Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - CHS INC | Financial_Report.xls |
| S-1 - S-1 - CHS INC | a2216014zs-1.htm |
| EX-23.1 - EX-23.1 - CHS INC | a2216014zex-23_1.htm |
| EX-24.1 - EX-24.1 - CHS INC | a2216014zex-24_1.htm |
Exhibit 12.1
CHS Inc.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
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Nine Months Ended |
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May 31, |
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Years Ended August 31, |
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(in thousands) |
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2013 |
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2012 |
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2011 |
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2010 |
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2009 |
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2008 |
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EARNINGS: |
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Income from continuing operations before income taxes |
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$ |
960,761 |
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$ |
1,416,571 |
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$ |
1,147,656 |
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$ |
583,835 |
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$ |
503,678 |
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$ |
946,743 |
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ADD: |
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Fixed charges, as shown below |
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102,216 |
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131,641 |
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116,885 |
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95,462 |
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110,748 |
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124,000 |
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Amortization of capitalized interest |
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2,376 |
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3,305 |
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3,604 |
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3,654 |
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3,640 |
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3,144 |
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Distributions from equity investments |
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50,886 |
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75,468 |
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137,766 |
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89,689 |
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80,403 |
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110,013 |
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Investments redeemed - equity investees, cooperatives and other |
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5,780 |
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10,409 |
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8,980 |
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14,188 |
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39,787 |
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43,046 |
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SUBTRACT: |
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Equity in income of investees |
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(72,406 |
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(102,389 |
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(131,414 |
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(108,787 |
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(105,754 |
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(150,413 |
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Noncash patronage dividends received |
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(4,552 |
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(10,461 |
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(9,697 |
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(9,918 |
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(9,717 |
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(4,083 |
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Interest capitalized |
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(8,163 |
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(8,881 |
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(5,487 |
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(6,212 |
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(5,201 |
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(9,759 |
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EARNINGS AS ADJUSTED |
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$ |
1,036,898 |
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$ |
1,515,663 |
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$ |
1,268,293 |
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$ |
661,911 |
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$ |
617,584 |
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$ |
1,062,691 |
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FIXED CHARGES: |
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Interest |
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$ |
73,304 |
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$ |
94,089 |
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$ |
83,045 |
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$ |
69,902 |
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$ |
85,668 |
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$ |
100,123 |
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Amortization of debt costs |
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7,880 |
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12,692 |
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11,762 |
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4,132 |
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4,668 |
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4,439 |
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Appropriate portion (1/3) of rent expense |
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21,031 |
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24,859 |
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22,078 |
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21,429 |
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20,413 |
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19,438 |
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TOTAL FIXED CHARGES |
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102,215 |
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131,640 |
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116,885 |
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95,463 |
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110,749 |
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124,000 |
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PREFERRED DIVIDEND FACTOR: |
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19,521 |
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26,028 |
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26,534 |
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25,823 |
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24,059 |
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19,392 |
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COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS |
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$ |
121,736 |
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$ |
157,668 |
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$ |
143,419 |
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$ |
121,286 |
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$ |
134,808 |
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$ |
143,392 |
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RATIO |
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8.5x |
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9.6x |
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8.8x |
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5.5x |
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4.6x |
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7.4x |
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For purposes of computing the ratio of earnings to fixed charges and preferred dividends, earnings consist of income from continuing operations before income taxes on consolidated operations, distributed income from equity investees and fixed charges. Fixed charges consist of interest expense and one-third of rental expense, considered representative of that portion of rental expense estimated to be attributable to interest. Interest costs of $126.3 million, $67.5 million, and $113.2 million for the nine months ended May 31, 2013 and 2012, and the year ended August 31, 2012, respectively, associated with our commitment to purchase the NCRA noncontrolling interests, were excluded from interest expense for purposes of computing the ratio of earnings to fixed charges and preferred dividends.