EX-12 10 jfm14exhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES JFM 14 Exhibit 12


EXHIBIT 12
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Years Ended June 30
 
Nine Months Ended March 31
 
2013
 
2012
 
2011
 
2010
 
2009
 
2014
 
2013
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

 
$
11,763

 
$
12,444

Fixed charges (excluding capitalized interest)
899

 
1,000

 
1,052

 
1,167

 
1,576

 
693

 
678

TOTAL EARNINGS, AS DEFINED
$
15,833

 
$
13,792

 
$
16,073

 
$
16,048

 
$
15,851

 
$
12,456

 
$
13,122

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

 
$
844

 
$
888

 
$
1,014

 
$
1,431

 
$
591

 
$
568

1/3 of rental expense
171

 
176

 
170

 
176

 
177

 
129

 
129

TOTAL FIXED CHARGES, AS DEFINED
$
925

 
$
1,020

 
$
1,058

 
$
1,190

 
l,608

 
$
720

 
$
697

RATIO OF EARNINGS TO FIXED CHARGES
17.1x

 
13.5x

 
 15.2x

 
 13.5x

 
 9.9x

 
17.3x

 
18.8x