Exhibit 12-A
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIESCALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES(in millions)
For the Years Ended December 31 1999 1998 1997 1996 1995 Earnings Income before income taxes $ 2,103.8 $ 1,812.2 $ 1,806.0 $ 2,240.2 $ 2,327.8 Less equity in net income from affiliated
companies24.9 2.3 1.0 55.3 255.4 Fixed charges 7,219.3 6,936.8 6,294.4 6,257.9 6,007.3 Earnings before fixed charges $ 9,298.2 $ 8,746.7 $ 8,099.4 $ 8,442.8 $ 8,079.7 Fixed Charges Interest expense $ 7,193.4 $ 6,910.4 $ 6,268.2 $ 6,235.7 $ 5,987.8 Rents 25.9 26.4 26.2 22.2 19.5 Total fixed charges $ 7,219.3 $ 6,936.8 $ 6,294.4 $ 6,257.9 $ 6,007.3 Ratio of earnings to fixed charges 1.3 1.3 1.3 1.3 1.3 For purposes of the Ford Credit ratio, earnings include income taxes and fixed charges. Income before income taxes of Ford Credit includes the equity in net income of all unconsolidated affiliates and minority interests in net income of subsidiaries. Fixed charges consist of interest on borrowed funds, amortization of debt discount, premium, and issuance expense, and one-third of all rental expense (the proportion deemed representative of the interest factor.)
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10-K Filing
Ford Motor Credit (FCZ) 10-K1999 FY Annual report
Filed: 21 Mar 00, 12:00am