EX-12 2 cfsc-12312017x10kxex12.htm EXHIBIT 12 Exhibit


EXHIBIT 12

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

 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
Profit of consolidated companies
$
594

 
$
390

 
$
461

 
$
544

 
$
527

 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
Provision (benefit) for income taxes
(4
)
 
171

 
158

 
209

 
167

 
 
 
 
 
 
 
 
 
 
Profit before income taxes
$
590

 
$
561

 
$
619

 
$
753

 
$
694

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
667

 
$
611

 
$
593

 
$
631

 
$
734

Rentals at computed interest*
6

 
6

 
5

 
6

 
6

 
 
 
 
 
 
 
 
 
 
Total fixed charges
$
673

 
$
617

 
$
598

 
$
637

 
$
740

 
 
 
 
 
 
 
 
 
 
Profit before income taxes plus fixed charges
$
1,263

 
$
1,178

 
$
1,217

 
$
1,390

 
$
1,434

 
 
 
 
 
 
 
 
 
 
Ratio of profit before income taxes plus fixed charges to fixed charges
1.88

 
1.91

 
2.04

 
2.18

 
1.94

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