The Procter & Gamble Company (PG) 10-Q2016 Q3 Quarterly report

Filed: 26 Apr 16, 12:00am

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New words: Canada, consortium, Equipment, exclusion, infused, lease, leasing, lesser, license, recognize, transferred, unusually, weak

Removed: CENCOEX, depend, efficiency, entry, fixed, November, occur, reached, recapitalization, recapitalized

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EXHIBIT 12

THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



	Years Ended June 30										Nine Months Ended March 31
Amounts in millions, except ratio amounts	2015		2014		2013		2012		2011		2016		2015
EARNINGS, AS DEFINED
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees	$	11,009	$	13,492	$	13,499	$	11,970	$	13,370	$	10,698	$	9,933
Fixed charges (excluding capitalized interest)	842		928		900		1,000		1,053		580		646
TOTAL EARNINGS, AS DEFINED	$	11,851	$	14,420	$	14,399	$	12,970	$	14,423	$	11,278	$	10,579

FIXED CHARGES, AS DEFINED
Interest expense (including capitalized interest)	$	693	$	789	$	755	$	844	$	889	$	471	$	531
1/3 of rental expense	166		174		171		176		170		110		129
TOTAL FIXED CHARGES, AS DEFINED	$	859	$	963	$	926	$	1,020	$	1,059	$	581	$	660

RATIO OF EARNINGS TO FIXED CHARGES	13.8x		15.0x		15.5x		12.7x		13.6x		19.4x		16.0x

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