EX-12 2 ups-12312017xexhibit12.htm EXHIBIT 12 - RATIO OF EARNINGS TO FIXED CHARGES Exhibit


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