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EXHIBIT 12
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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| 2016 |
| 2015 |
| 2014 |
| 2013 | ||||
Earnings from continuing operations before income taxes |
| $ | 356 |
| $ | 268 |
| $ | 307 |
| $ | 468 |
Less: Equity earnings |
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| (60) |
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| (60) |
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| (64) |
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| (67) |
Add: Total fixed charges deducted from earnings |
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| 284 |
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| 264 |
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| 238 |
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| 242 |
Dividends received from equity investees |
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| 38 |
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| 53 |
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| 54 |
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| 67 |
Earnings available for payment of fixed charges |
| $ | 618 |
| $ | 525 |
| $ | 535 |
| $ | 710 |
Fixed charges (including the Company’s proportional share of 50% owned associates): |
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Interest expense |
| $ | 279 |
| $ | 259 |
| $ | 235 |
| $ | 239 |
Portion of operating lease rental deemed to be interest |
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| 5 |
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| 5 |
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| 3 |
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| 3 |
Total fixed charges deducted from earnings |
| $ | 284 |
| $ | 264 |
| $ | 238 |
| $ | 242 |
Ratio of earnings to fixed charges |
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| 2.2 |
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| 2.0 |
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| 2.2 |
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| 2.9 |