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EXHIBIT 12
NEWELL RUBBERMAID INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended December 31, | ||||||||||||||||||||
(dollars in millions) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings Available for Fixed Charges: | ||||||||||||||||||||
Income before income taxes | $ | 1,429.0 | $ | 814.5 | $ | 337.5 | $ | 462.1 | $ | 536.3 | ||||||||||
Equity in earnings of affiliates | (0.4 | ) | (0.2 | ) | (0.6 | ) | — | 0.2 | ||||||||||||
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Total earnings | 1,428.6 | 814.3 | 336.9 | 462.1 | 536.5 | |||||||||||||||
Add: | ||||||||||||||||||||
Interest expense, excluding capitalized interest | 477.5 | 407.7 | 88.1 | 64.3 | 62.3 | |||||||||||||||
Interest component of rental expense (1) | 89.5 | 72.1 | 34.7 | 35.0 | 37.7 | |||||||||||||||
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Total earnings available for fixed charges | $ | 1,995.6 | $ | 1,294.1 | $ | 459.7 | $ | 561.4 | $ | 636.5 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expensed and capitalized | $ | 477.5 | $ | 408.2 | $ | 89.3 | $ | 64.4 | $ | 62.4 | ||||||||||
Portion of rent determined to be interest (1) | 89.5 | 72.1 | 34.7 | 35.0 | 37.7 | |||||||||||||||
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Total fixed charges | $ | 567.0 | $ | 480.3 | $ | 124.0 | $ | 99.4 | $ | 100.1 | ||||||||||
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Ratio of Earnings to Fixed Charges | 3.52 | 2.69 | 3.71 | 5.65 | 6.36 |
(1) | A standard ratio of 33% was applied to gross rent expense to approximate the interest portion of short-term and long-term leases. |