EX-12 12 fy1516q1jas10-qexhibit12.htm EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


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
 
2015
 
2014
 
2013
 
2012
 
2011
 
2015
 
2014
Amounts in millions, except ratio amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees
$
11,009

 
$
13,492

 
$
13,499

 
$
11,970

 
$
13,370

 
$
3,632

 
$
3,479

Fixed charges (excluding capitalized interest)
842

 
928

 
900

 
1,000

 
1,053

 
195

 
226

TOTAL EARNINGS, AS DEFINED
$
11,851

 
$
14,420

 
$
14,399

 
$
12,970

 
$
14,423

 
$
3,827

 
$
3,705

FIXED CHARGES, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)
$
693

 
$
789

 
$
755

 
$
844

 
$
889

 
$
156

 
$
187

1/3 of rental expense
166

 
174

 
171

 
176

 
170

 
41

 
44

TOTAL FIXED CHARGES, AS DEFINED
$
859

 
$
963

 
$
926

 
$
1,020

 
$
1,059

 
$
197

 
$
231

RATIO OF EARNINGS TO FIXED CHARGES
13.8x

 
15.0x

 
15.5x

 
12.7x

 
13.6x

 
19.4x

 
16.0x