Paccar Financial 10-K2011 FY Annual report

Filed: 29 Feb 12, 12:00am

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New words: April, arrangement, begun, Brasil, concession, consecutive, consulting, Creditor, dissolved, duration, expanded, face, focused, GAAP, Grossa, grow, guidance, implementation, interim, leverage, lowest, merger, modification, monthly, personal, phone, plant, Ponta, pool, pooling, post, potentially, previously, restated, restricted, runoff, September, shorter, Small, stronger, Supplementary, Swift, twelve, underwriting

Removed: agreed, billed, derived, difficult, fail, forecast, good, governing, half, integral, International, million, profit, Qualitative, Quantitative, renewed, supplemental

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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
	2011		2010		2009		2008		2007
FIXED CHARGES
Interest expense	$	64.0	$	90.5	$	126.2	$	160.1	$	199.0
Facility and equipment rental		1.9		2.1		2.1		2.3		2.1


TOTAL FIXED CHARGES	$	65.9	$	92.6	$	128.3	$	162.4	$	201.1


EARNINGS
Income before income taxes	$	112.4	$	63.2	$	44.8	$	71.6	$	133.4
Depreciation		148.1		132.4		122.3		107.8		90.3

		260.5		195.6		167.1		179.4		223.7
FIXED CHARGES		65.9		92.6		128.3		162.4		201.1


EARNINGS AS DEFINED	$	326.4	$	288.2	$	295.4	$	341.8	$	424.8


RATIO OF EARNINGS TO FIXED CHARGES		4.95x		3.11x		2.30x		2.10x		2.11x

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