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7th grade Avg
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New words:
Certification, external, fewer, met, Michael, Rankin, residual, stabilized, timing, uncertain
Removed:
expected, fuel, high, maintained, result, volume
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EXHIBIT 12.3
PACCAR AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS
(Millions of Dollars)
|
| Six Months Ended |
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|
| June 30 |
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|
| 2002 |
| 2001 |
| ||
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| (Unaudited) |
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FIXED CHARGES |
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Interest expense - |
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PACCAR and subsidiaries (1) |
| $ | 85.4 |
| $ | 115.4 |
|
Portion of rentals deemed interest |
| 6.8 |
| 6.6 |
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TOTAL FIXED CHARGES |
| $ | 92.2 |
| $ | 122.0 |
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EARNINGS |
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Income before taxes - |
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PACCAR and subsidiaries |
| $ | 184.0 |
| $ | 122.7 |
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Fixed charges |
| 92.2 |
| 122.0 |
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EARNINGS AS DEFINED |
| $ | 276.2 |
| $ | 244.7 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 3.00x |
| 2.01x |
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(1) Exclusive of interest, if any, paid to PACCAR.