EX-12.0 3 ppg1231201410kex12-ratioof.htm RATIO OF EARNINGS TO FIXED CHARGES PPG 12.31.2014 10K Ex 12 - Ratio of Earnings to Fixed Charges
Exhibit 12

PPG INDUSTRIES, INC. AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)

 
Year ended December 31
 
2014
2013
 
2012
 
2011
 
2010
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes and net earnings in equity affiliates
$
1,308

$
1,229

 
$
814

 
$
936

 
$
778

 
 
Plus:
 
 
 
 
 
 
 
 
 
 
Fixed charges exclusive of capitalized interest
280

284

 
281

 
280

 
263

 
 
Amortization of capitalized interest
6

6

 
6

 
6

 
6

 
 
Adjustments for equity affiliates
5

9

 
12

 
19

 
6

 
 
Total
$
1,599

$
1,528

 
$
1,113

 
$
1,241

 
$
1,053

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense incl amortization of debt discount/premium and debt expense
$
187

$
197

 
$
210

 
$
210

 
$
189

 
 
Rentals - portion representative of interest
93

87

 
71

 
70

 
74

 
 
Fixed charges exclusive of capitalized interest
280

284

 
281

 
280

 
263

 
 
Capitalized interest
16

10

 
8

 
9

 
7

 
 
Total
$
296

$
294

 
$
289

 
$
289

 
$
270

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
5.4

5.2

 
3.9

 
4.3

 
3.9

 
 

Note: The financial information of all prior periods has been reclassified to reflect discontinued operations.