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EXHIBIT 12
Caterpillar Financial Services Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Dollars in Millions)
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Profit of consolidated companies | $ | 95 | $ | 117 | |||
Add: | |||||||
Provision for income taxes | 29 | 50 | |||||
Profit before income taxes | $ | 124 | $ | 167 | |||
Fixed charges: | |||||||
Interest expense | $ | 174 | $ | 162 | |||
Rentals at computed interest* | 1 | 1 | |||||
Total fixed charges | $ | 175 | $ | 163 | |||
Profit before income taxes plus fixed charges | $ | 299 | $ | 330 | |||
Ratio of profit before income taxes plus fixed charges to fixed charges | 1.71 | 2.02 | |||||
*Those portions of rent expense that are representative of interest cost.