Exhibit 12
MONSANTO COMPANY
Ratio of Earnings to Fixed Charges(1)(2) | Year Ended Aug. 31, | |||||||||||||||||||
(Dollars in millions except for ratios) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
EARNINGS: | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes | $ | 3,827 | $ | 3,429 | $ | 2,988 | $ | 2,374 | $ | 1,490 | ||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 327 | 246 | 257 | 234 | 227 | |||||||||||||||
Equity affiliate income — net | 8 | (15 | ) | (10 | ) | (21 | ) | (16 | ) | |||||||||||
Amortization of capitalized interest | 17 | 16 | 15 | 15 | 14 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (28 | ) | (23 | ) | (21 | ) | (22 | ) | (25 | ) | ||||||||||
Earnings available for fixed charges | $ | 4,151 | $ | 3,653 | $ | 3,229 | $ | 2,580 | $ | 1,690 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense(3) | $ | 250 | $ | 176 | $ | 191 | $ | 172 | $ | 167 | ||||||||||
Capitalized interest | 28 | 23 | 21 | 22 | 25 | |||||||||||||||
Portion of rents representative of interest factor | 49 | 47 | 45 | 40 | 35 | |||||||||||||||
Total Fixed Charges | $ | 327 | $ | 246 | $ | 257 | $ | 234 | $ | 227 | ||||||||||
Ratio of Earnings to Fixed Charges | 12.69 | 14.85 | 12.56 | 11.03 | 7.44 |
(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 have 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. |
Debt to Capital Ratio(1) | Year Ended Aug. 31, | |||||||||||||||||||
(amounts in millions except for percentages) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Short-Term Debt | $ | 233 | $ | 51 | $ | 36 | $ | 678 | $ | 241 | ||||||||||
Long-Term Debt | 7,528 | 2,061 | 2,038 | 1,543 | 1,862 | |||||||||||||||
Total Debt | 7,761 | 2,112 | 2,074 | 2,221 | 2,103 | |||||||||||||||
Total Monsanto Company Shareowners’ Equity | 7,875 | 12,559 | 11,833 | 11,545 | 10,069 | |||||||||||||||
Debt-to-Capital Ratio | 50 | % | 14 | % | 15 | % | 16 | % | 17 | % |
(1) | Debt-to-capital ratio is the sum of short-term and long-term debt, divided by the sum of short-term and long-term debt and shareowners’ equity. |
Current Ratio(1) | Year Ended Aug. 31, | |||||||||||||||||||
(amounts in millions except for ratios) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Total Current Assets | $ | 9,675 | $ | 10,077 | $ | 9,658 | $ | 8,809 | $ | 7,050 | ||||||||||
Total Current Liabilities | 5,112 | 4,336 | 4,221 | 4,729 | 3,556 | |||||||||||||||
Current Ratio | 1.89 | 2.32 | 2.29 | 1.86 | 1.98 |
(1) | Current ratio represents total current assets divided by total current liabilities. |