EX-12 3 exhibit12computationofrati.htm STATEMENTS REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit 12 Computation of Ratios of Earnings to Fixed Charges (Q1 2013)


 
 
 
 
 
 
 
Exhibit 12
 
Altria Group, Inc. and Subsidiaries
 
Computation of Ratios of Earnings to Fixed Charges
 
(in millions of dollars)
 
 
 
 
 
 
 
Three Months
Ended
March 31, 2013
 
 
 
 
 
Earnings before income taxes
 
$
2,147

 
 
 
 
 
Add (deduct):
 
 
 
Equity in net earnings of less than 50% owned affiliates
 
(256
)
 
Fixed charges
 
264

 
Interest capitalized, net of amortization
 
5

 
Earnings available for fixed charges
 
$
2,160

 
Fixed charges:
 
 
 
Interest incurred (a)
 
$
260

 
Portion of rent expense deemed to represent interest factor
 
4

 
Fixed charges
 
$
264

 
 
 
 
 
Ratio of earnings to fixed charges
 
8.2

 
 
 
 
 
(a) Altria Group, Inc. includes interest relating to uncertain tax positions in its provision for income taxes, therefore such amounts are not included in fixed charges in the computation.
 
 
 
 
 





 
 
 
 
 
 
 
 
Exhibit 12
 
 
 
 
 
 
 
 
 
 
 
Altria Group, Inc. and Subsidiaries
 
Computation of Ratios of Earnings to Fixed Charges
 
(in millions of dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
Earnings from continuing operations before income taxes
$
6,477

 
$
5,582

 
$
5,723

 
$
4,877

 
$
4,789

 
 
 
 
 
 
 
 
 
 
 
 
Add (deduct):
 
 
 
 
 
 
 
 
 
 
Equity in net earnings of less than 50% owned affiliates
(1,229
)
 
(741
)
 
(631
)
 
(601
)
 
(471
)
 
Dividends from less than 50% owned affiliates
404

 
374

 
303

 
254

 
249

 
Fixed charges
1,165

 
1,254

 
1,152

 
1,249

 
529

 
Interest capitalized, net of amortization
(4
)
 
(2
)
 
26

 
5

 
(9
)
 
Earnings available for fixed charges
$
6,813

 
$
6,467

 
$
6,573

 
$
5,784

 
$
5,087

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest incurred (a)
$
1,148

 
$
1,233

 
$
1,133

 
$
1,230

 
$
489

 
Portion of rent expense deemed to represent interest factor
17

 
21

 
19

 
19

 
40

 
Fixed charges
$
1,165

 
$
1,254

 
$
1,152

 
$
1,249

 
$
529

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
5.8

 
5.2

 
5.7

 
4.6

 
9.6

(b) 
 
 
 
 
 
 
 
 
 
 
 
(a) Altria Group, Inc. includes interest relating to uncertain tax positions in its provision for income taxes, therefore such amounts are not included in fixed charges in the computation.
 
 
 
 
 
 
 
 
 
 
 
 
(b) Computation includes interest incurred and the portion of rent expense deemed to represent the interest factor from the discontinued operations of Philip Morris International Inc. in fixed charges. Excluding these amounts from fixed charges, the ratio of earnings to fixed charges from continuing operations would have been 12.5 for the year ended December 31, 2008.