Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - MASCO CORP /DE/ | Financial_Report.xls |
| EX-32 - EX-32 - MASCO CORP /DE/ | a14-19693_1ex32.htm |
| EX-31.A - EX-31.A - MASCO CORP /DE/ | a14-19693_1ex31da.htm |
| EX-31.B - EX-31.B - MASCO CORP /DE/ | a14-19693_1ex31db.htm |
| EX-10 - EX-10 - MASCO CORP /DE/ | a14-19693_1ex10.htm |
| 10-Q - 10-Q - MASCO CORP /DE/ | a14-19693_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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Nine |
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Months |
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Ended |
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Sep. 30, |
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Year Ended December 31, |
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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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2009 |
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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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$ |
435 |
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$ |
450 |
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$ |
73 |
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$ |
(383 |
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$ |
(745 |
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$ |
(151 |
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Deduct equity in undistributed losses (earnings) of fifty-percent- or-less-owned companies |
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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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— |
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Add interest on indebtedness, net |
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166 |
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230 |
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249 |
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250 |
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249 |
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224 |
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Add amortization of debt expense |
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4 |
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6 |
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7 |
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7 |
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7 |
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5 |
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Add estimated interest factor for rentals |
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24 |
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31 |
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31 |
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33 |
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36 |
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44 |
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Earnings (loss) before income taxes, noncontrolling interest, net, fixed charges and preferred stock dividends |
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$ |
631 |
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$ |
701 |
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$ |
360 |
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$ |
(102 |
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$ |
(453 |
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$ |
122 |
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Fixed Charges: |
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Interest on indebtedness |
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$ |
165 |
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$ |
229 |
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$ |
248 |
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$ |
249 |
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$ |
246 |
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$ |
221 |
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Amortization of debt expense |
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4 |
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6 |
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7 |
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7 |
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7 |
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5 |
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Estimated interest factor for rentals |
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24 |
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31 |
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31 |
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33 |
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36 |
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44 |
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Total fixed charges |
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$ |
193 |
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$ |
266 |
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$ |
286 |
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$ |
289 |
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$ |
289 |
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$ |
270 |
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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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$ |
193 |
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$ |
266 |
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$ |
286 |
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$ |
289 |
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$ |
289 |
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$ |
270 |
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Ratio of earnings to fixed charges |
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3.3 |
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2.6 |
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1.3 |
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(0.4 |
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(1.6 |
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0.5 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
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3.3 |
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2.6 |
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1.3 |
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(0.4 |
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(1.6 |
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0.5 |
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Ratio of earnings to combined fixed charges and preferred stock dividends excluding certain items (b) |
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3.3 |
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2.6 |
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1.7 |
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1.2 |
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1.0 |
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1.5 |
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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 2012 non-cash, pre-tax impairment charge for other intangible assets of $42 million and litigation expense of $77 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 $698 million and non-cash, pre-tax impairment charges for financial investments of $34 million; and the 2009 non-cash, pre-tax charge for goodwill impairment of $262 million; non-cash, pre-tax impairment charge for financial investments of $10 million and litigation expense of $7 million.