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EX-32 - EX-32 - UNION PACIFIC CORPunp-20171231xex32.htm
EX-31.(B) - EX-31.(B) - UNION PACIFIC CORPunp-20171231xex31_b.htm
EX-31.(A) - EX-31.(A) - UNION PACIFIC CORPunp-20171231xex31_a.htm
EX-24 - EX-24 - UNION PACIFIC CORPunp-20171231xex24.htm
EX-23 - EX-23 - UNION PACIFIC CORPunp-20171231xex23.htm
EX-21 - EX-21 - UNION PACIFIC CORPunp-20171231xex21.htm
EX-10.(E) - EX-10.(E) - UNION PACIFIC CORPunp-20171231xex10_e.htm
EX-10.(D) - EX-10.(D) - UNION PACIFIC CORPunp-20171231xex10_d.htm
EX-10.(C) - EX-10.(C) - UNION PACIFIC CORPunp-20171231xex10_c.htm
EX-10.(B) - EX-10.(B) - UNION PACIFIC CORPunp-20171231xex10_b.htm
EX-10.(A) - EX-10.(A) - UNION PACIFIC CORPunp-20171231xex10_a.htm
10-K - 10-K - UNION PACIFIC CORPunp-20171231x10k.htm

Exhibit 12





RATIO OF EARNINGS TO FIXED CHARGES

Union Pacific Corporation and Subsidiary Companies









 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Millions, Except for Ratios

2017  2016  2015  2014  2013 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

  Interest expense including

 

 

 

 

 

 

 

 

 

 

     amortization of debt discount

$

719 

$

698 

$

622 

$

561 

$

526 

  Portion of rentals representing an interest factor

 

75 

 

83 

 

93 

 

101 

 

121 

Total fixed charges

$

794 

$

781 

$

715 

$

662 

$

647 

Earnings available for fixed charges:

 

 

 

 

 

 

 

 

 

 

  Net income

$

10,712 

$

4,233 

$

4,772 

$

5,180 

$

4,388 

  Equity earnings net of distributions

 

(283)

 

(83)

 

(63)

 

(59)

 

(57)

  Income taxes

 

(3,080)

 

2,533 

 

2,884 

 

3,163 

 

2,660 

  Fixed charges

 

794 

 

781 

 

715 

 

662 

 

647 

Earnings available for fixed charges

$

8,143 

$

7,464 

$

8,308 

$

8,946 

$

7,638 

Ratio of earnings to fixed charges

 

10.3 

 

9.6 

 

11.6 

 

13.5 

 

11.8