Philip Morris International (PM) 10-Q 2013 Q3 Quarterly report

Exhibit 12

PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(in millions of dollars)

	Nine Months Ended September 30, 2013		Three Months Ended September 30, 2013
Earnings before income taxes	$	9,591	$	3,354
Add (deduct):
Equity in net loss of less than 50% owned affiliates	16		7
Dividends from less than 50% owned affiliates	1		—
Fixed charges	894		302
Interest capitalized, net of amortization	3		1
Earnings available for fixed charges	$	10,505	$	3,664
Fixed charges:
Interest incurred	$	815	$	276
Portion of rent expense deemed to represent interest factor	79		26
Fixed charges	$	894	$	302
Ratio of earnings to fixed charges	11.8		12.1

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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,
	2012		2011			2010		2009		2008
Earnings before income taxes	$	12,987	$	12,532		$	10,324	$	9,243	$	9,937
Add (deduct):
Equity in net loss (earnings) of less than 50% owned affiliates	17		10			8		6		64
Dividends from less than 50% owned affiliates	—		—			—		—		12
Fixed charges	1,115		1,042			1,069		1,006		618
Interest capitalized, net of amortization	2		(2		)	1		2		(11		)
Earnings available for fixed charges	$	14,121	$	13,582		$	11,402	$	10,257	$	10,620
Fixed charges:
Interest incurred	$	1,009	$	940		$	976	$	920	$	543
Portion of rent expense deemed to represent interest factor	106		102			93		86		75
Fixed charges	$	1,115	$	1,042		$	1,069	$	1,006	$	618
Ratio of earnings to fixed charges	12.7		13.0			10.7		10.2		17.2

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