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
Three Months
Years Ended June 30 Ended Sept. 30
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1990 1991 1992 1993 1994 1993 1994
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EARNINGS AS DEFINED
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Earnings from operations before income taxes
after eliminating undistributed earnings
of 20% to 50% owned affiliates $2,401 $2,652 $2,870 $ 294 $3,307 $1,054 $1,239
Fixed charges excluding capitalized interest 480 435 584 631 569 146 142
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TOTAL EARNINGS, AS DEFINED $2,881 $3,087 $3,454 $ 925 $3,876 $1,200 $1,381
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FIXED CHARGES, AS DEFINED
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Interest expense $ 442 $ 395 $ 510 $ 552 $ 482 $ 125 $ 119
1/3 of rental expense 38 40 74 79 87 21 23
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480 435 584 631 569 146 142
Capitalized interest 3 17 25 25 19 5 3
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TOTAL FIXED CHARGES, AS DEFINED $ 483 $ 452 $ 609 $ 656 $ 588 $ 151 $ 145
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RATIO OF EARNINGS TO FIXED CHARGES 6.0 6.8 5.7 1.4 6.6 8.0 9.5
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