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EXHIBIT 12
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
YEARS ENDED DECEMBER 31,
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings (1) | $ | 4,082 | $ | 139 | $ | 3,439 | $ | 3,152 | $ | 9,371 | |||||||||
Plus: Interest expense | 1,177 | 1,101 | 1,094 | 1,108 | 1,192 | ||||||||||||||
One-third of rental expense (2) | 110 | 125 | 124 | 127 | 145 | ||||||||||||||
Adjusted Earnings | 5,369 | 1,365 | 4,657 | 4,387 | 10,708 | ||||||||||||||
Fixed charges: | |||||||||||||||||||
Interest expense (3) | 1,177 | 1,101 | 1,094 | 1,108 | 1,192 | ||||||||||||||
Capitalized interest | 8 | 7 | 14 | 13 | 25 | ||||||||||||||
One-third of rental expense (2) | 110 | 125 | 124 | 127 | 145 | ||||||||||||||
Total fixed charges | $ | 1,295 | $ | 1,233 | $ | 1,232 | $ | 1,248 | $ | 1,362 | |||||||||
Ratio of earnings to fixed charges | 4.1 | 1.1 | 3.8 | 3.5 | 7.9 |
___________________________________________
(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 |