Attached files
| file | filename |
|---|---|
| EX-31.A - EXHIBIT 31.A - MASCO CORP /DE/ | exhibit31a63016.htm |
| EX-31.B - EXHIBIT 31.B - MASCO CORP /DE/ | exhibit31b63016.htm |
| EX-10.B - EXHIBIT 10.B - MASCO CORP /DE/ | exhibit10b63016.htm |
| EX-10.A - EXHIBIT 10.A - MASCO CORP /DE/ | exhibit10a63016.htm |
| EX-32 - EXHIBIT 32 - MASCO CORP /DE/ | exhibit3263016.htm |
| 10-Q - 10-Q - MASCO CORP /DE/ | masco_2016630x10q.htm |
Exhibit 12
MASCO CORPORATION
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Millions) | ||||||||||||||||||||||||
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings Before Income Taxes, Preferred Stock Dividends and Fixed Charges: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 430 | $ | 689 | $ | 507 | $ | 386 | $ | 155 | $ | (322 | ) | |||||||||||
Deduct equity in undistributed (earnings) loss of fifty-percent- or-less-owned companies | (1 | ) | (2 | ) | 2 | (16) | — | (9) | ||||||||||||||||
Add interest on indebtedness, net | 100 | 222 | 221 | 230 | 249 | 250 | ||||||||||||||||||
Add amortization of debt expense | 3 | 5 | 5 | 6 | 7 | 7 | ||||||||||||||||||
Add estimated interest factor for rentals | 10 | 19 | 33 | 31 | 31 | 33 | ||||||||||||||||||
Earnings (loss) before income taxes, noncontrolling interest, fixed charges and preferred stock dividends | $ | 542 | $ | 933 | $ | 768 | $ | 637 | $ | 442 | $ | (41 | ) | |||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest on indebtedness | $ | 101 | $ | 223 | $ | 221 | $ | 229 | $ | 248 | $ | 249 | ||||||||||||
Amortization of debt expense | 3 | 5 | 5 | 6 | 7 | 7 | ||||||||||||||||||
Estimated interest factor for rentals | 10 | 19 | 33 | 31 | 31 | 33 | ||||||||||||||||||
Total fixed charges | $ | 114 | $ | 247 | $ | 259 | $ | 266 | $ | 286 | $ | 289 | ||||||||||||
Preferred stock dividends (A) | — | — | — | — | — | — | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 114 | $ | 247 | $ | 259 | $ | 266 | $ | 286 | $ | 289 | ||||||||||||
Ratio of earnings to fixed charges | 4.8 | 3.8 | 3.0 | 2.4 | 1.5 | (0.1 | ) | |||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 4.8 | 3.8 | 3.0 | 2.4 | 1.5 | (0.1 | ) | |||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends excluding certain items (B) | 4.8 | 3.8 | 2.9 | 2.4 | 1.7 | 1.4 | ||||||||||||||||||
(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; and the 2011 non-cash, pre-tax impairment charge for goodwill and other intangible assets of $450 million and litigation expense of $9 million.
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