EX-12 4 exhibit12computationofrati.htm STATEMENTS REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12
 
 
 
 
Altria Group, Inc. and Subsidiaries
 
Computation of Ratios of Earnings to Fixed Charges
 
(in millions of dollars)
 
 
 
 
 
For the Three Months Ended March 31, 2018
 
Earnings before income taxes
$
2,466

 
 
 
 
Add (deduct):
 
 
Equity in net earnings of less than 50% owned affiliates
(343
)
 
Fixed charges
179

 
Earnings available for fixed charges
$
2,302

 
 
 
 
Fixed charges:
 
 
Interest incurred (1)
$
175

 
Portion of rent expense deemed to represent interest factor
4

 
Fixed charges
$
179

 
 
 
 
Ratio of earnings to fixed charges
12.9

 
 
 
 
(1) Altria Group, Inc. includes interest relating to uncertain tax positions in its provision for income taxes, therefore such amounts are not included in fixed charges in the computation.
 
 
 
 
 




Exhibit 12
 
 
 
 
 
 
 
 
 
Altria Group, Inc. and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings before income taxes
$
9,828

 
$
21,852

 
$
8,078

 
$
7,774

 
$
6,942

 
 
 
 
 
 
 
 
 
 
Add (deduct):
 
 
 
 
 
 
 
 
 
Equity in net earnings of less than 50% owned affiliates
(537
)
 
(800
)
 
(755
)
 
(1,011
)
 
(993
)
Dividends from less than 50% owned affiliates
806

 
739

 
495

 
459

 
443

Fixed charges
740

 
768

 
821

 
879

 
1,104

Interest capitalized, net of amortization
—

 
—

 
14

 
6

 
(7
)
Earnings available for fixed charges
$
10,837

 
$
22,559

 
$
8,653

 
$
8,107

 
$
7,489

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred (1)
$
726

 
$
750

 
$
805

 
$
861

 
$
1,087

Portion of rent expense deemed to represent interest factor
14

 
18

 
16

 
18

 
17

Fixed charges
$
740

 
$
768

 
$
821

 
$
879

 
$
1,104

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (2)
14.6

 
29.4

 
10.5

 
9.2

 
6.8

 
 
 
 
 
 
 
 
 
 
(1) Altria Group, Inc. includes interest relating to uncertain tax positions in its provision for income taxes, therefore such amounts are not included in fixed charges in the computation.
(2) The ratio of earnings to fixed charges for the year ended December 31, 2016 includes the Gain on AB InBev/SABMiller business combination. Excluding this gain, the ratio of earnings to fixed charges would have been 11.3 for the year ended December 31, 2016.