EX-12 10 fy151610-kexhibit12.htm EXHIBIT 12 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
Amounts in millions
2016
 
2015
  
2014
  
2013
  
2012
EARNINGS, AS DEFINED
 
  
 
  
 
  
 
  
 
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees
$
13,356

 
$
11,009

 
$
13,492

  
$
13,499

  
$
11,970

Fixed charges (excluding capitalized interest)
778

 
842

 
928

  
900

  
1,000

TOTAL EARNINGS, AS DEFINED
$
14,134

 
$
11,851

 
$
14,420

  
$
14,399

  
$
12,970

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES, AS DEFINED
 
  
 
  
 
  
 
  
 
Interest expense (including capitalized interest)
$
634

 
$
693

 
$
789

  
$
755

  
$
844

1/3 of rental expense
144

 
166

 
174

  
171

  
176

TOTAL FIXED CHARGES, AS DEFINED
$
778

 
$
859

 
$
963

  
$
926

  
$
1,020

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
18.2x
 
13.8x
 
15.0x
  
15.5x
  
12.7x