Paccar Financial 10-K2010 FY Annual report

Filed: 1 Mar 11, 12:00am

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New words: agency, aging, approach, ASU, aware, category, ceased, Codification, contact, country, delayed, difficulty, disposal, dividend, earlier, entered, exceeding, flooring, forward, found, hypothetical, instrument, July, knowledge, land, list, meaningful, methodology, mitigate, modified, modify, monitor, objective, ongoing, outlined, outlook, prospectively, put, rarely, recovering, recurring, referenced, regular, restructuring, revaluation, scheduled, segregated, serve, settlement, stability, subdivided, subdivision, systematic, TDR, topic, troubled, type, Typically, unable, unamortized, Utah, volatility, watch

Removed: activity, arise, attestation, consideration, designing, exert, experienced, expressing, FAS, fluctuation, generation, group, impacted, initially, permit, pressure, qualifying, receipt, slightly, slowdown, spread, substantial, temporary

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Exhibit 12(b)

PACCAR Financial Corp.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PURSUANT TO THE SUPPORT AGREEMENT

BETWEEN THE COMPANY AND PACCAR

(Millions of Dollars)


	Year ended December 31
	2010		2009		2008		2007		2006
FIXED CHARGES
Interest expense	$	90.5	$	126.2	$	160.1	$	199.0	$	163.9
Facility and equipment rental		2.1		2.1		2.3		2.1		2.0


TOTAL FIXED CHARGES	$	92.6	$	128.3	$	162.4	$	201.1	$	165.9


EARNINGS
Income before taxes	$	63.2	$	44.8	$	71.6	$	133.4	$	136.3
Depreciation		132.4		122.3		107.8		90.3		79.2

		195.6		167.1		179.4		223.7		215.5

FIXED CHARGES		92.6		128.3		162.4		201.1		165.9


EARNINGS AS DEFINED	$	288.2	$	295.4	$	341.8	$	424.8	$	381.4


RATIO OF EARNINGS TO FIXED CHARGES		3.11x		2.30x		2.10x		2.11x		2.30x

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