EX-12 13 fy161710-kexhibit12.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
Amounts in millions
2017
 
2016
  
2015
  
2014
  
2013
EARNINGS, AS DEFINED
 
  
 
  
 
  
 
  
 
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees
$
13,233

 
$
13,356

 
$
11,009

  
$
13,492

  
$
13,499

Fixed charges (excluding capitalized interest)
640

 
778

 
842

  
928

  
900

TOTAL EARNINGS, AS DEFINED
$
13,873

 
$
14,134

 
$
11,851

  
$
14,420

  
$
14,399

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES, AS DEFINED
 
  
 
  
 
  
 
  
 
Interest expense (including capitalized interest)
$
521

 
$
634

 
$
693

  
$
789

  
$
755

1/3 of rental expense
118

 
144

 
166

  
174

  
171

TOTAL FIXED CHARGES, AS DEFINED
$
639

 
$
778

 
$
859

  
$
963

  
$
926

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
21.7x
 
18.2x
 
13.8x
  
15.0x
  
15.5x