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Filing tables
Filing exhibits
- 10-K Annual report
- 12.1 Computation of Ratio of Earnings to Fixed Charges
- 21.1 Subsidiaries of the Registrant
- 23.1 Consent of Ernst & Young LLP
- 23.2 Consent of KPMG LLP
- 31.1 Section 302 CEO Certification
- 31.2 Section 302 CFO Certification
- 32.1 Section 906 CEO and CFO Certification
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EXHIBIT 12.1
THE HERSHEY COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended December 31, 2017, 2016, 2015, 2014, and 2013
(in thousands of dollars except for ratios)
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 1,110,668 | $ | 1,099,481 | $ | 901,847 | $ | 1,306,043 | $ | 1,251,319 | |||||||||
Add (deduct): | |||||||||||||||||||
Fixed charges | 116,559 | 107,365 | 104,764 | 105,840 | 102,194 | ||||||||||||||
Amortization of capitalized interest | 1,022 | 2,927 | 2,450 | 2,352 | 2,272 | ||||||||||||||
Capitalized interest | (4,166 | ) | (5,903 | ) | (12,537 | ) | (6,179 | ) | (1,744 | ) | |||||||||
Adjustment to exclude noncontrolling interests in subsidiaries and income from equity investee | — | 3,970 | (3,850 | ) | 129 | (2,324 | ) | ||||||||||||
Earnings as adjusted | $ | 1,224,083 | $ | 1,207,840 | $ | 992,674 | $ | 1,408,185 | $ | 1,351,717 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest expensed and capitalized | $ | 102,668 | $ | 96,209 | $ | 93,520 | $ | 93,777 | $ | 93,258 | |||||||||
Amortization of deferred debt issuance costs | 1,564 | 1,642 | 1,279 | 1,118 | 1,115 | ||||||||||||||
Portion of rents representative of the interest factor (a) | 12,327 | 9,514 | 9,965 | 10,945 | 7,821 | ||||||||||||||
Total fixed charges | $ | 116,559 | $ | 107,365 | $ | 104,764 | $ | 105,840 | $ | 102,194 | |||||||||
Ratio of earnings to fixed charges | 10.50 | 11.25 | 9.48 | 13.30 | 13.23 |
(a) | Portion of rents representative of the interest factor consists of one-third of rental expense for operating leases. |