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EXHIBIT 12.3
PACCAR Inc
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS
(Thousands of Dollars)
Nine Months Ended
September 30
1994 1993
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FIXED CHARGES
Interest expense
PACCAR Inc and subsidiaries (1) $ 62,001 $ 47,323
Portion of rentals deemed interest 4,121 4,501
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TOTAL FIXED CHARGES $ 66,122 $ 51,824
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EARNINGS
Income before taxes -
PACCAR Inc and subsidiaries $230,205 $150,764
Fixed charges 66,122 51,824
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EARNINGS AS DEFINED $296,327 $202,588
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RATIO OF EARNINGS TO FIXED CHARGES 4.48X 3.91X
(1) Exclusive of interest, if any, paid to PACCAR Inc.
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