EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
INGREDION INCORPORATED
Computation of Ratios of Earnings to Fixed Charges
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||
(in millions, except ratios) | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
Income before income taxes and earnings of non-controlling interests | $ | 365.1 | $ | 598.6 | $ | 520.1 | $ | 546.8 | $ | 600.6 | $ | 593.4 | ||||||||||||
Fixed charges | 37.3 | 74.4 | 76.3 | 79.9 | 84.3 | 88.5 | ||||||||||||||||||
Capitalized interest | (1.7 | ) | (2.3 | ) | (2.1 | ) | (4.3 | ) | (5.6 | ) | (5.2 | ) | ||||||||||||
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Total | $ | 400.7 | $ | 670.7 | $ | 594.3 | $ | 622.4 | $ | 679.3 | $ | 676.7 | ||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 10.74 | 9.01 | 7.79 | 7.79 | 8.06 | 7.65 | ||||||||||||||||||
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FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense on debt | $ | 35.4 | $ | 68.9 | $ | 71.3 | $ | 74.6 | $ | 79.4 | $ | 83.4 | ||||||||||||
Amortization of discount on debt | 0.9 | 3.4 | 3.4 | 3.4 | 3.2 | 3.0 | ||||||||||||||||||
Interest portion of rental expense on operating leases | 1.0 | 2.1 | 1.6 | 1.9 | 1.7 | 2.1 | ||||||||||||||||||
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Total | $ | 37.3 | $ | 74.4 | $ | 76.3 | $ | 79.9 | $ | 84.3 | $ | 88.5 | ||||||||||||
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