Attached files
| file | filename |
|---|---|
| EX-32.B - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312017ex32b.htm |
| EX-32.A - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312017ex32a.htm |
| EX-31.B - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312017ex31b.htm |
| EX-31.A - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312017ex31a.htm |
| EX-23 - ANKURA CONSULTING GROUP, LLC - DOW CHEMICAL CO /DE/ | dow-q1x3312017ex23.htm |
| 10-Q - 10-Q - DOW CHEMICAL CO /DE/ | dow-q1x3312017.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, 2017 | Mar 31, 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Income Before Income Taxes | $ | 1,128 | $ | 165 | $ | 4,413 | $ | 9,930 | $ | 5,265 | $ | 6,804 | $ | 1,665 | ||||||||
Add (deduct): | ||||||||||||||||||||||
Equity in earnings of nonconsolidated affiliates | (196 | ) | (39 | ) | (442 | ) | (674 | ) | (835 | ) | (1,034 | ) | (536 | ) | ||||||||
Distributed income of earnings of nonconsolidated affiliates | 408 | 399 | 685 | 816 | 961 | 905 | 823 | |||||||||||||||
Capitalized interest | (66 | ) | (60 | ) | (243 | ) | (218 | ) | (125 | ) | (78 | ) | (84 | ) | ||||||||
Amortization of capitalized interest | 24 | 22 | 83 | 78 | 83 | 91 | 90 | |||||||||||||||
Adjusted earnings | $ | 1,298 | $ | 487 | $ | 4,496 | $ | 9,932 | $ | 5,349 | $ | 6,688 | $ | 1,958 | ||||||||
Fixed charges: | ||||||||||||||||||||||
Interest expense and amortization of debt discount | $ | 219 | $ | 201 | $ | 858 | $ | 946 | $ | 983 | $ | 1,101 | $ | 1,269 | ||||||||
Capitalized interest | 66 | 60 | 243 | 218 | 125 | 78 | 84 | |||||||||||||||
Rental expense – interest component | 42 | 36 | 161 | 167 | 134 | 122 | 120 | |||||||||||||||
Total fixed charges | $ | 327 | $ | 297 | $ | 1,262 | $ | 1,331 | $ | 1,242 | $ | 1,301 | $ | 1,473 | ||||||||
Earnings available for the payment of fixed charges | $ | 1,625 | $ | 784 | $ | 5,758 | $ | 11,263 | $ | 6,591 | $ | 7,989 | $ | 3,431 | ||||||||
Ratio of earnings to fixed charges | 5.0 | 2.6 | 4.6 | 8.5 | 5.3 | 6.1 | 2.3 | |||||||||||||||
Earnings required for combined fixed charges and preferred stock dividends (1): | ||||||||||||||||||||||
Preferred stock dividends | $ | — | $ | 85 | $ | 340 | $ | 340 | $ | 340 | $ | 340 | $ | 340 | ||||||||
Adjustment to pretax basis (at 35 percent) | — | 46 | 183 | 183 | 183 | 183 | 183 | |||||||||||||||
Preferred stock dividends - pretax | $ | — | $ | 131 | $ | 523 | $ | 523 | $ | 523 | $ | 523 | $ | 523 | ||||||||
Combined fixed charges and preferred stock dividend requirements | $ | 327 | $ | 428 | $ | 1,785 | $ | 1,854 | $ | 1,765 | $ | 1,824 | $ | 1,996 | ||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 5.0 | 1.8 | 3.2 | 6.1 | 3.7 | 4.4 | 1.7 | |||||||||||||||
(1) | On December 30, 2016, all outstanding shares of the Company's Cumulative Convertible Perpetual Preferred Stock, Series A ("Preferred Stock") were converted into shares of the Company's common stock. As a result of this conversion, no shares of Preferred Stock are issued or outstanding. |
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