Attached files
| file | filename |
|---|---|
| EX-23 - ANKURA CONSULTING GROUP, LLC - DOW CHEMICAL CO /DE/ | dow-q1x3312016ex23.htm |
| EX-31.A - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312016ex31a.htm |
| EX-31.B - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312016ex31b.htm |
| EX-32.B - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312016ex32b.htm |
| 10-Q - 10-Q - DOW CHEMICAL CO /DE/ | dow-q1x3312016.htm |
| EX-32.A - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312016ex32a.htm |
The Dow Chemical Company and Subsidiaries | EXHIBIT 12.1 | |||
Computation of Ratio of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
Three Months Ended | For the Years Ended December 31 | |||||||||||||||||||||
In millions, except ratios (Unaudited) | Mar 31, 2016 | Mar 31, 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Income Before Income Taxes | $ | 165 | $ | 2,205 | $ | 9,930 | $ | 5,265 | $ | 6,804 | $ | 1,665 | $ | 3,601 | ||||||||
Add (deduct): | ||||||||||||||||||||||
Equity in earnings of nonconsolidated affiliates | (39 | ) | (168 | ) | (674 | ) | (835 | ) | (1,034 | ) | (536 | ) | (1,223 | ) | ||||||||
Distributed income of earnings of nonconsolidated affiliates | 399 | 577 | 816 | 961 | 905 | 823 | 1,016 | |||||||||||||||
Capitalized interest | (60 | ) | (49 | ) | (218 | ) | (125 | ) | (78 | ) | (84 | ) | (90 | ) | ||||||||
Amortization of capitalized interest | 22 | 20 | 78 | 83 | 91 | 90 | 100 | |||||||||||||||
Adjusted earnings | $ | 487 | $ | 2,585 | $ | 9,932 | $ | 5,349 | $ | 6,688 | $ | 1,958 | $ | 3,404 | ||||||||
Fixed charges: | ||||||||||||||||||||||
Interest expense and amortization of debt discount | $ | 201 | $ | 241 | $ | 946 | $ | 983 | $ | 1,101 | $ | 1,269 | $ | 1,341 | ||||||||
Capitalized interest | 60 | 49 | 218 | 125 | 78 | 84 | 90 | |||||||||||||||
Rental expense – interest component | 36 | 40 | 167 | 134 | 122 | 120 | 112 | |||||||||||||||
Total fixed charges | $ | 297 | $ | 330 | $ | 1,331 | $ | 1,242 | $ | 1,301 | $ | 1,473 | $ | 1,543 | ||||||||
Earnings available for the payment of fixed charges | $ | 784 | $ | 2,915 | $ | 11,263 | $ | 6,591 | $ | 7,989 | $ | 3,431 | $ | 4,947 | ||||||||
Ratio of earnings to fixed charges | 2.6 | 8.8 | 8.5 | 5.3 | 6.1 | 2.3 | 3.2 | |||||||||||||||
Earnings required for combined fixed charges and preferred stock dividends: | ||||||||||||||||||||||
Preferred stock dividends | $ | 85 | $ | 85 | $ | 340 | $ | 340 | $ | 340 | $ | 340 | $ | 340 | ||||||||
Adjustment to pretax basis (at 35 percent) | 46 | 46 | 183 | 183 | 183 | 183 | 183 | |||||||||||||||
Preferred stock dividends - pretax | $ | 131 | $ | 131 | $ | 523 | $ | 523 | $ | 523 | $ | 523 | $ | 523 | ||||||||
Combined fixed charges and preferred stock dividend requirements | $ | 428 | $ | 461 | $ | 1,854 | $ | 1,765 | $ | 1,824 | $ | 1,996 | $ | 2,066 | ||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 1.8 | 6.3 | 6.1 | 3.7 | 4.4 | 1.7 | 2.4 | |||||||||||||||
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