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EXHIBIT 12
OWENS-ILLINOIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of dollars, except ratios)
| Years ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
Earnings (loss) from continuing operations before income taxes | $ | 218 | $ | 335 | $ | 328 | $ | (396 | ) | $ | 426 | |||||
Less: Equity earnings | (64 | ) | (67 | ) | (64 | ) | (66 | ) | (59 | ) | ||||||
Add: Total fixed charges deducted from earnings | 238 | 242 | 257 | 320 | 260 | |||||||||||
Dividends received from equity investees | 54 | 67 | 50 | 50 | 62 | |||||||||||
| | | | | | | | | | | | | | | | |
Earnings available for payment of fixed charges | $ | 446 | $ | 577 | $ | 571 | $ | (92 | ) | $ | 689 | |||||
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Fixed charges (including the Company's proportional share of 50% owned associates): | ||||||||||||||||
Interest expense | $ | 235 | $ | 239 | $ | 248 | $ | 314 | $ | 249 | ||||||
Portion of operating lease rental deemed to be interest | 3 | 3 | 9 | 6 | 11 | |||||||||||
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Total fixed charges deducted from earnings | $ | 238 | $ | 242 | $ | 257 | $ | 320 | $ | 260 | ||||||
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Ratio of earnings to fixed charges | 1.9 | 2.4 | 2.2 | 2.7 | ||||||||||||
Deficiency of earnings available to cover fixed charges | $ | 412 |
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EXHIBIT 12 OWENS-ILLINOIS, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of dollars, except ratios)