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, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings before income taxes | $ | 12,532 | $ | 10,324 | $ | 9,243 | $ | 9,937 | $ | 8,884 | ||||||||||
Add (deduct): | ||||||||||||||||||||
Equity in net loss (earnings) of less than 50% owned affiliates | 10 | 8 | 6 | 64 | (100 | ) | ||||||||||||||
Dividends from less than 50% owned affiliates | — | — | — | 12 | 100 | |||||||||||||||
Fixed charges | 1,042 | 1,069 | 1,006 | 618 | 359 | |||||||||||||||
Interest capitalized, net of amortization | (2 | ) | 1 | 2 | (11 | ) | (8 | ) | ||||||||||||
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Earnings available for fixed charges | $ | 13,582 | $ | 11,402 | $ | 10,257 | $ | 10,620 | $ | 9,235 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest incurred | $ | 940 | $ | 976 | $ | 920 | $ | 543 | $ | 280 | ||||||||||
Portion of rent expense deemed to represent interest factor | 102 | 93 | 86 | 75 | 79 | |||||||||||||||
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Fixed charges | $ | 1,042 | $ | 1,069 | $ | 1,006 | $ | 618 | $ | 359 | ||||||||||
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Ratio of earnings to fixed charges | 13.0 | 10.7 | 10.2 | 17.2 | 25.7 | |||||||||||||||
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