EX-12 7 q1-jas14exhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES Q1-JAS 14 Exhibit 12


EXHIBIT 12
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Years Ended June 30
 
Three Months Ended September 30
 
2014
 
2013
 
2012
 
2011
 
2010
 
2014
 
2013
EARNINGS, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees
$
14,869

 
$
14,783

 
$
12,535

 
$
14,759

 
$
14,452

 
$
2,795

 
$
3,948

Fixed charges (excluding capitalized interest)
928

 
899

 
1,000

 
1,052

 
1,167

 
226

 
218

TOTAL EARNINGS, AS DEFINED
$
15,797

 
$
15,682

 
$
13,535

 
$
15,811

 
$
15,619

 
$
3,021

 
$
4,166

FIXED CHARGES, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)
$
789

 
$
754

 
$
844

 
$
888

 
$
1,014

 
$
187

 
$
185

1/3 of rental expense
174

 
171

 
176

 
170

 
176

 
44

 
42

TOTAL FIXED CHARGES, AS DEFINED
$
963

 
$
925

 
$
1,020

 
$
1,058

 
$
1,190

 
$
231

 
$
227

RATIO OF EARNINGS TO FIXED CHARGES
16.4x

 
17x

 
13.3x

 
 14.9x

 
 13.1x

 
13.1x

 
18.4x