EX-12 6 cat_exx12x12312017.htm EXHIBIT 12 Exhibit


EXHIBIT 12
 
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
 
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
 
YEARS ENDED DECEMBER 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings (1)
$
4,082

 
$
139

 
$
3,439

 
$
3,152

 
$
9,371

Plus: Interest expense
1,177

 
1,101

 
1,094

 
1,108

 
1,192

One-third of rental expense (2) 
110

 
125

 
124

 
127

 
145

Adjusted Earnings
5,369

 
1,365

 
4,657

 
4,387

 
10,708

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense (3) 
1,177

 
1,101

 
1,094

 
1,108

 
1,192

Capitalized interest
8

 
7

 
14

 
13

 
25

One-third of rental expense (2) 
110

 
125

 
124

 
127

 
145

Total fixed charges
$
1,295

 
$
1,233

 
$
1,232

 
$
1,248

 
$
1,362

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.1

 
1.1

 
3.8

 
3.5

 
7.9

 ___________________________________________
(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