HERSHEY CO - FORM 10-K - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 21, 2017

Attached files

file filename
EX-10.13(B) - FORM OF NOTICE OF AWARD OF PERFORMANCE STOCK UNITS (EFFECTIVE FEBRUARY 15, 2016) - HERSHEY COhsy_20161231exhibit1013b.htm
10-K - THE HERSHEY COMPANY FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2016 - HERSHEY COa2016_formx10-kq4.htm
EX-32.1 - SECTION 906 CEO AND CFO CERTIFICATION - HERSHEY COhsy_20161231exhibit321.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - HERSHEY COhsy_20161231exhibit312.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - HERSHEY COhsy_20161231exhibit311.htm
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - HERSHEY COhsy_20161231exhibit231.htm
EX-21.1 - SUBSIDIARIES OF THE REGISTRANT - HERSHEY COhsy_20161231exhibit211.htm
EX-10.21(B) - FORM OF EMPLOYEE CONFIDENTIALITY AND RESTRICTIVE COVENANT AGREEMENT - HERSHEY COhsy_20161231exhibit1021b.htm
EX-10.12(B) - NONQUALIFIED STOCK OPTION AWARDS UNDER THE EQUITY & INCENTIVE COMPENSATION PLAN - HERSHEY COhsy_20161231exhibit1012b.htm
EX-10.10(B) - FORM OF NOTICE OF AWARD OF RESTRICTED STOCK UNITS (EFFECTIVE FEBRUARY 15, 2016) - HERSHEY COhsy_20161231exhibit1010b.htm


EXHIBIT 12.1
THE HERSHEY COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended December 31, 2016, 2015, 2014, 2013, and 2012
(in thousands of dollars except for ratios)
 
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
1,099,481

 
$
901,847

 
$
1,306,043

 
$
1,251,319

 
$
1,015,579

 
 
 
 
 
 
 
 
 
 
Add (deduct):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
107,365

 
104,764

 
105,840

 
102,194

 
113,671

Amortization of capitalized interest
2,927

 
2,450

 
2,352

 
2,272

 
1,660

Capitalized interest
(5,903
)
 
(12,537
)
 
(6,179
)
 
(1,744
)
 
(5,778
)
Adjustment to exclude noncontrolling interests in subsidiaries and income from equity investee
3,970

 
(3,850
)
 
129

 
(2,324
)
 
(12,950
)
 
 
 
 
 
 
 
 
 
 
Earnings as adjusted
$
1,207,840

 
$
992,674

 
$
1,408,185

 
$
1,351,717

 
$
1,112,182

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
96,209

 
$
93,520

 
$
93,777

 
$
93,258

 
$
104,287

Amortization of deferred debt issuance costs
1,642

 
1,279

 
1,118

 
1,115

 
1,245

Portion of rents representative of the interest factor (a)
9,514

 
9,965

 
10,945

 
7,821

 
8,139

 
 
 
 
 
 
 
 
 
 
Total fixed charges
$
107,365

 
$
104,764

 
$
105,840

 
$
102,194

 
$
113,671

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
11.25

 
9.48

 
13.30

 
13.23

 
9.78

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




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