EXHIBIT 12.3
PACCAR Inc
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PURSUANT TO SEC REPORTING REQUIREMENTS
(Thousands of Dollars)
Three Months Ended
March 31
1998 1997
-------------------------------------
FIXED CHARGES
Interest expense
PACCAR Inc and Subsidiaries (1) $ 38,459 $ 35,318
Portion of rentals deemed interest 1,791 1,526
-------------------------------------
TOTAL FIXED CHARGES $ 40,250 $ 36,844
-------------------------------------
-------------------------------------
EARNINGS
Income before taxes -
PACCAR Inc and Subsidiaries $ 157,132 $ 88,690
Fixed charges 40,250 36,844
-------------------------------------
EARNINGS AS DEFINED $ 197,382 $ 125,534
-------------------------------------
-------------------------------------
RATIO OF EARNINGS TO FIXED CHARGES 4.90x 3.41x
(1) Exclusive of interest, if any, paid to PACCAR Inc.
-13-