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New words:
agent, backstop, borrow, Citibank, construction, Cookie, Crunch, disciplined, discretionary, duez, Layer, leadership, lender, life, location, momentum, relationship, repay, research
Removed:
affiliated, amended, announced, behalf, CMG, month, Rule
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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)
Nine Months Ended | |||||||
October 2, 2016 | October 4, 2015 | ||||||
Earnings: | |||||||
Income before income taxes | $ | 900,862 | $ | 605,306 | |||
Add (deduct): | |||||||
Fixed charges | 79,371 | 77,885 | |||||
Amortization of capitalized interest | 2,166 | 1,830 | |||||
Capitalized interest | (4,702 | ) | (9,314 | ) | |||
Adjustment to exclude noncontrolling interests in subsidiaries and income from equity investee | (798 | ) | (4,842 | ) | |||
Earnings as adjusted | $ | 976,899 | $ | 670,865 | |||
Fixed Charges: | |||||||
Interest expensed and capitalized | $ | 71,167 | $ | 68,874 | |||
Amortization of deferred debt issuance costs | 1,237 | 901 | |||||
Portion of rents representative of the interest factor (a) | 6,967 | 8,110 | |||||
Total fixed charges | $ | 79,371 | $ | 77,885 | |||
Ratio of earnings to fixed charges | 12.31 | 8.61 |
(a) | Portion of rents representative of the interest factor consists of one-third of rental expense for operating leases. |