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H.S. freshman Good
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New words:
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Removed:
asserted, back, breach, capitalized, certification, challenging, commencing, conditional, continue, country, decreased, defend, dismissal, February, intend, merit, modify, move, moved, plaintiff, potential, presently, presiding, procedural, proceed, remand, remanded, resolved, returned, step, stipulated, stipulation, transferred, trial, underlying, vigorously, withdrawn
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Exhibit 12
United Parcel Service, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
|
| Nine Months Ended |
| ||||
(in millions) |
| 2003 |
| 2002 |
| ||
Earnings: |
|
|
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|
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Earnings before income taxes and accounting changes |
| $ | 3,073 |
| $ | 2,848 |
|
Add: Interest expense |
| 94 |
| 121 |
| ||
Add: One-third of rental expense (a) |
| 122 |
| 113 |
| ||
Total earnings |
| $ | 3,289 |
| $ | 3,082 |
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|
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Fixed Charges: |
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|
|
|
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Interest expense |
| $ | 94 |
| $ | 121 |
|
Interest capitalized |
| 21 |
| 19 |
| ||
One-third of rental expense (a) |
| 122 |
| 113 |
| ||
Total fixed charges |
| $ | 237 |
| $ | 253 |
|
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|
|
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Ratio of Earnings to Fixed Charges |
| 13.9 |
| 12.2 |
|
(a) Considered to be representative of interest factor in rental expense. |
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