Cummins (CMI) 10-Q2009 Q2 Quarterly report

Filed: 30 Jul 09, 12:00am

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New words: accrual, analyze, assign, assigned, assumed, authoritative, bad, California, Chapter, code, codification, Commision, concept, consent, declaratory, demonstrated, derecognized, documentation, earlier, electronic, faith, GM, Holset, horsepower, inadequate, incentive, Investor, Jun, launched, logo, mechanical, metric, midrange, noncompetitive, notice, ounce, plain, predecessor, reach, reapprove, relieving, short, shutdown, signage, site, sublicense, sublimit, suit, supersede, ton, transferor, troy, VIE, wholesale, Wuxi

Removed: combined, consistent, determined, Filter, Fleetguard, framework, measuring, Shanghai, Tata

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EXHIBIT 12

CUMMINS INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six months ended
	June 28,		June 29,
In millions	2009		2008
Earnings
Earnings before income taxes	$	120	$	761
Add:
Fixed charges	40		48
Amortization of capitalized interest	2		2
Distributed income of equity investees	145		61
Less:
Equity in earnings of investees	83		125
Capitalized interest	1		3
Earnings before fixed charges	$	223	$	744

Fixed charges
Interest expense	$	17	$	23
Capitalized interest	1		3
Amortization of debt discount	1		1
Interest portion of rental expense(1)	21		21
Total fixed charges	$	40	$	48

Ratio of earnings to fixed charges	5.6		15.5

(1) Amounts represent those portions of rent expense that are reasonable approximations of interest costs.

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