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, 
 
2014
 
2013
2012
2011
2010
2009
Earnings:
 
 
 
 
 
 
 
Income before income taxes
$
1,423

 
$
6,674

$
974

$
5,776

$
5,290

$
3,073

Add: Interest expense
90

 
380

393

348

354

445

Add: Interest factor in rental expense
50

 
192

206

210

205

207

Total earnings
$
1,563

 
$
7,246

$
1,573

$
6,334

$
5,849

$
3,725

 
 

 
 

 

 

 

 

Fixed charges:
 

 
 

 

 

 

 

Interest expense
$
90

 
$
380

$
393

$
348

$
354

$
445

Interest capitalized
2

 
14

18

17

18

37

Interest factor in rental expense
50

 
192

206

210

205

207

Total fixed charges
$
142

 
$
586

$
617

$
575

$
577

$
689

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
11.0

 
12.4

2.5

11.0

10.1

5.4