EX-12 5 ex12.htm EXHIBIT 12 Exhibit 12

EXHIBIT 12
 
 
 
CATERPILLAR INC.,
CONSOLIDATED SUBSIDIARY COMPANIES,
AND 50%-OWNED UNCONSOLIDATED AFFILIATED COMPANIES
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
 
YEARS ENDED DECEMBER 31,
     
2004
  
2003
  
2002
  
2001
  
2000
Profit
 
$
2,035
 
$
1,099
 
$
798
 
$
805
 
$
1,053
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes
 
 
699
 
 
384
 
 
314
 
 
359
 
 
439
Profit before taxes
 
 
2,734
 
 
1,483
 
 
1,112
 
 
1,164
 
 
1,492
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and other costs related to borrowed funds(1)
 
 
753
 
 
720
 
 
805
 
 
948
 
 
988
 
Rentals at computed interest factors(2)
 
 
92
 
 
82
 
 
81
 
 
86
 
 
90
Total fixed charges:
 
 
845
 
 
802
 
 
886
 
 
1,034
 
 
1,078
Profit before provision for income
taxes and fixed charges
  
$
3,579
  
$
2,285
  
$
1,998
  
$
2,198
  
$
2,570
Ratio of profit to fixed charges
    
4.2
    
2.9
    
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.