EX-12 2 rrd-ex12_11.htm EX-12 rrd-ex12_11.htm

Exhibit 12

RR Donnelley & Sons Company

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

 

  

 

Years ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Earnings available for fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

182.4

 

 

$

258.2

 

 

$

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.