EXHIBIT 12
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Case Corporation
Ratio of Earnings to Fixed Charges*
Year Ended December 31,
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9 months 1997 1996 1995 1994 1993
ended
9/30/98
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Net 258 403 316 337 131 39
Income
Add:
Interest 170 170 160 174 160 232
Amortization of capitalized debt expense 1 1 4 6
Portion of rentals representative of interest factor 9 12 12 12 11 12
Income tax expense and other taxes on income 120 191 185 81 93 6
Fixed charges of unconsolidated subsidiaries 3 3 3 2 2 2
Extraordinary items (net of taxes) 33 5
Cumulative effect of change in accounting
principles (net of taxes) 9 29
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Earnings as defined 561 780 713 621 431 291
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Interest 170 170 160 174 160 232
Interest capitalized 2 1 2 3 1
Amortization of capitalized debt expense 1 1 4 6
Portion of rentals representative of interest factor 9 12 12 12 11 12
Fixed charges of unconsolidated subsidiaries 3 3 3 2 2 2
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Fixed charges as defined 183 188 180 196 176 247
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Ratio of earnings to fixed chareges 3.07 4.15 3.96 3.17 2.45 1.18
*Excludes impact of preferred dividends