Dow Chemical 2013 Annual Report Download - page 176
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Selected Exhibits Follow
154
The Dow Chemical Company and Subsidiaries EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
For the Years Ended December 31
In millions, except ratios (Unaudited) 2013 2012 2011 2010 2009
Income from Continuing Operations Before
Income Taxes $ 6,804 $ 1,665 $ 3,601 $ 2,802 $ 469
Add (deduct):
Equity in earnings of nonconsolidated affiliates (1,034) (536) (1,223) (1,112) (630)
Distributed income of earnings of
nonconsolidated affiliates 905 823 1,016 668 690
Capitalized interest (78) (84) (90) (72) (61)
Amortization of capitalized interest 91 90 100 95 91
Preferred security dividends — — — — (20)
Adjusted earnings $ 6,688 $ 1,958 $ 3,404 $ 2,381 $ 539
Fixed charges:
Interest expense and amortization of debt
discount $ 1,101 $ 1,269 $ 1,341 $ 1,473 $ 1,571
Capitalized interest 78 84 90 72 61
Preferred security dividends — — — — 20
Rental expense – interest component 122 120 112 95 107
Total fixed charges $ 1,301 $ 1,473 $ 1,543 $ 1,640 $ 1,759
Earnings available for the payment of
fixed charges $ 7,989 $ 3,431 $ 4,947 $ 4,021 $ 2,298
Ratio of earnings to fixed charges 6.1 2.3 3.2 2.5 1.3
Earnings required for combined fixed
charges and preferred stock dividends:
Preferred stock dividends $ 340 $ 340 $ 340 $ 340 $ 312
Adjustment to pretax basis (at 35 percent) 183 183 183 183 168
Preferred stock dividends - pretax $ 523 $ 523 $ 523 $ 523 $ 480
Combined fixed charges and preferred stock
dividend requirements $ 1,824 $ 1,996 $ 2,066 $ 2,163 $ 2,239
Ratio of earnings to combined fixed charges
and preferred stock dividend requirements 4.4 1.7 2.4 1.9 1.0