Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - MONSANTO CO /NEW/ | mon-ex32_20151130xq1.htm |
| EX-31.1 - EXHIBIT 31.1 - MONSANTO CO /NEW/ | mon-ex311_20151130xq1.htm |
| EX-31.2 - EXHIBIT 31.2 - MONSANTO CO /NEW/ | mon-ex312_20151130xq1.htm |
| 10-Q - 10-Q - MONSANTO CO /NEW/ | mon-20151130xq1.htm |
Exhibit 12
MONSANTO COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)(2)
(Dollars in millions)
Three Months Ended Nov. 30, | Year Ended Aug. 31, | ||||||||||||||||||||||
2015 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
(Loss) Income from Continuing Operations Before Income Taxes | $ | (406 | ) | $ | 3,161 | $ | 3,827 | $ | 3,429 | $ | 2,988 | $ | 2,374 | ||||||||||
Add: | |||||||||||||||||||||||
Fixed charges | 151 | 509 | 327 | 246 | 257 | 234 | |||||||||||||||||
Equity affiliate income — net | 2 | 13 | 8 | (15 | ) | (10 | ) | (21 | ) | ||||||||||||||
Amortization of capitalized interest | 5 | 18 | 17 | 16 | 15 | 15 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Capitalized interest | (7 | ) | (26 | ) | (28 | ) | (23 | ) | (21 | ) | (22 | ) | |||||||||||
Earnings available for fixed charges | $ | (255 | ) | $ | 3,675 | $ | 4,151 | $ | 3,653 | $ | 3,229 | $ | 2,580 | ||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense(3) | $ | 132 | $ | 434 | $ | 250 | $ | 176 | $ | 191 | $ | 172 | |||||||||||
Capitalized interest | 7 | 26 | 28 | 23 | 21 | 22 | |||||||||||||||||
Portion of rents representative of interest factor | 12 | 49 | 49 | 47 | 45 | 40 | |||||||||||||||||
Total fixed charges | $ | 151 | $ | 509 | $ | 327 | $ | 246 | $ | 257 | $ | 234 | |||||||||||
Ratio of Earnings to Fixed Charges | N/A | (4) | 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 has 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. |
(4) | The ratio of earnings to fixed charges was negative for the three months ended Nov. 30, 2015. Additional earnings of $406 million would be needed to have a one-to-one ratio of earnings to fixed charges. |