EX-12 2 ex12.htm EXHIBIT 12 ex12.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,
  
   
2011
    
2010
  
             
Profit
   $ 83     $ 53  
                 
Add:
                
  Provision for income taxes
     29       16  
                 
Profit before income taxes and partnership income
   $ 112     $ 69  
                 
Fixed charges:
                
  Interest expense
   $ 204     $ 234  
  Rentals at computed interest*
     1       1  
                 
Total fixed charges
   $ 205     $ 235  
                 
Profit before income taxes plus fixed charges
   $ 317     $ 304  
                 
Ratio of profit before income taxes plus fixed charges to fixed charges
     1.55       1.29  

*Those portions of rent expense that are representative of interest cost.