EX-12.1 3 a2234780zex-12_1.htm EX-12.1

Exhibit 12.1

 

ARROW ELECTRONICS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

 

 

 

Year Ended December 31,

 

 

 

2017 (a)

 

2016

 

2015

 

2014

 

2013

 

Reconciliation of Earnings

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

694,288

 

$

715,397

 

$

692,183

 

$

683,333

 

$

582,219

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of affiliated companies

 

3,424

 

7,573

 

7,037

 

7,318

 

7,429

 

Capitalized Interest

 

7,998

 

8,042

 

6,493

 

7,967

 

7,890

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

232,286

 

203,611

 

173,997

 

155,302

 

154,610

 

Amortization of capitalized interest

 

4,245

 

4,461

 

2,169

 

5,504

 

3,947

 

Distributed income of equity investees

 

3,644

 

4,837

 

1,643

 

2,700

 

2,620

 

Total earnings

 

$

923,041

 

$

912,691

 

$

856,462

 

$

831,554

 

$

728,077

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest and other financing expense

 

$

196,409

 

$

169,395

 

$

141,702

 

$

121,537

 

$

120,065

 

Capitalized interest

 

7,998

 

8,042

 

6,493

 

7,967

 

7,890

 

Interest component of rent expense

 

27,879

 

26,174

 

25,802

 

25,797

 

26,655

 

Total fixed charges

 

$

232,286

 

$

203,611

 

$

173,997

 

$

155,301

 

$

154,610

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.97

 

4.48

 

4.92

 

5.35

 

4.71

 

 

(a)         For the year ended December 31, 2017, the loss on extinguishment of debt (approximately $59.5 million) decreased the ratio of earnings to fixed charges.