EX-12 4 ppg630201410qex12.htm RATIO OF EARNINGS TO FIXED CHARGES PPG 6.30.2014 10Q Ex 12
Exhibit 12

PPG INDUSTRIES, INC. AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)

 
Six Months
Ended June 30
 
Year Ended December 31
 
2014
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes and net earnings in equity affiliates
$
895

 
$
1,229

 
$
814

 
$
936

 
$
778

 
$
244

Plus:
 
 
 
 
 
 
 
 
 
 
 
Fixed charges exclusive of capitalized interest
141

 
284

 
281

 
280

 
263

 
269

Amortization of capitalized interest
3

 
6

 
6

 
6

 
6

 
6

Adjustments for equity affiliates
4

 
9

 
12

 
19

 
6

 
11

Total
$
1,043

 
$
1,528

 
$
1,113

 
$
1,241

 
$
1,053

 
$
530

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense incl amortization of debt discount/premium and debt expense
$
95

 
$
197

 
$
210

 
$
210

 
$
189

 
$
192

Rentals - portion representative of interest
46

 
87

 
71

 
70

 
74

 
77

Fixed charges exclusive of capitalized interest
141

 
284

 
281

 
280

 
263

 
269

Capitalized interest
8

 
10

 
8

 
9

 
7

 
9

Total
$
149

 
$
294

 
$
289

 
$
289

 
$
270

 
$
278

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
7.0

 
5.2

 
3.9

 
4.3

 
3.9

 
1.9


Note: The financial information of all prior periods has been reclassified to reflect discontinued operations