EXHIBIT 12
DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands of dollars)
Year Ended October 31
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1993 1992 1991 1990 1989
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Earnings:
Income (loss) of consolidated
group before income taxes
and changes in accounting. . . . . . . . . . . . $272,345 $ 43,488 $ (26,176) $ 587,528 $539,126
Dividends received from
less-than-fifty-percent
owned affiliates . . . . . . . . . . . . . . . . 1,706 2,325 6,229 7,775 1,200
Fixed charges net of
capitalized interest . . . . . . . . . . . . 375,238 420,133 454,092 439,200 412,041
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Total earnings . . . . . . . . . . . . . . . $649,289 $465,946 $434,145 $1,034,503 $952,367
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Fixed charges:
Interest expense of con-
solidated group (includes
capitalized interest). .. . . . . . . . . . . . $369,325 $415,205 $451,936 $435,217 $406,583
Portion of rental charges
deemed to be interest . . . . . . . . . . . . . 6,127 6,720 4,088 3,983 5,468
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Total fixed charges. . . . . . . . . . . . . $375,452 $421,925 $456,024 $439,200 $412,051
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Ratio of earnings to
fixed charges** . . . . . . . . . . . . . . . . . 1.73 1.10 * 2.36 2.31
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<FN>
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The computation of the ratio of earnings to fixed charges is based on applicable amounts of the Company and its consolidated
subsidiaries plus dividends received from less-than fifty percent owned affiliates. "Earnings" consist of income before income
taxes, changes in accounting and fixed charges excluding capitalized interest. "Fixed charges" consist of interest on indebtedness,
amortization of debt discount and expense, an estimated amount of rental expense which is deemed to be representative of the
interest factor, and capitalized interest.
* For the year ended October 31, 1991, earnings available for fixed charges coverage were $22 million less than the amount
required for a ratio of earnings to fixed charges of 1.0.
** The Company has not issued preferred stock, therefore, the ratios of earnings to combined fixed charges and preferred stock
dividends are the same as the ratios presented above.
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