EX-12 4 fy1718q3jfm12-qexhibit.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
 
Nine Months Ended March 31
Amounts in millions, except ratio amounts
2017
 
2016
 
2015
 
2014
 
2013
 
2018
 
2017
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

 
$
11,032

 
$
10,313

Fixed charges (excluding capitalized interest)
640

 
778

 
842

 
928

 
900

 
498

 
484

TOTAL EARNINGS, AS DEFINED
$
13,873

 
$
14,134

 
$
11,851

 
$
14,420

 
$
14,399

 
$
11,530

 
$
10,797

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

 
$
634

 
$
693

 
$
789

 
$
755

 
$
409

 
$
391

1/3 of rental expense
118

 
144

 
166

 
174

 
171

 
85

 
93

TOTAL FIXED CHARGES, AS DEFINED
$
639

 
$
778

 
$
859

  
$
963

  
$
926

 
$
494

 
$
484

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
21.7x
 
18.2x
 
13.8x
 
15.0x
 
15.5x
 
23.3x
 
22.3