Exhibit 12
The J. M. Smucker Company
Computation of Ratio of Earnings to Fixed Charges
(in millions of dollars)
| Year Ended April 30, | Three Months Ended July 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2017 | |||||||||||||||||||
Earnings before fixed charges: | ||||||||||||||||||||||||
Income before income taxes | $ | 878.4 | $ | 977.9 | $ | 523.0 | $ | 849.7 | $ | 817.3 | $ | 189.0 | ||||||||||||
Total fixed charges | 199.5 | 204.7 | 108.8 | 104.4 | 119.4 | 50.6 | ||||||||||||||||||
Less: capitalized interest | (0.8 | ) | (0.9 | ) | (4.9 | ) | (3.2 | ) | (4.7 | ) | (0.4 | ) | ||||||||||||
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Earnings available for fixed charges | $ | 1,077.1 | $ | 1,181.7 | $ | 626.9 | $ | 950.9 | $ | 932.0 | $ | 239.2 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest and other debt expense, net of capitalized interest | $ | 165.0 | $ | 173.0 | $ | 81.5 | $ | 81.0 | $ | 95.0 | $ | 42.5 | ||||||||||||
Capitalized interest | 0.8 | 0.9 | 4.9 | 3.2 | 4.7 | 0.4 | ||||||||||||||||||
Estimated interest portion of rent expense(A) | 33.7 | 30.8 | 22.4 | 20.2 | 19.7 | 7.7 | ||||||||||||||||||
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Total fixed charges | $ | 199.5 | $ | 204.7 | $ | 108.8 | $ | 104.4 | $ | 119.4 | $ | 50.6 | ||||||||||||
Ratio of earnings to fixed charges | 5.4 | 5.8 | 5.8 | 9.1 | 7.8 | 4.7 | ||||||||||||||||||
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| (A) | For purposes of this calculation, management estimates approximatelyone-third of rent expense is representative of interest expense. |