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EXHIBIT (12)
The Procter & Gamble Company and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
Years ended June 30 | |||||||||||||||||||
Amounts in millions | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
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 | |||||||||
Fixed charges (excluding capitalized interest) | 676 | 640 | 778 | 842 | 928 | ||||||||||||||
TOTAL EARNINGS, AS DEFINED | $ | 13,961 | $ | 13,873 | $ | 14,134 | $ | 11,851 | $ | 14,420 | |||||||||
FIXED CHARGES, AS DEFINED | |||||||||||||||||||
Interest expense (including capitalized interest) | $ | 560 | $ | 521 | $ | 634 | $ | 693 | $ | 789 | |||||||||
1/3 of rental expense | 111 | 118 | 144 | 166 | 174 | ||||||||||||||
TOTAL FIXED CHARGES, AS DEFINED | $ | 671 | $ | 639 | $ | 778 | $ | 859 | $ | 963 | |||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 20.8x | 21.7x | 18.2x | 13.8x | 15.0x | ||||||||||||||