MONSANTO CO /NEW/ - FORM 10-K - EX-12 - EXHIBIT 12 - October 29, 2015

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10-K - 10-K - MONSANTO CO /NEW/mon-20150831x10k.htm
EX-10.15.2. - EXHIBIT 10.15.2. - MONSANTO CO /NEW/d410012ex10152-fy15.htm
EX-10.15.6. - EXHIBIT 10.15.6. - MONSANTO CO /NEW/d410012ex10156-fy15.htm
EX-10.17.5. - EXHIBIT 10.17.5. - MONSANTO CO /NEW/d410012ex10175-fy15.htm
EX-10.17.1. - EXHIBIT 10.17.1. - MONSANTO CO /NEW/d410012ex10171-fy15.htm
EX-10.17.3. - EXHIBIT 10.17.3. - MONSANTO CO /NEW/d410012ex10173-fy15.htm
EX-10.15.4. - EXHIBIT 10.15.4. - MONSANTO CO /NEW/d410012ex10154-fy15.htm
EX-10.15.8. - EXHIBIT 10.15.8. - MONSANTO CO /NEW/d410012ex10158-fy15.htm
EX-10.17.4. - EXHIBIT 10.17.4. - MONSANTO CO /NEW/d410012ex10174-fy15.htm
EX-10.15.10. - EXHIBIT 10.15.10. - MONSANTO CO /NEW/d410012ex101510-fy15.htm
EX-31.2 - EXHIBIT 31.2 - MONSANTO CO /NEW/d410012dex312-fy15.htm
EX-21 - EXHIBIT 21 - MONSANTO CO /NEW/d410012dex21-fy15.htm
EX-31.1 - EXHIBIT 31.1 - MONSANTO CO /NEW/d410012dex311-fy15.htm
EX-23 - EXHIBIT 23 - MONSANTO CO /NEW/d410012dex23-fy15.htm
EX-32 - EXHIBIT 32 - MONSANTO CO /NEW/d410012dex32-fy15.htm


Exhibit 12
MONSANTO COMPANY
 
Ratio of Earnings to Fixed Charges(1)(2)
 
Year Ended Aug. 31,
(Dollars in millions except for ratios)
 
2015
 
2014
 
2013
 
2012
 
2011
EARNINGS:
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations Before Income Taxes
 
$
3,161

 
$
3,827

 
$
3,429

 
$
2,988

 
$
2,374

Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
509

 
327

 
246

 
257

 
234

Equity affiliate income — net
 
13

 
8

 
(15
)
 
(10
)
 
(21
)
Amortization of capitalized interest
 
18

 
17

 
16

 
15

 
15

Less:
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(26
)
 
(28
)
 
(23
)
 
(21
)
 
(22
)
Earnings available for fixed charges
 
$
3,675

 
$
4,151

 
$
3,653

 
$
3,229

 
$
2,580

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
Interest expense(3)
 
$
434

 
$
250

 
$
176

 
$
191

 
$
172

Capitalized interest
 
26

 
28

 
23

 
21

 
22

Portion of rents representative of interest factor
 
49

 
49

 
47

 
45

 
40

Total Fixed Charges
 
$
509

 
$
327

 
$
246

 
$
257

 
$
234

Ratio of Earnings to Fixed Charges
 
7.22

 
12.69

 
14.85

 
12.56

 
11.03

(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.

Debt to Capital Ratio(1)
 
Year Ended Aug. 31,
(amounts in millions except for percentages)
 
2015
 
2014
 
2013
 
2012
 
2011
Short-Term Debt
 
$
615

 
$
233

 
$
51

 
$
36

 
$
678

Long-Term Debt (2)
 
8,429

 
7,465

 
2,048

 
2,024

 
1,532

Total Debt
 
9,044

 
7,698

 
2,099

 
2,060

 
2,210

Total Monsanto Company Shareowners’ Equity
 
6,990

 
7,875

 
12,559

 
11,833

 
11,545

Debt-to-Capital Ratio
 
56
%
 
49
%
 
14
%
 
15
%
 
16
%
(1)
Debt-to-capital ratio is the sum of short-term and long-term debt, divided by the sum of short-term and long-term debt and shareowners’ equity.
(2)
Prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Presentation of Debt Issuance Costs."

Current Ratio(1)
 
Year Ended Aug. 31,
(amounts in millions except for ratios)
 
2015
 
2014
 
2013
 
2012
 
2011
Total Current Assets
 
$
10,625

 
$
9,675

 
$
10,077

 
$
9,658

 
$
8,809

Total Current Liabilities
 
5,177

 
5,112

 
4,336

 
4,221

 
4,729

Current Ratio
 
2.05

 
1.89

 
2.32

 
2.29

 
1.86

(1)
Current ratio represents total current assets divided by total current liabilities.


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