EX-12 4 exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12


EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
Amounts in millions
 
 
Years Ended June 30
 
2011
  
2010
  
2009
  
2008
  
2007
EARNINGS, AS DEFINED
 
  
 
  
 
  
 
  
 
Earnings from operations before income taxes and before adjustments for noncontrolling interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees
$
15,343

  
$
15,169

  
$
14,461

  
$
14,927

  
$
13,698

Fixed charges (excluding capitalized interest)
1,052

  
1,167

  
1,576

  
1,640

  
1,458

TOTAL EARNINGS, AS DEFINED
$
16,395

  
$
16,336

  
$
16,037

  
$
16,567

  
$
15,156

 
 
 
 
 
 
FIXED CHARGES, AS DEFINED
 
  
 
  
 
  
 
  
 
Interest expense (including capitalized interest)
$
888

  
$
1,014

  
$
1,431

  
$
1,546

  
$
1,374

 1/3 of rental expense
170

  
176

  
177

  
137

  
124

TOTAL FIXED CHARGES, AS DEFINED
$
1,058

  
$
1,190

  
$
1,608

  
$
1,683

  
$
1,498

 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
15.5x

  
13.7x

  
10.0x

  
9.8x

  
10.1x