Exhibit 12

United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(dollar amounts in millions)
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 
 
 
2013
2012
2011
2010
2009
Earnings:
 
 
 
 
 
 
Income before income taxes
 
$
6,674

$
974

$
5,776

$
5,290

$
3,073

Add: Interest expense
 
380

393

348

354

445

Add: Interest factor in rental expense
 
192

206

210

205

207

Total earnings
 
$
7,246

$
1,573

$
6,334

$
5,849

$
3,725

 
 
 

 

 

 

 

Fixed charges:
 
 

 

 

 

 

Interest expense
 
$
380

$
393

$
348

$
354

$
445

Interest capitalized
 
14

18

17

18

37

Interest factor in rental expense
 
192

206

210

205

207

Total fixed charges
 
$
586

$
617

$
575

$
577

$
689

 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
12.4

2.5

11.0

10.1

5.4