EX-12 7 a12-2184_1ex12.htm EX-12

EXHIBIT 12

 

CATERPILLAR INC.

AND CONSOLIDATED SUBSIDIARIES

 

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Millions of dollars)

 

YEARS ENDED DECEMBER 31,

 

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (1)

 

$

6,725

 

$

3,750

 

$

569

 

$

4,501

 

$

4,990

 

Plus: Interest expense

 

1,222

 

1,257

 

1,434

 

1,427

 

1,420

 

One-third of rental expense (2) 

 

143

 

120

 

127

 

133

 

119

 

Adjusted Earnings

 

8,090

 

5,127

 

2,130

 

6,061

 

6,529

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense (3) 

 

1,222

 

1,257

 

1,434

 

1,427

 

1,420

 

Capitalized interest

 

18

 

26

 

25

 

27

 

15

 

One-third of rental expense (2) 

 

143

 

120

 

127

 

133

 

119

 

Total fixed charges

 

$

1,383

 

$

1,403

 

$

1,586

 

$

1,587

 

$

1,554

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.8

 

3.7

 

1.3

 

3.8

 

4.2

 

 

(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