EX-12 13 cat_exx12x12312014.htm EX-12 CAT_EX_12_12.31.2014


EXHIBIT 12
 
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
 
YEARS ENDED DECEMBER 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings (1)
$
5,083

 
$
5,128

 
$
8,236

 
$
6,725

 
$
3,750

Plus: Interest expense
1,108

 
1,192

 
1,264

 
1,222

 
1,257

One-third of rental expense (2) 
127

 
145

 
158

 
143

 
120

Adjusted Earnings
6,318

 
6,465

 
9,658

 
8,090

 
5,127

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 

 
 

 
 

Interest expense (3) 
1,108

 
1,192

 
1,264

 
1,222

 
1,257

Capitalized interest
13

 
25

 
26

 
18

 
26

One-third of rental expense (2) 
127

 
145

 
158

 
143

 
120

Total fixed charges
$
1,248

 
$
1,362

 
$
1,448

 
$
1,383

 
$
1,403

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
5.1

 
4.7

 
6.7

 
5.8

 
3.7

 ___________________________________________
(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