Caterpillar (CAT) 8-K 2015 FY Other Events

EXHIBIT 12

CATERPILLAR INC.

AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(Millions of dollars)

YEARS ENDED DECEMBER 31,

	2015		2014		2013		2012		2011
Earnings (1)	$	3,439	$	3,152	$	9,371	$	7,827	$	3,734
Plus: Interest expense	1,094		1,108		1,192		1,264		1,222
One-third of rental expense (2)	124		127		145		158		143
Adjusted Earnings	4,657		4,387		10,708		9,249		5,099
Fixed charges:
Interest expense (3)	1,094		1,108		1,192		1,264		1,222
Capitalized interest	14		13		25		26		18
One-third of rental expense (2)	124		127		145		158		143
Total fixed charges	$	1,232	$	1,248	$	1,362	$	1,448	$	1,383
Ratio of earnings to fixed charges	3.8		3.5		7.9		6.4		3.7

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⁽¹⁾  Consolidated profit before taxes

⁽²⁾  Considered to be representative of interest factor in rental expense

⁽³⁾  Does not include interest on income taxes and other non-third-party indebtedness