0001090727-23-000050.txt : 20231026 0001090727-23-000050.hdr.sgml : 20231026 20231026060343 ACCESSION NUMBER: 0001090727-23-000050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20231026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231026 DATE AS OF CHANGE: 20231026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED PARCEL SERVICE INC CENTRAL INDEX KEY: 0001090727 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING & COURIER SERVICES (NO AIR) [4210] IRS NUMBER: 582480149 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15451 FILM NUMBER: 231347351 BUSINESS ADDRESS: STREET 1: 55 GLENLAKE PARKWAY NE CITY: ATLANTA STATE: GA ZIP: 30328 BUSINESS PHONE: 4048286000 MAIL ADDRESS: STREET 1: 55 GLENLAKE PARKWAY NE CITY: ATLANTA STATE: GA ZIP: 30328 8-K 1 ups-20231026.htm 8-K ups-20231026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 26, 2023

g795027a09.jpg
United Parcel Service, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware001-1545158-2480149
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)

      55 Glenlake Parkway, N.E., Atlanta, Georgia                30328
(Address of principal executive offices)                 (Zip Code)
Registrant’s telephone number, including area code (404) 828-6000
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Class B common stock, par value $0.01 per shareUPSNew York Stock Exchange
0.375% Senior Notes due 2023UPS23ANew York Stock Exchange
1.625% Senior Notes Due 2025UPS25New York Stock Exchange
1% Senior Notes due 2028UPS28New York Stock Exchange
1.500% Senior Notes due 2032UPS32New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company. ☐

If an emerging growth company, indicate by check mark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐








Item 2.02 — Results of Operations and Financial Condition.
     
On October 26, 2023, United Parcel Service, Inc. (the “Company”) issued a press release containing information about the Company’s results of operations and financial condition for the quarter ended September 30, 2023. The Company also posted on its website at www.investors.ups.com financial statement schedules containing additional detail about the Company's results of operations and financial condition for the same period.

A copy of the press release is attached hereto as Exhibit 99.1. A copy of the financial statement schedules is attached hereto as Exhibit 99.2.

Item 9.01 — Financial Statements and Exhibits.

(d) Exhibits

99.1       Press release dated October 26, 2023 "UPS RELEASES 3Q 2023 EARNINGS"
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

The information contained in Items 2.02 and 9.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933 or the Exchange Act, except as may be expressly set forth by reference in any such filing.



Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
UNITED PARCEL SERVICE, INC.
Date: October 26, 2023By:/s/ BRIAN O. NEWMAN
Brian O. Newman
Executive Vice President and Chief Financial Officer


 EX-99.1 2 exhibit991-q32023earningsp.htm EX-99.1 PRESS RELEASE THIRD QUARTER EARNINGS Document

Exhibit 99.1

UPS RELEASES 3Q 2023 EARNINGS

•Consolidated Revenues of $21.1B, Compared to $24.2B Last Year
•Consolidated Operating Profit of $1.3B; Adjusted* Consolidated Operating Profit of $1.6B
•Consolidated Operating Margin of 6.4%; Adj. Consolidated Operating Margin of 7.7%
•Diluted EPS of $1.31; Adj. Diluted EPS of $1.57, Compared to $2.99 Last Year

ATLANTA – October 26, 2023 – UPS (NYSE:UPS) today announced third-quarter 2023 consolidated revenues of $21.1 billion, a 12.8% decrease from the third quarter of 2022. Consolidated operating profit was $1.3 billion, down 56.9% compared to the third quarter of 2022, and down 48.7% on an adjusted basis. Diluted earnings per share were $1.31 for the quarter; adjusted diluted earnings per share of $1.57 were 47.5% below the same period in 2022.

For the third quarter of 2023, GAAP results included an after-tax charge of $219 million or $0.26 per diluted share, comprised of a one-time payment of $46 million to certain U.S.-based non-union part-time supervisors, transformation and other charges of $70 million, and non-cash goodwill impairment charges of $103 million.

“While unfavorable macro-economic conditions negatively impacted global demand in the quarter, our U.S. labor contract was fully ratified in early September and volume that diverted during our labor negotiations is starting to return to our network. I want to thank all UPSers for their hard work and efforts during this challenging time and for once again providing industry-leading service to our customers,” said Carol Tomé, UPS chief executive officer. “Looking ahead, we are well-prepared for the peak holiday season.”
U.S. Domestic Segment

3Q 2023
Adjusted
3Q 2023

3Q 2022
Adjusted
3Q 2022
Revenue
$13,660 M$15,374 M
Operating profit
$571 M$665 M$1,666 M$1,686 M

•Revenue decreased 11.1%, driven by a 11.5% decrease in average daily volume, which was partially offset by a 2.0% increase in revenue per piece.
•Operating margin was 4.2%; adjusted operating margin was 4.9%.

International Segment

3Q 2023
Adjusted
3Q 2023

3Q 2022
Adjusted
3Q 2022
Revenue
$4,267 M$4,799 M
Operating profit
$630 M$675 M$997 M$1,004 M

•Revenue decreased 11.1%, primarily driven by a 6.6% decrease in average daily volume and continued softness on Asia and Europe trade lanes.
•Operating margin was 14.8%; adjusted operating margin was 15.8%.


Supply Chain Solutions1

3Q 2023
Adjusted
3Q 2023

3Q 2022
Adjusted
3Q 2022
Revenue
$3,134 M$3,988 M
Operating profit
$142 M$275 M$450 M$459 M
1 Consists of operating segments that do not meet the criteria of a reportable segment under ASC Topic 280 – Segment Reporting.

•Revenue decreased 21.4% due primarily to market rate and volume declines in forwarding, partially offset by growth in healthcare.
•Operating margin was 4.5%; adjusted operating margin was 8.8%.


2023 Outlook
The company provides certain guidance on an adjusted (non-GAAP) basis because it is not possible to predict or provide a reconciliation reflecting the impact of future pension adjustments or other unanticipated events, which would be included in reported (GAAP) results and could be material.

UPS is updating its full-year 2023 consolidated revenue and adjusted operating margin targets primarily to reflect global macro-economic uncertainty. UPS now expects full-year 2023 consolidated revenue to be between $91.3 billion and $92.3 billion and a consolidated adjusted operating margin of between 10.8% and 11.3%.

The company is maintaining its full-year planned capital expenditures target of about $5.3 billion and dividend payment expectations of around $5.4 billion, subject to board approval. UPS now expects full-year 2023 share repurchases to be approximately $2.25 billion. The effective tax rate for the full year is expected to be approximately 22%.



* “Adjusted” amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial measures, including a reconciliation to the most closely correlated GAAP measure.


Contacts:
UPS Media Relations: 404-828-7123 or pr@ups.com
UPS Investor Relations: 404-828-6059 (option 4) or investor@ups.com

# # #


Conference Call Information

UPS CEO Carol Tomé and CFO Brian Newman will discuss third-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, October 26, 2023. That call will be open to others through a live Webcast. To access the call, go to www.investors.ups.com and click on “Earnings Conference Call.” Additional financial information is included in the detailed financial schedules being posted on www.investors.ups.com under “Quarterly Earnings and Financials” and as furnished to the SEC as an exhibit to our Current Report on Form 8-K.

About UPS

UPS (NYSE: UPS) is one of the world’s largest companies, with 2022 revenue of $100.3 billion, and provides a broad range of integrated logistics solutions for customers in more than 200 countries and territories. Focused on its purpose statement, “Moving our world forward by delivering what matters,” the company’s more than 500,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world. UPS also takes an unwavering stance in support of diversity, equity and inclusion. More information can be found at www.ups.com, about.ups.com and www.investors.ups.com.

Forward-Looking Statements

This release, our Annual Report on Form 10-K for the year ended December 31, 2022 and our other filings with the Securities and Exchange Commission contain and in the future may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than those of current or historical fact, and all statements accompanied by terms such as “will,” “believe,” “project,” “expect,” “estimate,” “assume,” “intend,” “anticipate,” “target,” “plan,” and similar terms, are intended to be forward-looking statements. Forward-looking statements are made subject to the safe harbor provisions of the federal securities laws pursuant to Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

From time to time, we also include written or oral forward-looking statements in other publicly disclosed materials. Forward-looking statements may relate to our intent, belief, forecasts of, or current expectations about our strategic direction, prospects, future results, or future events; they do not relate strictly to historical or current facts. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any forward-looking statements because such statements speak only as of the date when made and the future, by its very nature, cannot be predicted with certainty.

Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. These risks and uncertainties, include, but are not limited to the impact of: continued uncertainties related to the COVID-19 pandemic; changes in general economic conditions, in the U.S. or internationally; industry evolution and significant competition; changes in our relationships with any of our significant customers; our ability to attract and retain qualified employees; strikes, work stoppages or slowdowns by our employees; results of negotiations and ratifications of labor contracts; our ability to maintain our brand image and corporate reputation; increased or more complex physical security requirements; a significant data breach or information technology system disruption; global climate change; interruptions in or impacts on our business from natural or man-made events or disasters including terrorist attacks,


epidemics or pandemics; exposure to changing economic, political and social developments in international markets; our ability to realize the anticipated benefits from acquisitions, dispositions, joint ventures or strategic alliances; changing prices of energy, including gasoline, diesel and jet fuel, or interruptions in supplies of these commodities; changes in exchange rates or interest rates; our ability to accurately forecast our future capital investment needs; significant expenses and funding obligations relating to employee health, retiree health and/or pension benefits; our ability to manage insurance and claims expenses; changes in business strategy, government regulations, or economic or market conditions that may result in impairments of our assets; potential additional U.S. or international tax liabilities; increasingly stringent laws and regulations, including relating to climate change; potential claims or litigation related to labor and employment, personal injury, property damage, business practices, environmental liability and other matters; and other risks discussed in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2022, and subsequently filed reports. You should consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the accuracy of predictions contained in such forward-looking statements. We do not undertake any obligation to update forward-looking statements to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements, except as required by law.

From time to time, we expect to participate in analyst and investor conferences. Materials provided or displayed at those conferences, such as slides and presentations, may be posted on our investor relations website at www.investors.ups.com under the heading "Presentations" when made available. These presentations may contain new material nonpublic information about our company and you are encouraged to monitor this site for any new posts, as we may use this mechanism as a public announcement.

Reconciliation of GAAP and Non-GAAP Financial Measures

We supplement the reporting of our financial information determined under generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures.
Adjusted financial measures should be considered in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. Our adjusted financial measures do not represent a comprehensive basis of accounting and therefore may not be comparable to similarly titled measures reported by other companies.
Forward-Looking Non-GAAP Metrics
From time to time when presenting forward-looking non-GAAP metrics, we are unable to provide quantitative reconciliations to the most closely correlated GAAP measure due to the uncertainty in the timing, amount or nature of any adjustments, which could be material in any period.
Changes in Foreign Currency Exchange Rates and Hedging Activities
We supplement the reporting of revenue, revenue per piece and operating profit with adjusted measures that exclude the period-over-period impact of foreign currency exchange rate changes and hedging activities. We believe currency-neutral revenue, revenue per piece and operating profit information allows users of our financial statements to understand growth trends in our products and results. We evaluate the performance of International Package and Supply Chain Solutions on this currency-neutral basis.
Currency-neutral revenue, revenue per piece and operating profit are calculated by dividing current period reported U.S. Dollar revenue, revenue per piece and operating profit by the current period average


exchange rates to derive current period local currency revenue, revenue per piece and operating profit. The derived amounts are then multiplied by the average foreign currency exchange rates used to translate the comparable results for each month in the prior year period (including the period-over-period impact of foreign currency hedging activities). The difference between the current period reported U.S. Dollar revenue, revenue per piece and operating profit and the derived current period U.S. Dollar revenue, revenue per piece and operating profit is the period-over-period impact of currency fluctuations.
Incentive Compensation Program Design Changes
During 2022, we completed certain structural changes to the design of our incentive compensation programs that resulted in a one-time, non-cash charge in connection with the accelerated vesting of certain equity incentive awards that we do not expect to repeat. We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of these changes. We believe excluding the impacts of such changes allows users of our financial statements to more appropriately identify underlying growth trends in compensation and benefits expense.
Long-lived Asset Estimated Residual Value Changes
During the fourth quarter of 2022, we incurred a one-time, non-cash charge resulting from a reduction in the estimated residual value of our MD-11 fleet. We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of this charge. We believe excluding the impact of this charge better enables users of our financial statements to understand the ongoing cost associated with our long-lived assets.
Transformation Charges, and Goodwill, Asset Impairment and Divestiture Charges
We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of charges related to transformation activities, and goodwill, asset impairment and divestiture charges. We believe excluding the impact of these charges better enables users of our financial statements to view and evaluate underlying business performance from the perspective of management. We do not consider these costs when evaluating the operating performance of our business units, making decisions to allocate resources or in determining incentive compensation awards.
One-Time Compensation Payment
We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of a one-time payment made to certain U.S.-based, non-union part-time supervisors following the ratification of our labor agreement with the Teamsters. We do not expect this or similar payments to recur. We believe excluding the impact of this one-time payment better enables users of our financial statements to view and evaluate underlying business performance from the same perspective as management.
Defined Benefit Pension and Postretirement Medical Plan Gains and Losses
We recognize changes in the fair value of plan assets and net actuarial gains and losses in excess of a 10% corridor (defined as 10% of the greater of the fair value of plan assets or the plan's projected benefit obligation), as well as gains and losses resulting from plan curtailments and settlements, for our pension and postretirement defined benefit plans immediately as part of Investment income and other in the statements of consolidated income. We supplement the presentation of our income before income taxes,


net income and earnings per share with adjusted measures that exclude the impact of these gains and losses and the related income tax effects. We believe excluding these defined benefit plan gains and losses provides important supplemental information by removing the volatility associated with plan amendments and short-term changes in market interest rates, equity values and similar factors.
Free Cash Flow
We calculate free cash flow as cash flows from operating activities less capital expenditures, proceeds from disposals of property, plant and equipment, and plus or minus the net changes in other investing activities. We believe free cash flow is an important indicator of how much cash is generated by our ongoing business operations and we use this as a measure of incremental cash available to invest in our business, meet our debt obligations and return cash to shareowners.
Adjusted Return on Invested Capital
Adjusted ROIC is calculated as the trailing twelve months (“TTM”) of adjusted operating income divided by the average of total debt, non-current pension and postretirement benefit obligations and shareowners’ equity, at the current period end and the corresponding period end of the prior year. Because adjusted ROIC is not a measure defined by GAAP, we calculate it, in part, using non-GAAP financial measures that we believe are most indicative of our ongoing business performance. We consider adjusted ROIC to be a useful measure for evaluating the effectiveness and efficiency of our long-term capital investments.
Adjusted Total Debt / Adjusted EBITDA
Adjusted total debt is defined as our long-term debt and finance leases, including current maturities, plus non-current pension and postretirement benefit obligations. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for the impacts of incentive compensation program redesign, transformation and other costs, defined benefit plan gains and losses and other income. We believe the ratio of adjusted total debt to adjusted EBITDA is an important indicator of our financial strength, and is a ratio used by third parties when evaluating the level of our indebtedness.




Reconciliation of GAAP and Non-GAAP Income Statement Items
(in millions, except per share data):


Three Months Ended September 30, 2023
As Reported (GAAP)
One-Time Compensation(1)
Goodwill Impairment Charges(2)
Transformation & Other Adj.(3)
As Adjusted
(Non-GAAP)
U.S. Domestic Package$13,089 $61 $— $33 $12,995 
International Package3,637 — — 45 3,592 
Supply Chain Solutions2,992 — 117 16 2,859 
Operating Expense19,718 61 117 94 19,446 
U.S. Domestic Package571 61 — 33 665 
International Package630 — — 45 675 
Supply Chain Solutions142 — 117 16 275 
Operating Profit1,343 61 117 94 1,615 
Other Income and (Expense):
Other pension income (expense)66 — — — 66 
Investment income (expense) and other58 — — — 58 
Interest expense(199)— — — (199)
Total Other Income (Expense)(75)— — — (75)
Income Before Income Taxes1,268 61 117 94 1,540 
Income Tax Expense141 15 14 24 194 
Net Income$1,127 $46 $103 $70 $1,346 
Basic Earnings Per Share$1.31 $0.05 $0.12 $0.09 $1.57 
Diluted Earnings Per Share$1.31 $0.05 $0.12 $0.09 $1.57 
(1) Represents a one-time payment of $61 million to certain U.S.-based non-union part-time supervisors.
(2) Reflects goodwill impairment charges of $117 million within Supply Chain Solutions.    
(3) Reflects other employee benefits costs of $80 million and other costs of $14 million.

























Reconciliation of GAAP and Non-GAAP Income Statement Items
(in millions, except per share data):


Nine Months Ended September 30, 2023
As Reported (GAAP)
One-Time Compensation(1)
Goodwill Impairment Charges(2)
Transformation & Other Adj.(3)
As Adjusted
(Non-GAAP)
U.S. Domestic Package$39,404 $61 $— $134 $39,209 
International Package10,884 — — 42 10,842 
Supply Chain Solutions9,089 — 125 60 8,904 
Operating Expense59,377 61 125 236 58,955 
U.S. Domestic Package3,639 61 — 134 3,834 
International Package2,341 — — 42 2,383 
Supply Chain Solutions684 — 125 60 869 
Operating Profit6,664 61 125 236 7,086 
Other Income and (Expense):
Other pension income (expense)198 — — — 198 
Investment income (expense) and other226 — — — 226 
Interest expense(578)— — — (578)
Total Other Income (Expense)(154)— — — (154)
Income Before Income Taxes6,510 61 125 236 6,932 
Income Tax Expense1,407 15 16 57 1,495 
Net Income$5,103 $46 $109 $179 $5,437 
Basic Earnings Per Share$5.93 $0.05 $0.13 $0.21 $6.32 
Diluted Earnings Per Share$5.92 $0.05 $0.13 $0.21 $6.31 
(1) Represents a one-time payment of $61 million to certain U.S.-based non-union part-time supervisors.
(2) Reflects goodwill impairment charges of $125 million within Supply Chain Solutions.
(3) Reflects other employee benefits costs of $178 million and other costs of $58 million.








Reconciliation of Currency Adjusted Revenue, Revenue Per Piece,
and Adjusted Operating Profit
(in millions, except per piece data)
Three Months Ended September 30,
2023
As Reported
(GAAP)		2022
As Reported
(GAAP)		% Change
(GAAP)		Currency
Impact
2023
Currency
Neutral
(Non-GAAP)(1)
% Change
(Non-GAAP)
Average Revenue Per Piece:
International Package:
   Domestic$7.73 $7.31 5.7 %$(0.21)$7.52 2.9 %
   Export33.09 34.77 (4.8)%(0.21)32.88 (5.4)%
      Total International Package$20.78 $21.07 (1.4)%$(0.21)$20.57 (2.4)%
Consolidated$13.81 $13.58 1.7 %$(0.03)$13.78 1.5 %
Revenue:
  U.S. Domestic Package$13,660 $15,374 (11.1)%$— $13,660 (11.1)%
  International Package4,267 4,799 (11.1)%(43)4,224 (12.0)%
  Supply Chain Solutions3,134 3,988 (21.4)%(24)3,110 (22.0)%
  Total revenue$21,061 $24,161 (12.8)%$(67)$20,994 (13.1)%


2023
As Adjusted
(Non-GAAP)		2022
As Adjusted
(Non-GAAP)		% Change
(Non-GAAP)		Currency
Impact
2023
As Adjusted
Currency
Neutral
(Non-GAAP)(1)
% Change
(Non-GAAP)
As Adjusted Operating Profit(2):
  U.S. Domestic Package$665 $1,686 (60.6)%$— $665 (60.6)%
  International Package675 1,004 (32.8)%32 707 (29.6)%
  Supply Chain Solutions275 459 (40.1)%6 281 (38.8)%
  Total operating profit$1,615 $3,149 (48.7)%$38 $1,653 (47.5)%
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) Amounts adjusted for transformation & other.









Reconciliation of Currency Adjusted Revenue, Revenue Per Piece,
and Adjusted Operating Profit
(in millions, except per piece data)
Nine Months Ended September 30,
2023
As Reported
(GAAP)		2022
As Reported
(GAAP)		% Change
(GAAP)		Currency
Impact
2023
Currency
Neutral
(Non-GAAP)(1)
% Change
(Non-GAAP)
Average Revenue Per Piece:
International Package:
   Domestic$7.66 $7.43 3.1 %$0.15 $7.81 5.1 %
   Export33.26 35.26 (5.7)%0.34 33.60 (4.7)%
      Total International Package$20.72 $21.22 (2.4)%$0.24 $20.96 (1.2)%
Consolidated$13.82 $13.52 2.2 %$0.04 $13.86 2.5 %
Revenue:
  U.S. Domestic Package$43,043 $45,957 (6.3)%$— $43,043 (6.3)%
  International Package13,225 14,748 (10.3)%152 13,377 (9.3)%
  Supply Chain Solutions9,773 12,600 (22.4)%33 9,806 (22.2)%
  Total revenue$66,041 $73,305 (9.9)%$185 $66,226 (9.7)%


2023
As Adjusted
(Non-GAAP)		2022
As Adjusted
(Non-GAAP)		% Change
(Non-GAAP)		Currency
Impact
2023
As Adjusted
Currency
Neutral
(Non-GAAP)(1)
% Change
(Non-GAAP)
As Adjusted Operating Profit(2):
  U.S. Domestic Package$3,834 $5,246 (26.9)%$— $3,834 (26.9)%
  International Package2,383 3,328 (28.4)%115 2,498 (24.9)%
  Supply Chain Solutions869 1,457 (40.4)%(2)867 (40.5)%
  Total operating profit$7,086 $10,031 (29.4)%$113 $7,199 (28.2)%
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) Amounts adjusted for transformation & other.









Reconciliation of Free Cash Flow (Non-GAAP measure)
(in millions):
Nine Months Ended September 30,
2023
Cash flows from operating activities$7,827 
Capital expenditures(3,109)
Proceeds from disposals of property, plant and equipment167 
Other investing activities2 
   Free Cash Flow (Non-GAAP measure)$4,887 

























































Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)
(in millions):

TTM(1) Ended
September 30,
2023
Net income$8,556 
Add back:
Income tax expense2,421 
Interest expense760 
Depreciation & amortization3,387 
EBITDA$15,124 
Add back (deduct):
Incentive compensation program redesign505 
One-time compensation61 
Goodwill impairment charges125 
Transformation and other282 
Defined benefit plan (gains) and losses(1,028)
Investment income and other pension income(850)
Adjusted EBITDA$14,219 
Debt and finance leases, including current maturities$21,125 
Add back:
Non-current pension and postretirement benefit obligations4,670 
Adjusted total debt$25,795 
Adjusted total debt/Net income3.01 
Adjusted total debt/adjusted EBITDA (Non-GAAP)1.81 
(1) Trailing twelve months.
    


Reconciliation of Adjusted Return on Invested Capital (Non-GAAP measure)
(in millions):
TTM(1) Ended
September 30,
2023
Net income$8,556 
Add back (deduct):
Income tax expense2,421 
Interest expense760 
Other pension (income) expense(1,523)
Investment (income) expense and other(355)
Operating profit$9,859 
Incentive compensation program redesign505 
Long-lived asset estimated residual value changes76 
One-time compensation61 
Goodwill impairment charges125 
Transformation and other282 
Adjusted operating profit$10,908 
Average debt and finance leases, including current maturities20,738 
Average pension and postretirement benefit obligations5,709 
Average shareowners' equity18,084 
Average invested capital$44,531 
Net income to average invested capital19.2 %
Adjusted Return on Invested Capital (Non-GAAP)24.5 %

(1) Trailing twelve months.

 EX-99.2 3 exhibit992-q32023financial.htm EX-99.2 FINANCIAL STATEMENT SCHEDULES Document

Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - Third Quarter
(unaudited)
Three Months Ended
September 30
20232022Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$13,660 $15,374 $(1,714)(11.1)%
  International Package4,267 4,799 (532)(11.1)%
  Supply Chain Solutions3,134 3,988 (854)(21.4)%
  Total revenue21,061 24,161 (3,100)(12.8)%
Operating expenses:
  U.S. Domestic Package13,089 13,708 (619)(4.5)%
  International Package3,637 3,802 (165)(4.3)%
  Supply Chain Solutions2,992 3,538 (546)(15.4)%
  Total operating expenses19,718 21,048 (1,330)(6.3)%
Operating profit:
  U.S. Domestic Package571 1,666 (1,095)(65.7)%
  International Package630 997 (367)(36.8)%
  Supply Chain Solutions142 450 (308)(68.4)%
  Total operating profit1,343 3,113 (1,770)(56.9)%
Other income (expense):
 Other pension income (expense)66 297 (231)(77.8)%
  Investment income (expense) and other58 36 22 61.1 %
  Interest expense(199)(177)(22)12.4 %
  Total other income (expense)(75)156 (231)N/A
Income before income taxes1,268 3,269 (2,001)(61.2)%
Income tax expense141 685 (544)(79.4)%
Net income$1,127 $2,584 $(1,457)(56.4)%
Net income as a percentage of revenue5.4 %10.7 %
Per share amounts:
  Basic earnings per share$1.31 $2.97 $(1.66)(55.9)%
  Diluted earnings per share$1.31 $2.96 $(1.65)(55.7)%
Weighted-average shares outstanding:
  Basic857 870 (13)(1.5)%
  Diluted858 872 (14)(1.6)%
As Adjusted Income Data (1):
Operating profit:
  U.S. Domestic Package $665 $1,686 $(1,021)(60.6)%
  International Package 675 1,004 (329)(32.8)%
  Supply Chain Solutions275 459 (184)(40.1)%
  Total operating profit 1,615 3,149 (1,534)(48.7)%
Total other income (expense)$(75)$156 $(231)N/A
Income before income taxes $1,540 $3,305 $(1,765)(53.4)%
Net income $1,346 $2,611 $(1,265)(48.4)%
Basic earnings per share $1.57 $3.00 $(1.43)(47.7)%
Diluted earnings per share$1.57 $2.99 $(1.42)(47.5)%

(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 - Third Quarter
(unaudited)
Three Months Ended
September 30
20232022Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$2,372 $2,673 $(301)(11.3)%
   Deferred1,128 1,311 (183)(14.0)%
   Ground10,160 11,390 (1,230)(10.8)%
      Total U.S. Domestic Package13,660 15,374 (1,714)(11.1)%
International Package:
   Domestic742 785 (43)(5.5)%
   Export3,367 3,747 (380)(10.1)%
   Cargo and Other158 267 (109)(40.8)%
      Total International Package4,267 4,799 (532)(11.1)%
Supply Chain Solutions:
   Forwarding1,327 2,162 (835)(38.6)%
Logistics1,430 1,302 128 9.8 %
   Other377 524 (147)(28.1)%
      Total Supply Chain Solutions3,134 3,988 (854)(21.4)%
Consolidated$21,061 $24,161 $(3,100)(12.8)%
Consolidated volume (in millions)1,287 1,466 (179)(12.2)%
Operating weekdays63 64 (1)(1.6)%
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air1,679 1,932 (253)(13.1)%
   Deferred1,078 1,341 (263)(19.6)%
   Ground14,529 16,266 (1,737)(10.7)%
      Total U.S. Domestic Package17,286 19,539 (2,253)(11.5)%
International Package:
   Domestic1,524 1,677 (153)(9.1)%
   Export1,615 1,684 (69)(4.1)%
      Total International Package3,139 3,361 (222)(6.6)%
Consolidated20,425 22,900 (2,475)(10.8)%
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$22.42 $21.62 $0.80 3.7 %
   Deferred16.61 15.281.33 8.7 %
   Ground11.1010.94 0.16 1.5 %
      Total U.S. Domestic Package12.5412.29 0.25 2.0 %
International Package:
   Domestic7.73 7.31 0.42 5.7 %
   Export33.0934.77(1.68)(4.8)%
      Total International Package20.78 21.07 (0.29)(1.4)%
Consolidated$13.81 $13.58 $0.23 1.7 %








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 - Third Quarter
(unaudited)
Three Months Ended
September 30
20232022Change% Change
(in millions)
Compensation and benefits$11,528 $11,489 $39 0.3 %
Repairs and maintenance719 732 (13)(1.8)%
Depreciation and amortization837 774 63 8.1 %
Purchased transportation3,118 4,179 (1,061)(25.4)%
Fuel1,132 1,530 (398)(26.0)%
Other occupancy481 435 46 10.6 %
Other expenses1,903 1,909 (6)(0.3)%
Total operating expenses$19,718 $21,048 $(1,330)(6.3)%


























































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)
Nine Months Ended
September 30
20232022Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$43,043 $45,957 $(2,914)(6.3)%
  International Package13,225 14,748 (1,523)(10.3)%
  Supply Chain Solutions9,773 12,600 (2,827)(22.4)%
  Total revenue66,041 73,305 (7,264)(9.9)%
Operating expenses:
  U.S. Domestic Package39,404 40,800 (1,396)(3.4)%
  International Package10,884 11,442 (558)(4.9)%
  Supply Chain Solutions9,089 11,164 (2,075)(18.6)%
  Total operating expenses59,377 63,406 (4,029)(6.4)%
Operating profit:
  U.S. Domestic Package3,639 5,157 (1,518)(29.4)%
  International Package2,341 3,306 (965)(29.2)%
  Supply Chain Solutions684 1,436 (752)(52.4)%
  Total operating profit6,664 9,899 (3,235)(32.7)%
Other income (expense):
 Other pension income (expense)198 926 (728)(78.6)%
  Investment income (expense) and other226 55 171 310.9 %
  Interest expense(578)(522)(56)10.7 %
  Total other income (expense)(154)459 (613)N/A
Income before income taxes6,510 10,358 (3,848)(37.2)%
Income tax expense1,407 2,263 (856)(37.8)%
Net income$5,103 $8,095 $(2,992)(37.0)%
Net income as a percentage of revenue7.7 %11.0 %
Per share amounts:
  Basic earnings per share$5.93 $9.27 $(3.34)(36.0)%
  Diluted earnings per share$5.92 $9.24 $(3.32)(35.9)%
Weighted-average shares outstanding:
  Basic860 873 (13)(1.5)%
  Diluted861 876 (15)(1.7)%
As Adjusted Income Data (1):
Operating profit:
  U.S. Domestic Package $3,834 $5,246 $(1,412)(26.9)%
  International Package 2,383 3,328 (945)(28.4)%
  Supply Chain Solutions869 1,457 (588)(40.4)%
  Total operating profit 7,086 10,031 (2,945)(29.4)%
Total other income (expense)$(154)$426 $(580)N/A
Income before income taxes $6,932 $10,457 $(3,525)(33.7)%
Net income $5,437 $8,172 $(2,735)(33.5)%
Basic earnings per share $6.32 $9.36 $(3.04)(32.5)%
Diluted earnings per share$6.31 $9.33 $(3.02)(32.4)%

(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)
Nine Months Ended
September 30
20232022Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$7,240 $7,923 $(683)(8.6)%
   Deferred3,491 4,123 (632)(15.3)%
   Ground32,312 33,911 (1,599)(4.7)%
      Total U.S. Domestic Package43,043 45,957 (2,914)(6.3)%
International Package:
   Domestic2,299 2,465 (166)(6.7)%
   Export10,387 11,501 (1,114)(9.7)%
   Cargo and Other539 782 (243)(31.1)%
      Total International Package13,225 14,748 (1,523)(10.3)%
Supply Chain Solutions:
   Forwarding4,217 7,140 (2,923)(40.9)%
Logistics4,271 3,843 428 11.1 %
   Other1,285 1,617 (332)(20.5)%
      Total Supply Chain Solutions9,773 12,600 (2,827)(22.4)%
Consolidated$66,041 $73,305 $(7,264)(9.9)%
Consolidated volume (in millions)4,032 4,432 (400)(9.0)%
Operating weekdays191 192 (1)(0.5)%
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air1,699 1,929 (230)(11.9)%
   Deferred1,102 1,417 (315)(22.2)%
   Ground15,102 16,309 (1,207)(7.4)%
      Total U.S. Domestic Package17,903 19,655 (1,752)(8.9)%
International Package:
   Domestic1,571 1,729 (158)(9.1)%
   Export1,635 1,699 (64)(3.8)%
      Total International Package3,206 3,428 (222)(6.5)%
Consolidated21,109 23,083 (1,974)(8.6)%
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$22.31 $21.39 $0.92 4.3 %
   Deferred16.5915.151.449.5 %
   Ground11.20 10.83 0.37 3.4 %
      Total U.S. Domestic Package12.59 12.18 0.41 3.4 %
International Package:
   Domestic7.66 7.43 0.23 3.1 %
   Export33.2635.26(2.00)(5.7)%
      Total International Package20.72 21.22 (0.50)(2.4)%
Consolidated$13.82 $13.52 $0.30 2.2 %








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.
Detail of Operating Expenses - Year to Date
(unaudited)
Nine Months Ended
September 30
20232022Change% Change
(in millions)
Compensation and benefits$34,187 $34,434 $(247)(0.7)%
Repairs and maintenance2,126 2,160 (34)(1.6)%
Depreciation and amortization2,499 2,300 199 8.7 %
Purchased transportation9,834 13,176 (3,342)(25.4)%
Fuel3,493 4,447 (954)(21.5)%
Other occupancy1,490 1,358 132 9.7 %
Other expenses5,748 5,531 217 3.9 %
Total operating expenses$59,377 $63,406 $(4,029)(6.4)%


























































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
September 30, 2023 (unaudited) and December 31, 2022

September 30, 2023December 31, 2022
(amounts in millions)
ASSETS
Current Assets:
Cash and cash equivalents$4,311 $5,602 
Marketable securities2,967 1,993 
Accounts receivable9,593 12,729 
Less: Allowance for credit losses(132)(146)
Accounts receivable, net9,461 12,583 
Other current assets2,512 2,039 
 Total Current Assets19,251 22,217 
Property, Plant and Equipment, Net36,013 34,719 
Operating Lease Right-Of-Use Assets4,162 3,755 
Goodwill4,097 4,223 
Intangible Assets, Net2,892 2,796 
Deferred Income Tax Assets127 139 
Other Non-Current Assets3,739 3,275 
Total Assets $70,281 $71,124 
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases$2,243 $2,341 
Current maturities of operating leases664 621 
Accounts payable5,972 7,515 
Accrued wages and withholdings3,341 4,049 
Self-insurance reserves1,065 1,069 
Accrued group welfare and retirement plan contributions1,306 1,078 
Other current liabilities 1,226 1,467 
Total Current Liabilities15,817 18,140 
Long-Term Debt and Finance Leases18,882 17,321 
Non-Current Operating Leases3,651 3,238 
Pension and Postretirement Benefit Obligations4,670 4,807 
Deferred Income Tax Liabilities4,601 4,302 
Other Non-Current Liabilities3,480 3,513 
Shareowners' Equity:
Class A common stock2 2 
Class B common stock7 7 
Additional paid-in capital— — 
Retained earnings20,699 21,326 
Accumulated other comprehensive loss(1,540)(1,549)
Deferred compensation obligations9 13 
Less: Treasury stock(9)(13)
Total Equity for Controlling Interests19,168 19,786 
Noncontrolling interests12 17 
Total Shareowners' Equity19,180 19,803 
Total Liabilities and Shareowners' Equity$70,281 $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)Nine Months Ended
September 30
20232022
Cash Flows From Operating Activities:
Net income$5,103 $8,095 
Adjustments to reconcile net income to net cash from operating activities:
 Depreciation and amortization 2,499 2,300 
 Pension and postretirement benefit expense 729 666 
 Pension and postretirement benefit contributions (1,363)(2,106)
 Self-insurance reserves 81 182 
 Deferred tax (benefit) expense 327 466 
 Stock compensation expense 186 850 
 Other (gains) losses 89 (25)
Changes in assets and liabilities, net of effects of business acquisitions:
 Accounts receivable 2,880 1,022 
 Other assets (252)(98)
 Accounts payable (2,058)(952)
 Accrued wages and withholdings (155)(59)
 Other liabilities (157)481 
Other operating activities(82)(50)
 Net cash from operating activities 7,827 10,772 
Cash Flows From Investing Activities:
Capital expenditures(3,109)(2,278)
Proceeds from disposal of businesses, property, plant and equipment167 12 
Purchases of marketable securities(3,347)(195)
Sales and maturities of marketable securities2,397 193 
Acquisitions, net of cash acquired(39)(106)
Other investing activities2 (34)
Net cash used in investing activities(3,929)(2,408)
Cash Flows From Financing Activities:
Net change in short-term debt415 — 
Proceeds from long-term borrowings2,546 — 
Repayments of long-term borrowings(1,625)(1,124)
Purchases of common stock(2,250)(2,194)
Issuances of common stock190 198 
Dividends(4,034)(3,842)
Other financing activities(427)(513)
Net cash used in financing activities(5,185)(7,475)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(4)(99)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash(1,291)790 
Cash, Cash Equivalents and Restricted Cash:
Beginning of period5,602 10,255 
End of period$4,311 $11,045 








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)Nine Months Ended
September 30
20232022
Cash flows from operating activities$7,827 $10,772 
Capital expenditures(3,109)(2,278)
Proceeds from disposals of property, plant and equipment167 12 
Other investing activities2 (34)
   Free Cash Flow (Non-GAAP measure)$4,887 $8,472 















































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
September 30, 2023September 30, 2022
Net income$8,556 $11,188 
Add back:
Income tax expense2,421 3,132 
Interest expense760 695 
Depreciation & amortization3,387 3,054 
EBITDA15,124 18,069 
Add back (deduct):
Incentive compensation program redesign505 — 
One-time compensation61 — 
Goodwill impairment charges125 — 
Transformation and other282 193 
Defined benefit plan (gains) and losses(1,028)(15)
Investment income and other pension income(850)(1,210)
Adjusted EBITDA$14,219 $17,037 
Debt and finance leases, including current maturities$21,125 $20,350 
Add back:
Non-current pension and postretirement benefit obligations4,670 6,747 
Adjusted total debt$25,795 $27,097 
Adjusted total debt/Net income3.01 2.42 
Adjusted total debt/adjusted EBITDA (Non-GAAP)1.81 1.59 


(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
September 30, 2023September 30, 2022
Net income$8,556 $11,188 
Add back (deduct):
Income tax expense2,421 3,132 
Interest expense760 695 
Other pension (income) expense(1,523)(1,193)
Investment (income) expense and other(355)(32)
Operating profit$9,859 $13,790 
Incentive compensation program redesign505 — 
Long-lived asset estimated residual value changes76 — 
One-time compensation61 — 
Goodwill impairment charges125 — 
Transformation and other282 193 
Adjusted operating profit$10,908 $13,983 
Average debt and finance leases, including current maturities$20,738 $21,228 
Average pension and postretirement benefit obligations5,709 7,210 
Average shareowners' equity18,084 14,523 
Average invested capital$44,531 $42,961 
Net income to average invested capital19.2 %26.0 %
Adjusted Return on Invested Capital (Non-GAAP)24.5 %32.5 %


(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 September 30,
(in millions, except per share data)20232022
As Reported (GAAP)
One-Time Compensation(1)
Goodwill Impairment Charges(2)
Transformation & Other Adj.(3)
As Adjusted
(Non-GAAP)		As Reported (GAAP)
Transformation & Other Adj.(4)
As Adjusted
(Non-GAAP)		% Change As Rep. (GAAP)% Change
As Adj.
(Non-GAAP)
U.S. Domestic Package$13,089 $61 $— $33 $12,995 $13,708 $20 $13,688 (4.5)%(5.1)%
International Package3,637 — — 45 3,592 3,802 7 3,795 (4.3)%(5.3)%
Supply Chain Solutions2,992 — 117 16 2,859 3,538 9 3,529 (15.4)%(19.0)%
Operating expense19,718 61 117 94 19,446 21,048 36 21,012 (6.3)%(7.5)%
U.S. Domestic Package$571 $61 $— $33 $665 $1,666 $20 $1,686 (65.7)%(60.6)%
International Package630 — — 45 675 997 7 1,004 (36.8)%(32.8)%
Supply Chain Solutions142 — 117 16 275 450 9 459 (68.4)%(40.1)%
Operating Profit1,343 61 117 94 1,615 3,113 36 3,149 (56.9)%(48.7)%
Other Income and (Expense):
Other pension income (expense)66 — — — 66 297 — 297 (77.8)%(77.8)%
Investment income (expense) and other58 — — — 58 36 — 36 61.1 %61.1 %
Interest expense(199)— — — (199)(177)— (177)12.4 %12.4 %
Total Other Income (Expense)$(75)$— $— $— $(75)$156 $— $156 N/AN/A
Income Before Income Taxes1,268 61 117 94 1,540 3,269 36 3,305 (61.2)%(53.4)%
Income Tax Expense141 151424194 685 9694 (79.4)%(72.0)%
Net Income$1,127 $46 $103 $70 $1,346 $2,584 $27 $2,611 (56.4)%(48.4)%
Basic Earnings Per Share$1.31 $0.05 $0.12 $0.09 $1.57 $2.97 $0.03 $3.00 (55.9)%(47.7)%
Diluted Earnings Per Share$1.31 $0.05 $0.12 $0.09 $1.57 $2.96 $0.03 $2.99 (55.7)%(47.5)%
Weighted-average shares outstanding:
Basic857 870 
Diluted858 872 

(1) Represents a one-time payment of $61 million to certain U.S.-based non-union part-time supervisors.
(2) Reflects goodwill impairment charges of $117 million within Supply Chain Solutions.    
(3) Reflects other employee benefit costs of $80 million and other costs of $14 million.
(4) Reflects other employee benefits costs of $15 million and other costs of $21 million.






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)
Nine Months Ended September 30,
(in millions, except per share data)20232022
As Reported (GAAP)
One-Time Compensation(1)
Goodwill Impairment Charges(2)
Transformation & Other Adj.(3)
As Adjusted
(Non-GAAP)		As Reported (GAAP)
Pension Adj.(4)
Transformation & Other Adj.(5)
As Adjusted
(Non-GAAP)		% Change As Rep. (GAAP)% Change
As Adj.
(Non-GAAP)
U.S. Domestic Package$39,404 $61 $— $134 $39,209 $40,800 $— $89 $40,711 (3.4)%(3.7)%
International Package10,884 — — 42 10,842 11,442 — 22 11,420 (4.9)%(5.1)%
Supply Chain Solutions9,089 — 125 60 8,904 11,164 — 21 11,143 (18.6)%(20.1)%
Operating expense59,377 61 125 236 58,955 63,406 — 132 63,274 (6.4)%(6.8)%
U.S. Domestic Package$3,639 $61 $— $134 $3,834 $5,157 $— $89 $5,246 (29.4)%(26.9)%
International Package2,341 — — 42 2,383 3,306 — 22 3,328 (29.2)%(28.4)%
Supply Chain Solutions684 — 125 60 869 1,436 — 21 1,457 (52.4)%(40.4)%
Operating Profit6,664 61 125 236 7,086 9,899 — 132 10,031 (32.7)%(29.4)%
Other Income and (Expense):
Other pension income (expense)198 — — — 198 926 (33)— 893 (78.6)%(77.8)%
Investment income (expense) and other226 — — — 226 55 — — 55 310.9 %310.9 %
Interest expense(578)— — — (578)(522)— — (522)10.7 %10.7 %
Total Other Income (Expense)$(154)$— $— $— $(154)$459 $(33)$— $426 N/AN/A
Income Before Income Taxes6,510 61 125 236 6,932 10,358 (33)132 10,457 (37.2)%(33.7)%
Income Tax Expense1,407 15 16 57 1,495 2,263 (9)312,285 (37.8)%(34.6)%
Net Income$5,103 $46 $109 $179 $5,437 $8,095 $(24)$101 $8,172 (37.0)%(33.5)%
Basic Earnings Per Share$5.93 $0.05 $0.13 $0.21 $6.32 $9.27 $(0.03)$0.12 $9.36 (36.0)%(32.5)%
Diluted Earnings Per Share$5.92 $0.05 $0.13 $0.21 $6.31 $9.24 $(0.03)$0.12 $9.33 (35.9)%(32.4)%
Weighted-average shares outstanding:
Basic860 873 
Diluted861 876 

(1) Represents a one-time payment of $61 million to certain U.S.-based non-union part-time supervisors.
(2) Reflects goodwill impairment charges of $125 million within Supply Chain Solutions.
(3) Reflects other employee benefit costs of $178 million and other costs of $58 million.
(4) Represents the impact of curtailment of benefits effective December 31, 2023, for the Canada LTD Retirement Plan.    
(5) Reflects other employee benefits costs of $71 million and other costs of $61 million.



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 - Third Quarter
(unaudited)

Reconciliation of Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit
Three Months EndedCurrency
September 30Neutral
(in millions, except per piece data)
(GAAP)(Non-GAAP)
20232022% ChangeCurrency
2023 (1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$7.73 $7.31 5.7 %$(0.21)$7.52 2.9 %
   Export33.09 34.77 (4.8)%(0.21)32.88 (5.4)%
      Total International Package$20.78 $21.07 (1.4)%$(0.21)$20.57 (2.4)%
Consolidated$13.81 $13.58 1.7 %$(0.03)$13.78 1.5 %
Three Months EndedCurrency
September 30Neutral
(GAAP)(Non-GAAP)
20232022% ChangeCurrency
2023 (1)
% Change
Revenue (in millions):
  U.S. Domestic Package$13,660 $15,374 (11.1)%$— $13,660 (11.1)%
  International Package4,267 4,799 (11.1)%(43)4,224 (12.0)%
  Supply Chain Solutions3,134 3,988 (21.4)%(24)3,110 (22.0)%
  Total revenue$21,061 $24,161 (12.8)%$(67)$20,994 (13.1)%
Three Months EndedCurrency
September 30Neutral
(Non-GAAP)(Non-GAAP)
20232022% ChangeCurrency
2023 (1)
% Change
As Adjusted Operating Profit (in millions)(2):
  U.S. Domestic Package$665 $1,686 (60.6)%$— $665 (60.6)%
  International Package675 1,004 (32.8)%32 707 (29.6)%
  Supply Chain Solutions275 459 (40.1)%6 281 (38.8)%
  Total operating profit$1,615 $3,149 (48.7)%$38 $1,653 (47.5)%

(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
Nine Months EndedCurrency
September 30Neutral
(in millions, except per piece data)
(GAAP)(Non-GAAP)
20232022% ChangeCurrency
2023 (1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$7.66 $7.43 3.1 %$0.15 $7.81 5.1 %
   Export33.26 35.26 (5.7)%0.34 33.60 (4.7)%
      Total International Package$20.72 $21.22 (2.4)%$0.24 $20.96 (1.2)%
Consolidated$13.82 $13.52 2.2 %$0.04 $13.86 2.5 %
Nine Months EndedCurrency
September 30Neutral
(GAAP)(Non-GAAP)
20232022% ChangeCurrency
2023 (1)
% Change
Revenue (in millions):
  U.S. Domestic Package$43,043 $45,957 (6.3)%$— $43,043 (6.3)%
  International Package13,225 14,748 (10.3)%152 13,377 (9.3)%
  Supply Chain Solutions9,773 12,600 (22.4)%33 9,806 (22.2)%
  Total revenue$66,041 $73,305 (9.9)%$185 $66,226 (9.7)%
Nine Months EndedCurrency
September 30Neutral
(Non-GAAP)(Non-GAAP)
20232022% ChangeCurrency
2023 (1)
% Change
As Adjusted Operating Profit (in millions)(2):
  U.S. Domestic Package$3,834 $5,246 (26.9)%$— $3,834 (26.9)%
  International Package2,383 3,328 (28.4)%115 2,498 (24.9)%
  Supply Chain Solutions869 1,457 (40.4)%(2)867 (40.5)%
  Total operating profit$7,086 $10,031 (29.4)%$113 $7,199 (28.2)%

(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 September 30, 2023
(unaudited)

DescriptionUPS Owned and/or OperatedCharters & Leases Operated by OthersOn OrderUnder Option
Operating:
Boeing 757-20075 — — — 
Boeing 767-30075 — 24 — 
Boeing 767-300BCF6 — — — 
Boeing 767-300BDSF4 — — — 
Airbus A300-60052 — — — 
Boeing MD-11(1)
38 — — — 
Boeing 747-400F11 — — — 
Boeing 747-400BCF2 — — — 
Boeing 747-8F28 — 2 — 
Other— 270 — — 
          Total291 270 26 — 

(1) One of the MD-11 aircraft shown above has been retired from operational use as of September 30, 2023. We expect to retire an additional two MD-11 aircraft during the remainder of 2023.














































Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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Cover Document
Oct. 26, 2023
Entity Information  
Entity Emerging Growth Company false
Document Type 8-K
Entity Registrant Name United Parcel Service, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-15451
Entity Tax Identification Number 58-2480149
Entity Address, Street 55 Glenlake Parkway
Entity Address, City N.E., Atlanta
Entity Address, State GA
Entity Address, Postal Zip Code 30328
City Area Code 404
Local Phone Number 828-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Central Index Key 0001090727
Amendment Flag false
Document Period End Date Oct. 26, 2023
New York Stock Exchange  
Entity Information  
Title of Each Class Class B common stock, par value $0.01 per share
Trading Symbol UPS
Name of Each Exchange on Which Registered NYSE
New York Stock Exchange | 1.625% Senior Notes Due 2025  
Entity Information  
Title of Each Class 1.625% Senior Notes Due 2025
Trading Symbol UPS25
Name of Each Exchange on Which Registered NYSE
New York Stock Exchange | 1% Senior Notes due 2028  
Entity Information  
Title of Each Class 1% Senior Notes due 2028
Trading Symbol UPS28
Name of Each Exchange on Which Registered NYSE
New York Stock Exchange | 1.500% Senior Notes due 2032  
Entity Information  
Title of Each Class 1.500% Senior Notes due 2032
Trading Symbol UPS32
Name of Each Exchange on Which Registered NYSE
New York Stock Exchange | Senior Notes 0.375% Due 2023 [Member]  
Entity Information  
Title of Each Class 0.375% Senior Notes due 2023
Trading Symbol UPS23A
Name of Each Exchange on Which Registered NYSE
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