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EXHIBIT 12
OWENS-ILLINOIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
|
| Nine months ended September 30, |
| ||||
|
| 2014 |
| 2013 |
| ||
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|
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Earnings from continuing operations before income taxes |
| $ | 404 |
| $ | 472 |
|
Less: Equity earnings |
| (48 | ) | (49 | ) | ||
Add: Total fixed charges deducted from earnings |
| 165 |
| 187 |
| ||
Dividends received from equity investees |
| 44 |
| 52 |
| ||
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|
|
|
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Earnings available for payment of fixed charges |
| $ | 565 |
| $ | 662 |
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Fixed charges |
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Interest expense |
| $ | 164 |
| $ | 184 |
|
Portion of operating lease rental deemed to be interest |
| 1 |
| 3 |
| ||
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|
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|
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Total fixed charges deducted from earnings and fixed charges |
| $ | 165 |
| $ | 187 |
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Ratio of earnings to fixed charges |
| 3.4 |
| 3.5 |
| ||