EX-12.1 4 lksd-ex121_22.htm EX-12.1 lksd-ex121_22.htm

Exhibit 12.1

LSC COMMUNICATIONS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

 

 

 

Years ended December 31,

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Earnings available for fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings from continuing operations before income

              taxes

$

(44

)

 

$

157

 

 

$

138

 

 

$

88

 

 

$

137

 

Add: Fixed charges before capitalized interest

 

87

 

 

 

31

 

 

 

9

 

 

 

8

 

 

 

7

 

Add: Amortization of capitalized interest

 

1

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

Total earnings available for fixed charges

$

44

 

 

$

189

 

 

$

147

 

 

$

96

 

 

$

144

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

$

72

 

 

$

18

 

 

$

—

 

 

$

—

 

 

$

—

 

Interest portion of rental expense

 

15

 

 

 

13

 

 

 

10

 

 

 

9

 

 

 

8

 

Total fixed charges before capitalized interest

 

87

 

 

 

31

 

 

 

10

 

 

 

9

 

 

 

8

 

Capitalized interest

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total fixed charges

$

88

 

 

$

31

 

 

$

10

 

 

$

9

 

 

$

8

 

Ratio of earnings to fixed charges

 

0.50

 

 

 

6.10

 

 

 

14.70

 

 

 

10.67

 

 

 

18.00

 

 

In 2017, earnings (loss) were inadequate to cover fixed charges by $44 million due to certain charges in the year.