Exhibit 12

United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(dollar amounts in millions)
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 
 
 
2017
2016
2015
2014
2013
Earnings:
 
 
 
 
 
 
Income before income taxes
 
$
7,148

$
5,136

$
7,342

$
4,637

$
6,674

Add: Interest expense
 
453

381

341

353

380

Add: Interest factor in rental expense
 
268

229

223

225

192

Total earnings
 
$
7,869

$
5,746

$
7,906

$
5,215

$
7,246

 
 
 

 

 

 

 

Fixed charges:
 
 

 

 

 

 

Interest expense
 
$
453

$
381

$
341

$
353

$
380

Interest capitalized
 
49

14

13

11

14

Interest factor in rental expense
 
268

229

223

225

192

Total fixed charges
 
$
770

$
624

$
577

$
589

$
586

 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
10.2

9.2

13.7

8.9

12.4