The Hershey Company (HSY) 10-Q2016 Q1 Quarterly report

Filed: 29 Apr 16, 12:00am

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EXHIBIT 12.1

THE HERSHEY COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands of dollars except for ratios)

(unaudited)



	Three Months Ended
	April 3, 2016			April 5, 2015
Earnings:

Income before income taxes	$	339,729		$	374,804

Add (deduct):

Interest on indebtedness	21,350			20,007
Portion of rents representative of the interest factor (a)	2,388			2,774
Amortization of debt expense	409			294
Amortization of capitalized interest	611			588
Adjustment to exclude noncontrolling interests in subsidiaries and income from equity investee	(448		)	(1,826		)

Earnings as adjusted	$	364,039		$	396,641

Fixed Charges:

Interest on indebtedness	$	21,350		$	20,007
Portion of rents representative of the interest factor (a)	2,388			2,774
Amortization of debt expense	409			294
Capitalized interest	2,175			3,017

Total fixed charges	$	26,322		$	26,092

Ratio of earnings to fixed charges	13.83			15.20


(a)	Portion of rents representative of the interest factor consists of one-third of rental expense for operating leases.