EXHIBIT 12.1
Mondelēz International, Inc. and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars, except ratio)
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings from continuing operations before income taxes | $ | 3,124 | $ | 1,454 | $ | 7,884 | $ | 2,554 | $ | 2,392 | ||||||||||
Add / (Deduct): | ||||||||||||||||||||
Equity in net earnings of less than 50% owned affiliates(1) | – | – | (56 | ) | (112 | ) | (107 | ) | ||||||||||||
Distributed income from less than 50% owned affiliates | 152 | 75 | 58 | 61 | 66 | |||||||||||||||
Fixed charges | 491 | 721 | 825 | 965 | 1,145 | |||||||||||||||
Interest capitalized, net of amortization | (5 | ) | (6 | ) | (7 | ) | (3 | ) | (2 | ) | ||||||||||
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Earnings available for fixed charges | $ | 3,762 | $ | 2,244 | $ | 8,704 | $ | 3,465 | $ | 3,494 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest incurred: | ||||||||||||||||||||
Interest expense(2) | $ | 391 | $ | 609 | $ | 714 | $ | 882 | $ | 1,031 | ||||||||||
Capitalized interest | 5 | 6 | 7 | 3 | 2 | |||||||||||||||
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396 | 615 | 721 | 885 | 1,033 | ||||||||||||||||
Portion of rent expense deemed to represent interest factor | 95 | 106 | 104 | 80 | 112 | |||||||||||||||
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Fixed charges | $ | 491 | $ | 721 | $ | 825 | $ | 965 | $ | 1,145 | ||||||||||
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Ratio of earnings to fixed charges | 7.7 | 3.1 | 10.6 | 3.6 | 3.1 | |||||||||||||||
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Notes:
(1) | With the deconsolidation of our global coffee businesses on July 2, 2015, we began to recognize predominantly coffee-related equity method investment earnings outside ofpre-tax earnings within earnings from continuing operations after income taxes. Refer to Note 1,Summary of Significant Accounting Policies – Principles of Consolidation. |
(2) | Excludes interest related to uncertain tax positions, which is recorded in our tax provision. |