EX-12.0 6 fy1617q1jas10-qexhibit12.htm 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
 
Three Months Ended September 30
Amounts in millions, except ratio amounts
2016
 
2015
 
2014
 
2013
 
2012
 
2016
 
2015
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

 
$
3,715

 
$
3,632

Fixed charges (excluding capitalized interest)
778

 
842

 
928

 
900

 
1,000

 
181

 
195

TOTAL EARNINGS, AS DEFINED
$
14,134

 
$
11,851

 
$
14,420

 
$
14,399

 
$
12,970

 
$
3,896

 
$
3,827

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

 
$
693

 
$
789

 
$
755

 
$
844

 
$
145

 
$
156

1/3 of rental expense
144

 
166

 
174

 
171

 
176

 
36

 
41

TOTAL FIXED CHARGES, AS DEFINED
$
778

 
$
859

 
$
963

  
$
926

  
$
1,020

 
$
181

 
$
197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
18.2x
 
13.8x
 
15.0x
 
15.5x
 
12.7x
 
21.5x
 
19.4x