Black & Decker 2014 Annual Report Download - page 131

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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years ended January 3, 2015, December 28, 2013, December 29, 2012,
December 31, 2011 and January 1, 2011
(Millions of Dollars)
Fiscal Year
2014 2013 2012 2011 2010
Earnings from continuing operations before income
taxes and non-controlling interest.................................. $ 1,084.8 $ 587.6 $ 533.1 $ 666.1 $ 169.4
Add:
Interest expense.............................................................. 177.2 160.1 144.0 140.4 109.8
Portion of rents representative of interest factor............ 13.6 14.6 14.4 14.6 17.4
Distributed income of equity investees.......................... —— — 2.8 3.5
Income as adjusted......................................................... $ 1,275.6 $ 762.3 $ 691.5 $ 823.9 $ 300.1
Fixed charges: ................................................................
Interest expense.............................................................. $ 177.2 $ 160.1 $ 144.0 $ 140.4 $ 109.8
Portion of rents representative of interest factor............ 13.6 14.6 14.4 14.6 17.4
Fixed charges ................................................................. $ 190.8 $ 174.7 $ 158.4 $ 155.0 $ 127.2
Ratio of earnings to fixed charges .............................. 6.7 4.4 4.4 5.3 2.4