Exhibit 12

 

United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges

 

 

 

 

Three Months Ended
March 31,

 

(in millions)

 

2004

 

2003

 

Earnings:

 

 

 

 

 

Earnings before income taxes and accounting changes

 

$

1,195

 

$

882

 

Add:  Interest expense

 

39

 

25

 

Add:  One-third of rental expense (a)

 

59

 

56

 

Total earnings

 

$

1,293

 

$

963

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

Interest expense

 

$

39

 

$

25

 

Interest capitalized

 

6

 

7

 

One-third of rental expense (a)

 

59

 

56

 

Total fixed charges

 

$

104

 

$

88

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

12.4

 

10.9

 

 


(a) Considered to be representative of interest factor in rental expense.