EX-12 11 fy171810-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
2018
 
2017
  
2016
  
2015
  
2014
EARNINGS, AS DEFINED
 
  
 
  
 
  
 
  
 
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees
$
13,285

 
$
13,233

 
$
13,356

  
$
11,009

  
$
13,492

Fixed charges (excluding capitalized interest)
676

 
640

 
778

  
842

  
928

TOTAL EARNINGS, AS DEFINED
$
13,961

 
$
13,873

 
$
14,134

  
$
11,851

  
$
14,420

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES, AS DEFINED
 
  
 
  
 
  
 
  
 
Interest expense (including capitalized interest)
$
560

 
$
521

 
$
634

  
$
693

  
$
789

1/3 of rental expense
111

 
118

 
144

  
166

  
174

TOTAL FIXED CHARGES, AS DEFINED
$
671

 
$
639

 
$
778

  
$
859

  
$
963

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
20.8x
 
21.7x
 
18.2x
  
13.8x
  
15.0x