Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - MONSANTO CO /NEW/ | mon-ex32_20170531xq3.htm |
| EX-31.2 - EXHIBIT 31.2 - MONSANTO CO /NEW/ | mon-ex312_20170531xq3.htm |
| EX-31.1 - EXHIBIT 31.1 - MONSANTO CO /NEW/ | mon-ex311_20170531xq3.htm |
| 10-Q - 10-Q - MONSANTO CO /NEW/ | mon-20170531xq3.htm |
Exhibit 12
MONSANTO COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)(2)
(Dollars in millions)
Nine Months Ended May 31, | Year Ended Aug. 31, | |||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||
EARNINGS: | ||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | $ | 3,031 | $ | 1,991 | $ | 3,161 | $ | 3,827 | $ | 3,429 | $ | 2,988 | ||||||||||
Add: | ||||||||||||||||||||||
Fixed charges | 405 | 515 | 509 | 327 | 246 | 257 | ||||||||||||||||
Equity affiliate loss (income) - net | 5 | 12 | 13 | 8 | (15 | ) | (10 | ) | ||||||||||||||
Amortization of capitalized interest | 15 | 20 | 18 | 17 | 16 | 15 | ||||||||||||||||
Less: | ||||||||||||||||||||||
Capitalized interest | (32 | ) | (32 | ) | (26 | ) | (28 | ) | (23 | ) | (21 | ) | ||||||||||
Earnings available for fixed charges | $ | 3,424 | $ | 2,506 | $ | 3,675 | $ | 4,151 | $ | 3,653 | $ | 3,229 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||||
Interest expense(3) | $ | 338 | $ | 437 | $ | 434 | $ | 250 | $ | 176 | $ | 191 | ||||||||||
Capitalized interest | 32 | 32 | 26 | 28 | 23 | 21 | ||||||||||||||||
Portion of rents representative of interest factor | 35 | 46 | 49 | 49 | 47 | 45 | ||||||||||||||||
Total fixed charges | $ | 405 | $ | 515 | $ | 509 | $ | 327 | $ | 246 | $ | 257 | ||||||||||
Ratio of Earnings to Fixed Charges | 8.45 | 4.87 | 7.22 | 12.69 | 14.85 | 12.56 | ||||||||||||||||
(1) | Monsanto has not paid any preference security dividends and, therefore, has not included the ratio of combined fixed charges and preference security dividends to earnings for the relevant periods. |
(2) | The operating results of the Dairy business have been conformed to discontinued operations presentation for all relevant fiscal years presented. |
(3) | Includes amortization of deferred debt issuance costs and the interest component of the income tax provision. |