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Table of Contents

United States
Securities and Exchange Commission
Washington, D.C. 20549
_____________________________________ 
Form 10-Q
(Mark One)
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018 or
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number 001-15451
_____________________________________ 
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12519876&doc=12
United Parcel Service, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
58-2480149
(State or Other Jurisdiction of
Incorporation or Organization)
 
(IRS Employer
Identification No.)
 
 
55 Glenlake Parkway, NE Atlanta, Georgia
 
30328
(Address of Principal Executive Offices)
 
(Zip Code)
(404) 828-6000
(Registrant’s telephone number, including area code)
_____________________________________   

Former name, former address and former fiscal year, if changed since last report.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Check one: Large accelerated filer  þ Accelerated filer  ¨ Non-accelerated filer  ¨   Smaller reporting company  ¨ Emerging growth company   ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to 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.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  þ
There were 164,014,289 Class A shares, and 695,211,879 Class B shares, with a par value of $0.01 per share, outstanding at October 24, 2018.


Table of Contents

TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 3.
Item 4.
PART II—OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 6.


Table of Contents

PART I. FINANCIAL INFORMATION

Cautionary Statement About Forward-Looking Statements
This report includes and refers to certain “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 “believe,” “project,” “expect,” “estimate,” “assume,” “intend,” “anticipate,” “target,” “plan,” and variations thereof and similar terms are intended to be forward-looking statements. Forward-looking statements are made subject to safe harbor protections 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.
Our disclosure and analysis in this report, in our Annual Report on Form 10-K for the year ended December 31, 2017 and in our other filings with the Securities and Exchange Commission contain forward-looking statements regarding our intent, belief and current expectations about our strategic direction, prospects and future results. From time to time, we also provide forward-looking statements in other materials we release as well as oral forward-looking statements. Such statements give our current expectations or forecasts of 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 such forward-looking statements because such statements speak only as of the date when made.
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: general economic conditions, both in the U.S. and internationally; significant competition on a local, regional, national, and international basis; changes in our relationships with our significant customers; the existing complex and stringent regulation in the U.S. and internationally (including tax laws and regulations), changes to which can impact our business; increased physical or data security requirements that may increase our costs of operations and reduce operating efficiencies; legal, regulatory or market responses to global climate change; negotiation and ratification of labor contracts; strikes, work stoppages and slowdowns by our employees; the effects of changing prices of energy, including gasoline, diesel and jet fuel, and interruptions in supplies of these commodities; changes in exchange rates or interest rates; our ability to maintain the image of our brand; breaches in data security; disruptions to the Internet or our technology infrastructure; interruption of our business from natural or man-made disasters including terrorism; our ability to accurately forecast our future capital investment needs; exposure to changing economic, political and social developments in international and emerging markets; changes in business strategy, government regulations, or economic or market conditions that may result in substantial impairment of our assets; increases in our expenses or funding obligations relating to employee health, retiree health and/or pension benefits; potential additional tax liabilities both in the U.S. and internationally; the potential for various claims and litigation related to labor and employment, personal injury, property damage, business practices, environmental liability and other matters; our ability to realize the anticipated benefits from acquisitions, joint ventures or strategic alliances; our ability to manage insurance and claims expenses; 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, 2017 and in subsequent reports filed with the Securities and Exchange Commission. 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.


1

Table of Contents

Item 1. Financial Statements
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 2018 (unaudited) and December 31, 2017 (In millions)
 
September 30,
2018
 
December 31,
2017
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
4,097

 
$
3,320

Marketable securities
744

 
749

Accounts receivable, net
7,494

 
8,773

Current income taxes receivable
320

 
1,573

Other current assets
1,336

 
1,303

Total Current Assets
13,991

 
15,718

Property, Plant and Equipment, Net
25,379

 
22,118

Goodwill
3,825

 
3,872

Intangible Assets, Net
2,070

 
1,964

Non-Current Investments and Restricted Cash
307

 
483

Deferred Income Tax Assets
193

 
266

Other Non-Current Assets
924

 
1,153

Total Assets
$
46,689

 
$
45,574

LIABILITIES AND SHAREOWNERS’ EQUITY
 
 
 
Current Liabilities:
 
 
 
Current maturities of long-term debt and commercial paper
$
3,200

 
$
4,011

Accounts payable
3,689

 
3,934

Accrued wages and withholdings
2,748

 
2,608

Self-insurance reserves
697

 
705

Accrued group welfare and retirement plan contributions
679

 
677

Other current liabilities
1,209

 
951

Total Current Liabilities
12,222

 
12,886

Long-Term Debt
20,101

 
20,278

Pension and Postretirement Benefit Obligations
7,012

 
7,061

Deferred Income Tax Liabilities
1,069

 
756

Self-Insurance Reserves
1,644

 
1,765

Other Non-Current Liabilities
1,515

 
1,804

Shareowners’ Equity:
 
 
 
Class A common stock (165 and 173 shares issued in 2018 and 2017, respectively)
2

 
2

Class B common stock (695 and 687 shares issued in 2018 and 2017, respectively)
7

 
7

Additional paid-in capital

 

Retained earnings
8,377

 
5,852

Accumulated other comprehensive loss
(5,288
)
 
(4,867
)
Deferred compensation obligations
32

 
37

Less: Treasury stock (1 share in 2018 and 2017)
(32
)
 
(37
)
Total Equity for Controlling Interests
3,098

 
994

Noncontrolling interests
28

 
30

Total Shareowners’ Equity
3,126

 
1,024

Total Liabilities and Shareowners’ Equity
$
46,689

 
$
45,574


See notes to unaudited consolidated financial statements.

2

Table of Contents

UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
(In millions, except per share amounts)
(unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
2018
 
2017
 
2018
 
2017
Revenue
$
17,444

 
$
16,173

 
$
52,013

 
$
47,610

Operating Expenses:
 
 
 
 
 
 
 
Compensation and benefits
9,015

 
8,437

 
27,084

 
25,032

Repairs and maintenance
437

 
399

 
1,294

 
1,181

Depreciation and amortization
524

 
572

 
1,662

 
1,688

Purchased transportation
3,216

 
2,832

 
9,570

 
7,991

Fuel
867

 
636

 
2,469

 
1,873

Other occupancy
321

 
282

 
1,003

 
845

Other expenses
1,337

 
1,203

 
3,911

 
3,534

Total Operating Expenses
15,717

 
14,361

 
46,993

 
42,144

Operating Profit
1,727

 
1,812

 
5,020

 
5,466

Other Income and (Expense):
 
 
 
 
 
 
 
Investment income and other
317

 
236

 
913

 
624

Interest expense
(155
)

(111
)
 
(457
)
 
(324
)
Total Other Income and (Expense)
162

 
125

 
456

 
300

Income Before Income Taxes
1,889

 
1,937

 
5,476

 
5,766

Income Tax Expense
381

 
678

 
1,138

 
1,957

Net Income
$
1,508

 
$
1,259

 
$
4,338

 
$
3,809

Basic Earnings Per Share
$
1.74

 
$
1.45

 
$
5.01

 
$
4.37

Diluted Earnings Per Share
$
1.73

 
$
1.44

 
$
4.99

 
$
4.35


STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(In millions)
(unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Net Income
$
1,508

 
$
1,259

 
$
4,338

 
$
3,809

Change in foreign currency translation adjustment, net of tax
(28
)
 
32

 
(112
)
 
86

Change in unrealized gain (loss) on marketable securities, net of tax
(1
)
 

 
(4
)
 
1

Change in unrealized gain (loss) on cash flow hedges, net of tax
49

 
(86
)
 
315

 
(278
)
Change in unrecognized pension and postretirement benefit costs, net of tax
38

 
32

 
115

 
450

Comprehensive Income
$
1,566

 
$
1,237

 
$
4,652

 
$
4,068

                
See notes to unaudited consolidated financial statements.

3

Table of Contents

UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions)(unaudited)
 
Nine Months Ended
September 30,
 
2018
 
2017
Cash Flows From Operating Activities:
 
 
 
Net income
$
4,338

 
$
3,809

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
Depreciation and amortization
1,662

 
1,688

Pension and postretirement benefit expense
461

 
651

Pension and postretirement benefit contributions
(137
)
 
(2,585
)
Self-insurance reserves
(127
)
 
(17
)
Deferred tax (benefit) expense
218

 
298

Stock compensation expense
507

 
463

Other (gains) losses
243

 
(21
)
Changes in assets and liabilities, net of effects of business acquisitions:
 
 
 
Accounts receivable
1,096

 
818

Other assets
1,299

 
151

Accounts payable
(391
)
 
(398
)
Accrued wages and withholdings
200

 
134

Other liabilities
35

 
(582
)
Other operating activities
18

 
9

Net cash from operating activities
9,422

 
4,418

Cash Flows From Investing Activities:
 
 
 
Capital expenditures
(4,490
)
 
(3,708
)
Proceeds from disposals of property, plant and equipment
45

 
18

Purchases of marketable securities
(634
)
 
(1,465
)
Sales and maturities of marketable securities
612

 
1,582

Net (increase) decrease in finance receivables
(7
)
 
(1
)
Cash paid for business acquisitions, net of cash and cash equivalents acquired
(2
)
 
(61
)
Other investing activities
(23
)
 
20

Net cash used in investing activities
(4,499
)
 
(3,615
)
Cash Flows From Financing Activities:
 
 
 
Net change in short-term debt
(77
)
 
(354
)
Proceeds from long-term borrowings
1,052

 
5,328

Repayments of long-term borrowings
(2,122
)
 
(2,450
)
Purchases of common stock
(770
)
 
(1,346
)
Issuances of common stock
176

 
177

Dividends
(2,260
)
 
(2,085
)
Other financing activities
(259
)
 
(184
)
Net cash used in financing activities
(4,260
)
 
(914
)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
(57
)
 
56

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
606

 
(55
)
Cash, Cash Equivalents and Restricted Cash:
 
 
 
Beginning of period
3,769

 
3,921

End of period
$
4,375

 
$
3,866

                
See notes to unaudited consolidated financial statements.

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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Principles of Consolidation
In our opinion, the accompanying interim, unaudited, consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. These consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly our financial position as of September 30, 2018, our results of operations for the three and nine months ended September 30, 2018 and 2017, and cash flows for the nine months ended September 30, 2018 and 2017. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for any other period or the entire year. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017.
For interim consolidated financial statement purposes, we provide for accruals under our various employee benefit plans for each three month period based on one quarter of the estimated annual expense.
Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no material impact on our financial position or results of operations.
Fair Value of Financial Instruments
The carrying amounts of our cash and cash equivalents, accounts receivable, finance receivables and accounts payable approximate fair value as of September 30, 2018. The fair values of our investment securities are disclosed in note 5, our recognized multiemployer pension withdrawal liabilities in note 7, our short and long-term debt in note 9 and our derivative instruments in note 14. We utilized Level 1 inputs in the fair value hierarchy of valuation techniques to determine the fair value of our cash and cash equivalents, and Level 2 inputs to determine the fair value of our accounts receivable, finance receivables and accounts payable.
Property, Plant and Equipment
Property, plant and equipment are carried at cost. We evaluate the useful lives of our property, plant and equipment based on our usage, maintenance and replacement policies, and taking into account physical and economic factors that may affect the useful lives of the assets. As part of our ongoing investment in transformation, beginning in the third quarter of 2018, we revised our estimates of useful lives for building improvements and vehicles based on our current assessment of these factors. In general, the change in estimate had the effect of lengthening the useful lives of vehicles and building improvements. Depreciation and amortization are provided by the straight-line method over the estimated useful lives of the assets, which are as follows: Vehicles-6 to 15 years; Aircraft-12 to 30 years; Buildings-20 to 40 years; Leasehold Improvements-lesser of asset useful life or lease term; Plant Equipment-3 to 20 years; Technology Equipment-3 to 5 years. The costs of major airframe and engine overhauls, as well as routine maintenance and repairs, are charged to expense as incurred.
This change in estimate was applied prospectively effective for the third quarter of 2018. See"Consolidated Operating Expenses" of Item 2 "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for the discussion of the impact to "Depreciation and amortization."
Accounting Estimates
The preparation of the accompanying interim, unaudited, consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best information and actual results could differ materially from those estimates.

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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS
Adoption of New Accounting Standards
In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") that changes the revenue recognition for companies that enter into contracts with customers to transfer goods or services ("Revenue from Contracts with Customers"). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner depicting the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The FASB has also issued a number of updates to this standard. Effective January 1, 2018, we adopted the requirements of this ASU using the full retrospective method. See note 3 for required disclosures pertaining to the new ASU.
In November 2016, the FASB issued an ASU that is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the statement of cash flows ("Restricted Cash"). Effective January 1, 2018, we adopted the requirements of this ASU retrospectively. As a result of this update, restricted cash is included within cash and cash equivalents on our statements of consolidated cash flows.
In March 2017, the FASB issued an ASU to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost ("Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost"). The update requires employers to report the current service cost component in the same line item as other compensation costs arising from services rendered by employees during the period. The other components of net benefit cost are required to be presented separately from service cost and outside of income from operations. Effective January 1, 2018, we adopted the requirements of this ASU retrospectively, as required. As a result of this update, the net amount of interest cost, prior service cost and expected return on plan assets is now presented as other income.
We have recast our consolidated financial statements from amounts previously reported due to the adoption of new revenue recognition, pension and restricted cash standards. Impacted consolidated balance sheet line items, which reflect the adoption of the new ASUs, are as follows (in millions):
 
December 31, 2017
 
As previously reported
 
Adjustments (a)
 
Adjustments (b)
 
Adjustments (c)
 
As Recast
Assets:
 
 
 
 
 
 
 
 
 
Other current assets
$
1,133

 
$
170

 
$

 
$

 
$
1,303

Total current assets
15,548

 
170

 

 

 
15,718

Deferred income tax assets
265

 
1

 

 

 
266

Total Assets
$
45,403

 
$
171

 
$

 
$

 
$
45,574

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
3,872

 
$
62

 
$

 
$

 
$
3,934

Accrued wages and withholdings
2,521

 
87

 

 

 
2,608

Other current liabilities(1)
905

 
29

 

 

 
934

Total current liabilities
12,708

 
178

 

 

 
12,886

Deferred income tax liabilities
757

 
(1
)
 

 

 
756

Shareowners' Equity:
 
 
 
 
 
 
 
 
 
Retained earnings
5,858

 
(6
)
 

 

 
5,852

Total Shareowners' Equity
1,030

 
(6
)
 

 

 
1,024

Total Liabilities and Shareowners' Equity
$
45,403

 
$
171

 
$

 
$

 
$
45,574

(1) The caption "Other current liabilities" was presented separately from "Hedge margin liabilities" of $17 million in the Form 10-K at December 31, 2017. These captions have been collapsed in the consolidated balance sheets as of September 30, 2018 and December 31, 2017 included within this Form 10-Q.  
(a) Recast to reflect the adoption of Revenue from Contracts with Customers. 
(b) Recast to reflect the adoption of Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. 
(c) Recast to reflect the adoption of Restricted Cash. 
 

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Table of Contents
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The unaudited consolidated statement of operations, which reflects the adoption of the new ASUs, is as follows (in millions):
 
Three months ended September 30, 2017
 
As Previously Reported
 
Adjustments (a)
 
Adjustments (b)
 
Adjustments (c)
 
As Recast
Revenue
$
15,978

 
$
195

 
$

 
$

 
$
16,173

Operating Expenses:
 
 
 
 
 
 
 
 
 
Compensation and benefits
8,221

 

 
216

 

 
8,437

Repairs and maintenance
398

 
1

 

 

 
399

Depreciation and amortization
572

 

 

 

 
572

Purchased transportation
2,652

 
180

 

 

 
2,832

Fuel
636

 

 

 

 
636

Other occupancy
282

 

 

 

 
282

Other expenses
1,182

 
21

 

 

 
1,203

Total Operating Expenses
13,943

 
202

 
216

 

 
14,361

Operating Profit
2,035

 
(7
)
 
(216
)
 

 
1,812

Other Income and (Expense):
 
 
 
 
 
 
 
 
 
Investment income and other
20

 

 
216

 

 
236

Interest expense
(111
)
 

 

 

 
(111
)
Total Other Income and (Expense)
(91
)
 

 
216

 

 
125

Income Before Income Taxes
1,944

 
(7
)
 

 

 
1,937

Income Tax Expense (Benefit)
680

 
(2
)
 

 

 
678

Net Income
$
1,264

 
$
(5
)
 
$

 
$

 
$
1,259

Basic Earnings Per Share
$
1.45

 
$

 
$

 
$

 
$
1.45

Diluted Earnings Per Share
$
1.45

 
$
(0.01
)
 
$

 
$

 
$
1.44

(a) Recast to reflect the adoption of Revenue from Contracts with Customers. 
(b) Recast to reflect the adoption of Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. 
(c) Recast to reflect the adoption of Restricted Cash. 














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Table of Contents
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 
Nine months ended September 30, 2017
 
As Previously Reported
 
Adjustments (a)
 
Adjustments (b)
 
Adjustments (c)
 
As Recast
Revenue
$
47,043

 
$
567

 
$

 
$

 
$
47,610

Operating Expenses:
 
 
 
 
 
 
 
 
 
Compensation and benefits
24,457

 

 
575

 

 
25,032

Repairs and maintenance
1,180

 
1

 

 

 
1,181

Depreciation and amortization
1,688

 

 

 

 
1,688

Purchased transportation
7,461

 
530

 

 

 
7,991

Fuel
1,873

 

 

 

 
1,873

Other occupancy
845

 

 

 

 
845

Other expenses
3,504

 
30

 

 

 
3,534

Total Operating Expenses
41,008

 
561

 
575

 

 
42,144

Operating Profit
6,035

 
6

 
(575
)
 

 
5,466

Other Income and (Expense):
 
 
 
 
 
 
 
 
 
Investment income and other
49

 

 
575

 

 
624

Interest expense
(324
)
 

 

 

 
(324
)
Total Other Income and (Expense)
(275
)
 

 
575

 

 
300

Income Before Income Taxes
5,760

 
6

 

 

 
5,766