EX-12 4 fy1718q2ond10-qexhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Years Ended June 30
 
Six Months Ended December 31
Amounts in millions, except ratio amounts
2017
 
2016
 
2015
 
2014
 
2013
 
2017
 
2016
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

 
$
7,789

 
$
6,992

Fixed charges (excluding capitalized interest)
640

 
778

 
842

 
928

 
900

 
323

 
346

TOTAL EARNINGS, AS DEFINED
$
13,873

 
$
14,134

 
$
11,851

 
$
14,420

 
$
14,399

 
$
8,112

 
$
7,338

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)
$
521

 
$
634

 
$
693

 
$
789

 
$
755

 
$
263

 
$
280

1/3 of rental expense
118

 
144

 
166

 
174

 
171

 
57

 
66

TOTAL FIXED CHARGES, AS DEFINED
$
639

 
$
778

 
$
859

  
$
963

  
$
926

 
$
320

 
$
346

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
21.7x
 
18.2x
 
13.8x
 
15.0x
 
15.5x
 
25.4x
 
21.2x