The Clorox Company (CLX) and The Procter & Gamble Company (PG) produce and sell packaged consumer products around the world. Income and interest expense information from financial statements for a recent year follows (in millions):

a. Compute the times interest earned for each company.
b. If you were a lender to these two companies, which one appears to have the greater coverage of interest expense and thus the greater protection for your loan interest?

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Interest expense Income before income tax expense Clorox $ 97 1,024 Procter & Gamble $ 509 6,069