- Track your favorite companies
- Receive email alerts for new filings
- Personalized dashboard of news and more
- Access all data and search results
Content analysis
?EXHIBIT 12
CUMMINS INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| Six months ended |
| ||||
|
| June 30, |
| July 1, |
| ||
In millions |
| 2013 |
| 2012 |
| ||
Earnings |
|
|
|
|
| ||
Earnings before income taxes and noncontrolling interests |
| $ | 1,044 |
| $ | 1,311 |
|
Add |
|
|
|
|
| ||
Fixed charges |
| 51 |
| 50 |
| ||
Amortization of capitalized interest |
| 1 |
| 1 |
| ||
Distributed income of equity investees |
| 120 |
| 158 |
| ||
Less |
|
|
|
|
| ||
Equity in earnings of investees |
| 171 |
| 187 |
| ||
Capitalized interest |
| 3 |
| 4 |
| ||
Earnings before fixed charges |
| $ | 1,042 |
| $ | 1,329 |
|
|
|
|
|
|
| ||
Fixed charges |
|
|
|
|
| ||
Interest expense |
| $ | 14 |
| $ | 16 |
|
Capitalized interest |
| 3 |
| 4 |
| ||
Amortization of debt discount |
| 5 |
| 1 |
| ||
Interest portion of rental expense (1) |
| 29 |
| 29 |
| ||
Total fixed charges |
| $ | 51 |
| $ | 50 |
|
|
|
|
|
|
| ||
Ratio of earnings to fixed charges |
| 20.4 |
| 26.6 |
|
(1) Amounts represent those portions of rent expense that are reasonable approximations of interest costs.