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, 
 
2017
 
2016
2015
2014
2013
2012
Earnings:
 
 
 
 
 
 
 
Income before income taxes
$
5,760

 
$
5,136

$
7,342

$
4,637

$
6,674

$
974

Add: Interest expense
324

 
381

341

353

380

393

Add: Interest factor in rental expense
168

 
229

223

225

192

206

Total earnings
$
6,252

 
$
5,746

$
7,906

$
5,215

$
7,246

$
1,573

 
 

 
 

 

 

 

 

Fixed charges:
 

 
 

 

 

 

 

Interest expense
$
324

 
$
381

$
341

$
353

$
380

$
393

Interest capitalized
31

 
14

13

11

14

18

Interest factor in rental expense
168

 
229

223

225

192

206

Total fixed charges
$
523

 
$
624

$
577

$
589

$
586

$
617

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
12.0

 
9.2

13.7

8.9

12.4

2.5