EXHIBIT 12
CATERPILLAR FINANCIAL SERVICES CORPORATION
COMPUTATION OF RATIO OF PROFIT TO FIXED CHARGES
(Unaudited)
(Millions of Dollars)
Three Months Six Months
Ended Ended
June June June June
30, 30, 30, 30,
2000 1999 2000 1999
Net Income $ 34 $ 31 $ 72 $ 66
Add:
Provision for income taxes 17 18 38 38
Deduct:
Equity in profit of partnerships (1) (1) (2) (1)
Profit before taxes $ 50 $ 48 $108 $103
Fixed charges:
Interest on borrowed funds $178 $139 $338 $271
Rentals at computed interest* 1 1 2 2
Total fixed charges $179 $140 $340 $273
Profit before taxes plus
fixed charges $229 $188 $448 $376
Ratio of profit before taxes plus
fixed charges to fixed charges 1.28 1.34 1.32 1.38
*Those portions of rent expense that are representative of interest
cost.
