United Parcel Service (UPS) 10-Q2017 Q3 Quarterly report

Filed: 2 Nov 17, 12:00am

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New words: adequate, affirmed, Alaska, Appellate, casualty, Criteria, cubic, delay, divisor, expenditure, False, fiscal, foot, footnote, framework, Hawaii, inquiry, kilo, man, neutral, petition, regularly, rehearing, review, reviewing, smaller, stayed, subsequent, Supreme, Transborder, transparency

Removed: Asian, breached, Chancery, declined, Delaware, density, environment, failing, fiduciary, flexibility, France, heard, individual, inherent, Italy, modest, notably, older, operational, ORION, production, purported, receipt, reliability, stabilized, stable, stronger, strongest

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Exhibit 12

United Parcel Service, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(dollar amounts in millions)




	Nine Months Ended September 30,		Year Ended December 31,
	2017		2016		2015		2014		2013		2012
Earnings:
Income before income taxes	$	5,760	$	5,136	$	7,342	$	4,637	$	6,674	$	974
Add: Interest expense	324		381		341		353		380		393
Add: Interest factor in rental expense	168		229		223		225		192		206
Total earnings	$	6,252	$	5,746	$	7,906	$	5,215	$	7,246	$	1,573

Fixed charges:
Interest expense	$	324	$	381	$	341	$	353	$	380	$	393
Interest capitalized	31		14		13		11		14		18
Interest factor in rental expense	168		229		223		225		192		206
Total fixed charges	$	523	$	624	$	577	$	589	$	586	$	617

Ratio of earnings to fixed charges	12.0		9.2		13.7		8.9		12.4		2.5