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accrued, advance, applied, buying, contract, customer, downgrade, effective, emission, engine, fee, flow, freight, low, payable, positive, positively, quality, strength
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EXHIBIT 12.2
FORM 10-Q
PACCAR FINANCIAL CORP.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO THE SUPPORT AGREEMENT
BETWEEN THE COMPANY AND PACCAR
(Millions of Dollars)
|
| Three Months Ended |
| ||||
|
| March 31 |
| ||||
|
| 2006 |
| 2005 |
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|
|
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FIXED CHARGES |
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|
|
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Interest expense |
| $ | 34.6 |
| $ | 20.1 |
|
Facility and equipment rental |
| .5 |
| .5 |
| ||
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|
|
|
|
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TOTAL FIXED CHARGES |
| $ | 35.1 |
| $ | 20.6 |
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EARNINGS |
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|
|
|
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Income before taxes |
| $ | 32.1 |
| $ | 29.6 |
|
Depreciation |
| 19.0 |
| 15.7 |
| ||
|
| 51.1 |
| 45.3 |
| ||
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|
|
|
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Fixed charges |
| 35.1 |
| 20.6 |
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|
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EARNINGS AS DEFINED |
| $ | 86.2 |
| $ | 65.9 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 2.46 | X | 3.20 | X |