EX-12 3 ow-20161231ex1271b5536.htm EX-12 ow_Ex_12

EXHIBIT 12

 

OWENS-ILLINOIS GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Millions of dollars, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

2016

 

2015

 

2014

 

2013

 

2012

 

Earnings from continuing operations before income taxes

    

$
356

    

$
284

    

$
353

    

$
480

    

$
483

 

Less: Equity earnings

 

 
(60)

 

 
(60)

 

 
(64)

 

 
(67)

 

 
(64)

 

Add: Total fixed charges deducted from earnings

 

 
284

 

 
264

 

 
238

 

 
242

 

 
257

 

Dividends received from equity investees

 

 
38

 

 
53

 

 
54

 

 
67

 

 
50

 

Earnings available for payment of fixed charges

 

$
618

 

$
541

 

$
581

 

$
722

 

$
726

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$
279

 

$
259

 

$
235

 

$
239

 

$
248

 

Portion of operating lease rental deemed to be interest

 

 
5

 

 
5

 

 
3

 

 
3

 

 
9

 

Total fixed charges deducted from earnings

 

$
284

 

$
264

 

$
238

 

$
242

 

$
257

 

Ratio of earnings to fixed charges

 

 
2.2

 

 
2.0

 

 
2.4

 

 
3.0

 

 
2.8