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fewer, nil, renew, Targeted
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PACCAR FINANCIAL CORP. - FORM 10-Q
EXHIBIT 12(b)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO THE SUPPORT AGREEMENT
BETWEEN THE COMPANY AND PACCAR
(Millions of Dollars)
|
| Nine Months Ended |
| |||||
|
| September 30 |
| |||||
|
|
| 2017 |
|
|
| 2016 |
|
FIXED CHARGES |
|
|
|
|
|
|
|
|
Interest expense |
| $ | 66.8 |
|
| $ | 56.2 |
|
Facility and equipment rental |
|
| 1.2 |
|
|
| 1.2 |
|
|
|
|
|
|
|
|
|
|
TOTAL FIXED CHARGES |
| $ | 68.0 |
|
| $ | 57.4 |
|
|
|
|
|
|
|
|
|
|
EARNINGS |
|
|
|
|
|
|
|
|
Income before income taxes |
| $ | 67.5 |
|
| $ | 103.6 |
|
Depreciation |
|
| 252.7 |
|
|
| 205.5 |
|
|
|
| 320.2 |
|
|
| 309.1 |
|
|
|
|
|
|
|
|
|
|
FIXED CHARGES |
|
| 68.0 |
|
|
| 57.4 |
|
|
|
|
|
|
|
|
|
|
EARNINGS AS DEFINED |
| $ | 388.2 |
|
| $ | 366.5 |
|
|
|
|
|
|
|
|
|
|
RATIO OF EARNINGS TO FIXED CHARGES |
| 5.71X |
|
| 6.39X |
| ||