EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Amounts in millions
| Years Ended June 30 | Three Months Ended September 30 | ||||||||||||||||||||
| 2004 | 2005 | 2006 | 2007 | 2008 | 2007 | 2008 | |||||||||||||||
| EARNINGS, AS DEFINED |
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| Earnings from operations before income taxes and before adjustments for minority interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees |
$ | 9,010 | $ | 9,954 | $ | 12,419 | $ | 14,746 | $ | 16,120 | $ | 4,230 | $ | 4,648 | |||||||
| Fixed charges (excluding capitalized interest) |
719 | 924 | 1,242 | 1,428 | 1,604 | 403 | 384 | ||||||||||||||
| TOTAL EARNINGS, AS DEFINED |
$ | 9,729 | $ | 10,878 | $ | 13,661 | $ | 16,174 | $ | 17,724 | $ | 4,633 | $ | 5,032 | |||||||
| FIXED CHARGES, AS DEFINED |
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| Interest expense (including capitalized interest) |
$ | 629 | $ | 869 | $ | 1,153 | $ | 1,374 | $ | 1,546 | $ | 379 | $ | 358 | |||||||
| 1/3 of rental expense |
90 | 90 | 122 | 124 | 137 | 32 | 36 | ||||||||||||||
| TOTAL FIXED CHARGES, AS DEFINED |
$ | 719 | $ | 959 | $ | 1,275 | $ | 1,498 | $ | 1,683 | $ | 411 | $ | 394 | |||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
13.5x | 11.3x | 10.7x | 10.8x | 10.5x | 11.3x | 12.8x | ||||||||||||||