EXHIBIT 12.3
PACCAR AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
Nine Months Ended
September 30
1999 1998
-------------------------------------
FIXED CHARGES
Interest expense -
PACCAR and subsidiaries (1) $ 136,515 $ 121,705
Portion of rentals deemed interest 13,312 10,915
-------------------------------------
TOTAL FIXED CHARGES $ 149,827 $ 132,620
=====================================
EARNINGS
Income before taxes -
PACCAR and subsidiaries $ 634,400 $ 473,135
Fixed charges 149,827 132,620
-------------------------------------
EARNINGS AS DEFINED $ 784,227 $ 605,755
=====================================
RATIO OF EARNINGS TO FIXED CHARGES 5.23x 4.57x
(1) Exclusive of interest, if any, paid to PACCAR.