Paccar Financial 10-K2013 FY Annual report

Filed: 27 Feb 14, 12:00am

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New words: AOCI, attempting, began, benchmark, breached, carryforward, classification, confidential, doubled, driven, excellent, Fed, guard, hardware, Index, Interbank, ISDA, jurisdiction, Lancaster, London, October, OIS, Overnight, Pennsylvania, power, qualifying, redesignated, remove, reputational, settled, software, strategically, technology, temporary, unauthorized, unrealized, unrecognized, upgrading, warehouse, worldwide

Removed: assure, fewer, found, land, location, making, modeling, PFSC, revaluation, separately, topic, transferred

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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
	2013		2012		2011		2010		2009

FIXED CHARGES
Interest expense	$	58.9	$	59.2	$	64.0	$	90.5	$	126.2
Facility and equipment rental		1.5		1.5		1.9		2.1		2.1


TOTAL FIXED CHARGES	$	60.4	$	60.7	$	65.9	$	92.6	$	128.3


EARNINGS
Income before income taxes	$	159.4	$	133.6	$	112.4	$	63.2	$	44.8
Depreciation		210.0		180.6		148.1		132.4		122.3

		369.4		314.2		260.5		195.6		167.1

FIXED CHARGES		60.4		60.7		65.9		92.6		128.3


EARNINGS AS DEFINED	$	429.8	$	374.9	$	326.4	$	288.2	$	295.4


RATIO OF EARNINGS TO FIXED CHARGES		7.12x		6.18x		4.95x		3.11x		2.30x

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