Attached files
| file | filename |
|---|---|
| EX-31.1 - CERTIFICATION BY THE CEO - SECTION 302 - PFIZER INC | pfe-09272015x10qexhibit311.htm |
| EX-32.2 - CERTIFICATION BY THE CFO - SECTION 1350 - PFIZER INC | pfe-09272015x10qexhibit322.htm |
| EX-31.2 - CERTIFICATION BY THE CFO - SECTION 302 - PFIZER INC | pfe-09272015x10qexhibit312.htm |
| EX-32.1 - CERTIFICATION BY THE CEO - SECTION 1350 - PFIZER INC | pfe-09272015x10qexhibit321.htm |
| 10-Q - 10-Q - PFIZER INC | pfe-9272015x10q.htm |
| EX-15 - ACCOUNTANTS' ACKNOWLEDGEMENT - PFIZER INC | pfe-9272015x10qexhibit15.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 RATIOS) | September 27, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Determination of earnings: | ||||||||||||||||||||||||
Income from continuing operations before provision for taxes on income, noncontrolling interests and cumulative effect of a change in accounting principles | $ | 9,319 | $ | 12,240 | $ | 15,716 | $ | 11,242 | $ | 11,481 | $ | 8,846 | ||||||||||||
Less: | ||||||||||||||||||||||||
Noncontrolling interests | 34 | 47 | 43 | 47 | 60 | 46 | ||||||||||||||||||
Income attributable to Pfizer Inc. | 9,284 | 12,192 | 15,673 | 11,195 | 11,421 | 8,800 | ||||||||||||||||||
Add (deduct): | ||||||||||||||||||||||||
Capitalized interest | (19 | ) | (41 | ) | (32 | ) | (41 | ) | (50 | ) | (36 | ) | ||||||||||||
Amortization of capitalized interest | 17 | 31 | 34 | 36 | 22 | 29 | ||||||||||||||||||
Equity (income)/loss from equity-method investments | 118 | (24 | ) | (67 | ) | (105 | ) | (83 | ) | (78 | ) | |||||||||||||
Distributed income of equity method investments | 161 | 136 | 162 | 85 | 190 | 26 | ||||||||||||||||||
Fixed charges | 921 | 1,435 | 1,495 | 1,627 | 1,812 | 1,930 | ||||||||||||||||||
Total earnings as defined | 10,482 | 13,729 | $ | 17,265 | $ | 12,796 | $ | 13,311 | $ | 10,672 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense(a) | $ | 864 | $ | 1,360 | $ | 1,414 | $ | 1,522 | $ | 1,681 | $ | 1,797 | ||||||||||||
Preferred stock dividends(b) | 2 | 3 | 3 | 4 | 5 | 6 | ||||||||||||||||||
Rents(c) | 54 | 72 | 78 | 101 | 126 | 127 | ||||||||||||||||||
Fixed charges | 921 | 1,435 | 1,495 | 1,627 | 1,812 | 1,930 | ||||||||||||||||||
Capitalized interest | 19 | 41 | 32 | 41 | 50 | 36 | ||||||||||||||||||
Total fixed charges | $ | 940 | $ | 1,476 | $ | 1,527 | $ | 1,668 | $ | 1,862 | $ | 1,966 | ||||||||||||
Ratio of earnings to fixed charges | 11.2 | 9.3 | 11.3 | 7.7 | 7.2 | 5.4 | ||||||||||||||||||
(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 $186 million for the first nine months of 2015; $182 million for 2014; $222 million for 2013; $265 million for 2012; $338 million for 2011; and $389 million for 2010. |
(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.
Amounts may not add due to rounding. Percentages have been calculated using unrounded amounts.