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, 
 
2018
 
2017
2016
2015
2014
2013
Earnings:
 
 
 

 
 
 
 
Income before income taxes
$
1,661

 
$
7,137

$
5,121

$
7,337

$
4,641

$
6,666

Add: Interest expense
153

 
453

381

341

353

380

Add: Interest factor in rental expense
68

 
268

229

223

225

192

Total earnings
$
1,882


$
7,858

$
5,731

$
7,901

$
5,219

$
7,238

 
 

 
 

 
 
 
 

Fixed charges:
 

 
 

 
 
 
 

Interest expense
$
153

 
$
453

381

$
341

$
353

$
380

Interest capitalized
17

 
49

14

13

11

14

Interest factor in rental expense
68

 
268

229

223

225

192

Total fixed charges
$
238

 
$
770

$
624

$
577

$
589

$
586

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
7.9

 
10.2

9.2

13.7

8.9

12.4