EX-12.3 4 a05-17907_1ex12d3.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

EXHIBIT 12.3

 

PACCAR and Subsidiaries

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

PURSUANT TO SEC REPORTING REQUIREMENTS

(Millions of Dollars)

 

 

 

Nine Months Ended
September 30

 

 

 

2005

 

2004

 

 

 

 

 

 

 

FIXED CHARGES

 

 

 

 

 

Interest expense - PACCAR and Subsidiaries (1)

 

$

131.8

 

$

96.7

 

Portion of rentals deemed interest

 

10.9

 

9.6

 

 

 

 

 

 

 

TOTAL FIXED CHARGES

 

$

142.7

 

$

106.3

 

 

 

 

 

 

 

EARNINGS

 

 

 

 

 

Income before taxes - PACCAR and Subsidiaries (2)

 

$

1,323.8

 

$

1,001.6

 

Fixed charges

 

142.7

 

106.3

 

 

 

 

 

 

 

EARNINGS AS DEFINED

 

$

1,466.5

 

$

1,107.9

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

10.28

X

10.42

X

 

(1)  Exclusive of interest, if any, paid to PACCAR.

 

(2)  Includes before-tax earnings of wholly-owned subsidiaries.

 

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