Philip Morris International (PM) 10-K 2011 FY Annual report

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	)
Earnings available for fixed charges	$	13,582		$	11,402	$	10,257	$	10,620		$	9,235
Fixed charges:
Interest incurred	$	940		$	976	$	920	$	543		$	280
Portion of rent expense deemed to represent interest factor		102			93		86		75			79
Fixed charges	$	1,042		$	1,069	$	1,006	$	618		$	359
Ratio of earnings to fixed charges		13.0			10.7		10.2		17.2			25.7