Attached files
EXHIBIT 12
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended June 30 | Three Months Ended September 30 | ||||||||||||||||||||||||||
Amounts in millions, except ratio amounts | 2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | ||||||||||||||||||||
EARNINGS, AS DEFINED | |||||||||||||||||||||||||||
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees | $ | 13,233 | $ | 13,356 | $ | 11,009 | $ | 13,492 | $ | 13,499 | $ | 3,732 | $ | 3,715 | |||||||||||||
Fixed charges (excluding capitalized interest) | 640 | 778 | 842 | 928 | 900 | 153 | 181 | ||||||||||||||||||||
TOTAL EARNINGS, AS DEFINED | $ | 13,873 | $ | 14,134 | $ | 11,851 | $ | 14,420 | $ | 14,399 | $ | 3,885 | $ | 3,896 | |||||||||||||
FIXED CHARGES, AS DEFINED | |||||||||||||||||||||||||||
Interest expense (including capitalized interest) | $ | 521 | $ | 634 | $ | 693 | $ | 789 | $ | 755 | $ | 128 | $ | 145 | |||||||||||||
1/3 of rental expense | 118 | 144 | 166 | 174 | 171 | 28 | 36 | ||||||||||||||||||||
TOTAL FIXED CHARGES, AS DEFINED | $ | 639 | $ | 778 | $ | 859 | $ | 963 | $ | 926 | $ | 156 | $ | 181 | |||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 21.7x | 18.2x | 13.8x | 15.0x | 15.5x | 24.9x | 21.5x | ||||||||||||||||||||