EX-12 7 pm-ex12_033117xq1.htm EXHIBIT 12 Exhibit
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, 2017
Earnings before income taxes
$
2,177

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

Fixed charges
284

Interest capitalized, net of amortization
—

Earnings available for fixed charges
$
2,461

Fixed charges:
 
Interest incurred
$
260

Portion of rent expense deemed to represent interest factor
24

Fixed charges
$
284


Ratio of earnings to fixed charges
8.7

 


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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,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings before income taxes
$
9,924

 
$
9,615

 
$
10,650

 
$
12,542

 
$
13,004

Add (deduct):
 
 
 
 
 
 
 
 
 
Dividends from less than 50%
owned affiliates
117

 
127

 
107

 
1

 
—

Fixed charges
1,166

 
1,232

 
1,284

 
1,216

 
1,115

Interest capitalized, net of
amortization
—

 
(3
)
 
1

 
4

 
2

Earnings available for fixed charges
$
11,207

 
$
10,971

 
$
12,042

 
$
13,763

 
$
14,121



Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
1,071

 
$
1,137

 
$
1,172

 
$
1,105

 
$
1,009

Portion of rent expense deemed to
represent interest factor
95

 
95

 
112

 
111

 
106

Fixed charges
$
1,166

 
$
1,232


$
1,284


$
1,216


$
1,115


Ratio of earnings to fixed charges
9.6

 
8.9

 
9.4

 
11.3

 
12.7


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