EXHIBIT 12.1
CATERPILLAR INC.
AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
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| YEARS ENDED DECEMBER 31, |
| THREE MONTHS |
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| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2014 |
| 2013 |
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Earnings (1) |
| $ | 5,128 |
| $ | 8,236 |
| $ | 6,725 |
| $ | 3,750 |
| $ | 569 |
| $ | 1,342 |
| $ | 1,127 |
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Plus: Interest expense |
| 1,192 |
| 1,264 |
| 1,222 |
| 1,257 |
| 1,434 |
| 270 |
| 309 |
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One-third of rental expense (2) |
| 145 |
| 158 |
| 143 |
| 120 |
| 127 |
| 32 |
| 35 |
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Adjusted Earnings |
| 6,465 |
| 9,658 |
| 8,090 |
| 5,127 |
| 2,130 |
| 1,644 |
| 1,471 |
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Fixed charges: |
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Interest expense (3) |
| 1,192 |
| 1,264 |
| 1,222 |
| 1,257 |
| 1,434 |
| 270 |
| 309 |
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Capitalized interest |
| 25 |
| 26 |
| 18 |
| 26 |
| 25 |
| 3 |
| 5 |
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One-third of rental expense (2) |
| 145 |
| 158 |
| 143 |
| 120 |
| 127 |
| 32 |
| 35 |
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Total fixed charges |
| $ | 1,362 |
| $ | 1,448 |
| $ | 1,383 |
| $ | 1,403 |
| $ | 1,586 |
| $ | 305 |
| $ | 349 |
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Ratio of earnings to fixed charges |
| 4.7 | x | 6.7 | x | 5.8 | x | 3.7 | x | 1.3 | x | 5.4 | x | 4.2 | x | |||||||
(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
