EX-12 3 a2148033zex-12.htm EXHIBIT 12

EXHIBIT 12

CATERPILLAR INC.,
CONSOLIDATED SUBSIDIARY COMPANIES,
AND 50%-OWNED UNCONSOLIDATED AFFILIATED COMPANIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)

 
   Sept. 30,
2004
   Dec. 31,
2003
   Dec. 31,
2002
   Dec. 31,
2001
   Dec. 31,
2000
Profit   $ 1,484   $ 1,099   $ 798   $ 805   $ 1,053
Add:                              
  Provision for income taxes     527     384     314     359     439
   
 
 
 
 
Profit before taxes     2,011     1,483     1,112     1,164     1,492
Fixed charges:                              
  Interest and other costs related to borrowed funds(1)     545     720     805     948     988
  Rentals at computed interest factors(2)     67     82     81     86     90
   
 
 
 
 
Total fixed charges:     612     802     886     1,034     1,078
   
 
 
 
 
Profit before provision for income taxes and fixed charges   $ 2,623   $ 2,285   $ 1,998   $ 2,198   $ 2,570
   
 
 
 
 
Ratio of profit to fixed charges     4.3     2.9     2.3     2.1     2.4
(1)
Interest expense as reported in Consolidated Results of Operations plus the Company's proportionate share of 50 percent-owned unconsolidated affiliated companies' interest expense.

(2)
Amounts represent those portions of rent expense that are reasonable approximations of interest costs.