Exhibit 12
MONSANTO COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)(2)
(Dollars in millions)
Nine Months Ended May 31, | Year Ended Aug. 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | $ | 3,770 | $ | 2,988 | $ | 2,374 | $ | 1,490 | $ | 2,918 | $ | 2,926 | ||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 174 | 257 | 234 | 227 | 178 | 162 | ||||||||||||||||||
Equity affiliate income — net | (20 | ) | (10 | ) | (21 | ) | (16 | ) | (17 | ) | (2 | ) | ||||||||||||
Amortization of capitalized interest | 12 | 15 | 15 | 14 | 13 | 16 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest | (15 | ) | (21 | ) | (22 | ) | (25 | ) | (34 | ) | (22 | ) | ||||||||||||
Earnings available for fixed charges | $ | 3,921 | $ | 3,229 | $ | 2,580 | $ | 1,690 | $ | 3,058 | $ | 3,080 | ||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense(3) | $ | 126 | $ | 191 | $ | 172 | $ | 167 | $ | 107 | $ | 110 | ||||||||||||
Capitalized interest | 15 | 21 | 22 | 25 | 34 | 22 | ||||||||||||||||||
Portion of rents representative of interest factor | 33 | 45 | 40 | 35 | 37 | 30 | ||||||||||||||||||
Total fixed charges | $ | 174 | $ | 257 | $ | 234 | $ | 227 | $ | 178 | $ | 162 | ||||||||||||
Ratio of Earnings to Fixed Charges | 22.53 | 12.56 | 11.03 | 7.44 | 17.18 | 19.01 |
(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. |