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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1995 1994 1993 1992 1991
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Earnings:
The Mead Corporation earnings
from continuing operations
before income taxes $ 487.7 $ 52.4 $ 135.0 $ 15.8 $ 64.3
Mead's share of earnings (loss) of
investees before income taxes 63.4 95.7 30.3 9.4 (31.1)
Interest and debt expense 86.0 113.4 107.5 116.0 137.4
Amortization of capitalized interest:
The Mead Corporation 4.5 4.6 6.5 4.9 4.9
Mead's share of investees .7 1.3 1.4 1.5 1.6
Portion of rental payments deemed
to be interest 16.9 18.0 16.5 17.3 16.4
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$ 659.2 $ 285.4 $ 297.2 $ 164.9 $ 193.5
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Combined fixed charges:
Interest and debt expense:
The Mead Corporation $ 69.4 $ 101.1 $ 94.6 $ 99.5 $ 112.9
Mead's share of investees 16.6 12.3 12.9 16.5 24.5
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86.0 113.4 107.5 116.0 137.4
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Capitalized interest -
The Mead Corporation 2.0 5.7 2.6 2.3 4.5
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Portion of rental payments deemed
to be interest:
The Mead Corporation 16.4 17.6 16.2 17.3 16.3
Mead's share of investees .5 .4 .3 .1
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16.9 18.0 16.5 17.3 16.4
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$ 104.9 $ 137.1 $ 126.6 $ 135.6 $ 158.3
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Ratio of earnings to fixed charges 6.3 2.1 2.3 1.2 1.2
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73