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. |
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10-Q Filing
Ashland (ASH) 10-Q2017 Q1 Quarterly report
Filed: 27 Jan 17, 12:00am