EX-12 6 cat_exx12x12312015.htm EXHIBIT 12 Exhibit


EXHIBIT 12
 
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
 
YEARS ENDED DECEMBER 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings (1)
$
2,855

 
$
5,083

 
$
5,128

 
$
8,236

 
$
6,725

Plus: Interest expense
1,094

 
1,108

 
1,192

 
1,264

 
1,222

One-third of rental expense (2) 
124

 
127

 
145

 
158

 
143

Adjusted Earnings
4,073

 
6,318

 
6,465

 
9,658

 
8,090

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 

 
 

Interest expense (3) 
1,094

 
1,108

 
1,192

 
1,264

 
1,222

Capitalized interest
14

 
13

 
25

 
26

 
18

One-third of rental expense (2) 
124

 
127

 
145

 
158

 
143

Total fixed charges
$
1,232

 
$
1,248

 
$
1,362

 
$
1,448

 
$
1,383

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.3

 
5.1

 
4.7

 
6.7

 
5.8

 ___________________________________________
(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