EX-12 8 ond13exhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES OND 13 Exhibit 12


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
 
2013
 
2012
 
2011
 
2010
 
2009
 
2013
 
2012
EARNINGS, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees
$
14,934

 
$
12,792

 
$
15,021

 
$
14,881

 
$
14,275

 
$
8,458

 
$
9,171

Fixed charges (excluding capitalized interest)
899

 
1,000

 
1,052

 
1,167

 
1,576

 
461

 
457

TOTAL EARNINGS, AS DEFINED
$
15,833

 
$
13,792

 
$
16,073

 
$
16,048

 
$
15,851

 
$
8,919

 
$
9,628

FIXED CHARGES, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)
$
754

 
$
844

 
$
888

 
$
1,014

 
$
1,431

 
$
392

 
$
383

1/3 of rental expense
171

 
176

 
170

 
176

 
177

 
87

 
86

TOTAL FIXED CHARGES, AS DEFINED
$
925

 
$
1,020

 
$
1,058

 
$
1,190

 
l,608

 
$
479

 
$
469

RATIO OF EARNINGS TO FIXED CHARGES
17.1x

 
13.5x

 
 15.2x

 
 13.5x

 
 9.9x

 
18.6x

 
20.5x