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 | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | |||||||||||||||||||||
EARNINGS, AS DEFINED | |||||||||||||||||||||||||||
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees | $ | 14,934 | $ | 12,792 | $ | 15,021 | $ | 14,881 | $ | 14,275 | $ | 3,979 | $ | 3,793 | |||||||||||||
Fixed charges (excluding capitalized interest) | 899 | 1,000 | 1,052 | 1,167 | 1,576 | 218 | 230 | ||||||||||||||||||||
TOTAL EARNINGS, AS DEFINED | $ | 15,833 | $ | 13,792 | $ | 16,073 | $ | 16,048 | $ | 15,851 | $ | 4,197 | $ | 4,023 | |||||||||||||
FIXED CHARGES, AS DEFINED | |||||||||||||||||||||||||||
Interest expense (including capitalized interest) | $ | 754 | $ | 844 | $ | 888 | $ | 1,014 | $ | 1,431 | $ | 185 | $ | 192 | |||||||||||||
1/3 of rental expense | 171 | 176 | 170 | 176 | 177 | 42 | 43 | ||||||||||||||||||||
TOTAL FIXED CHARGES, AS DEFINED | $ | 925 | $ | 1,020 | $ | 1,058 | $ | 1,190 | l,608 | $ | 227 | $ | 235 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 17.1x | 13.5x | 15.2x | 13.5x | 9.9x | 18.5x | 17.1x | ||||||||||||||||||||