EX-12 2 a04-14947_1ex12.htm EX-12

Exhibit 12

 

John Deere Capital Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(thousands of dollars)

 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and changes in accounting

 

$

410,621

 

$

427,940

 

$

370,972

 

$

245,662

 

$

216,712

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

334,521

 

367,223

 

382,547

 

459,348

 

447,169

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

745,142

 

$

795,163

 

$

753,519

 

$

705,010

 

$

663,881

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

327,451

 

$

360,127

 

$

374,883

 

$

452,032

 

$

440,220

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent expense

 

7,070

 

7,096

 

7,664

 

7,316

 

6,949

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

334,521

 

$

367,223

 

$

382,547

 

$

459,348

 

$

447,169

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges *

 

2.23

 

2.17

 

1.97

 

1.53

 

1.48

 

 

“Earnings” consist of income before income taxes, the cumulative effect of changes in accounting and fixed charges.  “Fixed charges” consist of interest on indebtedness, amortization of debt discount and expense, an estimated amount of rental expense under capitalized leases which is deemed to be representative of the interest factor and rental expense under operating leases.

 

*                 The Company has not issued preferred stock.  Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are the same as the ratios presented above.