EX-12.1 2 cnhc-20160930ex12149554a.htm EX-12.1 cnhc_Ex12_1

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

For the three and nine months ended September 30, 2016 and 2015, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2016

    

2015

    

2016

    

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$
81,767

 

$
88,452

 

$
252,344

 

$
291,586

 

Fixed charges

 

 
73,127

 

 
74,133

 

 
219,372

 

 
207,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$
154,894

 

$
162,585

 

$
471,716

 

$
499,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness

 

$
73,109

 

$
74,115

 

$
219,315

 

$
207,912

 

Estimate of the interest component of rental expense

 

 
18

 

 
18

 

 
57

 

 
53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$
73,127

 

$
74,133

 

$
219,372

 

$
207,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 
2.12

 

 
2.19

 

 
2.15

 

 
2.40