Paccar Financial 10-K2014 FY Annual report

Filed: 26 Feb 15, 12:00am

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New words: anticompetitive, AOCL, appeal, book, commenced, concerted, coordinate, cumulative, depict, Deutschland, EC, entitled, exceed, fact, fine, GmbH, impose, million, Montreal, northwestern, opened, pre, preliminary, procedural, promised, Renton, retrospectively, seek, step, studying, transition, Union, view, wholly

Removed: arrangement, assembly, Australian, Excluding, expanded, favorable, Grossa, match, Mexican, network, Offsetting, outlined, Ponta, rarely, record, repayment, requirement, unamortized

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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
	2014		2013		2012		2011		2010

FIXED CHARGES
Interest expense	$	53.4	$	58.9	$	59.2	$	64.0	$	90.5
Facility and equipment rental		1.6		1.5		1.5		1.9		2.1


TOTAL FIXED CHARGES	$	55.0	$	60.4	$	60.7	$	65.9	$	92.6


EARNINGS
Income before income taxes	$	175.0	$	159.4	$	133.6	$	112.4	$	63.2
Depreciation		232.3		210.0		180.6		148.1		132.4

		407.3		369.4		314.2		260.5		195.6

FIXED CHARGES		55.0		60.4		60.7		65.9		92.6


EARNINGS AS DEFINED	$	462.3	$	429.8	$	374.9	$	326.4	$	288.2


RATIO OF EARNINGS TO FIXED CHARGES		8.41x		7.12x		6.18x		4.95x		3.11x

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