EX-12 3 pm-ex12q4201510xkversion.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit


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,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings before income taxes
$
9,615

 
$
10,650

 
$
12,542

 
$
13,004

 
$
12,542

Add (deduct):
 
 
 
 
 
 
 
 
 
Dividends from less than 50%
owned affiliates
127

 
107

 
1

 
—

 
—

Fixed charges
1,232

 
1,284

 
1,216

 
1,115

 
1,042

Interest capitalized, net of
amortization
(3
)
 
1

 
4

 
2

 
(2
)
Earnings available for fixed charges
$
10,971

 
$
12,042

 
$
13,763

 
$
14,121

 
$
13,582



Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
1,137

 
$
1,172

 
$
1,105

 
$
1,009

 
$
940

Portion of rent expense deemed to
represent interest factor
95

 
112

 
111

 
106

 
102

Fixed charges
$
1,232

 
$
1,284

 
$
1,216

 
$
1,115

 
$
1,042


Ratio of earnings to fixed charges
8.9

 
9.4

 
11.3

 
12.7

 
13.0



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