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, 2016 | Three Months Ended September 30, 2016 | ||||||
| Earnings before income taxes | $ | 7,513 | $ | 2,757 | |||
| Add (deduct): | |||||||
| Dividends from less than 50% owned affiliates | 102 | 17 | |||||
| Fixed charges | 891 | 295 | |||||
| Interest capitalized, net of amortization | — | — | |||||
| Earnings available for fixed charges | $ | 8,506 | $ | 3,069 | |||
| Fixed charges: | |||||||
| Interest incurred | $ | 820 | $ | 272 | |||
| Portion of rent expense deemed to represent interest factor | 71 | 23 | |||||
| Fixed charges | $ | 891 | $ | 295 | |||
Ratio of earnings to fixed charges | 9.5 | 10.4 | |||||
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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, | |||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
| Earnings before income taxes | $ | 9,615 | $ | 10,650 | $ | 12,542 | $ | 13,004 | $ | 12,542 | |||||||||
| Add (deduct): | |||||||||||||||||||
| Dividends from less than 50% owned affiliates | 127 | 107 | 1 | — | — | ||||||||||||||
| Fixed charges | 1,232 | 1,284 | 1,216 | 1,115 | 1,042 | ||||||||||||||
| Interest capitalized, net of amortization | (3 | ) | 1 | 4 | 2 | (2 | ) | ||||||||||||
| Earnings available for fixed charges | $ | 10,971 | $ | 12,042 | $ | 13,763 | $ | 14,121 | $ | 13,582 | |||||||||
Fixed charges: | |||||||||||||||||||
| Interest incurred | $ | 1,137 | $ | 1,172 | $ | 1,105 | $ | 1,009 | $ | 940 | |||||||||
| Portion of rent expense deemed to represent interest factor | 95 | 112 | 111 | 106 | 102 | ||||||||||||||
| Fixed charges | $ | 1,232 | $ | 1,284 | $ | 1,216 | $ | 1,115 | $ | 1,042 | |||||||||
Ratio of earnings to fixed charges | 8.9 | 9.4 | 11.3 | 12.7 | 13.0 | ||||||||||||||
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