EX-12 4 0004.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended Year Ended January 31, October 31, --------------------------- ----------- 2001 2000 2000 ---------- ---------- ----------- (In thousands of dollars) Earnings: Income of consolidated group before income taxes $ 92,532 $ 59,761 $ 777,507 Dividends received from less- than-fifty percent owned affiliates 3,065 Fixed charges excluding capitalized interest 203,554 150,617 693,626 ---------- ---------- ----------- Total earnings $296,086 $210,378 $1,474,198 ========== ========== =========== Fixed charges: Interest expense of con- solidated group including capitalized interest $199,327 $146,780 $ 677,424 Portion of rental charges deemed to be interest 4,281 3,837 17,122 ---------- ---------- ----------- Total fixed charges $203,608 $150,617 $ 694,546 ========== ========== =========== Ratio of earnings to fixed charges* 1.45 1.40 2.12
DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended October 31, ------------------------- 1999 1998 ----------- ----------- (In thousands of dollars) Earnings: Income of consolidated group before income taxes $365,135 $1,560,032 Dividends received from less- than-fifty percent owned affiliates 5,734 5,555 Fixed charges excluding capitalized interest 571,949 531,817 ----------- ----------- Total earnings $942,818 $2,097,404 =========== =========== Fixed charges: Interest expense of con- solidated group including capitalized interest $557,740 $ 521,418 Portion of rental charges deemed to be interest 15,347 12,451 ----------- ----------- Total fixed charges $573,087 $ 533,869 =========== =========== Ratio of earnings to fixed charges* 1.65 3.93
DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended October 31, ------------------------- 1997 1996 ----------- ----------- (In thousands of dollars) Earnings: Income of consolidated group before income taxes $1,507,070 $1,286,634 Dividends received from less- than-fifty percent owned affiliates 3,591 7,937 Fixed charges excluding capitalized interest 433,673 410,764 ----------- ----------- Total earnings $1,944,334 $1,705,335 =========== =========== Fixed charges: Interest expense of con- solidated group including capitalized interest $ 422,588 $ 402,168 Portion of rental charges deemed to be interest 11,497 8,596 ----------- ----------- Total fixed charges $ 434,085 $ 410,764 =========== =========== Ratio of earnings to fixed charges* 4.48 4.15
The computation of the ratio of earnings to fixed charges is based on applicable amounts of the Company and its consolidated subsidiaries plus dividends received from less-than-fifty percent owned affiliates. "Earnings" consist of income before income taxes, the cumulative effect of changes in accounting and fixed charges excluding capitalized interest. "Fixed charges" consist of interest on indebtedness, amortization of debt discount and expense, an estimated amount of rental expense which is deemed to be representative of the interest factor, and capitalized interest. * 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.