Exhibit 12.1
PACCAR Inc
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Nine Months |
| Fiscal Years Ended December 31, |
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| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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| (millions of dollars, except for ratios) |
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Profit |
| $ | 904.8 |
| $ | 1,227.3 |
| $ | 1,496.0 |
| $ | 1,133.2 |
| $ | 906.8 |
| $ | 526.5 |
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Add: |
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Provision for income taxes |
| 393.4 |
| 537.0 |
| 679.3 |
| 640.4 |
| 461.4 |
| 279.0 |
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Profit before taxes |
| $ | 1,298.2 |
| $ | 1,764.3 |
| $ | 2,175.3 |
| $ | 1,773.6 |
| $ | 1,368.2 |
| $ | 805.5 |
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Fixed Charges: |
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Interest expense (1) |
| 299.5 |
| 387.0 |
| 303.6 |
| 187.8 |
| 134.3 |
| 137.1 |
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Portion of rentals deemed interest |
| 13.1 |
| 17.5 |
| 17.4 |
| 18.0 |
| 14.4 |
| 12.9 |
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Total fixed charges: |
| $ | 312.6 |
| $ | 404.5 |
| $ | 321.0 |
| $ | 205.8 |
| $ | 148.7 |
| $ | 150.0 |
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Profit before provision for income taxes and fixed charges |
| $ | 1,610.8 |
| $ | 2,168.8 |
| $ | 2,496.3 |
| $ | 1,979.4 |
| $ | 1,516.9 |
| $ | 955.5 |
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Ratio of profit to fixed charges |
| 5.15 | x | 5.36 | x | 7.78 | x | 9.62 | x | 10.20 | x | 6.37 | x |
(1) Exclusive of interest, if any, paid to PACCAR Inc.