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10-Q - 10-Q - Philip Morris International Inc.pm-033116x10qxdoc.htm
EX-32.1 - CERTIFICATION OF CEO PURSUANT TO 18 U.S.C. 1350 - Philip Morris International Inc.pm-ex321_33116xq1.htm
EX-31.1 - CERTIFICATION OF CEO PURSUANT TO RULE 13A-14(A)/15D-14(A) - Philip Morris International Inc.pm-ex311_33116xq1.htm
EX-32.2 - CERTIFICATION OF CFO PURSUANT TO 18 U.S.C. 1350 - Philip Morris International Inc.pm-ex322_33116xq1.htm
EX-31.2 - CERTIFICATION OF CFO PURSUANT TO RULE 13A-14(A)/15D-14(A) - Philip Morris International Inc.pm-ex312_33116xq1.htm
Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
Three Months Ended
March 31, 2016
Earnings before income taxes
$
2,226

Add (deduct):
 
Dividends from less than 50% owned affiliates

Fixed charges
305

Interest capitalized, net of amortization

Earnings available for fixed charges
$
2,531

Fixed charges:
 
Interest incurred
$
281

Portion of rent expense deemed to represent interest factor
24

Fixed charges
$
305


Ratio of earnings to fixed charges
8.3

 


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Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
For the Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings before income taxes
$
9,615

 
$
10,650

 
$
12,542

 
$
13,004

 
$
12,542

Add (deduct):
 
 
 
 
 
 
 
 
 
Dividends from less than 50%
owned affiliates
127

 
107

 
1

 

 

Fixed charges
1,232

 
1,284

 
1,216

 
1,115

 
1,042

Interest capitalized, net of
amortization
(3
)
 
1

 
4

 
2

 
(2
)
Earnings available for fixed charges
$
10,971

 
$
12,042

 
$
13,763

 
$
14,121

 
$
13,582



Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
1,137

 
$
1,172

 
$
1,105

 
$
1,009

 
$
940

Portion of rent expense deemed to
represent interest factor
95

 
112

 
111

 
106

 
102

Fixed charges
$
1,232

 
$
1,284


$
1,216


$
1,115


$
1,042


Ratio of earnings to fixed charges
8.9

 
9.4

 
11.3

 
12.7

 
13.0


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