EXHIBIT (12)
THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(All dollar amounts in millions)
Year Ended December 31
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1994 1993 1992 1991 1990
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Earnings:
The Mead Corporation earnings
from continuing operations
before income taxes $ 52.4 $135.0 $ 15.8 $ 64.3 $124.4
Mead's share of earnings (loss) of
investees before income taxes 95.7 30.3 9.4 (31.1) 17.9
Interest and debt expense 113.4 107.5 116.0 137.4 114.9
Amortization of capitalized interest:
The Mead Corporation 4.6 6.5 4.9 4.9 3.1
Mead's share of investees 1.3 1.4 1.5 1.6 1.6
Portion of rental payments deemed
to be interest 18.0 16.5 17.3 16.4 14.3
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$285.4 $297.2 $164.9 $193.5 $276.2
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Combined fixed charges:
Interest and debt expense:
The Mead Corporation $101.1 $ 94.6 $ 99.5 $112.9 $ 92.0
Mead's share of investees 12.3 12.9 16.5 24.5 22.9
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113.4 107.5 116.0 137.4 114.9
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Capitalized interest:
The Mead Corporation 5.7 2.6 2.3 4.5 20.1
Mead's share of investees
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5.7 2.6 2.3 4.5 20.1
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Portion of rental payments deemed
to be interest:
The Mead Corporation 17.6 16.2 17.3 16.3 14.2
Mead's share of investees .4 .3 .1 .1
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18.0 16.5 17.3 16.4 14.3
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$137.1 $126.6 $135.6 $158.3 $149.3
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Ratio of earnings to fixed charges 2.08 2.35 1.22 1.22 1.85
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95