EX-12 8 a2233505zex-12.htm EX-12
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Exhibit 12


DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions of dollars)

    Years Ended
 		 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

    October 29
2017		     October 30
2016		     November 1
2015		     November 2
2014		     October 27
2013
 		 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings:

                                

Income of consolidated group before income taxes

  
$
3,153.8		  
$
2,224.0		  
$
2,780.1		  
$
4,797.4		  
$
5,483.4		  

Dividends received from unconsolidated affiliates

    
3.6		    
8.3		    
1.3		    
.6		    
9.9		  

Fixed charges excluding unamortized capitalized interest

    
909.7		    
771.9		    
687.8		    
669.3		    
749.0 		 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings

  
$
4,067.1		  
$
3,004.2		  
$
3,469.2		  
$
5,467.3		  
$
6,242.3 		 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

    
 		    
 		    
 		    
 		    
 		  

Interest expense of consolidated group including capitalized interest

  
$
903.4		  
$
769.0		  
$
687.4		  
$
670.2		  
$
754.8		  

Portion of rental charges deemed to be interest

    
10.2		    
8.2		    
7.8		    
5.3		    
7.7 		 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

  
$
913.6		  
$
777.2		  
$
695.2		  
$
675.5		  
$
762.5 		 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

    
4.45		    
3.87		    
4.99		    
8.09		    
8.19 		 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

    The computation of the ratio of earnings to fixed charges is based on applicable amounts of the Company and its consolidated subsidiaries plus dividends received from unconsolidated affiliates. "Earnings" consist of income before income taxes, the cumulative effect of changes in accounting, discontinued operations and fixed charges excluding unamortized capitalized interest. "Fixed charges" consist of interest on indebtedness, amortization of debt discount and expense, interest related to uncertain tax positions, an estimated amount of rental expense that is deemed to be representative of the interest factor, and capitalized interest.

    The Company has not issued preferred stock. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are the same as the ratios presented above.



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DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In millions of dollars)