EX-12 9 cat_exx12x12312013.htm EX-12 CAT_EX_12_12.31.2013


EXHIBIT 12
 
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
 
YEARS ENDED DECEMBER 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings (1)
$
5,128

 
$
8,236

 
$
6,725

 
$
3,750

 
$
569

Plus: Interest expense
1,192

 
1,264

 
1,222

 
1,257

 
1,434

One-third of rental expense (2) 
145

 
158

 
143

 
120

 
127

Adjusted Earnings
6,465

 
9,658

 
8,090

 
5,127

 
2,130

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 

 
 

 
 

 
 

 
 

Interest expense (3) 
1,192

 
1,264

 
1,222

 
1,257

 
1,434

Capitalized interest
25

 
26

 
18

 
26

 
25

One-third of rental expense (2) 
145

 
158

 
143

 
120

 
127

Total fixed charges
$
1,362

 
$
1,448

 
$
1,383

 
$
1,403

 
$
1,586

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.7

 
6.7

 
5.8

 
3.7

 
1.3

 ___________________________________________
(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