Exhibit 12
United Parcel
Service, Inc. and Subsidiaries
Ratio of
Earnings to Fixed Charges
|
(in millions) |
|
Six Months
Ended |
|
||||
|
|
2004 |
|
2003 |
|
|||
|
Earnings: |
|
|
|
|
|
||
|
Earnings before income taxes and accounting changes |
|
$ |
2,484 |
|
$ |
1,934 |
|
|
Add: Interest expense |
|
74 |
|
63 |
|
||
|
Add: One-third of rental expense (a) |
|
115 |
|
113 |
|
||
|
Total earnings |
|
$ |
2,673 |
|
$ |
2,110 |
|
|
|
|
|
|
|
|
||
|
Fixed Charges: |
|
|
|
|
|
||
|
Interest expense |
|
$ |
74 |
|
$ |
63 |
|
|
Interest capitalized |
|
12 |
|
15 |
|
||
|
One-third of rental expense (a) |
|
115 |
|
113 |
|
||
|
Total fixed charges |
|
$ |
201 |
|
$ |
191 |
|
|
|
|
|
|
|
|
||
|
Ratio of Earnings to Fixed Charges |
|
13.3 |
|
11.0 |
|
||
(a) Considered to be representative of interest factor in rental expense.
1