EX-12 3 pm-ex12_033112xq1.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES PM-EX12_03.31.12-Q1

Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
Three Months
Ended
March 31, 2012
Earnings before income taxes
$
3,190

Add (deduct):
 
Equity in net loss of less than 50% owned affiliates
4

Dividends from less than 50% owned affiliates
—

Fixed charges
278

Interest capitalized, net of amortization
—

Earnings available for fixed charges
$
3,472

Fixed charges:
 
Interest incurred
$
252

Portion of rent expense deemed to represent interest factor
26

Fixed charges
$
278

Ratio of earnings to fixed charges
12.5

 


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Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
For the Years Ended December 31,
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings before income taxes
$
12,532

 
$
10,324

 
$
9,243

 
$
9,937

 
$
8,884

Add (deduct):
 
 
 
 
 
 
 
 
 
Equity in net loss (earnings) of less
than 50% owned affiliates
10

 
8

 
6

 
64

 
(100
)
Dividends from less than 50%
owned affiliates
—

 
—

 
—

 
12

 
100

Fixed charges
1,042

 
1,069

 
1,006

 
618

 
359

Interest capitalized, net of
amortization
(2
)
 
1

 
2

 
(11
)
 
(8
)
Earnings available for fixed charges
$
13,582

 
$
11,402

 
$
10,257

 
$
10,620

 
$
9,235

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
940

 
$
976

 
$
920

 
$
543

 
$
280

Portion of rent expense deemed to
represent interest factor
102

 
93

 
86

 
75

 
79

Fixed charges
$
1,042


$
1,069


$
1,006


$
618


$
359

Ratio of earnings to fixed charges
13.0

 
10.7

 
10.2

 
17.2

 
25.7


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