Exhibit 12
COCA‑COLA BOTTLING CO. CONSOLIDATED
RATIO OF EARNINGS TO FIXED CHARGES
|
| First Quarter |
|
| Fiscal Year |
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(in thousands, except ratios) |
| 2018 |
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| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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Computation of Earnings: |
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Income (loss) before income taxes |
| $ | (26,533 | ) |
| $ | 63,006 |
|
| $ | 92,712 |
|
| $ | 99,122 |
|
| $ | 55,618 |
|
| $ | 44,244 |
|
Add: |
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Interest expense |
|
| 12,067 |
|
|
| 40,928 |
|
|
| 34,475 |
|
|
| 26,905 |
|
|
| 27,337 |
|
|
| 27,474 |
|
Amortization of debt premium/discount and expenses |
|
| 26 |
|
|
| 1,082 |
|
|
| 1,855 |
|
|
| 2,011 |
|
|
| 1,938 |
|
|
| 1,933 |
|
Interest portion of rent expense(1) |
|
| 1,821 |
|
|
| 6,223 |
|
|
| 4,564 |
|
|
| 2,977 |
|
|
| 2,523 |
|
|
| 2,380 |
|
Earnings (losses) as adjusted |
| $ | (12,619 | ) |
| $ | 111,239 |
|
| $ | 133,606 |
|
| $ | 131,015 |
|
| $ | 87,416 |
|
| $ | 76,031 |
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Computation of Fixed Charges: |
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Interest expense |
| $ | 12,067 |
|
| $ | 40,928 |
|
| $ | 34,475 |
|
| $ | 26,905 |
|
| $ | 27,337 |
|
| $ | 27,474 |
|
Capitalized interest |
|
| 133 |
|
|
| 548 |
|
|
| 489 |
|
|
| 348 |
|
|
| 173 |
|
|
| 177 |
|
Amortization of debt premium/discount and expenses |
|
| 26 |
|
|
| 1,082 |
|
|
| 1,855 |
|
|
| 2,011 |
|
|
| 1,938 |
|
|
| 1,933 |
|
Interest portion of rent expense(1) |
|
| 1,821 |
|
|
| 6,223 |
|
|
| 4,564 |
|
|
| 2,977 |
|
|
| 2,523 |
|
|
| 2,380 |
|
Fixed charges |
| $ | 14,047 |
|
| $ | 48,781 |
|
| $ | 41,383 |
|
| $ | 32,241 |
|
| $ | 31,971 |
|
| $ | 31,964 |
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Ratio of Earnings to Fixed Charges |
| (2) |
|
|
| 2.28 |
|
|
| 3.23 |
|
|
| 4.06 |
|
|
| 2.73 |
|
|
| 2.38 |
|
(1) | Interest portion of rent expense includes one-third of net rent expense. |
(2) | The ratio of earnings to fixed charges was less than 1.00 for the first quarter of 2018. The deficiency in the ratio of earnings to fixed charges was $26.6 million. |