EX-12 2 ups-12312015xexhibit12.htm EXHIBIT 12 - RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(dollar amounts in millions)

|  | Year Ended December 31,
|  | 2015 | 2014 | 2013 | 2012 | 2011
Earnings: |  |  |  |  |  |
Income before income taxes |  | $ | 7,342 |  | $ | 4,637 |  | $ | 6,674 |  | $ | 974 |  | $ | 5,776 |
Add: Interest expense |  | 341 |  | 353 |  | 380 |  | 393 |  | 348 |
Add: Interest factor in rental expense |  | 223 |  | 225 |  | 192 |  | 206 |  | 210 |
Total earnings |  | $ | 7,906 |  | $ | 5,215 |  | $ | 7,246 |  | $ | 1,573 |  | $ | 6,334 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 341 |  | $ | 353 |  | $ | 380 |  | $ | 393 |  | $ | 348 |
Interest capitalized |  | 13 |  | 11 |  | 14 |  | 18 |  | 17 |
Interest factor in rental expense |  | 223 |  | 225 |  | 192 |  | 206 |  | 210 |
Total fixed charges |  | $ | 577 |  | $ | 589 |  | $ | 586 |  | $ | 617 |  | $ | 575 |
Ratio of earnings to fixed charges |  | 13.7 |  | 8.9 |  | 12.4 |  | 2.5 |  | 11.0 |