Black & Decker 2015 Annual Report Download - page 139
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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years ended January 2, 2016, January 3, 2015, December 28, 2013,
December 29, 2012 and December 31, 2011
(Millions of Dollars)
Fiscal Year
2015 2014 2013 2012 2011
Earnings from continuing operations before income taxes and
non-controlling interest..................................................................... $1,150.8 $ 1,084.8 $ 587.6 $ 533.1 $ 666.1
Add:
Interest expense ................................................................................ 180.4 177.2 160.1 144.0 140.4
Portion of rents representative of interest factor............................... 12.0 13.6 14.6 14.4 14.6
Distributed income of equity investees............................................. —— — — 2.8
Income as adjusted............................................................................ $ 1,343.2 $ 1,275.6 $ 762.3 $ 691.5 $ 823.9
Fixed charges:...................................................................................
Interest expense ................................................................................ $ 180.4 $ 177.2 $ 160.1 $ 144.0 $ 140.4
Portion of rents representative of interest factor............................... 12.0 13.6 14.6 14.4 14.6
Fixed charges.................................................................................... $ 192.4 $ 190.8 $ 174.7 $ 158.4 $ 155.0
Ratio of earnings to fixed charges................................................. 7.0 6.7 4.4 4.4 5.3