Attached files
| file | filename |
|---|---|
| EX-32.2 - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312018ex322.htm |
| EX-32.1 - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312018ex321.htm |
| EX-31.2 - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312018ex312.htm |
| EX-31.1 - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - DOW CHEMICAL CO /DE/ | dow-q1x3312018ex311.htm |
| EX-23 - ANALYSIS, RESEARCH & PLANNING CORPORATION'S CONSENT - DOW CHEMICAL CO /DE/ | dow-q1x3312018ex23.htm |
| 10-Q - 10-Q - DOW CHEMICAL CO /DE/ | dow-q1x3312018.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 Dec 31 | ||||||||||||||||||||
In millions, except ratios (Unaudited) | Mar 31, 2018 | Mar 31, 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Income Before Income Taxes | $ | 1,740 | $ | 1,128 | $ | 2,799 | $ | 4,413 | $ | 9,930 | $ | 5,265 | $ | 6,804 | |||||||
Add (deduct): | |||||||||||||||||||||
Equity in earnings of nonconsolidated affiliates | (243 | ) | (196 | ) | (762 | ) | (442 | ) | (674 | ) | (835 | ) | (1,034 | ) | |||||||
Distributed income of earnings of nonconsolidated affiliates | 530 | 408 | 865 | 685 | 816 | 961 | 905 | ||||||||||||||
Capitalized interest | (22 | ) | (66 | ) | (240 | ) | (243 | ) | (218 | ) | (125 | ) | (78 | ) | |||||||
Amortization of capitalized interest | 27 | 24 | 95 | 83 | 78 | 83 | 91 | ||||||||||||||
Adjusted earnings | $ | 2,032 | $ | 1,298 | $ | 2,757 | $ | 4,496 | $ | 9,932 | $ | 5,349 | $ | 6,688 | |||||||
Fixed charges: | |||||||||||||||||||||
Interest expense and amortization of debt discount | $ | 270 | $ | 219 | $ | 976 | $ | 858 | $ | 946 | $ | 983 | $ | 1,101 | |||||||
Capitalized interest | 22 | 66 | 240 | 243 | 218 | 125 | 78 | ||||||||||||||
Rental expense – interest component | 45 | 42 | 181 | 161 | 167 | 134 | 122 | ||||||||||||||
Total fixed charges | $ | 337 | $ | 327 | $ | 1,397 | $ | 1,262 | $ | 1,331 | $ | 1,242 | $ | 1,301 | |||||||
Earnings available for the payment of fixed charges | $ | 2,369 | $ | 1,625 | $ | 4,154 | $ | 5,758 | $ | 11,263 | $ | 6,591 | $ | 7,989 | |||||||
Ratio of earnings to fixed charges | 7.0 | 5.0 | 3.0 | 4.6 | 8.5 | 5.3 | 6.1 | ||||||||||||||
Earnings required for combined fixed charges and preferred stock dividends: 1 | |||||||||||||||||||||
Preferred stock dividends | $ | — | $ | — | $ | — | $ | 340 | $ | 340 | $ | 340 | $ | 340 | |||||||
Adjustment to pretax basis 2 | — | — | — | 183 | 183 | 183 | 183 | ||||||||||||||
Preferred stock dividends - pretax | $ | — | $ | — | $ | — | $ | 523 | $ | 523 | $ | 523 | $ | 523 | |||||||
Combined fixed charges and preferred stock dividend requirements | $ | 337 | $ | 327 | $ | 1,397 | $ | 1,785 | $ | 1,854 | $ | 1,765 | $ | 1,824 | |||||||
Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 7.0 | 5.0 | 3.0 | 3.2 | 6.1 | 3.7 | 4.4 | ||||||||||||||
1. | On December 30, 2016 ("Conversion Date"), the Company's Cumulative Convertible Perpetual Preferred Stock, Series A ("Preferred Stock") was converted into shares of the Company's common stock. From and after the Conversion Date, no shares of Preferred Stock are issued or outstanding and all rights of the holders of the Preferred Stock have terminated. |
2. | The Tax Cuts and Jobs Act was enacted on December 22, 2017. Effective from that date forward the U.S. federal corporate income tax rate was reduced from 35 percent to 21 percent. |
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