CNH Industrial Capital 10-K 2016 FY Annual report

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

For the five years ended December 31, 2016, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):

	2016		2015		2014		2013		2012
Earnings:
Income before taxes	$	281,816	$	326,840	$	386,368	$	401,162	$	329,693
Fixed charges		305,152		290,345		286,501		257,398		254,161
Total earnings	$	586,968	$	617,185	$	672,869	$	658,560	$	583,854
Fixed charges:
Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness	$	305,099	$	290,273	$	286,428	$	257,322	$	254,073
Estimate of the interest component of rental expense		53		72		73		76		88
Total fixed charges	$	305,152	$	290,345	$	286,501	$	257,398	$	254,161
Ratio of earnings to fixed charges		1.92		2.13		2.35		2.56		2.30