EX-12 3 pm-ex12_063012xq2.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES PM-EX12_06.30.12-Q2

Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
Six Months
Ended
June 30, 2012
 
Three Months
Ended
June 30, 2012
Earnings before income taxes
$
6,585

 
$
3,395

Add (deduct):
 
 
 
Equity in net loss of less than 50% owned affiliates
9

 
5

Dividends from less than 50% owned affiliates
—

 
—

Fixed charges
546

 
268

Interest capitalized, net of amortization
3

 
3

Earnings available for fixed charges
$
7,143

 
$
3,671

Fixed charges:
 
 
 
Interest incurred
$
495

 
$
243

Portion of rent expense deemed to represent interest factor
51

 
25

Fixed charges
$
546

 
$
268


Ratio of earnings to fixed charges
13.1

 
13.7

 


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Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
For the Years Ended December 31,
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings before income taxes
$
12,532

 
$
10,324

 
$
9,243

 
$
9,937

 
$
8,884

Add (deduct):
 
 
 
 
 
 
 
 
 
Equity in net loss (earnings) of less
than 50% owned affiliates
10

 
8

 
6

 
64

 
(100
)
Dividends from less than 50%
owned affiliates
—

 
—

 
—

 
12

 
100

Fixed charges
1,042

 
1,069

 
1,006

 
618

 
359

Interest capitalized, net of
amortization
(2
)
 
1

 
2

 
(11
)
 
(8
)
Earnings available for fixed charges
$
13,582

 
$
11,402

 
$
10,257

 
$
10,620

 
$
9,235



Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
940

 
$
976

 
$
920

 
$
543

 
$
280

Portion of rent expense deemed to
represent interest factor
102

 
93

 
86

 
75

 
79

Fixed charges
$
1,042


$
1,069


$
1,006


$
618


$
359


Ratio of earnings to fixed charges
13.0

 
10.7

 
10.2

 
17.2

 
25.7


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