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Filing tables
Filing exhibits
- 10-K Annual report
- 10 Exhibit 10 (X)
- 10 Exhibit 10 (Xi)
- 10 Exhibit 10 (Xiii)
- 10 Exhibit 10 (Xiii)
- 10 Exhibit 10 (Xiv)
- 10 Exhibit 10 (XV)
- 10 Exhibit 10 (Xvi)
- 10 Exhibit 10 (Xvii)
- 12 Exhibit 12
- 21 Exhibit 21
- 23 Exhibit 23
- 24 Exhibit 24
- 31.1 Exhibit 31.1 Paw
- 31.2 Exhibit 31.2 Rgy
- 32.1 Exibit 32.1 Paw
- 32.2 Exhibit 32.2 Rgy
- PDF PDF
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EXHIBIT 12
Calculation of Ratio of Earnings to Fixed Charges
Archer-Daniels-Midland Company
Expressed in Thousands
2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Earnings Before Income Taxes | $ | 2,594,399 | $ | 2,499,557 | $ | 2,585,099 | $ | 3,015,311 | $ | 1,764,898 | ||||||||||
Less: Equity in Earnings of | ||||||||||||||||||||
Affiliates, Net of Dividends | (284,316 | ) | 55,367 | (326,232 | ) | (396,755 | ) | (243,121 | ) | |||||||||||
Less: Capitalized Interest Included in Interest | ||||||||||||||||||||
Below | (52,110 | ) | (94,532 | ) | (75,060 | ) | (7,211 | ) | (20,869 | ) | ||||||||||
Less: Noncontrolling Interest | (6,103 | ) | (3,751 | ) | 10,996 | 17,573 | (18,387 | ) | ||||||||||||
Total Earnings | 2,251,870 | 2,456,641 | 2,194,803 | 2,628,918 | 1,482,521 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest Expense: | ||||||||||||||||||||
Consolidated Interest Expense | 512,922 | 469,059 | 421,461 | 482,298 | 441,765 | |||||||||||||||
Capitalized Interest | 52,110 | 94,532 | 75,060 | 7,211 | 20,869 | |||||||||||||||
Total Interest Expense | 565,032 | 563,591 | 496,521 | 489,509 | 462,634 | |||||||||||||||
Amortization of Debt Discount (1) | 3,250 | 3,832 | 3,805 | 4,282 | ||||||||||||||||
One Third of Rental Expenses | 67,106 | 72,289 | 80,682 | 83,764 | 69,648 | |||||||||||||||
Total Fixed Charges | 635,388 | 639,712 | 581,008 | 577,555 | 532,282 | |||||||||||||||
Earnings Available for Fixed Charges | $ | 2,887,258 | $ | 3,096,353 | $ | 2,775,811 | $ | 3,206,473 | $ | 2,014,803 | ||||||||||
Ratio of Earnings to Fixed Charges | 4.54 | 4.84 | 4.78 | 5.55 | 3.79 |
(1) Effective fiscal 2012, the Company reclassified amortization of debt discount to interest expense.