Attached files
| file | filename |
|---|---|
| EX-31.2 - EX-31.2 - CNH Industrial Capital LLC | a2227443zex-31_2.htm |
| EX-31.1 - EX-31.1 - CNH Industrial Capital LLC | a2227443zex-31_1.htm |
| EX-23.1 - EX-23.1 - CNH Industrial Capital LLC | a2227443zex-23_1.htm |
| 10-K - 10-K - CNH Industrial Capital LLC | a2227443z10-k.htm |
| EX-32.1 - EX-32.1 - CNH Industrial Capital LLC | a2227443zex-32_1.htm |
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the five years ended December 31, 2015, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):
|
|
|
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income before taxes |
|
$ |
326,840 |
|
$ |
386,368 |
|
$ |
401,162 |
|
$ |
329,693 |
|
$ |
319,587 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Fixed charges |
|
290,345 |
|
286,501 |
|
257,398 |
|
254,161 |
|
268,940 |
| |||||
|
Amortization of capitalized interest |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest capitalized |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Total earnings |
|
$ |
617,185 |
|
$ |
672,869 |
|
$ |
658,560 |
|
$ |
583,854 |
|
$ |
588,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness |
|
$ |
290,273 |
|
$ |
286,428 |
|
$ |
257,322 |
|
$ |
254,073 |
|
$ |
268,834 |
|
|
Interest capitalized |
|
— |
|
— |
|
— |
|
— |
|
— |
| |||||
|
Estimate of the interest component of rental expense |
|
72 |
|
73 |
|
76 |
|
88 |
|
106 |
| |||||
|
Total fixed charges |
|
$ |
290,345 |
|
$ |
286,501 |
|
$ |
257,398 |
|
$ |
254,161 |
|
$ |
268,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ratio of earnings to fixed charges |
|
2.13 |
|
2.35 |
|
2.56 |
|
2.30 |
|
2.19 |
| |||||