Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - PFIZER INC | Financial_Report.xls |
| EX-10.2 - NONFUNDED DEFERRED COMPENSATION AND UNIT AWARD PLAN FOR NON-EMPLOYEE DIRECTORS - PFIZER INC | pfe-9282014x10qexhibit102.htm |
| EX-31.2 - CERTIFICATION BY THE CFO - SECTION 302 - PFIZER INC | pfe-9282014x10qexhibit312.htm |
| EX-31.1 - CERTIFICATION BY THE CEO - SECTION 302 - PFIZER INC | pfe-9282014x10qexhibit311.htm |
| EX-10.1 - GLOBAL PERFORMANCE PLAN - PFIZER INC | pfe-9282014x10qexhibit101.htm |
| EX-32.1 - CERTIFICATION BY THE CEO - SECTION 1350 - PFIZER INC | pfe-9282014x10qexhibit321.htm |
| EX-15 - ACCOUNTANTS' ACKNOWLEDGEMENT - PFIZER INC | pfe-9282014x10qexhibit15.htm |
| 10-Q - 10-Q - PFIZER INC | pfe-9282014x10q.htm |
| EX-32.2 - CERTIFICATION BY THE CFO - SECTION 1350 - PFIZER INC | pfe-9282014x10qexhibit322.htm |
Exhibit 12
Pfizer Inc. and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges
Nine Months | ||||||||||||||||||||||||
Ended | Year Ended December 31, | |||||||||||||||||||||||
(MILLIONS OF DOLLARS, EXCEPT RATIO) | September 28, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Determination of Earnings: | ||||||||||||||||||||||||
Income from continuing operations before provision for taxes on income, noncontrolling interests and cumulative effect of a change in accounting principles | $ | 10,437 | $ | 15,716 | $ | 11,242 | $ | 11,481 | $ | 8,846 | $ | 10,421 | ||||||||||||
Less: | ||||||||||||||||||||||||
Noncontrolling interests | 36 | 44 | 47 | 60 | 46 | 15 | ||||||||||||||||||
Income attributable to Pfizer Inc. | 10,401 | 15,672 | 11,195 | 11,421 | 8,800 | 10,406 | ||||||||||||||||||
Add (deduct): | ||||||||||||||||||||||||
Capitalized interest | (27 | ) | (32 | ) | (41 | ) | (50 | ) | (36 | ) | (34 | ) | ||||||||||||
Amortization of capitalized interest | 39 | 65 | 69 | 95 | 29 | 29 | ||||||||||||||||||
Equity (income)/loss from equity method investments | (17 | ) | (55 | ) | (99 | ) | (82 | ) | (78 | ) | 4 | |||||||||||||
Distributed income of equity method investments | 105 | 162 | 85 | 190 | 26 | — | ||||||||||||||||||
Fixed charges | 1,067 | 1,495 | 1,627 | 1,812 | 1,930 | 1,358 | ||||||||||||||||||
Total earnings as defined | $ | 11,568 | $ | 17,307 | $ | 12,836 | $ | 13,386 | $ | 10,671 | $ | 11,763 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense(a) | $ | 1,007 | $ | 1,414 | $ | 1,522 | $ | 1,681 | $ | 1,797 | $ | 1,232 | ||||||||||||
Preferred stock dividends(b) | 2 | 3 | 4 | 5 | 6 | 7 | ||||||||||||||||||
Rents(c) | 58 | 78 | 101 | 126 | 127 | 119 | ||||||||||||||||||
Fixed charges | 1,067 | 1,495 | 1,627 | 1,812 | 1,930 | 1,358 | ||||||||||||||||||
Capitalized interest | 27 | 32 | 41 | 50 | 36 | 34 | ||||||||||||||||||
Total fixed charges | $ | 1,094 | $ | 1,527 | $ | 1,668 | $ | 1,862 | $ | 1,966 | $ | 1,392 | ||||||||||||
Ratio of earnings to fixed charges | 10.6 | 11.3 | 7.7 | 7.2 | 5.4 | 8.5 | ||||||||||||||||||
(a) | Interest expense includes amortization of debt premium, discount and other debt costs. Interest expense does not include interest related to uncertain tax positions of $144 million for the first nine months of 2014; $222 million for 2013; $265 million for 2012; $338 million for 2011; $389 million for 2010; and $337 million for 2009. |
(b) | Preferred stock dividends related to our Series A convertible perpetual preferred stock held by an Employee Stock Ownership Plan Trust. |
(c) | Rents included in the computation consist of one-third of rental expense, which we believe to be a conservative estimate of an interest factor in our leases, which are not material. |