Philip Morris International (PM) 10-Q2015 Q2 Quarterly report

Filed: 30 Jul 15, 12:00am

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Readability	8th grade Good

New words: AB, accuracy, assist, binding, building, CAD, cancel, Charter, Classic, Code, collaborate, collaboration, concurrently, consecutive, conspired, contrast, contravention, convey, deferral, deter, difficult, dissolution, dissolvable, dissolved, endeavor, epidemiological, factual, fault, Finland, Fitch, foreclose, fulfill, HM, Human, incorrect, independent, inscription, iv, knew, learning, light, main, Match, misconduct, momentum, Montreal, motion, negative, notwithstanding, Optima, precedent, preemptive, pressure, presumption, prominent, proper, PT, punish, RCIP, real, relying, revert, Scandinavia, shareholding, Singapore, slight, soft, softer, sought, sufficient, Swedish, SWMA, territorial, trademark, trust, upper, worldwide, York

Removed: agency, authentication, built, combat, confident, coordination, Cuba, Czech, decided, electronic, gathering, initiative, INTERPOL, involving, met, model, nationally, Portugal, resemble, reversal, rigorously, structure, switch, training

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Exhibit 12

PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(in millions of dollars)



	Six Months Ended June 30, 2015			Three Months Ended June 30, 2015
Earnings before income taxes	$	5,229		$	2,633
Add (deduct):
Dividends from less than 50% owned affiliates	86			86
Fixed charges	645			311
Interest capitalized, net of amortization	(1		)	(1		)
Earnings available for fixed charges	$	5,959		$	3,029
Fixed charges:
Interest incurred	$	589		$	283
Portion of rent expense deemed to represent interest factor	56			28
Fixed charges	$	645		$	311
Ratio of earnings to fixed charges	9.2			9.7

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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,
	2014		2013		2012		2011			2010
Earnings before income taxes	$	10,650	$	12,542	$	13,004	$	12,542		$	10,332
Add (deduct):
Dividends from less than 50% owned affiliates	107		1		—		—			—
Fixed charges	1,284		1,216		1,115		1,042			1,069
Interest capitalized, net of amortization	1		4		2		(2		)	1
Earnings available for fixed charges	$	12,042	$	13,763	$	14,121	$	13,582		$	11,402
Fixed charges:
Interest incurred	$	1,172	$	1,105	$	1,009	$	940		$	976
Portion of rent expense deemed to represent interest factor	112		111		106		102			93
Fixed charges	$	1,284	$	1,216	$	1,115	$	1,042		$	1,069
Ratio of earnings to fixed charges	9.4		11.3		12.7		13.0			10.7

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