Attached files
| file | filename |
|---|---|
| EX-31.A - EX-31.A - MASCO CORP /DE/ | a15-11884_1ex31da.htm |
| EX-31.B - EX-31.B - MASCO CORP /DE/ | a15-11884_1ex31db.htm |
| EX-32 - EX-32 - MASCO CORP /DE/ | a15-11884_1ex32.htm |
| 10-Q - 10-Q - MASCO CORP /DE/ | a15-11884_110q.htm |
Exhibit 12
MASCO CORPORATION
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
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(Dollars in Millions) |
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Six |
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Months |
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Ended |
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June 30, |
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Year Ended December 31, |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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2010 |
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Earnings Before Income Taxes, Preferred Stock Dividends and Fixed Charges: |
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Income (loss) from continuing operations before income taxes |
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$ |
331 |
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$ |
507 |
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$ |
386 |
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$ |
155 |
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$ |
(322 |
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$ |
51 |
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Deduct equity in undistributed (earnings) loss of fifty-percent- or-less-owned companies |
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(2 |
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2 |
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(16 |
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— |
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(9 |
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— |
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Add interest on indebtedness, net |
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115 |
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221 |
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230 |
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249 |
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250 |
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249 |
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Add amortization of debt expense |
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3 |
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5 |
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6 |
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7 |
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7 |
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7 |
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Add estimated interest factor for rentals |
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9 |
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33 |
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31 |
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31 |
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33 |
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36 |
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Earnings (loss) before income taxes, noncontrolling interest, fixed charges and preferred stock dividends |
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$ |
456 |
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$ |
768 |
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$ |
637 |
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$ |
442 |
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$ |
(41 |
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$ |
343 |
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Fixed Charges: |
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Interest on indebtedness |
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$ |
115 |
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$ |
221 |
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$ |
229 |
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$ |
248 |
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$ |
249 |
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$ |
246 |
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Amortization of debt expense |
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3 |
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5 |
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6 |
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7 |
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7 |
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7 |
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Estimated interest factor for rentals |
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9 |
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33 |
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31 |
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31 |
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33 |
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36 |
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Total fixed charges |
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$ |
127 |
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$ |
259 |
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$ |
266 |
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$ |
286 |
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$ |
289 |
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$ |
289 |
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Preferred stock dividends(a) |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Combined fixed charges and preferred stock dividends |
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$ |
127 |
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$ |
259 |
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$ |
266 |
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$ |
286 |
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$ |
289 |
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$ |
289 |
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Ratio of earnings to fixed charges |
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3.6 |
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3.0 |
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2.4 |
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1.5 |
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(0.1 |
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1.2 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
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3.6 |
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3.0 |
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2.4 |
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1.5 |
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(0.1 |
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1.2 |
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Ratio of earnings to combined fixed charges and preferred stock dividends excluding certain items (b) |
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3.6 |
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2.9 |
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2.4 |
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1.7 |
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1.4 |
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1.3 |
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(a) Represents amount of income before provision for income taxes required to meet the preferred stock dividend requirements of the Company.
(b) Excludes the 2014 litigation settlement income of $9 million; the 2012 non-cash, pre-tax impairment charge for other intangible assets of $42 million and litigation expense of $1 million; the 2011 non-cash, pre-tax impairment charge for goodwill and other intangible assets of $450 million and litigation expense of $9 million; the 2010 non-cash, pre-tax impairment charge for goodwill and other intangible assets of $1 million and non-cash and pre-tax impairment charges for financial investments of $34 million.