EX-12 9 ex_12.htm EXHIBIT 12
             

EXHIBIT 12

CATERPILLAR INC.,
CONSOLIDATED SUBSIDIARY COMPANIES,
AND 50%-OWNED UNCONSOLIDATED AFFILIATED COMPANIES

STATEMENT SETTING FORTH COMPUTATION
OF RATIOS OF PROFIT TO FIXED CHARGES
(Millions of dollars)

YEARS ENDED DECEMBER 31,
     

2002

  

2001

  

2000
   
 
 

Profit

 

$

798

  

$

805

  

$

1,053

Add:

                  
 

Provision for income taxes

 

$

314

  

$

359

    

439

Profit before taxes

 

$

1,112

  

$

1,164

  

$

1,492

Fixed charges:

                  
 

Interest and other costs related to borrowed funds(1)

 

$

805

  

$

948

  

$

988
 

Rentals at computed interest factors(2)

   

81

    

86

    

90

Total fixed charges

 

$

886

  

$

1,034

  

$

1,078
   
 
 

Profit before provision for income taxes and fixed charges

 

$

1,998

  

$

2,198

  

$

2,570

Ratio of profit to fixed charges

   

2.3

    

2.1

    

2.4
   
 
 


(1) Interest expense as reported in Consolidated Results of Operations plus the Company's proportionate share of 50 percent-owned unconsolidated affiliated companies' interest expense.


(2) Amounts represent those portions of rent expense that are reasonable approximations of interest costs.