EX-12 4 exhibit12earningstofixedch.htm EXHIBIT 12 Exhibit


EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
 
 
Six Months Ended June 30,
 
Years Ended December 31,
(Dollars in millions)
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,628

 
$
2,899

 
$
2,120

 
$
2,298

 
$
2,437

 
$
2,666

Share of pre-tax income (loss) of unconsolidated entities
 
93

 
254

 
349

 
(700
)
 
(10
)
 
1

Fixed charges
 
241

 
385

 
334

 
321

 
318

 
365

Adjusted earnings
(A)
$
1,962

 
$
3,538

 
$
2,803

 
$
1,919

 
$
2,745

 
$
3,032

Interest on short-term borrowings
 
$
14

 
$
12

 
$
8

 
$
7

 
$
6

 
$
60

Interest on long-term debt, including amortization of debt issuance costs
 
186

 
289

 
240

 
219

 
206

 
184

Portion of long-term leases representative of the interest factor(1)
 
41

 
84

 
86

 
95

 
106

 
121

Preferred stock dividends and related adjustments(2)
 
106

 
242

 
171

 
112

 
61

 
33

Fixed charges and preferred stock dividends
(B)
$
347

 
$
627

 
$
505

 
$
433

 
$
379

 
$
398

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits
(A)/(B)
5.65x

 
5.64x

 
5.55x

 
4.43x

 
7.24x

 
7.62x

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 

 
 

 
 
Pre-tax income from continuing operations, as reported
 
$
1,628

 
$
2,899

 
$
2,120

 
$
2,298

 
$
2,437

 
$
2,666

Share of pre-tax income (loss) of unconsolidated entities
 
93

 
254

 
349

 
(700
)
 
(10
)
 
1

Fixed charges
 
393


548

 
419


418

 
416

 
458

Adjusted earnings
(C)
$
2,114


$
3,701

 
$
2,888

 
$
2,016

 
$
2,843

 
$
3,125

Interest on short-term borrowings and deposits
 
$
166

 
$
175

 
$
93

 
$
104

 
$
104

 
$
153

Interest on long-term debt, including amortization of debt issuance costs
 
186


289

 
240

 
219

 
206

 
184

Portion of long-term leases representative of the interest factor(1)
 
41


84

 
86

 
95

 
106

 
121

Preferred stock dividends and related adjustments(2)
 
106


242

 
171

 
112

 
61

 
33

Fixed charges and preferred stock dividends
(D)
$
499


$
790

 
$
590

 
$
530

 
$
477

 
$
491

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits
(C)/(D)
4.24x

 
4.68x

 
4.89x

 
3.80x

 
5.96x

 
6.36x

 
 
 
 
(1) The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. The interest factor on long-term capital leases represented the amount recorded as interest expense in our consolidated statement of income.
(2) Preferred dividends and related adjustments, including accretion, were adjusted to represent pre-tax earnings that would be required to cover dividend and accretion requirements.




STATE STREET CORPORATION
Ratios of Earnings to Fixed Charges
 
 
 
Six Months Ended June 30,
 
Years Ended December 31,
(Dollars in millions)
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,628

 
$
2,899

 
$
2,120

 
$
2,298

 
$
2,437

 
$
2,666

Share of pre-tax income (loss) of unconsolidated entities
 
93

 
254

 
349

 
(700
)
 
(10
)
 
1

Fixed charges
 
241

 
385

 
334

 
321

 
318

 
365

Adjusted earnings
(A)
$
1,962


$
3,538

 
$
2,803

 
$
1,919

 
$
2,745

 
$
3,032

Interest on short-term borrowings
 
$
14

 
$
12

 
$
8

 
$
7

 
$
6

 
$
60

Interest on long-term debt, including amortization of debt issuance costs
 
186

 
289

 
240

 
219

 
206

 
184

Portion of long-term leases representative of the interest factor(1)
 
41

 
84

 
86

 
95

 
106

 
121

Fixed charges
(B)
$
241


$
385

 
$
334

 
$
321

 
$
318

 
$
365

Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits
(A)/(B)
8.14x

 
9.19x

 
8.39x

 
5.98x

 
8.63x

 
8.31x

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 

Pre-tax income from continuing operations, as reported
 
$
1,628

 
$
2,899

 
$
2,120

 
$
2,298

 
$
2,437

 
$
2,666

Share of pre-tax income (loss) of unconsolidated entities
 
93


254

 
349

 
(700
)
 
(10
)
 
1

Fixed charges
 
393


548

 
419

 
418

 
416

 
458

Adjusted earnings
(C)
$
2,114


$
3,701

 
$
2,888

 
$
2,016

 
$
2,843

 
$
3,125

Interest on short-term borrowings and deposits
 
$
166

 
$
175

 
$
93

 
$
104

 
$
104

 
$
153

Interest on long-term debt, including amortization of debt issuance costs
 
186


289

 
240

 
219

 
206

 
184

Portion of long-term leases representative of the interest factor(1)
 
41


84

 
86

 
95

 
106

 
121

Fixed charges
(D)
$
393


$
548

 
$
419

 
$
418

 
$
416

 
$
458

Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits
(C)/(D)
5.38x

 
6.75x

 
6.89x

 
4.82x

 
6.83x

 
6.82x

 
 
 
 
 
(1) The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. The interest factor on long-term capital leases represented the amount recorded as interest expense in our consolidated statement of income.