Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(dollar amounts in millions)
 
 
 
 
 
 
 
 
 
 
Three Months
Ended
March 31,
 
Year Ended December 31, 
 
2013
 
2012
2011
2010
2009
2008
Earnings:
 
 
 
 
 
 
 
Income before income taxes
$
1,489

 
$
974

$
5,776

$
5,290

$
3,073

$
1,252

Add: Interest expense
96

 
393

348

354

445

442

Add: Interest factor in rental expense
45

 
206

210

205

207

278

Total earnings
$
1,630

 
$
1,573

$
6,334

$
5,849

$
3,725

$
1,972

 
 

 
 

 

 

 

 

Fixed charges:
 

 
 

 

 

 

 

Interest expense
$
96

 
$
393

$
348

$
354

$
445

$
442

Interest capitalized
4

 
18

17

18

37

48

Interest factor in rental expense
45

 
206

210

205

207

278

Total fixed charges
$
145

 
$
617

$
575

$
577

$
689

$
768

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
11.2
 
2.5

11.0

10.1

5.4

2.6