Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - Second Quarter
(unaudited)
Three Months Ended
June 30
20202019Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$13,074  $11,150  $1,924  17.3 %
  International Package3,705  3,505  200  5.7 %
  Supply Chain & Freight3,680  3,393  287  8.5 %
  Total revenue20,459  18,048  2,411  13.4 %
Operating expenses:
  Compensation and benefits10,843  9,299  1,544  16.6 %
  Other7,404  6,606  798  12.1 %
  Total operating expenses18,247  15,905  2,342  14.7 %
Operating profit:
  U.S. Domestic Package1,182  1,208  (26) (2.2)%
  International Package771  663  108  16.3 %
  Supply Chain & Freight259  272  (13) (4.8)%
  Total operating profit2,212  2,143  69  3.2 %
Other income (expense):
 Other pension income (expense)327  192  135  70.3 %
  Investment income and other1  28  (27) (96.4)%
  Interest expense(183) (159) (24) 15.1 %
  Total other income (expense)145  61  84  137.7 %
Income before income taxes2,357  2,204  153  6.9 %
Income tax expense (benefit)589  519  70  13.5 %
Net income $1,768  $1,685  $83  4.9 %
Net income as a percentage of revenue8.6 %9.3 %
Per share amounts:
  Basic earnings per share$2.04  $1.95  $0.09  4.6 %
  Diluted earnings per share$2.03  $1.94  $0.09  4.6 %
Weighted-average shares outstanding:
  Basic866  865  1  0.1 %
  Diluted869  869  —  0.0 %
As adjusted income data (1):
Operating profit:
  U.S. Domestic Package $1,215  $1,226  $(11) (0.9)%
  International Package 842  665  177  26.6 %
  Supply Chain & Freight 267  273  (6) (2.2)%
Total operating profit 2,324  2,164  160  7.4 %
Income before income taxes $2,469  $2,225  $244  11.0 %
Net income $1,851  $1,702  $149  8.8 %
Basic earnings per share $2.14  $1.97  $0.17  8.6 %
Diluted earnings per share $2.13  $1.96  $0.17  8.7 %
(1) See Non-GAAP Schedules for detail of Transformation costs.



Certain prior year amounts have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Selected Operating Data - Second Quarter
(unaudited)
Three Months Ended
June 30
20202019Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$1,984  $2,173  $(189) (8.7)%
   Deferred1,298  1,157  141  12.2 %
   Ground9,792  7,820  1,972  25.2 %
      Total U.S. Domestic Package13,074  11,150  1,924  17.3 %
International Package:
   Domestic719  690  29  4.2 %
   Export2,824  2,668  156  5.8 %
   Cargo and Other162  147  15  10.2 %
      Total International Package3,705  3,505  200  5.7 %
Supply Chain & Freight:
   Forwarding1,771  1,496  275  18.4 %
Logistics977  833  144  17.3 %
   Freight724  861  (137) (15.9)%
   Other208  203  5  2.5 %
      Total Supply Chain & Freight3,680  3,393  287  8.5 %
Consolidated$20,459  $18,048  $2,411  13.4 %
Consolidated volume (in millions)1,564  1,294  270  20.9 %
Operating weekdays64  64  —  — %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air1,865  1,855  10  0.5 %
   Deferred1,702  1,380  322  23.3 %
   Ground17,560  13,972  3,588  25.7 %
      Total U.S. Domestic Package21,127  17,207  3,920  22.8 %
International Package:
   Domestic1,764  1,626  138  8.5 %
   Export1,545  1,387  158  11.4 %
      Total International Package3,309  3,013  296  9.8 %
Consolidated24,436  20,220  4,216  20.9 %
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$16.62  $18.30  $(1.68) (9.2)%
   Deferred11.92  13.10  (1.18) (9.0)%
   Ground8.71  8.75  (0.04) (0.5)%
      Total U.S. Domestic Package9.67  10.12  (0.45) (4.4)%
International Package:
   Domestic6.37  6.63  (0.26) (3.9)%
   Export28.56  30.06  (1.50) (5.0)%
      Total International Package16.73  17.41  (0.68) (3.9)%
Consolidated$10.63  $11.21  $(0.58) (5.2)%






Certain prior year amounts have been reclassified to conform to the current year presentation.



United Parcel Service, Inc.
Detail of Other Operating Expenses - Second Quarter
(unaudited)

Three Months Ended
June 30
20202019Change% Change
(in millions)
Repairs and maintenance$554  $473  $81  17.1 %
Depreciation and amortization661  575  86  15.0 %
Purchased transportation3,716  3,000  716  23.9 %
Fuel499  857  (358) (41.8)%
Other occupancy355  322  33  10.2 %
Other expenses1,619  1,379  240  17.4 %
Total other operating expenses$7,404  $6,606  $798  12.1 %


Earnings Per Share and Share Data - Second Quarter
(unaudited)

Three Months Ended
June 30
20202019
(amounts in millions, except per share data)
Numerator:
    Net income $1,768  $1,685  
Denominator:
    Weighted-average shares862  860  
    Deferred compensation obligations—  —  
    Vested portion of restricted units4  5  
Denominator for basic earnings per share866  865  
Effect of dilutive securities:
    Restricted units3  4  
    Stock options —  —  
Denominator for diluted earnings per share869  869  
Basic earnings per share$2.04  $1.95  
Diluted earnings per share$2.03  $1.94  
Detail of shares outstanding as of June 30, 2020:
Class A shares157  
Class B shares706  
    Total shares outstanding863  
        












Certain prior year amounts have been reclassified to conform to the current year presentation.



United Parcel Service, Inc.
Selected Financial Data - Year to Date
(unaudited)
Six Months Ended
June 30
20202019Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$24,530  $21,630  $2,900  13.4 %
  International Package7,088  6,964  124  1.8 %
  Supply Chain & Freight6,876  6,614  262  4.0 %
  Total revenue38,494  35,208  3,286  9.3 %
Operating expenses:
  Compensation and benefits20,929  18,616  2,313  12.4 %
  Other14,281  13,055  1,226  9.4 %
  Total operating expenses35,210  31,671  3,539  11.2 %
Operating profit:
  U.S. Domestic Package1,546  1,874  (328) (17.5)%
  International Package1,322  1,191  131  11.0 %
  Supply Chain & Freight416  472  (56) (11.9)%
  Total operating profit3,284  3,537  (253) (7.2)%
Other income (expense):
 Other pension income (expense)654  383  271  70.8 %
  Investment income and other19  52  (33) (63.5)%
  Interest expense(350) (328) (22) 6.7 %
  Total other income (expense)323  107  216  N/A
Income before income taxes3,607  3,644  (37) (1.0)%
Income tax expense (benefit)874  848  26  3.1 %
Net income $2,733  $2,796  $(63) (2.3)%
Net income as a percentage of revenue7.1 %7.9 %
Per share amounts:
  Basic earnings per share$3.16  $3.23  $(0.07) (2.2)%
  Diluted earnings per share$3.14  $3.22  $(0.08) (2.5)%
Weighted-average shares outstanding:
  Basic865  866  (1) (0.1)%
  Diluted869  869  —  — %
As adjusted income data(1):
Operating profit:
  U.S. Domestic Package $1,616  $1,920  $(304) (15.8)%
  International Package 1,400  1,277  123  9.6 %
  Supply Chain & Freight 425  484  (59) (12.2)%
Total operating profit 3,441  3,681  (240) (6.5)%
Income before income taxes $3,764  $3,788  $(24) (0.6)%
Net income $2,851  $2,906  $(55) (1.9)%
Basic earnings per share $3.30  $3.36  $(0.06) (1.8)%
Diluted earnings per share $3.28  $3.34  $(0.06) (1.8)%
(1) See Non-GAAP Schedules for detail of Transformation costs.




Certain prior year amounts have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Selected Operating Data - Year to Date
(unaudited)
Six Months Ended
June 30
20202019Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$4,039  $4,014  $25  0.6 %
   Deferred2,495  2,246  249  11.1 %
   Ground17,996  15,370  2,626  17.1 %
      Total U.S. Domestic Package24,530  21,630  2,900  13.4 %
International Package:
   Domestic1,407  1,380  27  2.0 %
   Export5,385  5,299  86  1.6 %
   Cargo and Other296  285  11  3.9 %
      Total International Package7,088  6,964  124  1.8 %
Supply Chain & Freight:
   Forwarding3,144  2,912  232  8.0 %
Logistics1,822  1,665  157  9.4 %
   Freight1,490  1,634  (144) (8.8)%
   Other420  403  17  4.2 %
      Total Supply Chain & Freight6,876  6,614  262  4.0 %
Consolidated$38,494  $35,208  $3,286  9.3 %
Consolidated volume (in millions)2,916  2,540  376  14.8 %
Operating weekdays128  127  1  0.8 %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air1,874  1,710  164  9.6 %
   Deferred1,597  1,382  215  15.6 %
   Ground16,114  13,829  2,285  16.5 %
      Total U.S. Domestic Package19,585  16,921  2,664  15.7 %
International Package:
   Domestic1,716  1,657  59  3.6 %
   Export1,479  1,419  60  4.2 %
      Total International Package3,195  3,076  119  3.9 %
Consolidated22,780  19,997  2,783  13.9 %
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$16.84  $18.48  $(1.64) (8.9)%
   Deferred12.21  12.80  (0.59) (4.6)%
   Ground8.72  8.75  (0.03) (0.3)%
      Total U.S. Domestic Package9.79  10.07  (0.28) (2.8)%
International Package:
   Domestic6.41  6.56  (0.15) (2.3)%
   Export28.45  29.40  (0.95) (3.2)%
      Total International Package16.61  17.10  (0.49) (2.9)%
Consolidated$10.74  $11.15  $(0.41) (3.7)%





Certain prior year amounts have been reclassified to conform to the current year presentation.



United Parcel Service, Inc.
Detail of Other Operating Expenses - Year to Date
(unaudited)

Six Months Ended
June 30
20202019Change% Change
(in millions)
Repairs and maintenance$1,117  $907  $210  23.2 %
Depreciation and amortization1,309  1,143  166  14.5 %
Purchased transportation6,647  5,966  681  11.4 %
Fuel1,260  1,627  (367) (22.6)%
Other occupancy738  693  45  6.5 %
Other expenses3,210  2,719  491  18.1 %
Total other operating expenses$14,281  $13,055  $1,226  9.4 %


Earnings Per Share and Share Data - Year to Date
(unaudited)

Six Months Ended
June 30
20202019
(amounts in millions, except per share data)
Numerator:
    Net income $2,733  $2,796  
Denominator:
    Weighted-average shares860  860  
    Deferred compensation obligations—  1  
    Vested portion of restricted units5  5  
Denominator for basic earnings per share865  866  
Effect of dilutive securities:
    Restricted units4  3  
    Stock options —  —  
Denominator for diluted earnings per share869  869  
Basic earnings per share$3.16  $3.23  
—  
Diluted earnings per share$3.14  $3.22  

















Certain prior year amounts have been reclassified to conform to the current year presentation.




United Parcel Service, Inc.
Consolidated Balance Sheets
June 30, 2020 (unaudited) and December 31, 2019


June 30, 2020December 31, 2019
(amounts in millions)
ASSETS
Current Assets:
Cash and cash equivalents$8,813  $5,238  
Marketable securities403  503  
Accounts receivables9,383  9,645  
Less: Allowance for credit losses(153) (93) 
Accounts receivable, net9,230  9,552  
Other current assets1,780  1,810  
 Total Current Assets20,226  17,103  
Property, Plant and Equipment, Net31,439  30,482  
Operating Lease Right-Of-Use Assets2,998  2,856  
Goodwill3,787  3,813  
Intangible Assets, Net2,207  2,167  
Investments and Restricted Cash24  24  
Deferred Income Tax Assets277  330  
Other Non-Current Assets1,099  1,082  
Total Assets $62,057  $57,857  
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases$3,749  3,420  
Current maturities of operating leases534  538  
Accounts payable5,271  5,555  
Accrued wage and withholdings2,922  2,552  
Self-insurance reserves1,080  914  
Accrued group welfare and retirement plan contributions794  793  
Other current liabilities 1,921  1,641  
Total Current Liabilities16,271  15,413  
Long-Term Debt and Finance Leases23,199  21,818  
Non-Current Operating Leases2,463  2,391  
Pension and Postretirement Benefit Obligations10,554  10,601  
Deferred Income Tax Liabilities1,918  1,632  
Other Non-Current Liabilities3,276  2,719  
Shareowners' Equity:
Class A common stock2  2  
Class B common stock7  7  
Additional paid-in capital255  150  
Retained earnings10,032  9,105  
Accumulated other comprehensive loss(5,933) (5,997) 
Deferred compensation obligations2026
Less: Treasury stock(20) (26) 
Total Equity for Controlling Interest4,363  3,267  
Noncontrolling interests1316
Total Shareowners' Equity4,376  3,283  
Total Liabilities and Sharewoners' Equity$62,057  $57,857  




Amounts are subject to reclassification.


United Parcel Service, Inc.
Statements of Consolidated Cash Flows
(unaudited)
(amounts in millions)Six Months Ended
June 30,
20202019
Cash Flows From Operating Activities:
Net income2,733  2,796  
Adjustments to reconcile net income to net cash from operating activities:
 Depreciation and amortization 1,309  1,143  
 Pension and postretirement benefit expense 321  376  
 Pension and postretirement benefit contributions (263) (1,108) 
 Self-insurance reserves 293  (98) 
 Deferred tax (benefit) expense 284  275  
 Stock compensation expense 368  513  
 Other (gains) losses 97  108  
Changes in assets and liabilities, net of effects of business acquisitions:
 Accounts receivable 105  817  
 Other assets 301  398  
 Accounts payable (617) (782) 
 Accrued wages and withholdings 771  (256) 
 Other liabilities 239  57  
Other operating activities6  (32) 
 Net cash from operating activities 5,947  4,207  
Cash Flows From Investing Activities:
Capital expenditures(2,065) (2,861) 
Proceeds from disposals of property, plant and equipment2  6  
Purchases of marketable securities(131) (383) 
Sales and maturities of marketable securities241  480  
Net change in finance receivables16  8  
Cash paid for business acquisitions, net of cash and cash equivalents acquired—  (1) 
Other investing activities(6) (96) 
Net cash used in investing activities(1,943) (2,847) 
Cash Flows From Financing Activities:
Net change in short-term debt(892) (51) 
Proceeds from long-term borrowings4,436  2,653  
Repayments of long-term borrowings(1,826) (1,988) 
Purchases of common stock(231) (503) 
Issuances of common stock131  129  
Dividends(1,683) (1,599) 
Other financing activities(334) (175) 
Net cash used in financing activities(399) (1,534) 
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(29) 23  
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash3,576  (151) 
Cash, Cash Equivalents and Restricted Cash:
Beginning of period5,238  4,367  
End of period$8,814  $4,216  






Certain prior year amounts have been reclassified to conform to the current year presentation.



United Parcel Service, Inc.
Supplemental Analysis of Currency and Pension Discount Rates - Second Quarter
Currency Neutral Revenue Per Piece, Revenue and Operating Profit
(unaudited)
Three Months EndedCurrency
June 30Neutral
20202019% ChangeCurrency
2020 (1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$6.37  $6.63  (3.9)%$0.16  $6.53  (1.5)%
   Export28.56  30.06  (5.0)%0.18  28.74  (4.4)%
      Total International Package$16.73  $17.41  (3.9)%$0.17  $16.90  (2.9)%
Consolidated$10.63  $11.21  (5.2)%$0.02  $10.65  (5.0)%
Three Months EndedCurrency
June 30Neutral
20202019% ChangeCurrency
2020(1)
% Change
Revenue (in millions):
  U.S. Domestic Package$13,074  $11,150  17.3 %$—  $13,074  17.3 %
  International Package3,705  3,505  5.7 %38  3,743  6.8 %
  Supply Chain & Freight3,680  3,393  8.5 %52  3,732  10.0 %
  Total revenue$20,459  $18,048  13.4 %$90  $20,549  13.9 %
Three Months EndedCurrency
June 30Neutral
2020(2)
2019(2)
% ChangeCurrency
2020(3)
% Change
As-Adjusted Operating Profit (in millions):
  U.S. Domestic Package$1,215  $1,226  (0.9)%$—  $1,215  (0.9)%
  International Package842  665  26.6 %(8) 834  25.4 %
  Supply Chain & Freight267  273  (2.2)%(7) 260  (4.8)%
  Total operating profit$2,324  $2,164  7.4 %$(15) $2,309  6.7 %

Pension Discount Rate Neutral Operating Profit and Margin
(unaudited)
Three Months Ended
June 30,		Pension Discount Rate Neutral
2020(2)
2019(2)
% ChangePension
2020(4)
% Change
As-Adjusted Operating profit (in millions):
U.S. Domestic Package$1,215  $1,226  (0.9)%$63  $1,278  4.2 %
International Package842  665  26.6 %4  846  27.2 %
Supply Chain & Freight267  273  (2.2)%6  273  — %
Total operating profit$2,324  $2,164  7.4 %$73  $2,397  10.8 %
Three Months Ended
June 30,		Pension Discount Rate Neutral
2020(2)
2019(2)
% ChangePension
2020(4)
% Change
As- Adjusted Operating margin:
U.S. Domestic Package9.3 %11.0 %(1.7)%0.5 %9.8 %(1.2)%
International Package22.7 %19.0 %3.7 %0.1 %22.8 %3.8 %
Supply Chain & Freight7.3 %8.0 %(0.7)%0.1 %7.4 %(0.6)%
Total operating margin11.4 %12.0 %(0.6)%0.3 %11.7 %(0.3)%
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences
(2) Amounts adjusted for transformation strategy costs
(3) Amounts adjusted for transformation strategy costs and period over period foreign currency exchange rate and hedging differences
(4) Amounts adjusted for transformation strategy costs and period over period impact of discount rates on pension service cost
Certain prior year have been reclassified to conform to the current year presentation.




United Parcel Service, Inc.
Supplemental Analysis of Currency and Pension Discount Rates - Year to Date
Currency Neutral Revenue Per Piece, Revenue and Operating Profit
(unaudited)
Six Months EndedCurrency
June 30Neutral
20202019% ChangeCurrency
2020(1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$6.41  $6.56  (2.3)%$0.13  $6.54  (0.3)%
   Export28.45  29.40  (3.2)%0.13  28.58  (2.8)%
      Total International Package$16.61  $17.1  (2.9)%$0.13  $16.74  (2.1)%
Consolidated$10.74  $11.15  (3.7)%$0.02  $10.76  (3.5)%
Six Months EndedCurrency
June 30Neutral
20202019% ChangeCurrency
2020(1)
% Change
Revenue (in millions):
  U.S. Domestic Package$24,530  $21,630  13.4 %$—  $24,530  13.4 %
  International Package7,088  6,964  1.8 %57  7,145  2.6 %
  Supply Chain & Freight6,876  6,614  4.0 %100  6,976  5.5 %
  Total revenue$38,494  $35,208  9.3 %$157  $38,651  9.8 %
Six Months EndedCurrency
June 30Neutral
2020(2)
2019(2)
% ChangeCurrency
2020(3)
% Change
As-Adjusted Operating Profit (in millions):
  U.S. Domestic Package$1,616  $1,920  (15.8)%$—  $1,616  (15.8)%
  International Package1,400  1,277  9.6 %(30) 1,370  7.3 %
  Supply Chain & Freight425  484  (12.2)%(6) 419  (13.4)%
  Total operating profit$3,441  $3,681  (6.5)%$(36) $3,405  (7.5)%

Pension Discount Rate Neutral Operating Profit and Margin
(unaudited)
Six Months Ended
June 30,		Pension Discount Rate Neutral
2020(2)
2019(2)
% ChangePension
2020(4)
% Change
As-Adjusted Operating profit (in millions):
U.S. Domestic Package$1,616  $1,920  (15.8)%$125  $1,741  (9.3)%
International Package1,400  1,277  9.6 %8  1,408  10.3 %
Supply Chain & Freight425  484  (12.2)%14  439  (9.3)%
Total operating profit$3,441  $3,681  (6.5)%$147  $3,588  (2.5)%
Six Months Ended
June 30,		Pension Discount Rate Neutral
2020(2)
2019(2)
% ChangePension
2020(4)
% Change
As- Adjusted Operating margin:
U.S. Domestic Package6.6 %8.9 %(2.3)%0.5 %7.1 %(1.8)%
International Package19.8 %18.3 %1.5 %0.1 %19.9 %1.6 %
Supply Chain & Freight6.2 %7.3 %(1.1)%0.2 %6.4 %(0.9)%
Total operating margin8.9 %10.5 %(1.6)%0.4 %9.3 %(1.2)%
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences
(2) Amounts adjusted for transformation strategy costs
(3) Amounts adjusted for transformation strategy costs and period over period foreign currency exchange rate and hedging differences
(4) Amounts adjusted for transformation strategy costs and period over period impact of discount rates on pension service cost
Certain prior year have been reclassified to conform to the current year presentation.



United Parcel Service, Inc.
Non-GAAP Schedules
Reconciliation of GAAP and Non-GAAP Income Statement Data
(in millions, except per share amounts):

Three Months Ended June 30,
20202019
As-Reported (GAAP)
Transformation Strategy Costs(1)
As-Adjusted
(Non-GAAP)		As-Reported (GAAP)
Transformation Strategy Costs(2)
As-Adjusted
(Non-GAAP)
Operating profit:
U.S. Domestic Package$1,182  $33  $1,215  $1,208  $18  $1,226  
International Package771  71  842  663  2  665  
Supply Chain & Freight259  8  267  272  1  273  
Total operating profit$2,212  $112  $2,324  $2,143  $21  $2,164  
Income before income taxes$2,357  $112  $2,469  $2,204  $21  $2,225  
Income tax expense$589  $29  $618  $519  $4  $523  
Net income$1,768  $83  $1,851  $1,685  $17  $1,702  
Diluted earnings per share$2.03  $0.10  $2.13  $1.94  $0.02  $1.96  

(1) Transformation costs of $112 million reflect other employee benefits costs of $81 million and other costs of $31 million.
(2) Transformation costs of $21 million reflect other employee benefits costs of $2 million and other costs of $19 million.
Six Months Ended June 30,
20202019
As-Reported (GAAP)
Transformation Strategy Costs(1)
As-Adjusted
(Non-GAAP)		As-Reported (GAAP)
Transformation Strategy Costs(2)
As-Adjusted
(Non-GAAP)
Operating profit:
U.S. Domestic Package$1,546  $70  $1,616  $1,874  $46  $1,920  
International Package1,322  78  1,400  1,191  86  1,277  
Supply Chain & Freight416  9  425  472  12  484  
Total operating profit$3,284  $157  $3,441  $3,537  $144  $3,681  
Income before income taxes$3,607  $157  $3,764  $3,644  $144  $3,788  
Income tax expense$874  $39  $913  $848  $34  $882  
Net income$2,733  $118  $2,851  $2,796  $110  $2,906  
Diluted earnings per share$3.14  $0.14  $3.28  $3.22  $0.12  $3.34  

(1) Transformation costs of $157 million reflect other employee benefits costs of $93 million and other costs of $64 million.
(2) Transformation costs of $144 million reflect other employee benefits costs of $108 million and other costs of $36 million.

Reconciliation of Adjusted Capital Expenditures and Free Cash Flow (Non-GAAP measures)
(in millions):
Six Months Ended June 30,
20202019
Cash flows from operating activities$5,947  $4,207  
Capital expenditures(2,065) (2,861) 
Principal repayments of finance lease obligations(33) (85) 
Adjusted Capital Expenditures (Non-GAAP measure)$(2,098) $(2,946) 
Proceed from disposal of PP&E2  6  
Net change in finance receivables16  8  
Other investing activities(6) (96) 
     Adjusted free cash flow (Non-GAAP measure)$3,861  $1,179  
Discretionary pension contributions—  1,005  
Adjusted Free cash flow (Non-GAAP measure) excluding discretionary pension contributions$3,861  $2,184  
Amounts are subject to reclassification.




United Parcel Service, Inc.
Aircraft Fleet - as of June 30, 2020
(unaudited)

DescriptionOwned and Finance LeasesOperating Leases & Charters from OthersOn OrderUnder Option
Operating:
Boeing 757-20075  —  —  —  
Boeing 767-30066  —  6  —  
Boeing 767-300BCF4  —  —  —  
Boeing 767-300BDSF2  —  2  —  
Airbus A300-60052  —  —  —  
Boeing MD-1139  —  3  —  
Boeing 747-400F11  —  —  —  
Boeing 747-400BCF2  —  —  —  
Boeing 747-8F16  —  12  —  
Other—  294  —  —  
          Total267  294  23  —