EX-12 5 fy1819q1jas10-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
2018
 
2017
 
2016
 
2015
 
2014
 
2018
 
2017
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

 
$
3,920

 
$
3,732

Fixed charges (excluding capitalized interest)
676

 
640

 
778

 
842

 
928

 
170

 
153

TOTAL EARNINGS, AS DEFINED
$
13,961

 
$
13,873

 
$
14,134

 
$
11,851

 
$
14,420

 
$
4,090

 
$
3,885

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

 
$
521

 
$
634

 
$
693

 
$
789

 
$
144

 
$
128

1/3 of rental expense
111

 
118

 
144

 
166

 
174

 
27

 
28

TOTAL FIXED CHARGES, AS DEFINED
$
671

 
$
639

 
$
778

  
$
859

  
$
963

 
$
171

 
$
156

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
20.8x
 
21.7x
 
18.2x
 
13.8x
 
15.0x
 
23.9x
 
24.9x