Exhibit 12
RR Donnelley & Sons Company
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
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| Years ended December 31, |
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| 2014 |
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| 2013 |
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| 2012 |
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| 2011 |
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| 2010 |
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Earnings available for fixed charges: |
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Earnings (loss) from continuing operations before income taxes and noncontrolling interests |
| $ |
| 147.1 |
|
| $ |
| 209.0 |
|
| $ |
| (640.0 | ) |
| $ |
| (237.4 | ) |
| $ |
| 323.0 |
|
Less: Equity (loss) income of minority-owned companies included in earnings (loss) from continuing operations before income taxes and noncontrolling interests |
|
|
| 0.4 |
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| 0.1 |
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| 0.2 |
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| (1.1 | ) |
|
|
| (0.2 | ) |
Less: Income (loss) attributable to noncontrolling interests |
|
|
| 3.4 |
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|
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| 7.0 |
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|
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| (2.2 | ) |
|
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| 1.5 |
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|
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| (4.6 | ) |
Add: Fixed charges before capitalized interest |
|
|
| 342.4 |
|
|
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| 322.2 |
|
|
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| 314.4 |
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|
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| 307.4 |
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|
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| 292.7 |
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Add: Amortization of capitalized interest |
|
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| 3.2 |
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| 3.4 |
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|
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| 3.4 |
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|
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| 3.5 |
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|
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| 3.8 |
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Total earnings available for fixed charges |
| $ |
| 488.9 |
|
| $ |
| 527.5 |
|
| $ |
| (320.2 | ) |
| $ |
| 73.1 |
|
| $ |
| 624.3 |
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Fixed charges: |
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Interest expense |
| $ |
| 291.0 |
|
| $ |
| 272.9 |
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| $ |
| 267.0 |
|
| $ |
| 257.0 |
|
| $ |
| 222.6 |
|
Interest portion of rental expense |
|
|
| 51.4 |
|
|
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| 49.3 |
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|
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| 47.4 |
|
|
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| 50.4 |
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|
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| 70.1 |
|
Total fixed charges before capitalized interest |
|
|
| 342.4 |
|
|
|
| 322.2 |
|
|
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| 314.4 |
|
|
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| 307.4 |
|
|
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| 292.7 |
|
Capitalized interest |
|
|
| 3.6 |
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|
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| 3.1 |
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| 4.1 |
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|
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| 2.9 |
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| 1.9 |
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Total fixed charges |
| $ |
| 346.0 |
|
| $ |
| 325.3 |
|
| $ |
| 318.5 |
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| $ |
| 310.3 |
|
| $ |
| 294.6 |
|
Ratio of earnings to fixed charges (a) |
|
|
| 1.41 |
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|
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| 1.62 |
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|
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| (1.01 | ) |
|
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| 0.24 |
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| 2.12 |
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(a) | In 2012 and 2011 earnings (loss) were inadequate to cover fixed charges by $638.7 million and $237.2 million, respectively, due to certain charges in each year. |