Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - AIR PRODUCTS & CHEMICALS INC /DE/ | y79730e10vk.htm |
| EX-21 - EX-21 - AIR PRODUCTS & CHEMICALS INC /DE/ | y79730exv21.htm |
| EX-24 - EX-24 - AIR PRODUCTS & CHEMICALS INC /DE/ | y79730exv24.htm |
| EX-31.1 - EX-31.1 - AIR PRODUCTS & CHEMICALS INC /DE/ | y79730exv31w1.htm |
| EX-23.1 - EX-23.1 - AIR PRODUCTS & CHEMICALS INC /DE/ | y79730exv23w1.htm |
| EX-31.2 - EX-31.2 - AIR PRODUCTS & CHEMICALS INC /DE/ | y79730exv31w2.htm |
| EX-32.1 - EX-32.1 - AIR PRODUCTS & CHEMICALS INC /DE/ | y79730exv32w1.htm |
| EX-10.19 - EX-10.19 - AIR PRODUCTS & CHEMICALS INC /DE/ | y79730exv10w19.htm |
| EX-10.20 - EX-10.20 - AIR PRODUCTS & CHEMICALS INC /DE/ | y79730exv10w20.htm |
Exhibit 12
AIR PRODUCTS AND CHEMICALS, INC., AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Unaudited)
| Twelve | ||||||||||||||||||||||||
| Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| Year Ended 30 September | 30 Sept | |||||||||||||||||||||||
| (Millions of dollars) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||||
Earnings: |
||||||||||||||||||||||||
Income from continuing operations (1) |
$ | 574.9 | $ | 659.0 | $ | 734.1 | $ | 1,019.6 | $ | 1,090.5 | $ | 639.9 | ||||||||||||
Add (deduct): |
||||||||||||||||||||||||
Provision for income taxes |
209.3 | 235.7 | 271.9 | 289.0 | 381.7 | 196.2 | ||||||||||||||||||
Fixed charges, excluding capitalized interest |
144.0 | 139.1 | 146.7 | 190.9 | 188.8 | 149.2 | ||||||||||||||||||
Capitalized interest amortized during the
period |
7.0 | 6.1 | 6.5 | 6.4 | 6.6 | 7.7 | ||||||||||||||||||
Undistributed earnings of
less-than-fifty-percent-owned affiliates |
(28.7 | ) | (29.2 | ) | (29.2 | ) | (61.2 | ) | (72.7 | ) | (44.2 | ) | ||||||||||||
Earnings, as adjusted |
$ | 906.5 | $ | 1,010.7 | $ | 1,130.0 | $ | 1,444.7 | $ | 1,594.9 | $ | 948.8 | ||||||||||||
Fixed Charges: |
||||||||||||||||||||||||
Interest on indebtedness, including capital lease
obligations |
$ | 123.0 | $ | 113.0 | $ | 119.8 | $ | 163.7 | $ | 164.4 | $ | 125.1 | ||||||||||||
Capitalized interest |
7.9 | 14.9 | 18.8 | 14.6 | 27.3 | 22.2 | ||||||||||||||||||
Amortization of debt discount premium and expense |
1.4 | 4.1 | 4.8 | 4.1 | 4.0 | 4.7 | ||||||||||||||||||
Portion of rents under operating leases
representative of the interest factor |
19.6 | 22.0 | 22.1 | 23.1 | 20.4 | 19.4 | ||||||||||||||||||
Fixed charges |
$ | 151.9 | $ | 154.0 | $ | 165.5 | $ | 205.5 | $ | 216.1 | $ | 171.4 | ||||||||||||
Ratio of Earnings to Fixed Charges (2): |
6.0 | 6.6 | 6.8 | 7.0 | 7.4 | 5.5 | ||||||||||||||||||
| (1) | During the twelve months ended 30 September 2009, income from continuing operations included a charge of $298.2 ($200.3 after-tax) for the global cost reduction plan. | |
| (2) | The ratio of earnings to fixed charges is determined by dividing earnings, which includes income from continuing operations before taxes, undistributed earnings of less-than-fifty-percent-owned affiliates, and fixed charges, by fixed charges. Fixed charges consist of interest on all indebtedness plus that portion of operating lease rentals representative of the interest factor (deemed to be 21% of operating lease rentals). |