Exhibit (12)
THE MEAD CORPORATION
RATIOS OF EARNINGS TO FIXED CHARGES
(Mead and Consolidated subsidiaries with Mead's share of investees)
Year Ended December 31,
1993 1992 1991 1990 1989
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(All dollar amounts in millions)
(unaudited)
Earnings:
The Mead Corporation earnings
from continuing operations
before income taxes $183.8 $ 55.5 $148.0 $147.0 $321.7
Mead's share of earnings (loss) of
investees before income taxes 30.3 9.4 (31.1) 17.9 69.9
Interest and debt expense 109.1 117.6 138.9 115.5 105.9
Amortization of capitalized interest:
The Mead Corporation 6.5 4.9 4.9 3.1 3.9
Mead's share of investees 1.4 1.5 1.6 1.6 1.6
Portion of rental payments deemed
to be interest 20.5 21.2 20.0 18.9 18.9
---- ---- ---- ---- ----
$351.6 $210.1 $282.3 $304.0 $521.9
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Fixed charges:
Interest and debt expense:
The Mead Corporation 96.2 101.1 114.4 92.6 81.8
Mead's share of investees 12.9 16.5 24.5 22.9 24.1
---- ---- ---- ---- ----
109.1 117.6 138.9 115.5 105.9
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Capitalized interest:
The Mead Corporation 2.6 2.3 4.5 20.1 18.9
Mead's share of investees 0.0 0.0 0.0 0.0 0.0
--- --- --- --- ----
2.6 2.3 4.5 20.1 18.9
--- --- --- ---- ----
Portion of rental payments deemed
to be interest:
The Mead Corporation 20.2 21.2 19.9 18.8 18.7
Mead's share of investees 0.3 0.0 0.1 0.1 0.2
--- --- --- --- ---
20.5 21.2 20.0 18.9 18.9
---- ---- ---- ---- ----
$132.2 $141.1 $163.4 $154.5 $143.7
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Ratio of earnings to fixed charges 2.66 1.49 1.73 1.97 3.63
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