EXHIBIT 12
CASE CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES*
(dollars in millions)
Three
months
Ended
March 31, Year Ended December 31,
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1999 1998 1997 1996 1995 1994
--------- ---- ---- ---- ---- ----
Net income (loss)........................... (48) 64 403 316 337 131
Add:
Interest.................................. 75 240 170 160 174 160
Amortization of capitalized debt expense.. 1 3 1 4 6
Portion of rentals representative of
interest factor.......................... 3 12 12 12 12 11
Income tax expense (benefit) and other
taxes on income.......................... (11) 42 191 185 81 93
Fixed charges of 50% owned, unconsolidated
subsidiaries............................. 1 5 3 3 2 2
Extraordinary items (net of taxes)........ 33 5
Cumulative effect of change in accounting
principles (net of taxes)................ 9 29
---- ---- ---- ---- ---- ----
Earnings as defined..................... 21 366 780 713 621 431
==== ==== ==== ==== ==== ====
Interest.................................. 75 240 170 160 174 160
Interest capitalized...................... 1 3 2 1 2 3
Amortization of capitalized debt expense.. 1 3 1 4 6
Portion of rentals representative of
interest factor.......................... 3 12 12 12 12 11
Fixed charges of 50% owned, unconsolidated
subsidiaries............................. 1 5 3 3 2 2
---- ---- ---- ---- ---- ----
Fixed charges as defined................ 81 263 188 180 196 176
==== ==== ==== ==== ==== ====
Ratio of earnings to fixed charges........ -- 1.39 4.15 3.96 3.17 2.45
Deficiency of earnings to fixed charges... $(60)
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*Excludes impact of preferred dividends