EX-12.3 4 a06-21515_1ex12d3.htm EX-12

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

 

 

 

2006

 

2005

 

FIXED CHARGES

 

 

 

 

 

Interest expense - PACCAR and Subsidiaries (1)

 

$

216.7

 

$

131.8

 

Portion of rentals deemed interest

 

13.5

 

10.9

 

 

 

 

 

 

 

TOTAL FIXED CHARGES

 

$

230.2

 

$

142.7

 

 

 

 

 

 

 

EARNINGS

 

 

 

 

 

Income before taxes - PACCAR and Subsidiaries (2)

 

$

1,619.3

 

$

1,323.8

 

Fixed charges

 

230.2

 

142.7

 

 

 

 

 

 

 

EARNINGS AS DEFINED

 

$

1,849.5

 

$

1,466.5

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

8.03X

 

10.28X

 

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

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