EXHIBIT 99.1 CONSOLIDATED BALANCE SHEETS UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES (IN MILLIONS, EXCEPT SHARE AND PER SHARE AMOUNTS)
December 31, ASSETS 1999 1998 -------- -------- Current Assets: Cash and cash equivalents $ 4,204 $ 1,240 Marketable securities 2,074 389 Accounts receivable 3,167 2,713 Prepaid employee benefit costs 1,327 703 Materials, supplies and other prepaid expenses 366 380 -------- -------- Total Current Assets 11,138 5,425 -------- -------- Property, Plant and Equipment: Vehicles 3,444 3,482 Aircraft (including aircraft under capitalized leases) 8,173 7,739 Land 656 651 Buildings 1,467 1,478 Leasehold improvements 1,902 1,803 Plant equipment 4,334 4,144 Construction-in-progress 494 257 -------- -------- 20,470 19,554 Less accumulated depreciation and amortization 8,891 8,170 -------- -------- 11,579 11,384 Other Assets 326 258 -------- -------- $ 23,043 $ 17,067 ======== ======== LIABILITIES AND SHAREOWNERS' EQUITY Current Liabilities: Accounts payable $ 1,295 $ 1,322 Accrued wages and withholdings 998 1,092 Dividends payable 361 247 Tax assessment 457 -- Current maturities of long-term debt 512 410 Other current liabilities 575 646 -------- -------- Total Current Liabilities 4,198 3,717 -------- -------- Long-Term Debt (including capitalized lease obligations) 1,912 2,191 -------- -------- Accumulated Postretirement Benefit Obligation 990 969 -------- -------- Deferred Taxes, Credits and Other Liabilities 3,469 3,017 -------- -------- Shareowners' Equity: Preferred stock, no par value, authorized 200,000,000 shares, none issued -- -- Class A common stock, par value $.01 per share, authorized 4,600,000,000 shares, issued 1,101,295,534 and 1,118,000,000 in 1999 and 1998 11 11 Class B common stock, par value $.01 per share, authorized 5,600,000,000 shares, issued 109,400,000 and -0- in 1999 and 1998 1 -- Additional paid-in capital 5,096 325 Retained earnings 7,536 7,325 Accumulated other comprehensive loss (170) (63) -------- -------- 12,474 7,598 Treasury stock, at cost (-0- and 23,211,904 shares in 1999 and 1998) -- (425) -------- -------- 12,474 7,173 -------- -------- $ 23,043 $ 17,067 ======== ========