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 | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | |||||||||||||||||||||
EARNINGS, AS DEFINED | |||||||||||||||||||||||||||
Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees | $ | 14,869 | $ | 14,783 | $ | 12,535 | $ | 14,759 | $ | 14,452 | $ | 2,795 | $ | 3,948 | |||||||||||||
Fixed charges (excluding capitalized interest) | 928 | 899 | 1,000 | 1,052 | 1,167 | 226 | 218 | ||||||||||||||||||||
TOTAL EARNINGS, AS DEFINED | $ | 15,797 | $ | 15,682 | $ | 13,535 | $ | 15,811 | $ | 15,619 | $ | 3,021 | $ | 4,166 | |||||||||||||
FIXED CHARGES, AS DEFINED | |||||||||||||||||||||||||||
Interest expense (including capitalized interest) | $ | 789 | $ | 754 | $ | 844 | $ | 888 | $ | 1,014 | $ | 187 | $ | 185 | |||||||||||||
1/3 of rental expense | 174 | 171 | 176 | 170 | 176 | 44 | 42 | ||||||||||||||||||||
TOTAL FIXED CHARGES, AS DEFINED | $ | 963 | $ | 925 | $ | 1,020 | $ | 1,058 | $ | 1,190 | $ | 231 | $ | 227 | |||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 16.4x | 17x | 13.3x | 14.9x | 13.1x | 13.1x | 18.4x | ||||||||||||||||||||