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?Positive | ||
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Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
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8th grade Good
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New words:
book, comprised, divested, earned, Euro, finance, freestanding, gain, greater, incentive, investor, letter, matching, mortgage, overnight, ownership, performance, plan, refinancing, restricted, sale, stock, strength, Submission, support, transaction, weak, welfare, yield
Removed:
forthcoming, modified
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Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
(in millions) |
| Six Months Ended |
| ||||
|
| 2003 |
| 2002 |
| ||
Earnings: |
|
|
|
|
| ||
Earnings before income taxes and accounting changes |
| $ | 1,934 |
| $ | 1,908 |
|
Add: Interest expense |
| 63 |
| 91 |
| ||
Add: One-third of rental expense (a) |
| 66 |
| 66 |
| ||
Total earnings |
| $ | 2,063 |
| $ | 2,065 |
|
|
|
|
|
|
| ||
Fixed Charges: |
|
|
|
|
| ||
Interest expense |
| $ | 63 |
| $ | 91 |
|
Interest capitalized |
| 15 |
| 12 |
| ||
One-third of rental expense (a) |
| 66 |
| 66 |
| ||
Total fixed charges |
| $ | 144 |
| $ | 169 |
|
|
|
|
|
|
| ||
Ratio of Earnings to Fixed Charges |
| 14.3 |
| 12.2 |
|
(a) Considered to be representative of interest factor in rental expense.