Exhibit 12.1
ARROW ELECTRONICS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 27, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Reconciliation of earnings: | ||||||||||||||||||||||||
Income before income taxes | $ | 319,608 | $ | 683,333 | $ | 582,219 | $ | 710,359 | $ | 809,801 | $ | 679,003 | ||||||||||||
Less: | ||||||||||||||||||||||||
Equity in earnings of affiliated companies | 3,216 | 7,318 | 7,429 | 8,112 | 6,736 | 6,369 | ||||||||||||||||||
Capitalized interest | 3,153 | 7,967 | 7,890 | 10,713 | 11,721 | 11,677 | ||||||||||||||||||
Plus: | ||||||||||||||||||||||||
Fixed charges | 83,750 | 155,302 | 154,610 | 144,736 | 148,766 | 113,395 | ||||||||||||||||||
Amortization of capitalized interest | 2,169 | 5,504 | 3,947 | 1,966 | 777 | 307 | ||||||||||||||||||
Distributed income of equity investees | 1,342 | 2,700 | 2,620 | 2,269 | 2,144 | 1,751 | ||||||||||||||||||
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Total earnings | $ | 400,500 | $ | 831,554 | $ | 728,078 | $ | 840,505 | $ | 943,031 | $ | 776,410 | ||||||||||||
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Calculation of fixed charges: | ||||||||||||||||||||||||
Interest and other financing expense | $ | 68,012 | $ | 121,537 | $ | 120,065 | $ | 107,655 | $ | 112,084 | $ | 81,623 | ||||||||||||
Capitalized interest | 3,153 | 7,967 | 7,890 | 10,713 | 11,721 | 11,677 | ||||||||||||||||||
Interest component of rent expense | 12,585 | 25,797 | 26,655 | 26,368 | 24,961 | 20,095 | ||||||||||||||||||
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Total fixed charges | $ | 83,750 | $ | 155,302 | $ | 154,610 | $ | 144,736 | $ | 148,766 | $ | 113,395 | ||||||||||||
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Ratio of earnings to fixed charges | 4.78 | 5.35 | 4.71 | 5.81 | 6.34 | 6.85 |