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Content analysis
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8th grade Bad
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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 |
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|
| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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FIXED CHARGES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 91.5 |
|
| $ | 76.6 |
|
| $ | 60.2 |
|
| $ | 53.4 |
|
| $ | 58.9 |
|
Facility and equipment rental |
|
| 1.6 |
|
|
| 1.4 |
|
|
| 1.6 |
|
|
| 1.6 |
|
|
| 1.5 |
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|
|
|
|
|
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|
|
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|
|
|
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|
|
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TOTAL FIXED CHARGES |
| $ | 93.1 |
|
| $ | 78.0 |
|
| $ | 61.8 |
|
| $ | 55.0 |
|
| $ | 60.4 |
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EARNINGS |
|
|
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|
|
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|
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Income before income taxes |
| $ | 91.3 |
|
| $ | 139.2 |
|
| $ | 182.2 |
|
| $ | 175.0 |
|
| $ | 159.4 |
|
Depreciation |
|
| 340.9 |
|
|
| 277.2 |
|
|
| 246.6 |
|
|
| 232.3 |
|
|
| 210.0 |
|
|
|
| 432.2 |
|
|
| 416.4 |
|
|
| 428.8 |
|
|
| 407.3 |
|
|
| 369.4 |
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
FIXED CHARGES |
|
| 93.1 |
|
|
| 78.0 |
|
|
| 61.8 |
|
|
| 55.0 |
|
|
| 60.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
EARNINGS AS DEFINED |
| $ | 525.3 |
|
| $ | 494.4 |
|
| $ | 490.6 |
|
| $ | 462.3 |
|
| $ | 429.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIO OF EARNINGS TO FIXED CHARGES |
| 5.64x |
|
| 6.34x |
|
| 7.94x |
|
| 8.41x |
|
| 7.12x |
|