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Exhibit 12.3
PARKER-HANNIFIN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
NINE MONTHS
ENDED MARCH 31, FISCAL YEAR ENDED JUNE 30,
1998 1997 1997 1996 1995 1994 1993
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EARNINGS
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Income from continuing operations before
income taxes $363,792 $281,602 $424,867 $374,479 $348,407 $112,449 $108,066
Add:
Interest on indebtedness, exclusive of
interest capitalized in accordance
with FASB #34 and interest on ESOP
loan guarantee 36,797 35,861 46,373 35,665 28,884 34,687 43,055
Amortization of deferred loan costs 234 214 286 146 128 297 237
Portion of rents representative of
interest factor 8,326 7,475 11,102 9,966 8,791 7,157 10,299
Equity share of losses of companies
for which debt obligations are not
guaranteed 593 1,210 1,327 513 392 1,359 1,566
Amortization of previously capitalized
interest 221 202 220 219 216 217 206
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Income as adjusted $409,963 $326,564 $484,175 $420,988 $386,818 $156,166 $163,429
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FIXED CHARGES
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Interest on indebtedness, exclusive of
interest capitalized in accordance
with FASB #34 and interest on ESOP
loan guarantee $ 36,797 $ 35,861 $ 46,373 $ 35,665 $ 28,884 $ 34,687 $ 43,055
Capitalized interest 1,368 247 272 538 283 298 32
Amortization of deferred loan costs 234 214 286 146 128 297 237
Portion of rents representative of
interest factor 8,326 7,475 11,102 9,966 8,791 7,157 10,299
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Fixed charges $ 46,725 $ 43,797 $ 58,033 $ 46,315 $ 38,086 $ 42,439 $ 53,623
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RATIO OF EARNINGS TO FIXED CHARGES 8.77x 7.46x 8.34x 9.09x 10.16x 3.68x 3.05x
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