Monsanto 10-Q 2015 Q3 Quarterly report

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,
	2015			2014			2013			2012			2011			2010
EARNINGS:
Income from Continuing Operations Before Income Taxes	$	3,845		$	3,827		$	3,429		$	2,988		$	2,374		$	1,490
Add:
Fixed charges	358			327			246			257			234			227
Equity affiliate income — net	3			8			(15		)	(10		)	(21		)	(16		)
Amortization of capitalized interest	14			17			16			15			15			14
Less:
Capitalized interest	(19		)	(28		)	(23		)	(21		)	(22		)	(25		)
Earnings available for fixed charges	$	4,201		$	4,151		$	3,653		$	3,229		$	2,580		$	1,690
FIXED CHARGES:
Interest expense(3)	$	302		$	250		$	176		$	191		$	172		$	167
Capitalized interest	19			28			23			21			22			25
Portion of rents representative of interest factor	37			49			47			45			40			35
Total fixed charges	$	358		$	327		$	246		$	257		$	234		$	227
Ratio of Earnings to Fixed Charges	11.73			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 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.