Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - Fourth Quarter
(unaudited)
Three Months Ended | ||||||||||||||
December 31 | ||||||||||||||
2023 | 2022 | Change | % Change | |||||||||||
(amounts in millions, except per share data) | ||||||||||||||
Statement of Income Data: | ||||||||||||||
Revenue: | ||||||||||||||
U.S. Domestic Package | $ | 16,915 | $ | 18,252 | $ | (1,337) | (7.3) | % | ||||||
International Package | 4,606 | 4,950 | (344) | (6.9) | % | |||||||||
Supply Chain Solutions | 3,396 | 3,831 | (435) | (11.4) | % | |||||||||
Total revenue | 24,917 | 27,033 | (2,116) | (7.8) | % | |||||||||
Operating expenses: | ||||||||||||||
U.S. Domestic Package | 15,478 | 16,412 | (934) | (5.7) | % | |||||||||
International Package | 3,716 | 3,930 | (214) | (5.4) | % | |||||||||
Supply Chain Solutions | 3,246 | 3,496 | (250) | (7.2) | % | |||||||||
Total operating expenses | 22,440 | 23,838 | (1,398) | (5.9) | % | |||||||||
Operating profit: | ||||||||||||||
U.S. Domestic Package | 1,437 | 1,840 | (403) | (21.9) | % | |||||||||
International Package | 890 | 1,020 | (130) | (12.7) | % | |||||||||
Supply Chain Solutions | 150 | 335 | (185) | (55.2) | % | |||||||||
Total operating profit | 2,477 | 3,195 | (718) | (22.5) | % | |||||||||
Other income (expense): | ||||||||||||||
Other pension income (expense) | (293) | 1,325 | (1,618) | N/A | ||||||||||
Investment income (expense) and other | 86 | 129 | (43) | (33.3) | % | |||||||||
Interest expense | (207) | (182) | (25) | 13.7 | % | |||||||||
Total other income (expense) | (414) | 1,272 | (1,686) | N/A | ||||||||||
Income before income taxes | 2,063 | 4,467 | (2,404) | (53.8) | % | |||||||||
Income tax expense | 458 | 1,014 | (556) | (54.8) | % | |||||||||
Net income | $ | 1,605 | $ | 3,453 | $ | (1,848) | (53.5) | % | ||||||
Net income as a percentage of revenue | 6.4 | % | 12.8 | % | ||||||||||
Per share amounts: | ||||||||||||||
Basic earnings per share | $ | 1.88 | $ | 3.98 | $ | (2.10) | (52.8) | % | ||||||
Diluted earnings per share | $ | 1.87 | $ | 3.96 | $ | (2.09) | (52.8) | % | ||||||
Weighted-average shares outstanding: | ||||||||||||||
Basic | 856 | 867 | (11) | (1.3) | % | |||||||||
Diluted | 858 | 871 | (13) | (1.5) | % | |||||||||
As Adjusted Income Data (1): | ||||||||||||||
Operating profit: | ||||||||||||||
U.S. Domestic Package | $ | 1,569 | $ | 2,328 | $ | (759) | (32.6) | % | ||||||
International Package | 899 | 1,091 | (192) | (17.6) | % | |||||||||
Supply Chain Solutions | 319 | 403 | (84) | (20.8) | % | |||||||||
Total operating profit | 2,787 | 3,822 | (1,035) | (27.1) | % | |||||||||
Total other income (expense) | $ | (55) | $ | 244 | $ | (299) | N/A | |||||||
Income before income taxes | $ | 2,732 | $ | 4,066 | $ | (1,334) | (32.8) | % | ||||||
Net income | $ | 2,117 | $ | 3,154 | $ | (1,037) | (32.9) | % | ||||||
Basic earnings per share | $ | 2.47 | $ | 3.64 | $ | (1.17) | (32.1) | % | ||||||
Diluted earnings per share | $ | 2.47 | $ | 3.62 | $ | (1.15) | (31.8) | % |
(1) See Non-GAAP schedules for reconciliation of adjustments.
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Selected Operating Data - Fourth Quarter
(unaudited)
Three Months Ended | ||||||||||||||
December 31 | ||||||||||||||
2023 | 2022 | Change | % Change | |||||||||||
Revenue (in millions): | ||||||||||||||
U.S. Domestic Package: | ||||||||||||||
Next Day Air | $ | 2,654 | $ | 2,776 | $ | (122) | (4.4) | % | ||||||
Deferred | 1,602 | 1,845 | (243) | (13.2) | % | |||||||||
Ground | 12,659 | 13,631 | (972) | (7.1) | % | |||||||||
Total U.S. Domestic Package | 16,915 | 18,252 | (1,337) | (7.3) | % | |||||||||
International Package: | ||||||||||||||
Domestic | 845 | 881 | (36) | (4.1) | % | |||||||||
Export | 3,616 | 3,840 | (224) | (5.8) | % | |||||||||
Cargo and Other | 145 | 229 | (84) | (36.7) | % | |||||||||
Total International Package | 4,606 | 4,950 | (344) | (6.9) | % | |||||||||
Supply Chain Solutions: | ||||||||||||||
Forwarding | 1,317 | 1,803 | (486) | (27.0) | % | |||||||||
Logistics | 1,656 | 1,508 | 148 | 9.8 | % | |||||||||
Other | 423 | 520 | (97) | (18.7) | % | |||||||||
Total Supply Chain Solutions | 3,396 | 3,831 | (435) | (11.4) | % | |||||||||
Consolidated | $ | 24,917 | $ | 27,033 | $ | (2,116) | (7.8) | % | ||||||
Consolidated volume (in millions) | 1,630 | 1,762 | (132) | (7.5) | % | |||||||||
Operating weekdays | 63 | 63 | — | 0.0 | % | |||||||||
Average Daily Package Volume (in thousands): | ||||||||||||||
U.S. Domestic Package: | ||||||||||||||
Next Day Air | 1,933 | 2,185 | (252) | (11.5) | % | |||||||||
Deferred | 1,595 | 1,967 | (372) | (18.9) | % | |||||||||
Ground | 18,921 | 20,086 | (1,165) | (5.8) | % | |||||||||
Total U.S. Domestic Package | 22,449 | 24,238 | (1,789) | (7.4) | % | |||||||||
International Package: | ||||||||||||||
Domestic | 1,653 | 1,853 | (200) | (10.8) | % | |||||||||
Export | 1,771 | 1,882 | (111) | (5.9) | % | |||||||||
Total International Package | 3,424 | 3,735 | (311) | (8.3) | % | |||||||||
Consolidated | 25,873 | 27,973 | (2,100) | (7.5) | % | |||||||||
Average Revenue Per Piece: | ||||||||||||||
U.S. Domestic Package: | ||||||||||||||
Next Day Air | $ | 21.79 | $ | 20.17 | $ | 1.62 | 8.0 | % | ||||||
Deferred | 15.94 | 14.89 | 1.05 | 7.1 | % | |||||||||
Ground | 10.62 | 10.77 | (0.15) | (1.4) | % | |||||||||
Total U.S. Domestic Package | 11.96 | 11.95 | 0.01 | 0.1 | % | |||||||||
International Package: | ||||||||||||||
Domestic | 8.11 | 7.55 | 0.56 | 7.4 | % | |||||||||
Export | 32.41 | 32.39 | 0.02 | 0.1 | % | |||||||||
Total International Package | 20.68 | 20.06 | 0.62 | 3.1 | % | |||||||||
Consolidated | $ | 13.11 | $ | 13.04 | $ | 0.07 | 0.5 | % |
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Detail of Operating Expenses - Fourth Quarter
(unaudited)
Three Months Ended | |||||||||||||||||||||||
December 31 | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Compensation and benefits | $ | 12,901 | $ | 13,286 | $ | (385) | (2.9) | % | |||||||||||||||
Repairs and maintenance | 702 | 724 | (22) | (3.0) | % | ||||||||||||||||||
Depreciation and amortization | 867 | 888 | (21) | (2.4) | % | ||||||||||||||||||
Purchased transportation | 3,817 | 4,499 | (682) | (15.2) | % | ||||||||||||||||||
Fuel | 1,282 | 1,571 | (289) | (18.4) | % | ||||||||||||||||||
Other occupancy | 529 | 486 | 43 | 8.8 | % | ||||||||||||||||||
Other expenses | 2,342 | 2,384 | (42) | (1.8) | % | ||||||||||||||||||
Total operating expenses | $ | 22,440 | $ | 23,838 | $ | (1,398) | (5.9) | % |
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Selected Financial Data - Year to Date
(unaudited)
Twelve Months Ended | ||||||||||||||
December 31 | ||||||||||||||
2023 | 2022 | Change | % Change | |||||||||||
(amounts in millions, except per share data) | ||||||||||||||
Statement of Income Data: | ||||||||||||||
Revenue: | ||||||||||||||
U.S. Domestic Package | $ | 59,958 | $ | 64,209 | $ | (4,251) | (6.6) | % | ||||||
International Package | 17,831 | 19,698 | (1,867) | (9.5) | % | |||||||||
Supply Chain Solutions | 13,169 | 16,431 | (3,262) | (19.9) | % | |||||||||
Total revenue | 90,958 | 100,338 | (9,380) | (9.3) | % | |||||||||
Operating expenses: | ||||||||||||||
U.S. Domestic Package | 54,882 | 57,212 | (2,330) | (4.1) | % | |||||||||
International Package | 14,600 | 15,372 | (772) | (5.0) | % | |||||||||
Supply Chain Solutions | 12,335 | 14,660 | (2,325) | (15.9) | % | |||||||||
Total operating expenses | 81,817 | 87,244 | (5,427) | (6.2) | % | |||||||||
Operating profit: | ||||||||||||||
U.S. Domestic Package | 5,076 | 6,997 | (1,921) | (27.5) | % | |||||||||
International Package | 3,231 | 4,326 | (1,095) | (25.3) | % | |||||||||
Supply Chain Solutions | 834 | 1,771 | (937) | (52.9) | % | |||||||||
Total operating profit | 9,141 | 13,094 | (3,953) | (30.2) | % | |||||||||
Other income (expense): | ||||||||||||||
Other pension income (expense) | (95) | 2,251 | (2,346) | N/A | ||||||||||
Investment income (expense) and other | 312 | 184 | 128 | 69.6 | % | |||||||||
Interest expense | (785) | (704) | (81) | 11.5 | % | |||||||||
Total other income (expense) | (568) | 1,731 | (2,299) | N/A | ||||||||||
Income before income taxes | 8,573 | 14,825 | (6,252) | (42.2) | % | |||||||||
Income tax expense | 1,865 | 3,277 | (1,412) | (43.1) | % | |||||||||
Net income | $ | 6,708 | $ | 11,548 | $ | (4,840) | (41.9) | % | ||||||
Net income as a percentage of revenue | 7.4 | % | 11.5 | % | ||||||||||
Per share amounts: | ||||||||||||||
Basic earnings per share | $ | 7.81 | $ | 13.26 | $ | (5.45) | (41.1) | % | ||||||
Diluted earnings per share | $ | 7.80 | $ | 13.20 | $ | (5.40) | (40.9) | % | ||||||
Weighted-average shares outstanding: | ||||||||||||||
Basic | 859 | 871 | (12) | (1.4) | % | |||||||||
Diluted | 860 | 875 | (15) | (1.7) | % | |||||||||
As Adjusted Income Data (1): | ||||||||||||||
Operating profit: | ||||||||||||||
U.S. Domestic Package | $ | 5,403 | $ | 7,574 | $ | (2,171) | (28.7) | % | ||||||
International Package | 3,282 | 4,419 | (1,137) | (25.7) | % | |||||||||
Supply Chain Solutions | 1,188 | 1,860 | (672) | (36.1) | % | |||||||||
Total operating profit | 9,873 | 13,853 | (3,980) | (28.7) | % | |||||||||
Total other income (expense) | $ | (209) | $ | 670 | $ | (879) | N/A | |||||||
Income before income taxes | $ | 9,664 | $ | 14,523 | $ | (4,859) | (33.5) | % | ||||||
Net income | $ | 7,554 | $ | 11,326 | $ | (3,772) | (33.3) | % | ||||||
Basic earnings per share | $ | 8.80 | $ | 13.00 | $ | (4.20) | (32.3) | % | ||||||
Diluted earnings per share | $ | 8.78 | $ | 12.94 | $ | (4.16) | (32.1) | % |
(1) See Non-GAAP schedules for reconciliation of adjustments.
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Selected Operating Data - Year to Date
(unaudited)
Twelve Months Ended | ||||||||||||||
December 31 | ||||||||||||||
2023 | 2022 | Change | % Change | |||||||||||
Revenue (in millions): | ||||||||||||||
U.S. Domestic Package: | ||||||||||||||
Next Day Air | $ | 9,894 | $ | 10,699 | $ | (805) | (7.5) | % | ||||||
Deferred | 5,093 | 5,968 | (875) | (14.7) | % | |||||||||
Ground | 44,971 | 47,542 | (2,571) | (5.4) | % | |||||||||
Total U.S. Domestic Package | 59,958 | 64,209 | (4,251) | (6.6) | % | |||||||||
International Package: | ||||||||||||||
Domestic | 3,144 | 3,346 | (202) | (6.0) | % | |||||||||
Export | 14,003 | 15,341 | (1,338) | (8.7) | % | |||||||||
Cargo and Other | 684 | 1,011 | (327) | (32.3) | % | |||||||||
Total International Package | 17,831 | 19,698 | (1,867) | (9.5) | % | |||||||||
Supply Chain Solutions: | ||||||||||||||
Forwarding | 5,534 | 8,943 | (3,409) | (38.1) | % | |||||||||
Logistics | 5,927 | 5,351 | 576 | 10.8 | % | |||||||||
Other | 1,708 | 2,137 | (429) | (20.1) | % | |||||||||
Total Supply Chain Solutions | 13,169 | 16,431 | (3,262) | (19.9) | % | |||||||||
Consolidated | $ | 90,958 | $ | 100,338 | $ | (9,380) | (9.3) | % | ||||||
Consolidated volume (in millions) | 5,662 | 6,194 | (532) | (8.6) | % | |||||||||
Operating weekdays | 254 | 255 | (1) | (0.4) | % | |||||||||
Average Daily Package Volume (in thousands): | ||||||||||||||
U.S. Domestic Package: | ||||||||||||||
Next Day Air | 1,757 | 1,992 | (235) | (11.8) | % | |||||||||
Deferred | 1,224 | 1,553 | (329) | (21.2) | % | |||||||||
Ground | 16,049 | 17,242 | (1,193) | (6.9) | % | |||||||||
Total U.S. Domestic Package | 19,030 | 20,787 | (1,757) | (8.5) | % | |||||||||
International Package: | ||||||||||||||
Domestic | 1,591 | 1,759 | (168) | (9.6) | % | |||||||||
Export | 1,669 | 1,745 | (76) | (4.4) | % | |||||||||
Total International Package | 3,260 | 3,504 | (244) | (7.0) | % | |||||||||
Consolidated | 22,290 | 24,291 | (2,001) | (8.2) | % | |||||||||
Average Revenue Per Piece: | ||||||||||||||
U.S. Domestic Package: | ||||||||||||||
Next Day Air | $ | 22.17 | $ | 21.06 | $ | 1.11 | 5.3 | % | ||||||
Deferred | 16.38 | 15.07 | 1.31 | 8.7 | % | |||||||||
Ground | 11.03 | 10.81 | 0.22 | 2.0 | % | |||||||||
Total U.S. Domestic Package | 12.40 | 12.11 | 0.29 | 2.4 | % | |||||||||
International Package: | ||||||||||||||
Domestic | 7.78 | 7.46 | 0.32 | 4.3 | % | |||||||||
Export | 33.03 | 34.48 | (1.45) | (4.2) | % | |||||||||
Total International Package | 20.71 | 20.91 | (0.20) | (1.0) | % | |||||||||
Consolidated | $ | 13.62 | $ | 13.38 | $ | 0.24 | 1.8 | % |
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Detail of Operating Expenses - Year to Date
(unaudited)
Twelve Months Ended | |||||||||||||||||||||||
December 31 | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Compensation and benefits | $ | 47,088 | $ | 47,720 | $ | (632) | (1.3) | % | |||||||||||||||
Repairs and maintenance | 2,828 | 2,884 | (56) | (1.9) | % | ||||||||||||||||||
Depreciation and amortization | 3,366 | 3,188 | 178 | 5.6 | % | ||||||||||||||||||
Purchased transportation | 13,651 | 17,675 | (4,024) | (22.8) | % | ||||||||||||||||||
Fuel | 4,775 | 6,018 | (1,243) | (20.7) | % | ||||||||||||||||||
Other occupancy | 2,019 | 1,844 | 175 | 9.5 | % | ||||||||||||||||||
Other expenses | 8,090 | 7,915 | 175 | 2.2 | % | ||||||||||||||||||
Total operating expenses | $ | 81,817 | $ | 87,244 | $ | (5,427) | (6.2) | % |
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Consolidated Balance Sheets
December 31, 2023 (unaudited) and December 31, 2022
December 31, 2023 | December 31, 2022 | ||||||||||
(amounts in millions) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 3,206 | $ | 5,602 | |||||||
Marketable securities | 2,866 | 1,993 | |||||||||
Accounts receivable | 11,342 | 12,729 | |||||||||
Less: Allowance for credit losses | (126) | (146) | |||||||||
Accounts receivable, net | 11,216 | 12,583 | |||||||||
Other current assets | 2,125 | 2,039 | |||||||||
Total Current Assets | 19,413 | 22,217 | |||||||||
Property, Plant and Equipment, Net | 36,945 | 34,719 | |||||||||
Operating Lease Right-Of-Use Assets | 4,308 | 3,755 | |||||||||
Goodwill | 4,872 | 4,223 | |||||||||
Intangible Assets, Net | 3,305 | 2,796 | |||||||||
Deferred Income Tax Assets | 126 | 139 | |||||||||
Other Non-Current Assets | 1,888 | 3,275 | |||||||||
Total Assets | $ | 70,857 | $ | 71,124 | |||||||
LIABILITIES AND SHAREOWNERS' EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Current maturities of long-term debt, commercial paper and finance leases | $ | 3,348 | $ | 2,341 | |||||||
Current maturities of operating leases | 709 | 621 | |||||||||
Accounts payable | 6,340 | 7,515 | |||||||||
Accrued wages and withholdings | 3,224 | 4,049 | |||||||||
Self-insurance reserves | 1,320 | 1,069 | |||||||||
Accrued group welfare and retirement plan contributions | 1,479 | 1,078 | |||||||||
Other current liabilities | 1,256 | 1,467 | |||||||||
Total Current Liabilities | 17,676 | 18,140 | |||||||||
Long-Term Debt and Finance Leases | 18,916 | 17,321 | |||||||||
Non-Current Operating Leases | 3,756 | 3,238 | |||||||||
Pension and Postretirement Benefit Obligations | 6,159 | 4,807 | |||||||||
Deferred Income Tax Liabilities | 3,772 | 4,302 | |||||||||
Other Non-Current Liabilities | 3,264 | 3,513 | |||||||||
Shareowners' Equity: | |||||||||||
Class A common stock | 2 | 2 | |||||||||
Class B common stock | 7 | 7 | |||||||||
Additional paid-in capital | — | — | |||||||||
Retained earnings | 21,055 | 21,326 | |||||||||
Accumulated other comprehensive loss | (3,758) | (1,549) | |||||||||
Deferred compensation obligations | 9 | 13 | |||||||||
Less: Treasury stock | (9) | (13) | |||||||||
Total Equity for Controlling Interests | 17,306 | 19,786 | |||||||||
Noncontrolling interests | 8 | 17 | |||||||||
Total Shareowners' Equity | 17,314 | 19,803 | |||||||||
Total Liabilities and Shareowners' Equity | $ | 70,857 | $ | 71,124 |
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Statements of Consolidated Cash Flows
(unaudited)
(amounts in millions) | Twelve Months Ended | ||||||||||||||||
December 31 | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net income | $ | 6,708 | $ | 11,548 | |||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
Depreciation and amortization | 3,366 | 3,188 | |||||||||||||||
Pension and postretirement benefit expense | 1,330 | (129) | |||||||||||||||
Pension and postretirement benefit contributions | (1,393) | (2,342) | |||||||||||||||
Self-insurance reserves | 57 | (20) | |||||||||||||||
Deferred tax (benefit) expense | 199 | 531 | |||||||||||||||
Stock compensation expense | 220 | 1,568 | |||||||||||||||
Other (gains) losses | 265 | 123 | |||||||||||||||
Changes in assets and liabilities, net of effects of business acquisitions: | |||||||||||||||||
Accounts receivable | 1,256 | (322) | |||||||||||||||
Other assets | 87 | 117 | |||||||||||||||
Accounts payable | (1,377) | 34 | |||||||||||||||
Accrued wages and withholdings | (296) | (189) | |||||||||||||||
Other liabilities | (42) | (9) | |||||||||||||||
Other operating activities | (142) | 6 | |||||||||||||||
Net cash from operating activities | 10,238 | 14,104 | |||||||||||||||
Cash Flows From Investing Activities: | |||||||||||||||||
Capital expenditures | (5,158) | (4,769) | |||||||||||||||
Proceeds from disposal of businesses, property, plant and equipment | 193 | 12 | |||||||||||||||
Purchases of marketable securities | (3,521) | (1,906) | |||||||||||||||
Sales and maturities of marketable securities | 2,701 | 255 | |||||||||||||||
Acquisitions, net of cash acquired | (1,329) | (755) | |||||||||||||||
Other investing activities | (19) | (309) | |||||||||||||||
Net cash used in investing activities | (7,133) | (7,472) | |||||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Net change in short-term debt | 1,272 | — | |||||||||||||||
Proceeds from long-term borrowings | 3,429 | — | |||||||||||||||
Repayments of long-term borrowings | (2,429) | (2,304) | |||||||||||||||
Purchases of common stock | (2,250) | (3,500) | |||||||||||||||
Issuances of common stock | 248 | 262 | |||||||||||||||
Dividends | (5,372) | (5,114) | |||||||||||||||
Other financing activities | (432) | (529) | |||||||||||||||
Net cash used in financing activities | (5,534) | (11,185) | |||||||||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 33 | (100) | |||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (2,396) | (4,653) | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash: | |||||||||||||||||
Beginning of period | 5,602 | 10,255 | |||||||||||||||
End of period | $ | 3,206 | $ | 5,602 |
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Reconciliation of Free Cash Flow (Non-GAAP measure)
(unaudited)
(amounts in millions) | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
December 31 | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Cash flows from operating activities | $ | 10,238 | $ | 14,104 | |||||||||||||||||||||||||||||||
Capital expenditures | (5,158) | (4,769) | |||||||||||||||||||||||||||||||||
Proceeds from disposals of property, plant and equipment | 193 | 12 | |||||||||||||||||||||||||||||||||
Other investing activities | (19) | (309) | |||||||||||||||||||||||||||||||||
Free Cash Flow (Non-GAAP measure) | $ | 5,254 | $ | 9,038 |
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)
(unaudited)
(amounts in millions) | TTM(1) Ended | TTM(1) Ended | |||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||
Net income | $ | 6,708 | $ | 11,548 | |||||||||||||
Add back: | |||||||||||||||||
Income tax expense | 1,865 | 3,277 | |||||||||||||||
Interest expense | 785 | 704 | |||||||||||||||
Depreciation & amortization | 3,366 | 3,188 | |||||||||||||||
EBITDA | 12,724 | 18,717 | |||||||||||||||
Add back (deduct): | |||||||||||||||||
Incentive compensation program redesign | — | 505 | |||||||||||||||
One-time compensation | 61 | — | |||||||||||||||
Goodwill & asset impairment charges | 236 | — | |||||||||||||||
Transformation and other | 435 | 178 | |||||||||||||||
Defined benefit plan (gains) and losses | 359 | (1,061) | |||||||||||||||
Investment income and other pension income | (576) | (1,374) | |||||||||||||||
Adjusted EBITDA | $ | 13,239 | $ | 16,965 | |||||||||||||
Debt and finance leases, including current maturities | $ | 22,264 | $ | 19,662 | |||||||||||||
Add back: | |||||||||||||||||
Non-current pension and postretirement benefit obligations | 6,159 | 4,807 | |||||||||||||||
Adjusted total debt | $ | 28,423 | $ | 24,469 | |||||||||||||
Adjusted total debt/Net income | 4.24 | 2.12 | |||||||||||||||
Adjusted total debt/adjusted EBITDA (Non-GAAP) | 2.15 | 1.44 |
(1) Trailing twelve months.
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Reconciliation of Adjusted Return on Invested Capital (Non-GAAP measure)
(unaudited)
(amounts in millions) | TTM(1) Ended | TTM(1) Ended | ||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||
Net income | $ | 6,708 | $ | 11,548 | ||||||||||
Add back (deduct): | ||||||||||||||
Income tax expense | 1,865 | 3,277 | ||||||||||||
Interest expense | 785 | 704 | ||||||||||||
Other pension (income) expense | 95 | (2,251) | ||||||||||||
Investment (income) expense and other | (312) | (184) | ||||||||||||
Operating profit | $ | 9,141 | $ | 13,094 | ||||||||||
Incentive compensation program redesign | — | 505 | ||||||||||||
Long-lived asset estimated residual value changes | — | 76 | ||||||||||||
One-time compensation | 61 | — | ||||||||||||
Goodwill & asset impairment charges | 236 | — | ||||||||||||
Transformation and other | 435 | 178 | ||||||||||||
Adjusted operating profit | $ | 9,873 | $ | 13,853 | ||||||||||
Average debt and finance leases, including current maturities | $ | 20,963 | $ | 20,789 | ||||||||||
Average pension and postretirement benefit obligations | 5,483 | 6,427 | ||||||||||||
Average shareowners' equity | 18,558 | 17,036 | ||||||||||||
Average invested capital | $ | 45,004 | $ | 44,252 | ||||||||||
Net income to average invested capital | 14.9 | % | 26.1 | % | ||||||||||
Adjusted Return on Invested Capital (Non-GAAP) | 21.9 | % | 31.3 | % |
(1) Trailing twelve months.
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As Reported (GAAP) | Pension Adj.(1) | Asset Impairment Charges(2) | Transformation & Other Adj.(3) | As Adjusted (Non-GAAP) | As Reported (GAAP) | Pension Adj.(4) | Incentive Compensation Design Adj.(5) | Aircraft Residual Value Adj.(6) | Transformation & Other Adj.(7) | As Adjusted (Non-GAAP) | % Change As Rep. (GAAP) | % Change As Adj. (Non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 15,478 | $ | — | $ | — | $ | 132 | $ | 15,346 | $ | 16,412 | $ | — | $ | 431 | $ | 25 | $ | 32 | $ | 15,924 | (5.7) | % | (3.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
International Package | 3,716 | — | — | 9 | 3,707 | 3,930 | — | 30 | 51 | (10) | 3,859 | (5.4) | % | (3.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | 3,246 | — | 111 | 58 | 3,077 | 3,496 | — | 44 | — | 24 | 3,428 | (7.2) | % | (10.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expense | 22,440 | — | 111 | 199 | 22,130 | 23,838 | — | 505 | 76 | 46 | 23,211 | (5.9) | % | (4.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 1,437 | $ | — | $ | — | $ | 132 | $ | 1,569 | $ | 1,840 | $ | — | $ | 431 | $ | 25 | $ | 32 | $ | 2,328 | (21.9) | % | (32.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
International Package | 890 | — | — | 9 | 899 | 1,020 | — | 30 | 51 | (10) | 1,091 | (12.7) | % | (17.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | 150 | — | 111 | 58 | 319 | 335 | — | 44 | — | 24 | 403 | (55.2) | % | (20.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Profit | 2,477 | — | 111 | 199 | 2,787 | 3,195 | — | 505 | 76 | 46 | 3,822 | (22.5) | % | (27.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other pension income (expense) | (293) | 359 | — | — | 66 | 1,325 | (1,028) | — | — | — | 297 | N/A | (77.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income (expense) and other | 86 | — | — | — | 86 | 129 | — | — | — | — | 129 | (33.3) | % | (33.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (207) | — | — | — | (207) | (182) | — | — | — | — | (182) | 13.7 | % | 13.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Income (Expense) | $ | (414) | $ | 359 | $ | — | $ | — | $ | (55) | $ | 1,272 | $ | (1,028) | $ | — | $ | — | $ | — | $ | 244 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 2,063 | 359 | 111 | 199 | 2,732 | 4,467 | (1,028) | 505 | 76 | 46 | 4,066 | (53.8) | % | (32.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense | 458 | 85 | 27 | 45 | 615 | 1,014 | (246) | 121 | 18 | 5 | 912 | (54.8) | % | (32.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 1,605 | $ | 274 | $ | 84 | $ | 154 | $ | 2,117 | $ | 3,453 | $ | (782) | $ | 384 | $ | 58 | $ | 41 | $ | 3,154 | (53.5) | % | (32.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Basic Earnings Per Share | $ | 1.88 | $ | 0.32 | $ | 0.10 | $ | 0.18 | $ | 2.47 | $ | 3.98 | $ | (0.90) | $ | 0.44 | $ | 0.07 | $ | 0.05 | $ | 3.64 | (52.8) | % | (32.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings Per Share | $ | 1.87 | $ | 0.32 | $ | 0.10 | $ | 0.18 | $ | 2.47 | $ | 3.96 | $ | (0.90) | $ | 0.44 | $ | 0.07 | $ | 0.05 | $ | 3.62 | (52.8) | % | (31.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 856 | 867 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 858 | 871 |
(1) Net mark-to-market loss recognized outside of a 10% corridor on company-sponsored defined benefit pension and postretirement plans.
(2) Represents an indefinite-lived intangible asset impairment charge.
(3) Reflects other employee benefits costs of $159 million and other costs of $40 million.
(4) Net mark-to-market gain recognized outside of a 10% corridor on company-sponsored defined benefit pension and postretirement plans.
(5) One-time non-cash expense related to stock-based awards that were accelerated to fully vest at December 31, 2022 in connection with a change in incentive compensation program design.
(6) One-time non-cash charge reflecting a reduction in the estimated residual value of fully-depreciated MD-11 aircraft.
(7) Reflects a reduction to employee benefits costs of $25 million offset by other costs of $71 million.
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers. Earnings Per Share amounts disclosed above may not cross-foot due to calculations based on unrounded numbers.
United Parcel Service, Inc.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As Reported (GAAP) | Pension Adj.(1) | One-Time Compensation(2) | Goodwill & Asset Impairment Charges(3) | Transformation & Other Adj.(4) | As Adjusted (Non-GAAP) | As Reported (GAAP) | Pension Adj.(5) | Incentive Compensation Design Adj.(6) | Aircraft Residual Value Adj.(7) | Transformation & Other Adj.(8) | As Adjusted (Non-GAAP) | % Change As Rep. (GAAP) | % Change As Adj. (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 54,882 | $ | — | $ | 61 | $ | — | $ | 266 | $ | 54,555 | $ | 57,212 | $ | — | $ | 431 | $ | 25 | $ | 121 | $ | 56,635 | (4.1) | % | (3.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
International Package | 14,600 | — | — | — | 51 | 14,549 | 15,372 | — | 30 | 51 | 12 | 15,279 | (5.0) | % | (4.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | 12,335 | — | — | 236 | 118 | 11,981 | 14,660 | — | 44 | — | 45 | 14,571 | (15.9) | % | (17.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expense | 81,817 | — | 61 | 236 | 435 | 81,085 | 87,244 | — | 505 | 76 | 178 | 86,485 | (6.2) | % | (6.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 5,076 | $ | — | $ | 61 | $ | — | $ | 266 | $ | 5,403 | $ | 6,997 | $ | — | $ | 431 | $ | 25 | $ | 121 | $ | 7,574 | (27.5) | % | (28.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
International Package | 3,231 | — | — | — | 51 | 3,282 | 4,326 | — | 30 | 51 | 12 | 4,419 | (25.3) | % | (25.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | 834 | — | — | 236 | 118 | 1,188 | 1,771 | — | 44 | — | 45 | 1,860 | (52.9) | % | (36.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Profit | 9,141 | — | 61 | 236 | 435 | 9,873 | 13,094 | — | 505 | 76 | 178 | 13,853 | (30.2) | % | (28.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other pension income (expense) | (95) | 359 | — | — | — | 264 | 2,251 | (1,061) | — | — | — | 1,190 | N/A | (77.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income (expense) and other | 312 | — | — | — | — | 312 | 184 | — | — | — | — | 184 | 69.6 | % | 69.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (785) | — | — | — | — | (785) | (704) | — | — | — | — | (704) | 11.5 | % | 11.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Income (Expense) | $ | (568) | $ | 359 | $ | — | $ | — | $ | — | $ | (209) | $ | 1,731 | $ | (1,061) | $ | — | $ | — | $ | — | $ | 670 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 8,573 | 359 | 61 | 236 | 435 | 9,664 | 14,825 | (1,061) | 505 | 76 | 178 | 14,523 | (42.2) | % | (33.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense | 1,865 | 85 | 15 | 43 | 102 | 2,110 | 3,277 | (255) | 121 | 18 | 36 | 3,197 | (43.1) | % | (34.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 6,708 | $ | 274 | $ | 46 | $ | 193 | $ | 333 | $ | 7,554 | $ | 11,548 | $ | (806) | $ | 384 | $ | 58 | $ | 142 | $ | 11,326 | (41.9) | % | (33.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic Earnings Per Share | $ | 7.81 | $ | 0.32 | $ | 0.05 | $ | 0.22 | $ | 0.40 | $ | 8.80 | $ | 13.26 | $ | (0.93) | $ | 0.44 | $ | 0.07 | $ | 0.16 | $ | 13.00 | (41.1) | % | (32.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings Per Share | $ | 7.80 | $ | 0.32 | $ | 0.05 | $ | 0.22 | $ | 0.39 | $ | 8.78 | $ | 13.20 | $ | (0.92) | $ | 0.44 | $ | 0.07 | $ | 0.15 | $ | 12.94 | (40.9) | % | (32.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 859 | 871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 860 | 875 |
(1) Net mark-to-market loss recognized outside of a 10% corridor on company-sponsored defined benefit pension and postretirement plans.
(2) Represents a one-time payment of $61 million to certain U.S.-based non-union part-time supervisors.
(3) Reflects impairment charges of $125 and $111 million in respect of goodwill and an indefinite-lived intangible asset, respectively.
(4) Reflects other employee benefits costs of $337 million and other costs of $98 million.
(5) Net mark-to-market gain of $1.0 billion recognized outside of a 10% corridor on company-sponsored defined benefit pension and postretirement plans and $34 million gain representing the curtailment of benefits for certain Canadian pension plans.
(6) One-time non-cash expense related to stock-based awards that were accelerated to fully vest at December 31, 2022 in connection with a change in incentive compensation program design.
(7) One-time non-cash charge reflecting a reduction in the estimated residual value of fully-depreciated MD-11 aircraft.
(8) Reflects other employee benefits costs of $46 million and other costs of $132 million.
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers. Earnings Per Share amounts disclosed above may not cross-foot due to calculations based on unrounded numbers.
United Parcel Service, Inc.
Supplemental Analysis of Currency - Fourth Quarter
(unaudited)
Reconciliation of Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit | |||||||||||||||||||||||||||||||||||
Three Months Ended | Currency | ||||||||||||||||||||||||||||||||||
December 31 | Neutral | ||||||||||||||||||||||||||||||||||
(in millions, except per piece data) | (GAAP) | (Non-GAAP) | |||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | Currency | 2023 (1) | % Change | ||||||||||||||||||||||||||||||
Average Revenue Per Piece: | |||||||||||||||||||||||||||||||||||
International Package: | |||||||||||||||||||||||||||||||||||
Domestic | $ | 8.11 | $ | 7.55 | 7.4 | % | $ | (0.15) | $ | 7.96 | 5.4 | % | |||||||||||||||||||||||
Export | 32.41 | 32.39 | 0.1 | % | (0.22) | 32.19 | (0.6) | % | |||||||||||||||||||||||||||
Total International Package | $ | 20.68 | $ | 20.06 | 3.1 | % | $ | (0.19) | $ | 20.49 | 2.1 | % | |||||||||||||||||||||||
Consolidated | $ | 13.11 | $ | 13.04 | 0.5 | % | $ | (0.02) | $ | 13.09 | 0.4 | % | |||||||||||||||||||||||
Three Months Ended | Currency | ||||||||||||||||||||||||||||||||||
December 31 | Neutral | ||||||||||||||||||||||||||||||||||
(GAAP) | (Non-GAAP) | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | Currency | 2023 (1) | % Change | ||||||||||||||||||||||||||||||
Revenue (in millions): | |||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 16,915 | $ | 18,252 | (7.3) | % | $ | — | $ | 16,915 | (7.3) | % | |||||||||||||||||||||||
International Package | 4,606 | 4,950 | (6.9) | % | (41) | 4,565 | (7.8) | % | |||||||||||||||||||||||||||
Supply Chain Solutions | 3,396 | 3,831 | (11.4) | % | (24) | 3,372 | (12.0) | % | |||||||||||||||||||||||||||
Total revenue | $ | 24,917 | $ | 27,033 | (7.8) | % | $ | (65) | $ | 24,852 | (8.1) | % | |||||||||||||||||||||||
Three Months Ended | Currency | ||||||||||||||||||||||||||||||||||
December 31 | Neutral | ||||||||||||||||||||||||||||||||||
(Non-GAAP) | (Non-GAAP) | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | Currency | 2023 (1) | % Change | ||||||||||||||||||||||||||||||
As Adjusted Operating Profit (in millions)(2): | |||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 1,569 | $ | 2,328 | (32.6) | % | $ | — | $ | 1,569 | (32.6) | % | |||||||||||||||||||||||
International Package | 899 | 1,091 | (17.6) | % | 18 | 917 | (15.9) | % | |||||||||||||||||||||||||||
Supply Chain Solutions | 319 | 403 | (20.8) | % | (7) | 312 | (22.6) | % | |||||||||||||||||||||||||||
Total operating profit | $ | 2,787 | $ | 3,822 | (27.1) | % | $ | 11 | $ | 2,798 | (26.8) | % | |||||||||||||||||||||||
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) See Non-GAAP schedules for reconciliation of adjustments.
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Supplemental Analysis of Currency - Year to Date
(unaudited)
Reconciliation of Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit | |||||||||||||||||||||||||||||||||||
Twelve Months Ended | Currency | ||||||||||||||||||||||||||||||||||
December 31 | Neutral | ||||||||||||||||||||||||||||||||||
(in millions, except per piece data) | (GAAP) | (Non-GAAP) | |||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | Currency | 2023 (1) | % Change | ||||||||||||||||||||||||||||||
Average Revenue Per Piece: | |||||||||||||||||||||||||||||||||||
International Package: | |||||||||||||||||||||||||||||||||||
Domestic | $ | 7.78 | $ | 7.46 | 4.3 | % | $ | 0.07 | $ | 7.85 | 5.2 | % | |||||||||||||||||||||||
Export | 33.03 | 34.48 | (4.2) | % | 0.19 | 33.22 | (3.7) | % | |||||||||||||||||||||||||||
Total International Package | $ | 20.71 | $ | 20.91 | (1.0) | % | $ | 0.13 | $ | 20.84 | (0.3) | % | |||||||||||||||||||||||
Consolidated | $ | 13.62 | $ | 13.38 | 1.8 | % | $ | 0.02 | $ | 13.64 | 1.9 | % | |||||||||||||||||||||||
Twelve Months Ended | Currency | ||||||||||||||||||||||||||||||||||
December 31 | Neutral | ||||||||||||||||||||||||||||||||||
(GAAP) | (Non-GAAP) | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | Currency | 2023 (1) | % Change | ||||||||||||||||||||||||||||||
Revenue (in millions): | |||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 59,958 | $ | 64,209 | (6.6) | % | $ | — | $ | 59,958 | (6.6) | % | |||||||||||||||||||||||
International Package | 17,831 | 19,698 | (9.5) | % | 111 | 17,942 | (8.9) | % | |||||||||||||||||||||||||||
Supply Chain Solutions | 13,169 | 16,431 | (19.9) | % | 9 | 13,178 | (19.8) | % | |||||||||||||||||||||||||||
Total revenue | $ | 90,958 | $ | 100,338 | (9.3) | % | $ | 120 | $ | 91,078 | (9.2) | % | |||||||||||||||||||||||
Twelve Months Ended | Currency | ||||||||||||||||||||||||||||||||||
December 31 | Neutral | ||||||||||||||||||||||||||||||||||
(Non-GAAP) | (Non-GAAP) | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | Currency | 2023 (1) | % Change | ||||||||||||||||||||||||||||||
As Adjusted Operating Profit (in millions)(2): | |||||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 5,403 | $ | 7,574 | (28.7) | % | $ | — | $ | 5,403 | (28.7) | % | |||||||||||||||||||||||
International Package | 3,282 | 4,419 | (25.7) | % | 133 | 3,415 | (22.7) | % | |||||||||||||||||||||||||||
Supply Chain Solutions | 1,188 | 1,860 | (36.1) | % | (9) | 1,179 | (36.6) | % | |||||||||||||||||||||||||||
Total operating profit | $ | 9,873 | $ | 13,853 | (28.7) | % | $ | 124 | $ | 9,997 | (27.8) | % | |||||||||||||||||||||||
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) See Non-GAAP schedules for reconciliation of adjustments.
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
United Parcel Service, Inc.
Aircraft Fleet - As of December 31, 2023
(unaudited)
Description | UPS Owned and/or Operated | Charters & Leases Operated by Others | On Order | Under Option | ||||||||||
Operating: | ||||||||||||||
Boeing 757-200 | 75 | — | — | — | ||||||||||
Boeing 767-300 | 78 | — | 21 | — | ||||||||||
Boeing 767-300BCF | 6 | — | — | — | ||||||||||
Boeing 767-300BDSF | 4 | — | — | — | ||||||||||
Airbus A300-600 | 52 | — | — | — | ||||||||||
Boeing MD-11(1) | 38 | — | — | — | ||||||||||
Boeing 747-400F | 11 | — | — | — | ||||||||||
Boeing 747-400BCF | 2 | — | — | — | ||||||||||
Boeing 747-8F | 28 | — | 2 | — | ||||||||||
Other | — | 269 | — | — | ||||||||||
Total | 294 | 269 | 23 | — | ||||||||||
(1) Two of the MD-11 aircraft shown above have been retired from operational use as of December 31, 2023. We anticipate retiring an additional nine of these aircraft during 2024.
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.