United Parcel Service (UPS) 10-Q2018 Q1 Quarterly report

Filed: 3 May 18, 4:35pm

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New words: add, advance, advanced, advancing, ancillary, ASU, billable, billed, Bipartisan, bringing, Budget, buyout, capability, Certiorari, collapsed, committed, conform, created, customary, disposal, doubtful, enacted, enactment, enforceable, exceeding, extend, fewer, field, fine, focused, frequency, fulfill, gather, good, hour, incomplete, invoice, lane, largest, mandated, method, orderly, output, overtime, Pacific, passage, past, percent, permanent, physical, precisely, preliminary, prescribed, proper, proportionally, provision, provisional, ratio, recast, reconciliation, refund, rent, repaid, Repayment, reperform, reversal, ROIC, SAB, SEC, similarly, small, Smart, standalone, stranded, substance, suspension, technical, temporary, territorial, titled, treated, Turkish, typical, typically, unbilled, uncertainty, unconditional, unrepatriated, vast, VRP, window, Writ

Removed: acquired, adversely, amounted, annually, assumed, calendar, capitalization, clinical, closed, comparability, cooperated, dimensional, discrete, diverse, enhanced, estimating, expand, franchise, hardware, implementing, Japanese, key, leader, leasing, lived, longer, mature, Maze, modernize, movement, negative, NMA, planned, predominance, prospective, quantifying, ratified, ratify, repatriated, requested, Rupee, shorter, simplified, stage, storage, transferred, underway, unhedged, untaxed, variation, volatility, voted, Yen

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Exhibit 12

United Parcel Service, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(dollar amounts in millions)




	Three Months Ended March 31,		Year Ended December 31,
	2018		2017		2016		2015		2014		2013
Earnings:
Income before income taxes	$	1,661	$	7,137	$	5,121	$	7,337	$	4,641	$	6,666
Add: Interest expense	153		453		381		341		353		380
Add: Interest factor in rental expense	68		268		229		223		225		192
Total earnings	$	1,882	$	7,858	$	5,731	$	7,901	$	5,219	$	7,238

Fixed charges:
Interest expense	$	153	$	453	381		$	341	$	353	$	380
Interest capitalized	17		49		14		13		11		14
Interest factor in rental expense	68		268		229		223		225		192
Total fixed charges	$	238	$	770	$	624	$	577	$	589	$	586

Ratio of earnings to fixed charges	7.9		10.2		9.2		13.7		8.9		12.4