EX-12.0 2 fy2014exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES FY2014 Exhibit 12


EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
Amounts in millions

 Years ended June 30
2014
  
2013
  
2012
  
2011
  
2010
EARNINGS, AS DEFINED
 
  
 
  
 
  
 
  
 
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees
14,869

  
$
14,783

  
$
12,535

  
$
14,759

  
$
14,452

Fixed charges (excluding capitalized interest)
928

  
899

  
1,000

  
1,052

  
1,167

TOTAL EARNINGS, AS DEFINED
15,797

  
15,682

  
13,535

  
15,811

  
15,619

 
 
 
 
 
 
FIXED CHARGES, AS DEFINED
 
  
 
  
 
  
 
  
 
Interest expense (including capitalized interest)
789

  
$
754

  
$
844

  
$
888

  
$
1,014

1/3 of rental expense
174

  
171

  
176

  
170

  
176

TOTAL FIXED CHARGES, AS DEFINED
963

  
925

  
1,020

  
1,058

  
1,190

 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
16.4x

  
17x
  
 13.3x
  
 14.9x
  
 13.1x