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Previous: PHILIP MORRIS COMPANIES INC, 10-Q, EX-10.2, 2000-08-10 |
Next: PHILIP MORRIS COMPANIES INC, 10-Q, EX-99.1, 2000-08-10 |
EXHIBIT 12
PHILIP MORRIS COMPANIES INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
-------------------
Six Months Ended Three Months Ended
June 30, 2000 June 30, 2000
---------------- ------------------
Earnings before income taxes $ 6,852 $ 3,559
Add (Deduct):
Equity in net earnings of less than 50%
owned affiliates (127) (66)
Dividends from less than 50% owned
affiliates 56 31
Fixed charges 639 319
Interest capitalized, net of amortization 4 3
------- -------
Earnings available for fixed charges $ 7,424 $ 3,846
======= =======
Fixed charges:
Interest incurred:
Consumer products $ 508 $ 252
Financial services 53 28
------- -------
561 280
Portion of rent expense deemed to
represent interest factor 78 39
------- -------
Fixed charges $ 639 $ 319
======= =======
Ratio of earnings to fixed charges 11.6 12.1
======= =======
<PAGE>
EXHIBIT 12
PHILIP MORRIS COMPANIES INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
------------------
<TABLE>
<CAPTION>
Years Ended December 31,
--------------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Earnings before income
taxes and cumulative
effect of accounting
changes $ 12,695 $ 9,087 $ 10,611 $ 10,683 $ 9,347
Add (Deduct):
Equity in net earnings
of less than 50%
owned affiliates (197) (195) (207) (227) (246)
Dividends from less
than 50% owned
affiliates 56 70 138 160 202
Fixed charges 1,363 1,386 1,438 1,421 1,495
Interest capitalized,
net of amortization (2) (5) (16) 13 2
-------- -------- -------- -------- --------
Earnings available for
fixed charges $ 13,915 $ 10,343 $ 11,964 $ 12,050 $ 10,800
======== ======== ======== ======== ========
Fixed charges:
Interest incurred:
Consumer products $ 1,118 $ 1,166 $ 1,224 $ 1,197 $ 1,281
Financial services 89 77 67 81 84
-------- -------- -------- -------- --------
1,207 1,243 1,291 1,278 1,365
Portion of rent expense
deemed to represent
interest factor 156 143 147 143 130
-------- -------- -------- -------- --------
Fixed charges $ 1,363 $ 1,386 $ 1,438 $ 1,421 $ 1,495
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges 10.2 7.5 8.3 8.5 7.2
======== ======== ======== ======== ========
</TABLE>
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