Exhibit 12.1
COMPUTATION OF THE PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
BEMIS COMPANY, INC.
(in millions of dollars except ratio data)
(unaudited)
|
| For the Year Ended |
| For the Six Months |
| ||
|
| December 31, |
| Ended June 30, |
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|
| 2015 |
| 2016 |
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EARNINGS: |
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|
|
|
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Pretax income from continuing operations |
| $ | 356.1 |
| $ | 155.9 |
|
Fixed charges |
| 64.5 |
| 35.6 |
| ||
Less: Capitalized interest |
| (0.4 | ) | (0.3 | ) | ||
Losses (gains) recognized in pre-tax income for less than 50% owned persons |
| (1.9 | ) | (0.9 | ) | ||
Distributed income of equity investees |
| 1.7 |
| — |
| ||
Capitalized interest amortization |
| 0.7 |
| 0.3 |
| ||
TOTAL EARNINGS |
| $ | 420.7 |
| $ | 190.6 |
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FIXED CHARGES: |
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Interest expense: |
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Consolidated interest expense |
| $ | 59.5 |
| $ | 33.0 |
|
Capitalized interest |
| 0.4 |
| 0.3 |
| ||
Total interest expense |
| 59.9 |
| 33.3 |
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Interest inherent in rent expense |
| 4.6 |
| 2.3 |
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TOTAL FIXED CHARGES |
| $ | 64.5 |
| $ | 35.6 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 6.5 |
| 5.4 |
|
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.