EX-12.1 3 see-ex121_8.htm EX-12.1 see-ex121_8.htm

Exhibit 12.1

The historical ratios below were prepared on a consolidated basis using amounts calculated in accordance with U.S. GAAP, and, therefore, reflect all consolidated earnings and fixed charges.

The ratio of earnings to fixed charges was determined by dividing earnings available to cover fixed charges by total fixed charges. Earnings available to cover fixed charges consist of: (i) earnings from continuing operations before income tax provision and (ii) fixed charges, exclusive of capitalized interest. Total fixed charges consist of: (i) interest expense, which includes amortized premiums, discounts and capitalized expenses related to debt issuances, (ii) capitalized interest and (iii) an estimate of interest within rental expense. Earnings from discontinued operations related to the sale of Diversey Japan and related fixed charges have been excluded. As of the date of this Annual Report on Form 10-K, no shares of our preferred stock were issued and outstanding.

SEALED AIR CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

Year Ended December 31,

 

 

(in millions)

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

Earnings (loss) available to cover fixed

   charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing

   operations before income tax

   provision

$

565.9

 

 

$

425.9

 

 

$

267.2

 

 

$

180.2

 

 

$

(1,884.4

)

 

Total fixed charges

 

242.6

 

 

 

253.8

 

 

 

317.7

 

 

 

391.9

 

 

 

417.9

 

 

Amortization of capitalized interest

 

6.3

 

 

 

5.9

 

 

 

5.8

 

 

 

5.8

 

 

 

6.2

 

 

Capitalized interest

 

(11.0

)

 

 

(5.4

)

 

 

(6.2

)

 

 

(4.9

)

 

 

(5.5

)

 

Earnings (loss) available to cover fixed

   charges

$

803.8

 

 

$

680.2

 

 

$

584.5

 

 

$

573.0

 

 

$

(1,465.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

$

213.1

 

 

$

227.7

 

 

$

287.7

 

 

$

361.0

 

 

$

384.7

 

 

Capitalized interest

 

11.0

 

 

 

5.4

 

 

 

6.2

 

 

 

4.9

 

 

 

5.5

 

 

Interest component of rental expense(1)

 

18.5

 

 

 

20.7

 

 

 

23.8

 

 

 

26.0

 

 

 

27.7

 

 

Total fixed charges

$

242.6

 

 

$

253.8

 

 

$

317.7

 

 

$

391.9

 

 

$

417.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.3

 

x

 

2.7

 

x

 

1.8

 

x

 

1.5

 

x

*

 

 

 

(1)

The interest component of rental expense has been deemed to be approximately 33% of rental expense.

*

Loss did not cover fixed charges by $1,466 million in 2012 due to the pre-tax non-cash impairment charge of goodwill and other intangible assets of $1,892 million.