EXHIBIT 12 | |||||||||||||||||||||||||||
ASHLAND INC. | |||||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||
Years ended September 30 | December 31 | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | |||||||||||||||||||||
EARNINGS | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 677 | $ | 38 | $ | 56 | $ | 88 | $ | (240 | ) | $ | 111 | $ | 102 | ||||||||||||
Income tax (benefit) expense | 274 | (52 | ) | (53 | ) | (13 | ) | (83 | ) | 31 | 30 | ||||||||||||||||
Interest expense | 208 | 197 | 105 | 117 | 163 | 38 | 38 | ||||||||||||||||||||
Interest portion of rental expense | 25 | 28 | 25 | 26 | 25 | 7 | 7 | ||||||||||||||||||||
Amortization of deferred debt expense | 65 | 54 | 26 | 81 | 52 | 3 | 5 | ||||||||||||||||||||
Distributions (less than) in excess of earnings | |||||||||||||||||||||||||||
of unconsolidated affiliates | (15 | ) | (32 | ) | (12 | ) | (2 | ) | 1 | — | — | ||||||||||||||||
$ | 1,234 | $ | 233 | $ | 147 | $ | 297 | $ | (82 | ) | $ | 190 | $ | 182 | |||||||||||||
FIXED CHARGES | |||||||||||||||||||||||||||
Interest expense | $ | 208 | $ | 197 | $ | 105 | $ | 117 | $ | 163 | $ | 38 | $ | 38 | |||||||||||||
Interest portion of rental expense | 25 | 28 | 25 | 26 | 25 | 7 | 7 | ||||||||||||||||||||
Amortization of deferred debt expense | 65 | 54 | 26 | 81 | 52 | 3 | 5 | ||||||||||||||||||||
Capitalized interest | 1 | 1 | — | 2 | 3 | — | — | ||||||||||||||||||||
$ | 299 | $ | 280 | $ | 156 | $ | 226 | $ | 243 | $ | 48 | $ | 50 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 4.13 | (C) | (B) | 1.31 | (A) | 3.96 | 3.64 | ||||||||||||||||||||
(A) Deficiency Ratio - Due to the loss from continuing operations, the Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $325 million would have been required for the year ended September 30, 2009. | |||||||||||||||||||||||||||
(B) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $9 million would have been required for the year ended September 30, 2011. | |||||||||||||||||||||||||||
(C) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $47 million would have been required for the year ended September 30, 2012. |
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10-Q Filing
Ashland 10-Q2014 Q1 Quarterly report
Filed: 30 Jan 14, 12:00am