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SEC Filings

8-K
ALTRIA GROUP, INC. filed this Form 8-K on 02/01/2018
Entire Document
 
Exhibit
  

Exhibit 12

 
 
 
 
 
 
 
 
 
Altria Group, Inc. and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings before income taxes
$
9,828

 
$
21,852

 
$
8,078

 
$
7,774

 
$
6,942

 
 
 
 
 
 
 
 
 
 
Add (deduct):
 
 
 
 
 
 
 
 
 
Equity in net earnings of less than 50% owned affiliates
(537
)
 
(800
)
 
(755
)
 
(1,011
)
 
(993
)
Dividends from less than 50% owned affiliates
806

 
739

 
495

 
459

 
443

Fixed charges
740

 
768

 
821

 
879

 
1,104

Interest capitalized, net of amortization

 

 
14

 
6

 
(7
)
Earnings available for fixed charges
$
10,837

 
$
22,559

 
$
8,653

 
$
8,107

 
$
7,489

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred (1)
$
726

 
$
750

 
$
805

 
$
861

 
$
1,087

Portion of rent expense deemed to represent interest factor
14

 
18

 
16

 
18

 
17

Fixed charges
$
740

 
$
768

 
$
821

 
$
879

 
$
1,104

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (2)
14.6

 
29.4

 
10.5

 
9.2

 
6.8

 
 
 
 
 
 
 
 
 
 
(1) Altria Group, Inc. includes interest relating to uncertain tax positions in its provision for income taxes, therefore such amounts are not included in fixed charges in the computation.
(2) The ratio of earnings to fixed charges for the year ended December 31, 2016 includes the Gain on AB InBev/SABMiller business combination. Excluding this gain, the ratio of earnings to fixed charges would have been 11.3 for the year ended December 31, 2016.