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Legalese | ||
Litigous | ||
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7th grade Avg
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- 10-K Annual report
- 10 Exhibit 10(A)
- 10 Exhibit 10(B)
- 10 Exhibit 10(C)
- 10 Exhibit 10(D)
- 10 Exhibit 10(F)
- 10 Exhibit 10(G)
- 10 Exhibit 10(H)
- 10 Exhibit 10(I)
- 10 Exhibit 10(K)
- 10 Exhibit 10(L)
- 10 Exhibit 10(M)
- 10 Exhibit 10(N)
- 12 Exhibit 12
- 21 Exhibit 21
- 23 Exhibit 23
- 24 Exhibit 24
- 31 Exhibit 31(A)
- 31 Exhibit 31(B)
- 32 Exhibit 32
- Download Excel data file
- View Excel data file
EXHIBIT 12
CUMMINS INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| For the years ended December 31, |
| |||||||||||||
In millions |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| |||||
Earnings |
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|
|
| |||||
Earnings before income taxes and noncontrolling interests |
| $ | 640 |
| $ | 1,178 |
| $ | 1,169 |
| $ | 1,083 |
| $ | 798 |
|
Add: |
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Fixed charges |
| 87 |
| 99 |
| 102 |
| 135 |
| 145 |
| |||||
Amortization of capitalized interest |
| 5 |
| 3 |
| 6 |
| 5 |
| 5 |
| |||||
Distributed income of equity investees |
| 215 |
| 186 |
| 107 |
| 75 |
| 110 |
| |||||
Less: |
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| |||||
Equity in earnings of investees |
| (196 | ) | (231 | ) | (192 | ) | (121 | ) | (109 | ) | |||||
Capitalized interest |
| (6 | ) | (11 | ) | (5 | ) | (5 | ) | (3 | ) | |||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
| — |
| — |
| — |
| (2 | ) | (1 | ) | |||||
Earnings before fixed charges |
| $ | 745 |
| $ | 1,224 |
| $ | 1,187 |
| $ | 1,170 |
| $ | 945 |
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Fixed charges |
|
|
|
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|
|
|
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|
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| |||||
Interest expense |
| $ | 35 |
| $ | 42 |
| $ | 58 |
| $ | 96 |
| $ | 109 |
|
Capitalized interest |
| 6 |
| 11 |
| 5 |
| 5 |
| 3 |
| |||||
Amortization of debt discount |
| 2 |
| 2 |
| 1 |
| 1 |
| 2 |
| |||||
Interest portion of rental expense(1) |
| 44 |
| 44 |
| 38 |
| 33 |
| 31 |
| |||||
Total fixed charges |
| $ | 87 |
| $ | 99 |
| $ | 102 |
| $ | 135 |
| $ | 145 |
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|
|
|
|
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|
|
| |||||
Ratio of earnings to fixed charges |
| 8.6 |
| 12.4 |
| 11.6 |
| 8.7 |
| 6.5 |
|
(1) Amounts represent those portions of rent expense that are reasonable approximations of interest costs.