EX-12 2 cfsc-12312014x10kxex12.htm EXHIBIT 12 CFSC-12.31.2014-10K-Ex 12


EXHIBIT 12

Caterpillar Financial Services Corporation
 COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES
YEARS ENDED DECEMBER 31,
(Unaudited)
(Dollars in Millions)

 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
Profit
$
535

 
$
513

 
$
428

 
$
374

 
$
278

 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
Provision for income taxes
209

 
167

 
145

 
109

 
40

 
 
 
 
 
 
 
 
 
 
Profit before income taxes
$
744

 
$
680

 
$
573

 
$
483

 
$
318

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
631

 
$
734

 
$
801

 
$
827

 
$
917

Rentals at computed interest*
6

 
6

 
6

 
5

 
6

 
 
 
 
 
 
 
 
 
 
Total fixed charges
$
637

 
$
740

 
$
807

 
$
832

 
$
923

 
 
 
 
 
 
 
 
 
 
Profit before income taxes plus fixed charges
$
1,381

 
$
1,420

 
$
1,380

 
$
1,315

 
$
1,241

 
 
 
 
 
 
 
 
 
 
Ratio of profit before income taxes plus fixed charges to fixed charges
2.17

 
1.92

 
1.71

 
1.58

 
1.34

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