Attached files
| file | filename |
|---|---|
| EX-32.B - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q3x9302017ex32b.htm |
| EX-32.A - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q3x9302017ex32a.htm |
| EX-31.B - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q3x9302017ex31b.htm |
| EX-31.A - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q3x9302017ex31a.htm |
| EX-23 - ANKURA CONSULTING GROUP, LLC - DOW CHEMICAL CO /DE/ | dow-q3x9302017ex23.htm |
| 10-Q - 10-Q - DOW CHEMICAL CO /DE/ | dow-q3x9302017.htm |
The Dow Chemical Company and Subsidiaries | EXHIBIT 12.1 | |||
Computation of Ratio of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
Nine Months Ended | For the Years Ended December 31 | ||||||||||||||||||||
In millions, except ratios (Unaudited) | Sep 30, 2017 | Sep 30, 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Income Before Income Taxes | $ | 4,371 | $ | 4,611 | $ | 4,413 | $ | 9,930 | $ | 5,265 | $ | 6,804 | $ | 1,665 | |||||||
Add (deduct): | |||||||||||||||||||||
Equity in earnings of nonconsolidated affiliates | (406 | ) | (191 | ) | (442 | ) | (674 | ) | (835 | ) | (1,034 | ) | (536 | ) | |||||||
Distributed income of earnings of nonconsolidated affiliates | 622 | 532 | 685 | 816 | 961 | 905 | 823 | ||||||||||||||
Capitalized interest | (199 | ) | (183 | ) | (243 | ) | (218 | ) | (125 | ) | (78 | ) | (84 | ) | |||||||
Amortization of capitalized interest | 72 | 62 | 83 | 78 | 83 | 91 | 90 | ||||||||||||||
Adjusted earnings | $ | 4,460 | $ | 4,831 | $ | 4,496 | $ | 9,932 | $ | 5,349 | $ | 6,688 | $ | 1,958 | |||||||
Fixed charges: | |||||||||||||||||||||
Interest expense and amortization of debt discount | $ | 701 | $ | 629 | $ | 858 | $ | 946 | $ | 983 | $ | 1,101 | $ | 1,269 | |||||||
Capitalized interest | 199 | 183 | 243 | 218 | 125 | 78 | 84 | ||||||||||||||
Rental expense – interest component | 136 | 115 | 161 | 167 | 134 | 122 | 120 | ||||||||||||||
Total fixed charges | $ | 1,036 | $ | 927 | $ | 1,262 | $ | 1,331 | $ | 1,242 | $ | 1,301 | $ | 1,473 | |||||||
Earnings available for the payment of fixed charges | $ | 5,496 | $ | 5,758 | $ | 5,758 | $ | 11,263 | $ | 6,591 | $ | 7,989 | $ | 3,431 | |||||||
Ratio of earnings to fixed charges | 5.3 | 6.2 | 4.6 | 8.5 | 5.3 | 6.1 | 2.3 | ||||||||||||||
Earnings required for combined fixed charges and preferred stock dividends 1: | |||||||||||||||||||||
Preferred stock dividends | $ | — | $ | 255 | $ | 340 | $ | 340 | $ | 340 | $ | 340 | $ | 340 | |||||||
Adjustment to pretax basis (at 35 percent) | — | 137 | 183 | 183 | 183 | 183 | 183 | ||||||||||||||
Preferred stock dividends - pretax | $ | — | $ | 392 | $ | 523 | $ | 523 | $ | 523 | $ | 523 | $ | 523 | |||||||
Combined fixed charges and preferred stock dividend requirements | $ | 1,036 | $ | 1,319 | $ | 1,785 | $ | 1,854 | $ | 1,765 | $ | 1,824 | $ | 1,996 | |||||||
Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 5.3 | 4.4 | 3.2 | 6.1 | 3.7 | 4.4 | 1.7 | ||||||||||||||
1. | On December 30, 2016, all outstanding shares of the Company's Cumulative Convertible Perpetual Preferred Stock, Series A ("Preferred Stock") were converted into shares of the Company's common stock. As a result of this conversion, no shares of Preferred Stock are issued or outstanding. |
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