The Procter & Gamble Company (PG) 10-Q 2018 Q3 Quarterly report

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	2017		2016		2015		2014		2013		2018		2017
EARNINGS, AS DEFINED
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees	$	13,233	$	13,356	$	11,009	$	13,492	$	13,499	$	11,032	$	10,313
Fixed charges (excluding capitalized interest)	640		778		842		928		900		498		484
TOTAL EARNINGS, AS DEFINED	$	13,873	$	14,134	$	11,851	$	14,420	$	14,399	$	11,530	$	10,797
FIXED CHARGES, AS DEFINED
Interest expense (including capitalized interest)	$	521	$	634	$	693	$	789	$	755	$	409	$	391
1/3 of rental expense	118		144		166		174		171		85		93
TOTAL FIXED CHARGES, AS DEFINED	$	639	$	778	$	859	$	963	$	926	$	494	$	484
RATIO OF EARNINGS TO FIXED CHARGES	21.7x		18.2x		13.8x		15.0x		15.5x		23.3x		22.3