Exhibit 12
RR Donnelley & Sons Company
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
|
| Years ended December 31, |
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|
| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
|
| 2013 |
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Earnings available for fixed charges: |
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Earnings (loss) from continuing operations before income taxes and noncontrolling interests |
| $ | 75.5 |
|
| $ | (497.2 | ) |
| $ | (10.7 | ) |
| $ | (96.5 | ) |
| $ | (98.1 | ) |
Less: Equity (loss) income of minority-owned companies included in earnings (loss) from continuing operations before income taxes and noncontrolling interests |
|
| — |
|
|
| (1.0 | ) |
|
| (0.3 | ) |
|
| 0.4 |
|
|
| (0.3 | ) |
Less: (Loss) income attributable to noncontrolling interests |
|
| 1.2 |
|
|
| 1.3 |
|
|
| (12.7 | ) |
|
| 3.4 |
|
|
| 7.0 |
|
Add: Fixed charges before capitalized interest |
|
| 221.8 |
|
|
| 312.0 |
|
|
| 338.6 |
|
|
| 342.4 |
|
|
| 322.2 |
|
Add: Amortization of capitalized interest |
|
| 1.8 |
|
|
| 2.4 |
|
|
| 3.5 |
|
|
| 3.2 |
|
|
| 3.4 |
|
Total earnings available for fixed charges |
| $ | 297.9 |
|
| $ | (183.1 | ) |
| $ | 344.4 |
|
| $ | 245.3 |
|
| $ | 220.8 |
|
Fixed charges: |
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Interest expense |
| $ | 182.4 |
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| $ | 258.2 |
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| $ | 281.3 |
|
| $ | 291.0 |
|
| $ | 272.9 |
|
Interest portion of rental expense |
|
| 39.4 |
|
|
| 53.8 |
|
|
| 57.3 |
|
|
| 51.4 |
|
|
| 49.3 |
|
Total fixed charges before capitalized interest |
|
| 221.8 |
|
|
| 312.0 |
|
|
| 338.6 |
|
|
| 342.4 |
|
|
| 322.2 |
|
Capitalized interest |
|
| 2.6 |
|
|
| 4.6 |
|
|
| 3.9 |
|
|
| 3.6 |
|
|
| 3.1 |
|
Total fixed charges |
| $ | 224.4 |
|
| $ | 316.6 |
|
| $ | 342.5 |
|
| $ | 346.0 |
|
| $ | 325.3 |
|
Ratio of earnings to fixed charges (a) |
|
| 1.33 |
|
|
| (0.58 | ) |
|
| 1.01 |
|
|
| 0.71 |
|
|
| 0.68 |
|
(a) | In 2016, 2014 and 2013, earnings were inadequate to cover fixed charges by $499.7 million, $100.7 million, and $104.5 million, respectively, due to certain charges in each year. |