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,
  
   
2008
    
2007
  
             
Profit
   $ 124     $ 125  
                 
Add:
                
  Provision for income taxes
     59       57  
                 
Deduct:
                
  Partnership income
     (2 )     (2 )
                 
Profit before income taxes and partnership income
   $ 181     $ 180  
                 
Fixed charges:
                
  Interest expense
   $ 285     $ 270  
  Rentals at computed interest*
     2       1  
                 
Total fixed charges
   $ 287     $ 271  
                 
Profit before income taxes plus fixed charges
   $ 468     $ 451  
                 
Ratio of profit before income taxes plus
  fixed charges to fixed charges
     1.63       1.66  

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