EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Millions of Dollars
Six Months Ended
Years Ended June 30 December 31
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1996 1997 1998 1999 2000 1999 2000
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EARNINGS AS DEFINED
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Earnings from operations before income taxes
after eliminating undistributed earnings
of equity method investees $ 4,695 $ 5,274 $ 5,704 $ 5,866 $ 5,474 $ 3,432 $ 3,486
Fixed charges, excluding capitalized interest 576 534 639 751 811 439 449
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TOTAL EARNINGS, AS DEFINED $ 5,271 $ 5,808 $ 6,343 $ 6,617 $ 6,285 $ 3,871 $ 3,935
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FIXED CHARGES, AS DEFINED
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Interest expense including capitalized interest $ 493 $ 457 $ 548 $ 650 $ 792 $ 325 $ 384
1/3 of rental expense 92 77 91 101 89 53 46
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TOTAL FIXED CHARGES AS DEFINED $ 585 $ 534 $ 639 $ 751 $ 881 $ 378 $ 430
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RATIO OF EARNINGS TO FIXED CHARGES 9.0 10.9 9.9 8.8 7.1 10.2 9.2