EX-12 2 fy1516q3jfm10-qexhibit12.htm THE P&G CO. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Years Ended June 30
 
Nine Months Ended March 31
Amounts in millions, except ratio amounts
2015
 
2014
 
2013
 
2012
 
2011
 
2016
 
2015
EARNINGS, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees
$
11,009

 
$
13,492

 
$
13,499

 
$
11,970

 
$
13,370

 
$
10,698

 
$
9,933

Fixed charges (excluding capitalized interest)
842

 
928

 
900

 
1,000

 
1,053

 
580

 
646

TOTAL EARNINGS, AS DEFINED
$
11,851

 
$
14,420

 
$
14,399

 
$
12,970

 
$
14,423

 
$
11,278

 
$
10,579

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES, AS DEFINED
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)
$
693

 
$
789

 
$
755

 
$
844

 
$
889

 
$
471

 
$
531

1/3 of rental expense
166

 
174

 
171

 
176

 
170

 
110

 
129

TOTAL FIXED CHARGES, AS DEFINED
$
859

 
$
963

 
$
926

 
$
1,020

 
$
1,059

 
$
581

 
$
660

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
13.8x

 
15.0x

 
15.5x

 
12.7x

 
13.6x

 
19.4x

 
16.0x