Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - PFIZER INC | pfe-10012017x10q.htm |
| EX-32.2 - CERTIFICATION BY THE CFO - SECTION 1350 - PFIZER INC | pfe-10012017x10qexhibit322.htm |
| EX-32.1 - CERTIFICATION BY THE CEO - SECTION 1350 - PFIZER INC | pfe-10012017x10qexhibit321.htm |
| EX-31.2 - CERTIFICATION BY THE CFO - SECTION 302 - PFIZER INC | pfe-10012017x10qexhibit312.htm |
| EX-31.1 - CERTIFICATION BY THE CEO - SECTION 302 - PFIZER INC | pfe-10012017x10qexhibit311.htm |
| EX-15 - ACCOUNTANTS' ACKNOWLEDGEMENT - PFIZER INC | pfe-10012017x10qexhibit15.htm |
| EX-10.2 - PFIZER INC. GLOBAL PERFORMANCE PLAN - PFIZER INC | pfe-10012017x10qexhibit102.htm |
| EX-10.1 - AMENDMENT NO. 1 TO THE PFIZER SUPPLEMENTAL SAVINGS PLAN - PFIZER INC | pfe-10012017x10qexhibit101.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) | October 1, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Determination of earnings: | ||||||||||||||||||||||||
Income from continuing operations before provision for taxes on income, noncontrolling interests and cumulative effect of a change in accounting principles | $ | 11,351 | $ | 8,351 | $ | 8,965 | $ | 12,240 | $ | 15,716 | $ | 11,242 | ||||||||||||
Less: | ||||||||||||||||||||||||
Noncontrolling interests | 43 | 44 | 39 | 47 | 43 | 47 | ||||||||||||||||||
Income attributable to Pfizer Inc. | 11,308 | 8,307 | 8,925 | 12,192 | 15,673 | 11,195 | ||||||||||||||||||
Add (deduct): | ||||||||||||||||||||||||
Capitalized interest | (55 | ) | (61 | ) | (32 | ) | (41 | ) | (32 | ) | (41 | ) | ||||||||||||
Amortization of capitalized interest | 40 | 59 | 25 | 31 | 34 | 36 | ||||||||||||||||||
Equity (income)/loss from equity-method investments | (214 | ) | (49 | ) | 191 | (24 | ) | (67 | ) | (105 | ) | |||||||||||||
Distributed income of equity method investments | 211 | 119 | 161 | 136 | 162 | 85 | ||||||||||||||||||
Fixed charges | 1,015 | 1,285 | 1,282 | 1,435 | 1,495 | 1,627 | ||||||||||||||||||
Total earnings as defined | $ | 12,305 | $ | 9,661 | $ | 10,554 | $ | 13,729 | $ | 17,265 | $ | 12,796 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense(a) | $ | 940 | $ | 1,186 | $ | 1,199 | $ | 1,360 | $ | 1,414 | $ | 1,522 | ||||||||||||
Preferred stock dividends(b) | 1 | 2 | 2 | 3 | 3 | 4 | ||||||||||||||||||
Rents(c) | 73 | 97 | 81 | 72 | 78 | 101 | ||||||||||||||||||
Fixed charges | 1,015 | 1,285 | 1,282 | 1,435 | 1,495 | 1,627 | ||||||||||||||||||
Capitalized interest | 55 | 61 | 32 | 41 | 32 | 41 | ||||||||||||||||||
Total fixed charges | $ | 1,070 | $ | 1,346 | $ | 1,314 | $ | 1,476 | $ | 1,527 | $ | 1,668 | ||||||||||||
Ratio of earnings to fixed charges | 11.5 | 7.2 | 8.0 | 9.3 | 11.3 | 7.7 | ||||||||||||||||||
(a) | Interest expense includes amortization of debt premium, discount and other debt costs. Interest expense does not include interest related to tax matters (primarily uncertain tax positions) of $196 million for the first nine months of 2017; $242 million for 2016; $246 million for 2015; $182 million for 2014; $222 million for 2013; and $265 million for 2012. |
(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.