EX-12 5 rrd-ex12_20131231302.htm EXHIBIT 12

Exhibit 12

RR Donnelley & Sons Company

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Years ended December 31,

 

  

2013

 

 

2012

 

 

2011

 

 

2010

 

  

2009

Earnings (loss) available for fixed charges:

  

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

Earnings (loss) from continuing operations before income taxes and noncontrolling interests

  

$

209.0

 

 

$

(640.0

)  

 

$

(237.4

)  

  

$

323.0

 

 

$

93.1

Less: Equity income (loss) of minority-owned companies included in earnings (loss) from continuing operations before income taxes and noncontrolling interests

  

 

0.1

 

 

 

0.2

 

 

 

(1.1)

  

  

 

(0.2

)  

 

 

0.3

Less: Income (loss) attributable to noncontrolling interests

  

 

7.0

 

 

 

(2.2

)

 

 

1.5

  

  

 

(4.6

)  

 

 

5.9

Add: Fixed charges before capitalized interest

  

 

322.2

  

 

 

314.4

  

 

 

307.4

  

  

 

292.7

  

 

 

305.6

Add: Amortization of capitalized interest

  

 

3.4

  

 

 

3.4

  

 

 

3.5

  

  

 

3.8

  

 

 

4.3

Total earnings (loss)available for fixed charges

  

$

527.5

  

 

$

(320.2

)  

 

$

73.1

  

  

$

624.3

  

 

$

396.8

Fixed charges:

  

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

Interest expense

  

$

272.9

  

 

$

267.0

  

 

$

257.0

  

  

$

222.6

  

 

$

234.6

Interest portion of rental expense

  

 

49.3

  

 

 

47.4

  

 

 

50.4

  

  

 

70.1

  

 

 

71.0

Total fixed charges before capitalized interest

  

 

322.2

  

 

 

314.4

  

 

 

307.4

  

  

 

292.7

  

 

 

305.6

Capitalized interest

  

 

3.1

  

 

 

4.1

  

 

 

2.9

  

  

 

1.9

  

 

 

1.7

Total fixed charges

  

$

325.3

  

 

$

318.5

  

 

$

310.3

  

  

$

294.6

  

 

$

307.3

Ratio of earnings (loss) to fixed charges (a)

  

 

1.62

  

 

 

(1.01

)  

 

 

0.24

  

  

 

2.12

  

 

 

1.29

(a)

In 2012 and 2011 earnings (loss) were inadequate to cover fixed charges by $638.7 million and $237.2 million, respectively, due to certain charges in each year.