years ended December 31, 2024, 2023 and 2022, respectively. The rates represent the Company's weighted average discount rate used for leases that represents an estimate of the interest rate the Company would incur to borrow on a collateralized basis over the term of the lease within a particular currency environment.

(3)Calculated using the effective income tax rate for each year presented. The amounts are calculated using the non-GAAP tax rates of 20.5%, 19.7% and 20.1% for the years ended December 31, 2024, 2023 and 2022, respectively.

(4)The amounts for each year presented are calculated as the simple average of each of the previous four quarters.