EX-12 3 oi-20161231ex123bb6d4c.htm EX-12

EXHIBIT 12

OWENS‑ILLINOIS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Millions of dollars, except ratios)

|  | Years ended December 31,
|  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings from continuing operations before income taxes |  | $ | 356 |  | $ | 268 |  | $ | 307 |  | $ | 468
Less: Equity earnings |  |  | (60) |  |  | (60) |  |  | (64) |  |  | (67)
Add: Total fixed charges deducted from earnings |  |  | 284 |  |  | 264 |  |  | 238 |  |  | 242
Dividends received from equity investees |  |  | 38 |  |  | 53 |  |  | 54 |  |  | 67
Earnings available for payment of fixed charges |  | $ | 618 |  | $ | 525 |  | $ | 535 |  | $ | 710
Fixed charges (including the Company’s proportional share of 50% owned associates): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 279 |  | $ | 259 |  | $ | 235 |  | $ | 239
Portion of operating lease rental deemed to be interest |  |  | 5 |  |  | 5 |  |  | 3 |  |  | 3
Total fixed charges deducted from earnings |  | $ | 284 |  | $ | 264 |  | $ | 238 |  | $ | 242
Ratio of earnings to fixed charges |  |  | 2.2 |  |  | 2.0 |  |  | 2.2 |  |  | 2.9