EXHIBIT 12
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
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PERIODS ENDED |
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YEARS ENDED DECEMBER 31, |
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2012 |
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2011 |
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2011 |
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2010 |
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2009 |
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2008 |
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2007 |
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Earnings (1) |
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$ |
4,874 |
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$ |
3,113 |
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$ |
6,725 |
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$ |
3,750 |
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$ |
569 |
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$ |
4,501 |
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$ |
4,990 |
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Plus: Interest Expense |
|
625 |
|
589 |
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1,222 |
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1,257 |
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1,434 |
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1,427 |
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1,420 |
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One-third of rental expense (2) |
|
76 |
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67 |
|
143 |
|
120 |
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127 |
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133 |
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119 |
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Adjusted Earnings |
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5,575 |
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3,769 |
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8,090 |
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5,127 |
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2,130 |
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6,061 |
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6,529 |
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Fixed charges: |
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Interest expense (3) |
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625 |
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589 |
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1,222 |
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1,257 |
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1,434 |
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1,427 |
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1,420 |
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Capitalized interest |
|
9 |
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7 |
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18 |
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26 |
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25 |
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27 |
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15 |
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One-third of rental expense (2) |
|
76 |
|
67 |
|
143 |
|
120 |
|
127 |
|
133 |
|
119 |
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Total fixed charges |
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$ |
710 |
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$ |
663 |
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$ |
1,383 |
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$ |
1,403 |
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$ |
1,586 |
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$ |
1,587 |
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$ |
1,554 |
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Ratio of earnings to fixed charges |
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7.9 |
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5.7 |
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5.8 |
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3.7 |
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1.3 |
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3.8 |
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4.2 |
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(1) Consolidated profit before taxes
(2) Considered to be representative of interest factor in rental expense
(3) Does not include interest on income taxes and other non-third-party indebtedness