EXHIBIT 12 | ||||||||||||||||||||
ASHLAND GLOBAL HOLDINGS INC. | ||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Years ended September 30 | ||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 301 | $ | (121 | ) | $ | (12 | ) | $ | (283 | ) | $ | (105 | ) | ||||||
Income tax expense (benefit) | 48 | (290 | ) | (139 | ) | (25 | ) | 7 | ||||||||||||
Interest expense | 208 | 149 | 148 | 162 | 123 | |||||||||||||||
Interest portion of rental expense | 15 | 20 | 15 | 17 | 16 | |||||||||||||||
Amortization of deferred debt expense | 65 | 14 | 18 | 18 | 109 | |||||||||||||||
Distributions in excess of (less than) earnings | ||||||||||||||||||||
of unconsolidated affiliates | (10 | ) | (9 | ) | 1 | 1 | 1 | |||||||||||||
$ | 627 | $ | (237 | ) | $ | 31 | $ | (110 | ) | $ | 151 | |||||||||
FIXED CHARGES | ||||||||||||||||||||
Interest expense | $ | 208 | $ | 149 | $ | 148 | $ | 162 | $ | 123 | ||||||||||
Interest portion of rental expense | 15 | 20 | 15 | 17 | 16 | |||||||||||||||
Amortization of deferred debt expense | 65 | 14 | 18 | 18 | 109 | |||||||||||||||
Capitalized interest | 1 | 1 | 2 | 1 | 1 | |||||||||||||||
$ | 289 | $ | 184 | $ | 183 | $ | 198 | $ | 249 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.17 | (A) | (B) | (C) | (D) | |||||||||||||||
(A) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $421 million would have been required for the year ended September 30, 2014. | ||||||||||||||||||||
(B) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $152 million would have been required for the year ended September 30, 2015. | ||||||||||||||||||||
(C) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $308 million would have been required for the year ended September 30, 2016. | ||||||||||||||||||||
(D) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $98 million would have been required for the year ended September 30, 2017. |
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10-K Filing
Ashland (ASH) 10-K2016 FY Annual report
Filed: 20 Nov 17, 12:00am