EX-12.1 2 hsy_20180401exhibit121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


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 1, 2018
 
April 2, 2017
Earnings:
 
 
 
 
 
 
 
Income before income taxes
$
449,231

 
$
168,361

 
 
 
 
Add (deduct):
 
 
 
 
 
 
 
Fixed charges
36,674

 
27,702

Amortization of capitalized interest
269

 
233

Capitalized interest
(1,299
)
 
(984
)
 
 
 
 
Earnings as adjusted
$
484,875

 
$
195,312

 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
Interest expensed and capitalized
$
32,454

 
$
24,954

Amortization of deferred debt issuance costs
399

 
398

Portion of rents representative of the interest factor (a)
3,821

 
2,350

 
 
 
 
Total fixed charges
$
36,674

 
$
27,702

 
 
 
 
Ratio of earnings to fixed charges
13.22

 
7.05

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