Philip Morris International Inc. - FORM 8-K - EX-12 - STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - February 9, 2012

Attached files

file filename
8-K - FORM 8-K - Philip Morris International Inc.d293310d8k.htm
EX-99.3 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Philip Morris International Inc.d293310dex993.htm
EX-99.2 - REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING - Philip Morris International Inc.d293310dex992.htm
EX-99.1 - FINANCIAL STATEMENTS - Philip Morris International Inc.d293310dex991.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Philip Morris International Inc.d293310dex23.htm

Exhibit 12

PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(in millions of dollars)

 

 

 

     For the Years Ended December 31,  
     2011     2010      2009      2008     2007  

Earnings before income taxes

    $ 12,532      $ 10,324       $ 9,243       $ 9,937      $ 8,884   

Add (deduct):

             

Equity in net loss (earnings) of less than 50% owned affiliates

      10        8         6         64        (100 ) 

Dividends from less than 50% owned affiliates

      —        —         —         12        100   

Fixed charges

      1,042        1,069         1,006         618        359   

Interest capitalized, net of amortization

      (2 )      1         2         (11 )      (8 ) 
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Earnings available for fixed charges

    $ 13,582      $ 11,402       $ 10,257       $ 10,620      $ 9,235   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Fixed charges:

             

Interest incurred

    $ 940      $ 976       $ 920       $ 543      $ 280   

Portion of rent expense deemed to represent interest factor

      102        93         86         75        79   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Fixed charges

    $ 1,042      $ 1,069       $ 1,006       $ 618      $ 359   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges

      13.0        10.7         10.2         17.2        25.7   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Philip Morris International Inc. Reports