Ashland (ASH) 10-Q 2017 Q1 Quarterly report

															EXHIBIT 12
ASHLAND GLOBAL HOLDINGS INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
															Three months ended
	Years ended September 30														December 31
	2016		2015			2014			2013			2012			2016			2015
EARNINGS
Income from continuing operations	$	3	$	191		$	72		$	553		$	14		$	10		$	91
Income tax expense (benefit)	133		(22		)	(188		)	196			(57		)	(6		)	20
Interest expense	167		148			149			208			197			40			39
Interest portion of rental expense	22		20			29			25			28			6			5
Amortization of deferred debt expense	23		18			14			65			54			95			3
Distributions in excess of (less than) earnings
of unconsolidated affiliates	5		7			(11		)	(15		)	(32		)	(4		)	1
	$	353	$	362		$	65		$	1,032		$	204		$	141		$	159
FIXED CHARGES
Interest expense	$	167	$	148		$	149		$	208		$	197		$	40		$	39
Interest portion of rental expense	22		20			29			25			28			6			5
Amortization of deferred debt expense	23		18			14			65			54			95			3
Capitalized interest	1		2			1			1			1			—			—
	$	213	$	188		$	193		$	299		$	280		$	141		$	47
RATIO OF EARNINGS TO FIXED CHARGES	1.66		1.93			(B)			3.45			(A)			1.00			3.38
(A) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x.  To achieve a ratio of 1x, additional total earnings of $76 million would have been required for the year ended September 30, 2012.
(B) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x.  To achieve a ratio of 1x, additional total earnings of $128 million would have been required for the year ended September 30, 2014.