EX-12 2 cfsc-03312018x10qxex12.htm EXHIBIT 12 Exhibit


EXHIBIT 12

Caterpillar Financial Services Corporation
 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Dollars in Millions)

 
Three Months Ended
March 31,
 
2018
 
2017
 
 
 
 
Profit of consolidated companies
$
95

 
$
117

 
 
 
 
Add:
 
 
 
Provision for income taxes
29

 
50

 
 
 
 
Profit before income taxes
$
124

 
$
167

 
 
 
 
Fixed charges:
 
 
 
Interest expense
$
174

 
$
162

Rentals at computed interest*
1

 
1

 
 
 
 
Total fixed charges
$
175

 
$
163

 
 
 
 
Profit before income taxes plus fixed charges
$
299

 
$
330

 
 
 
 
Ratio of profit before income taxes plus fixed charges to fixed charges
1.71

 
2.02

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