Exhibit 12
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
BEMIS COMPANY, INC.
(in millions of dollars except ratio data)
(unaudited)
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| For the Year Ended December 31, |
| For the Six |
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| 2011 |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
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EARNINGS: |
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Pretax income from continuing operations |
| $ | 258.6 |
| $ | 241.2 |
| $ | 289.7 |
| $ | 363.7 |
| $ | 363.9 |
| $ | 159.5 |
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Fixed charges |
| 82.7 |
| 76.8 |
| 74.2 |
| 66.2 |
| 56.7 |
| 32.0 |
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Less: Capitalized interest |
| (0.1 | ) | (0.1 | ) | (0.3 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | ||||||
Losses (gains) recognized in pre-tax income for less than 50% owned persons |
| (2.5 | ) | (2.6 | ) | (3.1 | ) | (1.7 | ) | (1.9 | ) | (0.9 | ) | ||||||
Distributed income of equity investees |
| 4.3 |
| 4.4 |
| 3.4 |
| — |
| 1.7 |
| — |
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Capitalized interest amortization |
| 0.7 |
| 0.7 |
| 1.0 |
| 0.7 |
| 0.7 |
| 0.3 |
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TOTAL EARNINGS |
| $ | 343.7 |
| $ | 320.4 |
| $ | 364.9 |
| $ | 428.7 |
| $ | 420.7 |
| $ | 190.6 |
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FIXED CHARGES: |
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Interest expense: |
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Consolidated interest expense |
| $ | 76.7 |
| $ | 70.9 |
| $ | 68.2 |
| $ | 60.8 |
| $ | 51.7 |
| $ | 29.4 |
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Capitalized interest |
| 0.1 |
| 0.1 |
| 0.3 |
| 0.2 |
| 0.4 |
| 0.3 |
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Total interest expense |
| 76.8 |
| 71.0 |
| 68.5 |
| 61.0 |
| 52.1 |
| 29.7 |
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Interest inherent in rent expense |
| 5.9 |
| 5.8 |
| 5.7 |
| 5.2 |
| 4.6 |
| 2.3 |
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TOTAL FIXED CHARGES |
| $ | 82.7 |
| $ | 76.8 |
| $ | 74.2 |
| $ | 66.2 |
| $ | 56.7 |
| $ | 32.0 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 4.2 |
| 4.2 |
| 4.9 |
| 6.5 |
| 7.4 |
| 6.0 |
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Interest inherent in rent expense is an amount representative of the interest factor in rentals (for this purpose, the interest factor is assumed to be one-third of rental expense). Interest associated with uncertain tax liabilities has been excluded from fixed charges as the benefits (generally reflecting statute of limitations lapses) would reduce fixed charges.
