EX-12 3 pm-ex12_033114xq1.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES PM-EX12_03.31.14-Q1

Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
 
Three Months Ended
March 31, 2014
Earnings before income taxes
 
$
2,683

Add (deduct):
 
 
Dividends from less than 50% owned affiliates
 
13

Fixed charges
 
323

Interest capitalized, net of amortization
 
1

Earnings available for fixed charges
 
$
3,020

Fixed charges:
 
 
Interest incurred
 
$
295

Portion of rent expense deemed to represent interest factor
 
28

Fixed charges
 
$
323


Ratio of earnings to fixed charges
 
9.3

 


- 1 -




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,
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings before income taxes
$
12,542

 
$
13,004

 
$
12,542

 
$
10,332

 
$
9,249

Add (deduct):
 
 
 
 
 
 
 
 
 
Dividends from less than 50%
owned affiliates
1

 
—

 
—

 
—

 
—

Fixed charges
1,216

 
1,115

 
1,042

 
1,069

 
1,006

Interest capitalized, net of
amortization
4

 
2

 
(2
)
 
1

 
2

Earnings available for fixed charges
$
13,763

 
$
14,121

 
$
13,582

 
$
11,402

 
$
10,257



Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
1,105

 
$
1,009

 
$
940

 
$
976

 
$
920

Portion of rent expense deemed to
represent interest factor
111

 
106

 
102

 
93

 
86

Fixed charges
$
1,216

 
$
1,115


$
1,042


$
1,069


$
1,006


Ratio of earnings to fixed charges
11.3

 
12.7

 
13.0

 
10.7

 
10.2


- 2 -