EX-12 8 pm-ex12q4201410xkversion.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES PM-EX12 Q4 2014 10-K version


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,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings before income taxes
$
10,650

 
$
12,542

 
$
13,004

 
$
12,542

 
$
10,332

Add (deduct):
 
 
 
 
 
 
 
 
 
Dividends from less than 50%
owned affiliates
107

 
1

 
—

 
—

 
—

Fixed charges
1,284

 
1,216

 
1,115

 
1,042

 
1,069

Interest capitalized, net of
amortization
1

 
4

 
2

 
(2
)
 
1

Earnings available for fixed charges
$
12,042

 
$
13,763

 
$
14,121

 
$
13,582

 
$
11,402



Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
1,172

 
$
1,105

 
$
1,009

 
$
940

 
$
976

Portion of rent expense deemed to
represent interest factor
112

 
111

 
106

 
102

 
93

Fixed charges
$
1,284

 
$
1,216

 
$
1,115

 
$
1,042

 
$
1,069


Ratio of earnings to fixed charges
9.4

 
11.3

 
12.7

 
13.0

 
10.7



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