Exhibit 12 | ||||
Altria Group, Inc. and Subsidiaries | ||||
Computation of Ratios of Earnings to Fixed Charges | ||||
(in millions of dollars) | ||||
For the Three Months Ended March 31, 2016 | ||||
Earnings before income taxes | $ | 1,883 | ||
Add (deduct): | ||||
Equity in net earnings of less than 50% owned affiliates | (67 | ) | ||
Fixed charges | 200 | |||
Interest capitalized, net of amortization | 4 | |||
Earnings available for fixed charges | $ | 2,020 | ||
Fixed charges: | ||||
Interest incurred (1) | $ | 196 | ||
Portion of rent expense deemed to represent interest factor | 4 | |||
Fixed charges | $ | 200 | ||
Ratio of earnings to fixed charges | 10.1 | |||
(1) Altria Group, Inc. includes interest relating to uncertain tax positions in its provision for income taxes, therefore such amounts are not included in fixed charges in the computation. | ||||
1
Altria Group, 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 | $ | 8,078 | $ | 7,774 | $ | 6,942 | $ | 6,477 | $ | 5,582 | |||||||||
Add (deduct): | |||||||||||||||||||
Equity in net earnings of less than 50% owned affiliates | (755 | ) | (1,011 | ) | (993 | ) | (1,229 | ) | (741 | ) | |||||||||
Dividends from less than 50% owned affiliates | 495 | 459 | 443 | 404 | 374 | ||||||||||||||
Fixed charges | 821 | 879 | 1,104 | 1,165 | 1,254 | ||||||||||||||
Interest capitalized, net of amortization | 14 | 6 | (7 | ) | (4 | ) | (2 | ) | |||||||||||
Earnings available for fixed charges | $ | 8,653 | $ | 8,107 | $ | 7,489 | $ | 6,813 | $ | 6,467 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest incurred (1) | $ | 805 | $ | 861 | $ | 1,087 | $ | 1,148 | $ | 1,233 | |||||||||
Portion of rent expense deemed to represent interest factor | 16 | 18 | 17 | 17 | 21 | ||||||||||||||
Fixed charges | $ | 821 | $ | 879 | $ | 1,104 | $ | 1,165 | $ | 1,254 | |||||||||
Ratio of earnings to fixed charges | 10.5 | 9.2 | 6.8 | 5.8 | 5.2 | ||||||||||||||
(1) Altria Group, Inc. includes interest relating to uncertain tax positions in its provision for income taxes, therefore such amounts are not included in fixed charges in the computation. |
2