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
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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
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Total Current Assets 11,138 5,425
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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
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20,470 19,554
Less accumulated depreciation and amortization 8,891 8,170
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11,579 11,384
Other Assets 326 258
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$ 23,043 $ 17,067
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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
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Total Current Liabilities 4,198 3,717
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Long-Term Debt (including capitalized lease obligations) 1,912 2,191
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Accumulated Postretirement Benefit Obligation 990 969
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Deferred Taxes, Credits and Other Liabilities 3,469 3,017
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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 $.01 per share, authorized 5,600,000,000 shares,
issued 109,400,000 and -0- in 1999 and 1998 1 --
Additional paid-in capital 5,096 325
Retained earnings 7,536 7,325
Accumulated other comprehensive loss (170) (63)
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12,474 7,598
Treasury stock, at cost (-0- and 23,211,904 shares in 1999 and 1998) -- (425)
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12,474 7,173
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$ 23,043 $ 17,067
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