- Track your favorite companies
- Receive email alerts for new filings
- Personalized dashboard of news and more
- Access all data and search results
Content analysis
?| Positive | ||
| Negative | ||
| Uncertain | ||
| Constraining | ||
| Legalese | ||
| Litigous | ||
| Readability |
7th grade Avg
|
|
EXHIBIT 12.1
FORM 10-Q
PACCAR FINANCIAL CORP.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS
(Millions of Dollars)
|
| Six Months Ended |
| ||||
|
|
| |||||
|
| 2002 |
| 2001 |
| ||
|
| (Unaudited) |
| ||||
|
|
|
|
|
| ||
FIXED CHARGES |
|
|
|
|
| ||
Interest expense |
| $ | 61.3 |
| $ | 95.0 |
|
Portion of rentals deemed interest |
| .6 |
| .5 |
| ||
|
|
|
|
|
| ||
TOTAL FIXED CHARGES |
| $ | 61.9 |
| $ | 95.5 |
|
|
|
|
|
|
| ||
EARNINGS |
|
|
|
|
| ||
Income before taxes |
| $ | 12.4 |
| $ | 6.5 |
|
Fixed charges |
| 61.9 |
| 95.5 |
| ||
|
|
|
|
|
| ||
EARNINGS AS DEFINED |
| $ | 74.3 |
| $ | 102.0 |
|
|
|
|
|
|
| ||
RATIO OF EARNINGS TO FIXED CHARGES |
| 1.20x |
| 1.07x |
| ||
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. Income before taxes for the six months ended June 30, 2001 has been adjusted to exclude $.7 pretax income from the cumulative effect of the accounting change related to FAS 133.