Paccar Financial 10-Q2001 Q2 Quarterly report

Filed: 14 Aug 01, 12:00am

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EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PURSUANT TO SEC REPORTING REQUIREMENTS
(Millions of Dollars)

		Six Months Ended
		June 30
		2001		2000

		(Unaudited)

FIXED CHARGES
	Interest expense	$	95.0	$	94.4
	Portion of rentals deemed interest	.5		.5


TOTAL FIXED CHARGES		$	95.5	$	94.9

EARNINGS
	Income before taxes	$	7.2	$	29.6
	Fixed charges	95.5		94.9

EARNINGS AS DEFINED		$	102.7	$	124.5

RATIO OF EARNINGS TO FIXED CHARGES		1.08x		1.31x

The method of computing the ratio of earnings to fixed charges shown above complies with SEC reporting requirements but differs from the method called for in the Support Agreement between the Company and PACCAR. See Exhibit 12.2.

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