EX-12 4 ex_12.htm RATIOS OF EARNINGS ex_12.htm
EXHIBIT 12
 
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
 
 
Nine Months
Ended
September 30, 2009
  
Years Ended December 31,
2008
  
2007
  
2006
  
2005
  
2004
Earnings (1)
$
441
    
$
4,501
  
$
4,990
  
$
4,890
  
$
3,910
  
$
2,714
Plus: Interest expense
 
1,108
      
1,427
    
1,420
    
1,297
    
1,028
    
754
 
One-third of rental expense (2)
  
100
      
133
    
119
    
105
    
85
    
74
Adjusted Earnings
 
1,649
      
6,061
    
6,529
    
6,292
    
5,023
    
3,542
                                     
Fixed charges:
                                    
 
Interest expense (3)
 
1,108
      
1,427
    
1,420
    
1,297
    
1,028
    
754
 
Capitalized interest
 
18
      
27
    
15
    
10
    
11
    
8
 
One-third of rental expense (2)
  
100
      
133
    
119
    
105
    
85
    
74
Total fixed charges
$
1,226
    
$
1,587
  
$
1,554
  
$
1,412
  
$
1,124
  
$
836
                                     
Ratio of earnings to fixed charges
  
1.3
      
3.8
    
4.2
    
4.5
    
4.5
    
4.2
  
(1)
Consolidated profit before taxes
(2)
Considered to be representative of interest factor in rental expense
(3)
Does not include interest on income taxes and other non-third-party indebtedness