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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1997 1996 1995 1994 1993
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Earnings:
The Mead Corporation earnings
from continuing operations
before income taxes $222.5 $294.6 $487.7 $ 52.4 $135.0
Mead's share of earnings of
investees before income taxes 15.3 8.2 63.4 95.7 30.3
Interest and debt expense 116.2 73.3 86.0 113.4 107.5
Amortization of capitalized interest:
The Mead Corporation 5.0 4.8 4.5 4.6 6.5
Mead's share of investees .7 .7 .7 1.3 1.4
Portion of rental payments deemed
to be interest 20.1 18.6 16.9 18.0 16.5
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$379.8 $400.2 $659.2 $285.4 $297.2
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Combined fixed charges:
Interest and debt expense:
The Mead Corporation $ 98.2 $ 57.7 $ 69.4 $ 101.1 $ 94.6
Mead's share of investees 18.0 15.6 16.6 12.3 12.9
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116.2 73.3 86.0 113.4 107.5
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Capitalized interest-
The Mead Corporation 9.2 6.9 2.0 5.7 2.6
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Portion of rental payments deemed
to be interest:
The Mead Corporation 19.7 18.2 16.4 17.6 16.2
Mead's share of investees 0.4 .4 .5 .4 .3
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20.1 18.6 16.9 18.0 16.5
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$ 145.5 $ 98.8 $ 104.9 $ 137.1 $126.6
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Ratio of earnings to fixed charges 2.6 4.1 6.3 2.1 2.3
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