Exhibit 12-A
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31 |
|
|
|
|
|
1999 |
|
1998 |
|
1997 |
|
1996 |
|
1995 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
2,103.8 |
|
|
$ |
1,812.2 |
|
|
$ |
1,806.0 |
|
|
$ |
2,240.2 |
|
|
$ |
2,327.8 |
|
|
|
|
|
|
Less equity in net income from affiliated
companies |
|
|
24.9 |
|
|
|
2.3 |
|
|
|
1.0 |
|
|
|
55.3 |
|
|
|
255.4 |
|
|
|
|
|
|
|
Fixed charges |
|
|
7,219.3 |
|
|
|
6,936.8 |
|
|
|
6,294.4 |
|
|
|
6,257.9 |
|
|
|
6,007.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before fixed charges |
|
$ |
9,298.2 |
|
|
$ |
8,746.7 |
|
|
$ |
8,099.4 |
|
|
$ |
8,442.8 |
|
|
$ |
8,079.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
7,193.4 |
|
|
$ |
6,910.4 |
|
|
$ |
6,268.2 |
|
|
$ |
6,235.7 |
|
|
$ |
5,987.8 |
|
|
|
|
|
|
|
Rents |
|
|
25.9 |
|
|
|
26.4 |
|
|
|
26.2 |
|
|
|
22.2 |
|
|
|
19.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed charges |
|
$ |
7,219.3 |
|
|
$ |
6,936.8 |
|
|
$ |
6,294.4 |
|
|
$ |
6,257.9 |
|
|
$ |
6,007.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
|
|
1.3 |
|
|
|
1.3 |
|
|
|
1.3 |
|
|
|
1.3 |
|
|
|
1.3 |
|
For purposes of the Ford Credit ratio, earnings include income
taxes and fixed charges. Income before income taxes of Ford
Credit includes the equity in net income of all unconsolidated
affiliates and minority interests in net income of subsidiaries.
Fixed charges consist of interest on borrowed funds, amortization
of debt discount, premium, and issuance expense, and one-third
of all rental expense (the proportion deemed representative of
the interest factor.)
