Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
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Nine
Months Ended |
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(in millions) |
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2003 |
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2002 |
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Earnings: |
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Earnings before income taxes and accounting changes |
|
$ |
3,073 |
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$ |
2,848 |
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Add: Interest expense |
|
94 |
|
121 |
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Add: One-third of rental expense (a) |
|
122 |
|
113 |
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Total earnings |
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$ |
3,289 |
|
$ |
3,082 |
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Fixed Charges: |
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|
|
|
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Interest expense |
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$ |
94 |
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$ |
121 |
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|
Interest capitalized |
|
21 |
|
19 |
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One-third of rental expense (a) |
|
122 |
|
113 |
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Total fixed charges |
|
$ |
237 |
|
$ |
253 |
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Ratio of Earnings to Fixed Charges |
|
13.9 |
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12.2 |
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(a) Considered to be representative of interest factor in rental expense. |
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