EXHIBIT 12.3
PACCAR Inc
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS
(Thousands of Dollars)
Six Months Ended
June 30
1996 1995
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FIXED CHARGES
Interest expense
PACCAR Inc and subsidiaries (1) $65,121 $59,079
Portion of rentals deemed interest 2,943 2,863
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TOTAL FIXED CHARGES $68,064 $61,942
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EARNINGS
Income before taxes -
PACCAR Inc and subsidiaries $138,392 $186,663
Fixed charges 68,064 61,942
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EARNINGS AS DEFINED $206,456 $248,605
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RATIO OF EARNINGS TO FIXED CHARGES 3.03X 4.01X
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(1) Exclusive of interest, if any, paid to PACCAR Inc.
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