OWENS‑ILLINOIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of dollars, except ratios)
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| Years ended December 31, |
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| 2015 |
| 2014 |
| 2013 |
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Earnings from continuing operations before income taxes |
| $ | 268 |
| $ | 307 |
| $ | 468 |
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Less: Equity earnings |
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| (60) |
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| (64) |
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| (67) |
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Add: Total fixed charges deducted from earnings |
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| 264 |
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| 238 |
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| 242 |
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Dividends received from equity investees |
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| 53 |
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| 54 |
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| 67 |
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Earnings available for payment of fixed charges |
| $ | 525 |
| $ | 535 |
| $ | 710 |
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Fixed charges (including the Company’s proportional share of 50% owned associates): |
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Interest expense |
| $ | 259 |
| $ | 235 |
| $ | 239 |
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Portion of operating lease rental deemed to be interest |
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| 5 |
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| 3 |
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| 3 |
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Total fixed charges deducted from earnings |
| $ | 264 |
| $ | 238 |
| $ | 242 |
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Ratio of earnings to fixed charges |
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| 2.0 |
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| 2.2 |
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| 2.9 |
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