Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - Philip Morris International Inc. | pm-063018x10qxdoc.htm |
| EX-32.2 - EXHIBIT 32.2 - Philip Morris International Inc. | pm-ex322_063018xq2.htm |
| EX-32.1 - EXHIBIT 32.1 - Philip Morris International Inc. | pm-ex321_063018xq2.htm |
| EX-31.2 - EXHIBIT 31.2 - Philip Morris International Inc. | pm-ex312_063018xq2.htm |
| EX-31.1 - EXHIBIT 31.1 - Philip Morris International Inc. | pm-ex311_063018xq2.htm |
Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
Six Months Ended | Three Months Ended | ||||||
June 30, 2018 | June 30, 2018 | ||||||
Earnings before income taxes | $ | 5,112 | $ | 2,919 | |||
Add (deduct): | |||||||
Dividends from less than 50% owned affiliates | 23 | 13 | |||||
Fixed charges | 525 | 233 | |||||
Interest capitalized, net of amortization | — | — | |||||
Earnings available for fixed charges | $ | 5,660 | $ | 3,165 | |||
Fixed charges: | |||||||
Interest incurred (1) | $ | 473 | $ | 207 | |||
Portion of rent expense deemed to represent interest factor | 52 | 26 | |||||
Fixed charges | $ | 525 | $ | 233 | |||
Ratio of earnings to fixed charges | 10.8 | 13.6 | |||||
(1) Interest incurred includes an interest benefit of $29 million and $14 million for the six months and three months ended June 30, 2018, respectively, not related to third party debt.
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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, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings before income taxes | $ | 10,589 | $ | 9,924 | $ | 9,615 | $ | 10,650 | $ | 12,542 | |||||||||
Add (deduct): | |||||||||||||||||||
Dividends from less than 50% owned affiliates | 120 | 117 | 127 | 107 | 1 | ||||||||||||||
Fixed charges | 1,203 | 1,166 | 1,232 | 1,284 | 1,216 | ||||||||||||||
Interest capitalized, net of amortization | 1 | — | (3 | ) | 1 | 4 | |||||||||||||
Earnings available for fixed charges | $ | 11,913 | $ | 11,207 | $ | 10,971 | $ | 12,042 | $ | 13,763 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest incurred | $ | 1,098 | $ | 1,071 | $ | 1,137 | $ | 1,172 | $ | 1,105 | |||||||||
Portion of rent expense deemed to represent interest factor | 105 | 95 | 95 | 112 | 111 | ||||||||||||||
Fixed charges | $ | 1,203 | $ | 1,166 | $ | 1,232 | $ | 1,284 | $ | 1,216 | |||||||||
Ratio of earnings to fixed charges | 9.9 | 9.6 | 8.9 | 9.4 | 11.3 | ||||||||||||||
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