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Content analysis
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Exhibit 12(b)
PACCAR Inc and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS
(Millions of Dollars)
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| Year ended December 31 |
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| 2008 |
| 2007 |
| 2006 |
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| 2004 |
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FIXED CHARGES |
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Interest expense - PACCAR and subsidiaries (1) |
| $ | 391.1 |
| $ | 387.0 |
| $ | 303.6 |
| $ | 187.8 |
| $ | 134.3 |
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Portion of rentals deemed interest |
| 17.9 |
| 17.5 |
| 17.4 |
| 18.0 |
| 14.4 |
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TOTAL FIXED CHARGES |
| $ | 409.0 |
| $ | 404.5 |
| $ | 321.0 |
| $ | 205.8 |
| $ | 148.7 |
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EARNINGS |
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Income before taxes - PACCAR and Subsidiaries (2) |
| $ | 1,464.0 |
| $ | 1,764.3 |
| $ | 2,175.3 |
| $ | 1,773.6 |
| $ | 1,368.2 |
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FIXED CHARGES |
| 409.0 |
| 404.5 |
| 321.0 |
| 205.8 |
| 148.7 |
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EARNINGS AS DEFINED |
| $ | 1,873.0 |
| $ | 2,168.8 |
| $ | 2,496.3 |
| $ | 1,979.4 |
| $ | 1,516.9 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 4.58 | x | 5.36 | x | 7.78 | x | 9.62 | x | 10.20 | x |
(1) Exclusive of interest paid to PACCAR.
(2) Includes before-tax earnings of wholly-owned subsidiaries.