EX-12 3 0003.txt EXHIBIT (12) THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES --------------------------------------------- COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------------------- Millions of Dollars
Six Months Ended Years Ended June 30 December 31 --------------------------------------------------- ------------------ 1996 1997 1998 1999 2000 1999 2000 ------- ------- ------- ------- ------- ------- ------- EARNINGS AS DEFINED ------------------- Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees $ 4,695 $ 5,274 $ 5,704 $ 5,866 $ 5,474 $ 3,432 $ 3,486 Fixed charges, excluding capitalized interest 576 534 639 751 811 439 449 ------- ------- ------- ------- ------- ------- ------- TOTAL EARNINGS, AS DEFINED $ 5,271 $ 5,808 $ 6,343 $ 6,617 $ 6,285 $ 3,871 $ 3,935 ======= ======= ======= ======= ======= ======= ======= FIXED CHARGES, AS DEFINED ------------------------- Interest expense including capitalized interest $ 493 $ 457 $ 548 $ 650 $ 792 $ 325 $ 384 1/3 of rental expense 92 77 91 101 89 53 46 ------- ------- ------- ------- ------- ------- ------- TOTAL FIXED CHARGES AS DEFINED $ 585 $ 534 $ 639 $ 751 $ 881 $ 378 $ 430 ======= ======= ======= ======= ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 9.0 10.9 9.9 8.8 7.1 10.2 9.2