EX-12 2 a2222968zex-12.htm EX-12
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EXHIBIT 12
OWENS-ILLINOIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of dollars, except ratios)

 
   Years ended December 31,  
 
   2014   2013   2012   2011   2010  

Earnings (loss) from continuing operations before income taxes

   $ 218   $ 335   $ 328   $ (396 ) $ 426  

Less: Equity earnings

     (64 )   (67 )   (64 )   (66 )   (59 )

Add: Total fixed charges deducted from earnings

     238     242     257     320     260  

Dividends received from equity investees

     54     67     50     50     62  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings available for payment of fixed charges

   $ 446   $ 577   $ 571   $ (92 ) $ 689  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges (including the Company's proportional share of 50% owned associates):

                                

Interest expense

   $ 235   $ 239   $ 248   $ 314   $ 249  

Portion of operating lease rental deemed to be interest

     3     3     9     6     11  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges deducted from earnings

   $ 238   $ 242   $ 257   $ 320   $ 260  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     1.9     2.4     2.2           2.7  

Deficiency of earnings available to cover fixed charges

                     $ 412        

E-1



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EXHIBIT 12 OWENS-ILLINOIS, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of dollars, except ratios)