EXHIBIT 12
CASE CREDIT CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
Post-
acquisition
basis of Pre-acquisition basis
accounting of accounting
-------------- -----------------------
Years
Ended
December
November 12 to January 1 to 31,
December 31, November 11, ----------
1999 1999 1998 1997
-------------- ------------ ---- ----
Net Income............................. $ 3 $ 58 $ 85 $ 82
Add:
Interest expense..................... 25 163 143 98
Amortization of capitalized debt
expense............................. 1 1 2 1
Income tax expense and other taxes on
income.............................. 3 32 46 40
---- ---- ---- ----
Earnings as defined................ $ 32 $254 $276 $221
==== ==== ==== ====
Interest expense....................... $ 25 $163 $143 $ 98
Amortization of capitalized debt
expense............................... 1 1 2 1
---- ---- ---- ----
Fixed charges as defined........... $ 26 $164 $145 $ 99
---- ---- ---- ----
Ratio of earnings to fixed charges..... 1.23x 1.55x 1.90x 2.23x
==== ==== ==== ====
41