EX-12.(B) 3 d929636dex12b.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		  
     2015      2014  

FIXED CHARGES

      

Interest expense

    $ 28.6       $ 26.6   

Facility and equipment rental

      .7         .7   
  

 

 

     

 

 

  

TOTAL FIXED CHARGES

    $ 29.3       $ 27.3   
  

 

 

     

 

 

  

EARNINGS

      

Income before income taxes

    $ 90.9       $ 81.9   

Depreciation

      119.4         112.3   
  

 

 

     

 

 

  
     210.3         194.2   

FIXED CHARGES

      29.3         27.3   
  

 

 

     

 

 

  

EARNINGS AS DEFINED

    $ 239.6       $ 221.5   
  

 

 

     

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES

      8.18X         8.11X