Attached files
| file | filename |
|---|---|
| 10-K - 10-K - MASCO CORP /DE/ | mas_20161231x10k.htm |
| EX-21 - EXHIBIT 21 - MASCO CORP /DE/ | exhibit21.htm |
| EX-4.B - EXHIBIT 4.B - MASCO CORP /DE/ | exhibit4b.htm |
| EX-3.B - EXHIBIT 3.B - MASCO CORP /DE/ | exhibit3b.htm |
| EX-10.F - EXHIBIT 10.F - MASCO CORP /DE/ | exhibit10f.htm |
| EX-10.H - EXHIBIT 10.H - MASCO CORP /DE/ | exhibit10h.htm |
| EX-10.I - EXHIBIT 10.I - MASCO CORP /DE/ | exhibit10i.htm |
| EX-4.B.III - EXHIBIT 4.B.III - MASCO CORP /DE/ | exhibit4biii.htm |
| EX-31.A - EXHIBIT 31.A - MASCO CORP /DE/ | masco-ex31ax123116.htm |
| EX-32 - EXHIBIT 32 - MASCO CORP /DE/ | masco-ex32x123116.htm |
| EX-31.B - EXHIBIT 31.B - MASCO CORP /DE/ | masco-ex31bx123116.htm |
| EX-23 - EXHIBIT 23 - MASCO CORP /DE/ | exhibit23.htm |
| EX-4.A - EXHIBIT 4.A - MASCO CORP /DE/ | exhibit4a.htm |
Exhibit 12
MASCO CORPORATION
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Millions) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Earnings Before Income Taxes, Preferred Stock Dividends and Fixed Charges: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 830 | $ | 689 | $ | 507 | $ | 386 | $ | 155 | ||||||||||
Deduct equity in undistributed (earnings) loss of fifty-percent-or-less-owned companies | (2 | ) | (2 | ) | 2 | (16) | — | |||||||||||||
Add interest on indebtedness, net | 185 | 222 | 221 | 230 | 249 | |||||||||||||||
Add amortization of debt expense | 5 | 5 | 5 | 6 | 7 | |||||||||||||||
Add estimated interest factor for rentals | 21 | 19 | 33 | 31 | 31 | |||||||||||||||
Earnings before income taxes, noncontrolling interest, fixed charges and preferred stock dividends | $ | 1,039 | $ | 933 | $ | 768 | $ | 637 | $ | 442 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest on indebtedness | $ | 190 | $ | 223 | $ | 221 | $ | 229 | $ | 248 | ||||||||||
Amortization of debt expense | 5 | 5 | 5 | 6 | 7 | |||||||||||||||
Estimated interest factor for rentals | 21 | 19 | 33 | 31 | 31 | |||||||||||||||
Total fixed charges | $ | 216 | $ | 247 | $ | 259 | $ | 266 | $ | 286 | ||||||||||
Preferred stock dividends (A) | — | — | — | — | — | |||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 216 | $ | 247 | $ | 259 | $ | 266 | $ | 286 | ||||||||||
Ratio of earnings to fixed charges | 4.8 | 3.8 | 3.0 | 2.4 | 1.5 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 4.8 | 3.8 | 3.0 | 2.4 | 1.5 | |||||||||||||||
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 | |||||||||||||||
(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