EX-12 9 cat_exx12x12312016.htm EXHIBIT 12 Exhibit


EXHIBIT 12
 
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
 
YEARS ENDED DECEMBER 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings (1)
$
139

 
$
3,439

 
$
3,152

 
$
9,371

 
$
7,827

Plus: Interest expense
1,101

 
1,094

 
1,108

 
1,192

 
1,264

One-third of rental expense (2) 
125

 
124

 
127

 
145

 
158

Adjusted Earnings
1,365

 
4,657

 
4,387

 
10,708

 
9,249

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 

Interest expense (3) 
1,101

 
1,094

 
1,108

 
1,192

 
1,264

Capitalized interest
7

 
14

 
13

 
25

 
26

One-third of rental expense (2) 
125

 
124

 
127

 
145

 
158

Total fixed charges
$
1,233

 
$
1,232

 
$
1,248

 
$
1,362

 
$
1,448

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.1

 
3.8

 
3.5

 
7.9

 
6.4

 ___________________________________________
(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