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Content analysis
?| Positive | ||
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| Constraining | ||
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7th grade Avg
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New words:
Beginning, Brice, Bulletin, criteria, deferred, entity, existing, expect, expected, FASB, favorable, FIN, interpretation, noncontrolled, ownership, Poplawski, position, Research, type, unable, utilized, Variable, VIE
Removed:
Barry, industry, issuance, local, national, political, Prather
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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)
|
| Nine Months Ended |
| ||||
|
| 2003 |
| 2002 |
| ||
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FIXED CHARGES |
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Interest expense - PACCAR and subsidiaries (1) |
| $ | 103.2 |
| $ | 125.1 |
|
Portion of rentals deemed interest |
| 9.5 |
| 10.1 |
| ||
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TOTAL FIXED CHARGES |
| $ | 112.7 |
| $ | 135.2 |
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EARNINGS |
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Income before income taxes - PACCAR and subsidiaries (2) |
| $ | 565.7 |
| $ | 388.5 |
|
Fixed charges |
| 112.7 |
| 135.2 |
| ||
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EARNINGS AS DEFINED |
| $ | 678.4 |
| $ | 523.7 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 6.02 | x | 3.87 | x | ||
(1) Exclusive of interest, if any, paid to PACCAR.
(2) Includes before-tax earnings of wholly-owned subsidiaries.
1