EX-12 8 ex_12.htm COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES ex_12.htm
EXHIBIT 12
 
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
 
YEARS ENDED DECEMBER 31,
 
     
2009
  
2008
  
2007
  
2006
  
2005
Earnings (1)
  
$
569
  
$
4,501
  
$
4,990
  
$
4,890
  
$
3,910
Plus: Interest expense
    
1,434
    
1,427
    
1,420
    
1,297
    
1,028
 
   One-third of rental expense (2)
    
127
    
133
    
119
    
105
    
85
Adjusted Earnings
    
2,130
    
6,061
    
6,529
    
6,292
    
5,023
                               
Fixed charges:
                              
 
Interest expense (3)
    
1,434
    
1,427
    
1,420
    
1,297
    
1,028
 
Capitalized interest
    
25
    
27
    
15
    
10
    
11
 
One-third of rental expense (2)
    
127
    
133
    
119
    
105
    
85
Total fixed charges
  
$
1,586
  
$
1,587
  
$
1,554
  
$
1,412
  
$
1,124
                               
Ratio of earnings to fixed charges
    
1.3
    
3.8
    
4.2
    
4.5
    
4.5
 
(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