EX-12 2 adm-ex12_2016630xq2.htm EXHIBIT 12 Exhibit
Exhibit 12

Calculation of Ratio of Earnings to Fixed Charges
Archer Daniels Midland Company
Expressed in Thousands


 
 
 
 
 
Six Months
 
 
 
 
 
 
 
Six Months
 
Fiscal Years Ended
 
Ended
 
Year Ended
 
Year Ended
 
Year Ended
 
Ended
 
30-Jun
 
31-Dec
 
31-Dec
 
31-Dec
 
31-Dec
 
30-Jun
 
2011
 
2012
 
2012
 
2013
 
2014
 
2015
 
2016
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
3,015,311

 
$
1,764,898

 
$
997,275

 
$
2,023,341

 
$
3,129,966

 
$
2,284,045

 
$
713,030

Less: Equity in Earnings of
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Affiliates, Net of
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends
(396,755)
 
(243,121)
 
(200,833)
 
(285,263)
 
(214,979)
 
(49,693)
 
(30,001)
Less: Capitalized Interest
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in Interest Expense Below
(7,211)
 
(20,869)
 
(11,548)
 
(16,434)
 
(17,863)
 
(10,761)
 
(9,050)
Less: Noncontrolling Interest
17,573
 
(18,387)
 
(2,184)
 
(11,868)
 
(4,553)
 
3,089
 
(4,711)
Total Earnings
2,628,918
 
1,482,521
 
782,710
 
1,709,776
 
2,892,571
 
2,226,680
 
669,268
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Interest Expense
482,298
 
441,765
 
212,527
 
412,810
 
336,633
 
307,941
 
135,586
Capitalized Interest
7,211
 
20,869
 
11,548
 
16,434
 
17,863
 
10,761
 
9,050
Total Interest Expense
489,509
 
462,634
 
224,075
 
429,244
 
354,496
 
318,702
 
144,636
   Amortization of Debt Discount(1)
4,282
 
0
 
 
 
 
 
 
 
 
 
 
One Third of Rental Expenses
83,764
 
69,648
 
35,295
 
66,311
 
64,681
 
77,202
 
41,171
Total Fixed Charges
577,555
 
532,282
 
259,370
 
495,555
 
419,177
 
395,904
 
185,807
Earnings Available for Fixed Charges
$
3,206,473

 
$
2,014,803

 
$
1,042,080

 
$
2,205,331

 
$
3,311,748

 
$
2,622,584

 
$
855,075

Ratio of Earnings to Fixed Charges
5.55
 
3.79
 
4.02
 
4.45
 
7.90
 
6.62
 
4.60


(1) Effective fiscal 2012, the Company reclassified amortization of debt discount to interest expense.