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, 2017 | | Three Months Ended June 30, 2017 |
Earnings before income taxes | $ | 4,685 |
| | $ | 2,508 |
|
Add (deduct): | | | |
Dividends from less than 50% owned affiliates | 33 |
| | 33 |
|
Fixed charges | 566 |
| | 282 |
|
Interest capitalized, net of amortization | — |
| | — |
|
Earnings available for fixed charges | $ | 5,284 |
| | $ | 2,823 |
|
Fixed charges: | | | |
Interest incurred | $ | 519 |
| | $ | 259 |
|
Portion of rent expense deemed to represent interest factor | 47 |
| | 23 |
|
Fixed charges | $ | 566 |
| | $ | 282 |
|
Ratio of earnings to fixed charges | 9.3 |
| | 10.0 |
|
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, |
| 2016 | | 2015 | | 2014 | | 2013 | | 2012 |
Earnings before income taxes | $ | 9,924 |
| | $ | 9,615 |
| | $ | 10,650 |
| | $ | 12,542 |
| | $ | 13,004 |
|
Add (deduct): | | | | | | | | | |
Dividends from less than 50% owned affiliates | 117 |
| | 127 |
| | 107 |
| | 1 |
| | — |
|
Fixed charges | 1,166 |
| | 1,232 |
| | 1,284 |
| | 1,216 |
| | 1,115 |
|
Interest capitalized, net of amortization | — |
| | (3 | ) | | 1 |
| | 4 |
| | 2 |
|
Earnings available for fixed charges | $ | 11,207 |
| | $ | 10,971 |
| | $ | 12,042 |
| | $ | 13,763 |
| | $ | 14,121 |
|
Fixed charges: | | | | | | | | | |
Interest incurred | $ | 1,071 |
| | $ | 1,137 |
| | $ | 1,172 |
| | $ | 1,105 |
| | $ | 1,009 |
|
Portion of rent expense deemed to represent interest factor | 95 |
| | 95 |
| | 112 |
| | 111 |
| | 106 |
|
Fixed charges | $ | 1,166 |
| | $ | 1,232 |
|
| $ | 1,284 |
|
| $ | 1,216 |
|
| $ | 1,115 |
|
Ratio of earnings to fixed charges | 9.6 |
| | 8.9 |
| | 9.4 |
| | 11.3 |
| | 12.7 |
|