Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(dollar amounts in millions)
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
September 30,
 
Year Ended December 31, 
 
2016
 
2015
2014
2013
2012
2011
Earnings:
 
 
 
 
 
 
 
Income before income taxes
$
5,652

 
$
7,342

$
4,637

$
6,674

$
974

$
5,776

Add: Interest expense
281

 
341

353

380

393

348

Add: Interest factor in rental expense
147

 
223

225

192

206

210

Total earnings
$
6,080

 
$
7,906

$
5,215

$
7,246

$
1,573

$
6,334

 
 

 
 

 

 

 

 

Fixed charges:
 

 
 

 

 

 

 

Interest expense
$
281

 
$
341

$
353

$
380

$
393

$
348

Interest capitalized
9

 
13

11

14

18

17

Interest factor in rental expense
147

 
223

225

192

206

210

Total fixed charges
$
437

 
$
577

$
589

$
586

$
617

$
575

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
13.9

 
13.7

8.9

12.4

2.5

11.0