QuickLinks -- Click here to rapidly navigate through this document
EXHIBIT 12
CATERPILLAR INC.,
CONSOLIDATED SUBSIDIARY COMPANIES,
AND 50%-OWNED UNCONSOLIDATED AFFILIATED COMPANIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
| Six months ended June 30, 2005 | Years Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||
Profit | 1,341 | $ | 2,035 | $ | 1,099 | $ | 798 | $ | 805 | $ | 1,053 | ||||||||
Add: | |||||||||||||||||||
Provision for income taxes | 520 | 699 | 384 | 314 | 359 | 439 | |||||||||||||
Profit before taxes | 1,861 | 2,734 | 1,483 | 1,112 | 1,164 | 1,492 | |||||||||||||
Fixed charges: | |||||||||||||||||||
Interest and other costs related to borrowed funds(1) | 485 | 757 | 724 | 811 | 952 | 991 | |||||||||||||
Rentals at computed interest factors(2) | 50 | 92 | 82 | 81 | 86 | 90 | |||||||||||||
Total fixed charges: | 535 | 849 | 806 | 892 | 1,038 | 1,081 | |||||||||||||
Profit before provision for income taxes and fixed charges | $ | 2,396 | $ | 3,583 | $ | 2,289 | $ | 2,004 | $ | 2,202 | $ | 2,573 | |||||||
Ratio of profit to fixed charges | 4.5 | 4.2 | 2.8 | 2.2 | 2.1 | 2.4 |
- (1)
- Interest expense as reported in Consolidated Results of Operations plus the Company's proportionate share of 50 percent-owned unconsolidated affiliated companies' interest expense.
- (2)
- Amounts represent those portions of rent expense that are reasonable approximations of interest costs.
CATERPILLAR INC., CONSOLIDATED SUBSIDIARY COMPANIES, AND 50%-OWNED UNCONSOLIDATED AFFILIATED COMPANIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Millions of dollars)