EX-12 2 cfsc-12312016x10kxex12.htm EXHIBIT 12 Exhibit


EXHIBIT 12

Caterpillar Financial Services Corporation
 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEARS ENDED DECEMBER 31,
(Unaudited)
(Dollars in Millions)

 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
Profit of consolidated companies
$
390

 
461

 
544

 
$
527

 
$
439

 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
Provision for income taxes
171

 
158

 
209

 
167

 
145

 
 
 
 
 
 
 
 
 
 
Profit before income taxes
$
561

 
$
619

 
$
753

 
$
694

 
$
584

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
611

 
$
593

 
$
631

 
$
734

 
$
801

Rentals at computed interest*
6

 
5

 
6

 
6

 
6

 
 
 
 
 
 
 
 
 
 
Total fixed charges
$
617

 
$
598

 
$
637

 
$
740

 
$
807

 
 
 
 
 
 
 
 
 
 
Profit before income taxes plus fixed charges
$
1,178

 
$
1,217

 
$
1,390

 
$
1,434

 
$
1,391

 
 
 
 
 
 
 
 
 
 
Ratio of profit before income taxes plus fixed charges to fixed charges
1.91

 
2.04

 
2.18

 
1.94

 
1.72

 
 
 
 
 
 
 
 
 
 
*Those portions of rent expense that are representative of interest cost.