EX-12.(B) 4 d729443dex12b.htm EX-12.(B) EX-12.(b)

PACCAR FINANCIAL CORP. - FORM 10-Q

EXHIBIT 12(b)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PURSUANT TO THE SUPPORT AGREEMENT

BETWEEN THE COMPANY AND PACCAR

(Millions of Dollars)

 

     Six Months Ended
June 30		  
     2014      2013  

FIXED CHARGES

      

Interest expense

    $ 26.6       $ 29.4   

Facility and equipment rental

      .7         .7   
  

 

 

     

 

 

  

TOTAL FIXED CHARGES

      27.3       $ 30.1   
  

 

 

     

 

 

  

EARNINGS

      

Income before income taxes

    $ 81.9       $ 72.7   

Depreciation

      112.3         100.8   
  

 

 

     

 

 

  
     194.2         173.5   

FIXED CHARGES

      27.3         30.1   
  

 

 

     

 

 

  

EARNINGS AS DEFINED

    $ 221.5       $ 203.6   
  

 

 

     

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES

      8.11X         6.76X