EX-12 2 exh12.htm EXHIBIT 12 exh12.htm
 
 
 


EXHIBIT 12
CATERPILLAR FINANCIAL SERVICES CORPORATION AND SUBSIDIARIES
 
COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES
 

(Unaudited)
(Dollars in Millions)

   
Three Months Ended
  
   
March 31,
    
March 31,
  
   
2009
    
2008
  
             
Profit
   $ 51     $ 124  
                 
Add:
                
  Provision for income taxes
     16       59  
                 
Deduct:
                
  Partnership income
     -       (2 )
                 
Profit before income taxes and partnership income
   $ 67     $ 181  
                 
Fixed charges:
                
  Interest expense
   $ 282     $ 285  
  Rentals at computed interest*
     2       2  
                 
Total fixed charges
   $ 284     $ 287  
                 
Profit before income taxes plus fixed charges
   $ 351     $ 468  
                 
Ratio of profit before income taxes plus
  fixed charges to fixed charges
     1.24       1.63  
 
*Those portions of rent expense that are representative of interest cost.