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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 |
| |||||
|
| 2018 |
|
| 2017 |
| ||
FIXED CHARGES |
|
|
|
|
|
|
|
|
Interest expense |
| $ | 89.6 |
|
| $ | 66.8 |
|
Facility and equipment rental |
|
| 1.4 |
|
|
| 1.2 |
|
|
|
|
|
|
|
|
|
|
TOTAL FIXED CHARGES |
| $ | 91.0 |
|
| $ | 68.0 |
|
|
|
|
|
|
|
|
|
|
EARNINGS |
|
|
|
|
|
|
|
|
Income before income taxes |
| $ | 86.2 |
|
| $ | 67.5 |
|
Depreciation |
|
| 244.7 |
|
|
| 252.7 |
|
|
|
| 330.9 |
|
|
| 320.2 |
|
|
|
|
|
|
|
|
|
|
FIXED CHARGES |
|
| 91.0 |
|
|
| 68.0 |
|
|
|
|
|
|
|
|
|
|
EARNINGS AS DEFINED |
| $ | 421.9 |
|
| $ | 388.2 |
|
|
|
|
|
|
|
|
|
|
RATIO OF EARNINGS TO FIXED CHARGES |
| 4.64X |
|
| 5.71X |
|