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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
INGREDION INCORPORATED
Computation of Ratios of Earnings to Fixed Charges
(in millions, except ratios) |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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Income before income taxes and earnings of non-controlling interests |
| $ | 520.1 |
| $ | 546.8 |
| $ | 600.6 |
| $ | 593.4 |
| $ | 275.5 |
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Fixed charges |
| 76.3 |
| 79.9 |
| 84.3 |
| 88.5 |
| 72.4 |
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Capitalized interest |
| (2.1 | ) | (4.3 | ) | (5.6 | ) | (5.2 | ) | (2.6 | ) | |||||
Total |
| $ | 594.3 |
| $ | 622.4 |
| $ | 679.3 |
| $ | 676.7 |
| $ | 345.3 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 7.79 |
| 7.79 |
| 8.06 |
| 7.65 |
| 4.77 |
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FIXED CHARGES: |
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Interest expense on debt |
| $ | 71.3 |
| $ | 74.6 |
| $ | 79.4 |
| $ | 83.4 |
| $ | 69.4 |
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Amortization of discount on debt |
| 3.4 |
| 3.4 |
| 3.2 |
| 3.0 |
| 1.6 |
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Interest portion of rental expense on operating leases |
| 1.6 |
| 1.9 |
| 1.7 |
| 2.1 |
| 1.4 |
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Total |
| $ | 76.3 |
| $ | 79.9 |
| $ | 84.3 |
| $ | 88.5 |
| $ | 72.4 |
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