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, 
 
2015
 
2014
2013
2012
2011
2010
Earnings:
 
 
 
 
 
 
 
Income before income taxes
$
1,590

 
$
4,637

$
6,674

$
974

$
5,776

$
5,290

Add: Interest expense
87

 
353

380

393

348

354

Add: Interest factor in rental expense
52

 
225

192

206

210

205

Total earnings
$
1,729

 
$
5,215

$
7,246

$
1,573

$
6,334

$
5,849

 
 

 
 

 

 

 

 

Fixed charges:
 

 
 

 

 

 

 

Interest expense
$
87

 
$
353

$
380

$
393

$
348

$
354

Interest capitalized
3

 
11

14

18

17

18

Interest factor in rental expense
52

 
225

192

206

210

205

Total fixed charges
$
142

 
$
589

$
586

$
617

$
575

$
577

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
12.2

 
8.9

12.4

2.5

11.0

10.1