Exhibit 12
Calculation of Ratio of Earnings to Fixed Charges
Archer Daniels Midland Company
Expressed in Thousands
Six months | Quarter | |||||||||||||||||||||||||||
Fiscal Years Ended | ended | ended | ||||||||||||||||||||||||||
30-Jun | 31-Dec | 31-Mar | ||||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2012 | 2013 | ||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Earnings Before Income Taxes | $ | 2,594,399 | $ | 2,499,557 | $ | 2,585,099 | $ | 3,015,311 | $ | 1,764,898 | $ | 997,275 | $ | 374,879 | ||||||||||||||
Less: Equity in Earnings of | ||||||||||||||||||||||||||||
Unconsolidated Affiliates, Net of | ||||||||||||||||||||||||||||
Dividends | (284,316 | ) | 55,367 | (326,232 | ) | (396,755 | ) | (243,121 | ) | (200,833 | ) | (78,585 | ) | |||||||||||||||
Less: Capitalized Interest | ||||||||||||||||||||||||||||
Included in Interest Below | (52,110 | ) | (94,532 | ) | (75,060 | ) | (7,211 | ) | (20,869 | ) | (11,548 | ) | (6,624 | ) | ||||||||||||||
Less: Noncontrolling Interest | (6,103 | ) | (3,751 | ) | 10,996 | 17,573 | (18,387 | ) | (2,184 | ) | (1,006 | ) | ||||||||||||||||
Total Earnings | 2,251,870 | 2,456,641 | 2,194,803 | 2,628,918 | 1,482,521 | 782,710 | 288,664 | |||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest Expenses: | ||||||||||||||||||||||||||||
Consolidated Interest Expense | 512,922 | 469,059 | 421,461 | 482,298 | 441,765 | 212,290 | 105,790 | |||||||||||||||||||||
Capitalized Interest | 52,110 | 94,532 | 75,060 | 7,211 | 20,869 | 11,548 | 6,624 | |||||||||||||||||||||
Total Interest Expense | 565,032 | 563,591 | 496,521 | 489,509 | 462,634 | 223,838 | 112,414 | |||||||||||||||||||||
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 | 35,295 | 9,063 | |||||||||||||||||||||
Total Fixed Charges | 635,388 | 639,712 | 581,008 | 577,555 | 532,282 | 259,133 | 121,477 | |||||||||||||||||||||
Earnings Available for Fixed Charges | $ | 2,887,258 | $ | 3,096,353 | $ | 2,775,811 | $ | 3,206,473 | $ | 2,014,803 | $ | 1,041,843 | $ | 410,141 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 4.54 | 4.84 | 4.78 | 5.55 | 3.79 | 4.02 | 3.38 | |||||||||||||||||||||
(1) Effective fiscal 2012, the Company reclassified amortization of debt discount to interest expense.