EX-12 2 pm-ex12_063014xq2.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES PM-EX12_06.30.14-Q2

Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
Six Months Ended
June 30, 2014
 
Three Months Ended
June 30, 2014
Earnings before income taxes
$
5,303

 
$
2,620

Add (deduct):
 
 
 
Dividends from less than 50% owned affiliates
45

 
32

Fixed charges
633

 
310

Interest capitalized, net of amortization
1

 
—

Earnings available for fixed charges
$
5,982

 
$
2,962

Fixed charges:
 
 
 
Interest incurred
$
577

 
$
282

Portion of rent expense deemed to represent interest factor
56

 
28

Fixed charges
$
633

 
$
310


Ratio of earnings to fixed charges
9.5

 
9.6

 


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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,
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings before income taxes
$
12,542

 
$
13,004

 
$
12,542

 
$
10,332

 
$
9,249

Add (deduct):
 
 
 
 
 
 
 
 
 
Dividends from less than 50%
owned affiliates
1

 
—

 
—

 
—

 
—

Fixed charges
1,216

 
1,115

 
1,042

 
1,069

 
1,006

Interest capitalized, net of
amortization
4

 
2

 
(2
)
 
1

 
2

Earnings available for fixed charges
$
13,763

 
$
14,121

 
$
13,582

 
$
11,402

 
$
10,257



Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
1,105

 
$
1,009

 
$
940

 
$
976

 
$
920

Portion of rent expense deemed to
represent interest factor
111

 
106

 
102

 
93

 
86

Fixed charges
$
1,216

 
$
1,115


$
1,042


$
1,069


$
1,006


Ratio of earnings to fixed charges
11.3

 
12.7

 
13.0

 
10.7

 
10.2


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