EXHIBIT 12.1
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
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| PERIODS ENDED |
| YEARS ENDED DECEMBER 31, |
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| 2011 |
| 2010 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
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Earnings (1) |
| $ | 1,763 |
| $ | 469 |
| $ | 3,750 |
| $ | 569 |
| $ | 4,501 |
| $ | 4,990 |
| $ | 4,890 |
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Plus: Interest Expense |
| 290 |
| 335 |
| 1,257 |
| 1,434 |
| 1,427 |
| 1,420 |
| 1,297 |
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One-third of rental expense (2) |
| 34 |
| 30 |
| 120 |
| 127 |
| 133 |
| 119 |
| 105 |
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Adjusted Earnings |
| 2,087 |
| 834 |
| 5,127 |
| 2,130 |
| 6,061 |
| 6,529 |
| 6,292 |
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Fixed charges: |
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Interest expense (3) |
| 290 |
| 335 |
| 1,257 |
| 1,434 |
| 1,427 |
| 1,420 |
| 1,297 |
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Capitalized interest |
| — |
| — |
| 26 |
| 25 |
| 27 |
| 15 |
| 10 |
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One-third of rental expense (2) |
| 34 |
| 30 |
| 120 |
| 127 |
| 133 |
| 119 |
| 105 |
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Total fixed charges |
| $ | 324 |
| $ | 365 |
| $ | 1,403 |
| $ | 1,586 |
| $ | 1,587 |
| $ | 1,554 |
| $ | 1,412 |
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Ratio of earnings to fixed charges |
| 6.4 |
| 2.3 |
| 3.7 |
| 1.3 |
| 3.8 |
| 4.2 |
| 4.5 |
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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
