Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - Third Quarter
(unaudited)
Three Months Ended
September 30
20202019Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$13,225 $11,455 $1,770 15.5 %
  International Package4,087 3,494 593 17.0 %
  Supply Chain & Freight3,926 3,369 557 16.5 %
  Total revenue21,238 18,318 2,920 15.9 %
Operating expenses:
  Compensation and benefits11,077 9,590 1,487 15.5 %
  Other7,798 6,600 1,198 18.2 %
  Total operating expenses18,875 16,190 2,685 16.6 %
Operating profit:
  U.S. Domestic Package1,098 1,216 (118)(9.7)%
  International Package966 667 299 44.8 %
  Supply Chain & Freight299 245 54 22.0 %
  Total operating profit2,363 2,128 235 11.0 %
Other income (expense):
 Other pension income (expense)327 191 136 71.2 %
  Investment income and other11 46 (35)(76.1)%
  Interest expense(176)(159)(17)10.7 %
  Total other income (expense)162 78 84 107.7 %
Income before income taxes2,525 2,206 319 14.5 %
Income tax expense (benefit)568 456 112 24.6 %
Net income $1,957 $1,750 $207 11.8 %
Net income as a percentage of revenue9.2 %9.6 %
Per share amounts:
  Basic earnings per share$2.25 $2.03 $0.22 10.8 %
  Diluted earnings per share$2.24 $2.01 $0.23 11.4 %
Weighted-average shares outstanding:
  Basic868 864 4 0.5 %
  Diluted872 870 2 0.2 %
As adjusted income data (1):
Operating profit:
  U.S. Domestic Package $1,133 $1,242 $(109)(8.8)%
  International Package 972 693 279 40.3 %
  Supply Chain & Freight 302 256 46 18.0 %
  Total operating profit 2,407 2,191 216 9.9 %
Income before income taxes $2,569 $2,269 $300 13.2 %
Net income $1,990 $1,797 $193 10.7 %
Basic earnings per share $2.29 $2.08 $0.21 10.1 %
Diluted earnings per share $2.28 $2.07 $0.21 10.1 %
(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 - Third Quarter
(unaudited)
Three Months Ended
September 30
20202019Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$2,098 $2,146 $(48)(2.2)%
   Deferred1,378 1,248 130 10.4 %
   Ground9,749 8,061 1,688 20.9 %
      Total U.S. Domestic Package13,225 11,455 1,770 15.5 %
International Package:
   Domestic776 689 87 12.6 %
   Export3,153 2,673 480 18.0 %
   Cargo and Other158 132 26 19.7 %
      Total International Package4,087 3,494 593 17.0 %
Supply Chain & Freight:
   Forwarding1,753 1,472 281 19.1 %
Logistics1,040 846 194 22.9 %
   Freight870 852 18 2.1 %
   Other263 199 64 32.2 %
      Total Supply Chain & Freight3,926 3,369 557 16.5 %
Consolidated$21,238 $18,318 $2,920 15.9 %
Consolidated volume (in millions)1,550 1,345 205 15.2 %
Operating weekdays65 64 1 1.6 %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air1,915 1,891 24 1.3 %
   Deferred1,657 1,474 183 12.4 %
   Ground16,803 14,544 2,259 15.5 %
      Total U.S. Domestic Package20,375 17,909 2,466 13.8 %
International Package:
   Domestic1,806 1,668 138 8.3 %
   Export1,674 1,437 237 16.5 %
      Total International Package3,480 3,105 375 12.1 %
Consolidated23,855 21,014 2,841 13.5 %
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$16.85 $17.73 $(0.88)(5.0)%
   Deferred12.79 13.23 (0.44)(3.3)%
   Ground8.93 8.66 0.27 3.1 %
      Total U.S. Domestic Package9.99 9.99 — — %
International Package:
   Domestic6.61 6.45 0.16 2.5 %
   Export28.98 29.06 (0.08)(0.3)%
      Total International Package17.37 16.92 0.45 2.7 %
Consolidated$11.06 $11.02 $0.04 0.4 %






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



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

Three Months Ended
September 30
20202019Change% Change
(in millions)
Repairs and maintenance$576 $485 $91 18.8 %
Depreciation and amortization677 587 90 15.3 %
Purchased transportation3,937 2,984 953 31.9 %
Fuel618 824 (206)(25.0)%
Other occupancy376 346 30 8.7 %
Other expenses1,614 1,374 240 17.5 %
Total other operating expenses$7,798 $6,600 $1,198 18.2 %


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

Three Months Ended
September 30
20202019
(amounts in millions, except per share data)
Numerator:
    Net income $1,957 $1,750 
Denominator:
    Weighted-average shares864 858 
    Deferred compensation obligations— — 
    Vested portion of restricted units4 6 
Denominator for basic earnings per share868 864 
Effect of dilutive securities:
    Restricted units4 6 
    Stock options — — 
Denominator for diluted earnings per share872 870 
Basic earnings per share$2.25 $2.03 
Diluted earnings per share$2.24 $2.01 
Detail of shares outstanding as of September 30, 2020:
Class A shares150 
Class B shares714 
    Total shares outstanding864 
    












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)
Nine Months Ended
September 30
20202019Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$37,755 $33,085 $4,670 14.1 %
  International Package11,175 10,458 717 6.9 %
  Supply Chain & Freight10,802 9,983 819 8.2 %
  Total revenue59,732 53,526 6,206 11.6 %
Operating expenses:
  Compensation and benefits32,006 28,206 3,800 13.5 %
  Other22,079 19,655 2,424 12.3 %
  Total operating expenses54,085 47,861 6,224 13.0 %
Operating profit:
  U.S. Domestic Package2,644 3,090 (446)(14.4)%
  International Package2,288 1,858 430 23.1 %
  Supply Chain & Freight715 717 (2)(0.3)%
  Total operating profit5,647 5,665 (18)(0.3)%
Other income (expense):
 Other pension income (expense)981 574 407 70.9 %
  Investment income and other30 98 (68)(69.4)%
  Interest expense(526)(487)(39)8.0 %
  Total other income (expense)485 185 300 162.2 %
Income before income taxes6,132 5,850 282 4.8 %
Income tax expense (benefit)1,442 1,304 138 10.6 %
Net income $4,690 $4,546 $144 3.2 %
Net income as a percentage of revenue7.9 %8.5 %
Per share amounts:
  Basic earnings per share$5.42 $5.26 $0.16 3.0 %
  Diluted earnings per share$5.39 $5.23 $0.16 3.1 %
Weighted-average shares outstanding:
  Basic866 865 1 0.1 %
  Diluted870 869 1 0.1 %
As adjusted income data(1):
Operating profit:
  U.S. Domestic Package $2,749 $3,162 $(413)(13.1)%
  International Package 2,372 1,970 402 20.4 %
  Supply Chain & Freight 727 740 (13)(1.8)%
Total operating profit 5,848 5,872 (24)(0.4)%
Income before income taxes $6,333 $6,057 $276 4.6 %
Net income $4,841 $4,703 $138 2.9 %
Basic earnings per share $5.59 $5.44 $0.15 2.8 %
Diluted earnings per share $5.56 $5.41 $0.15 2.8 %
(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)
Nine Months Ended
September 30
20202019Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$6,137 $6,160 $(23)(0.4)%
   Deferred3,873 3,494 379 10.8 %
   Ground27,745 23,431 4,314 18.4 %
      Total U.S. Domestic Package37,755 33,085 4,670 14.1 %
International Package:
   Domestic2,183 2,069 114 5.5 %
   Export8,538 7,972 566 7.1 %
   Cargo and Other454 417 37 8.9 %
      Total International Package11,175 10,458 717 6.9 %
Supply Chain & Freight:
   Forwarding4,897 4,384 513 11.7 %
Logistics2,862 2,511 351 14.0 %
   Freight2,360 2,486 (126)(5.1)%
   Other683 602 81 13.5 %
      Total Supply Chain & Freight10,802 9,983 819 8.2 %
Consolidated$59,732 $53,526 $6,206 11.6 %
Consolidated volume (in millions)4,466 3,885 581 15.0 %
Operating weekdays193 191 2 1.0 %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air1,888 1,771 117 6.6 %
   Deferred1,617 1,413 204 14.4 %
   Ground16,346 14,068 2,278 16.2 %
      Total U.S. Domestic Package19,851 17,252 2,599 15.1 %
International Package:
   Domestic1,746 1,661 85 5.1 %
   Export1,545 1,425 120 8.4 %
      Total International Package3,291 3,086 205 6.6 %
Consolidated23,142 20,338 2,804 13.8 %
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$16.84 $18.21 $(1.37)(7.5)%
   Deferred12.41 12.95 (0.54)(4.2)%
   Ground8.79 8.72 0.07 0.8 %
      Total U.S. Domestic Package9.85 10.04 (0.19)(1.9)%
International Package:
   Domestic6.48 6.52 (0.04)(0.6)%
   Export28.63 29.29 (0.66)(2.3)%
      Total International Package16.88 17.04 (0.16)(0.9)%
Consolidated$10.85 $11.10 $(0.25)(2.3)%





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)

Nine Months Ended
September 30
20202019Change% Change
(in millions)
Repairs and maintenance$1,693 $1,392 $301 21.6 %
Depreciation and amortization1,986 1,730 256 14.8 %
Purchased transportation10,584 8,950 1,634 18.3 %
Fuel1,878 2,451 (573)(23.4)%
Other occupancy1,114 1,039 75 7.2 %
Other expenses4,824 4,093 731 17.9 %
Total other operating expenses$22,079 $19,655 $2,424 12.3 %


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

Nine Months Ended
September 30
20202019
(amounts in millions, except per share data)
Numerator:
    Net income $4,690 $4,546 
Denominator:
    Weighted-average shares861 859 
    Deferred compensation obligations— — 
    Vested portion of restricted units5 6 
Denominator for basic earnings per share866 865 
Effect of dilutive securities:
    Restricted units4 4 
    Stock options — — 
Denominator for diluted earnings per share870 869 
Basic earnings per share$5.42 $5.26 
Diluted earnings per share$5.39 $5.23 

















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




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


September 30, 2020December 31, 2019
(amounts in millions)
ASSETS
Current Assets:
Cash and cash equivalents$8,839 $5,238 
Marketable securities402 503 
Accounts receivables9,153 9,645 
Less: Allowance for credit losses(160)(93)
Accounts receivable, net8,993 9,552 
Other current assets1,696 1,810 
 Total Current Assets19,930 17,103 
Property, Plant and Equipment, Net32,164 30,482 
Operating Lease Right-Of-Use Assets3,022 2,856 
Goodwill3,816 3,813 
Intangible Assets, Net2,289 2,167 
Investments and Restricted Cash25 24 
Deferred Income Tax Assets277 330 
Other Non-Current Assets883 1,082 
Total Assets $62,406 $57,857 
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases$2,382 $3,420 
Current maturities of operating leases560 538 
Accounts payable5,609 5,555 
Accrued wage and withholdings3,140 2,552 
Self-insurance reserves1,128 914 
Accrued group welfare and retirement plan contributions857 793 
Other current liabilities 1,780 1,641 
Total Current Liabilities15,456 15,413 
Long-Term Debt and Finance Leases23,336 21,818 
Non-Current Operating Leases2,473 2,391 
Pension and Postretirement Benefit Obligations9,630 10,601 
Deferred Income Tax Liabilities2,145 1,632 
Other Non-Current Liabilities3,760 2,719 
Shareowners' Equity:
Class A common stock2 2 
Class B common stock7 7 
Additional paid-in capital490 150 
Retained earnings11,115 9,105 
Accumulated other comprehensive loss(6,022)(5,997)
Deferred compensation obligations20 26 
Less: Treasury stock(20)(26)
Total Equity for Controlling Interest5,592 3,267 
Noncontrolling interests14 16 
Total Shareowners' Equity5,606 3,283 
Total Liabilities and Sharewoners' Equity$62,406 $57,857 




Amounts are subject to reclassification.


United Parcel Service, Inc.
Statements of Consolidated Cash Flows
(unaudited)
(amounts in millions)Nine Months Ended
September 30,
20202019
Cash Flows From Operating Activities:
Net income$4,690 $4,546 
Adjustments to reconcile net income to net cash from operating activities:
 Depreciation and amortization 1,986 1,730 
 Pension and postretirement benefit expense 481 566 
 Pension and postretirement benefit contributions (1,307)(2,321)
 Self-insurance reserves 388 (181)
 Deferred tax (benefit) expense 566 43 
 Stock compensation expense 508 716 
 Other (gains) losses 164 46 
Changes in assets and liabilities, net of effects of business acquisitions:
 Accounts receivable 352 843 
 Other assets 391 778 
 Accounts payable (450)(914)
 Accrued wages and withholdings 1,330 (506)
 Other liabilities 120 393 
Other operating activities64 (46)
 Net cash from operating activities 9,283 5,693 
Cash Flows From Investing Activities:
Capital expenditures(3,219)(4,336)
Proceeds from disposals of property, plant and equipment10 61 
Purchases of marketable securities(202)(487)
Sales and maturities of marketable securities309 817 
Net change in finance receivables24 8 
Cash paid for business acquisitions, net of cash and cash equivalents acquired(13)(6)
Other investing activities(15)(84)
Net cash used in investing activities(3,106)(4,027)
Cash Flows From Financing Activities:
Net change in short-term debt(1,924)(1,100)
Proceeds from long-term borrowings5,003 4,802 
Repayments of long-term borrowings(2,746)(2,411)
Purchases of common stock(224)(751)
Issuances of common stock214 161 
Dividends(2,528)(2,397)
Other financing activities(351)(158)
Net cash used in financing activities(2,556)(1,854)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(19)6 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash3,602 (182)
Cash, Cash Equivalents and Restricted Cash:
Beginning of period5,238 4,367 
End of period$8,840 $4,185 






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 - Third Quarter
Currency Neutral Revenue Per Piece, Revenue and Operating Profit
(unaudited)
Three Months EndedCurrency
September 30Neutral
20202019% ChangeCurrency
2020 (1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$6.61 $6.45 2.5 %$(0.18)$6.43 (0.3)%
   Export28.98 29.06 (0.3)%(0.30)28.68 (1.3)%
      Total International Package$17.37 $16.92 2.7 %$(0.23)$17.14 1.3 %
Consolidated$11.06 $11.02 0.4 %$(0.03)$11.03 0.1 %
Three Months EndedCurrency
September 30Neutral
20202019% ChangeCurrency
2020(1)
% Change
Revenue (in millions):
  U.S. Domestic Package$13,225 $11,455 15.5 %$— $13,225 15.5 %
  International Package4,087 3,494 17.0 %(54)4,033 15.4 %
  Supply Chain & Freight3,926 3,369 16.5 %8 3,934 16.8 %
  Total revenue$21,238 $18,318 15.9 %$(46)$21,192 15.7 %
Three Months EndedCurrency
September 30Neutral
2020(2)
2019(2)
% ChangeCurrency
2020(3)
% Change
As-Adjusted Operating Profit (in millions):
  U.S. Domestic Package$1,133 $1,242 -8.8 %$— $1,133 (8.8)%
  International Package972 693 40.3 %(7)965 39.2 %
  Supply Chain & Freight302 256 18.0 %2 304 18.8 %
  Total operating profit$2,407 $2,191 9.9 %$(5)$2,402 9.6 %

Pension Discount Rate Neutral Operating Profit and Margin
(unaudited)
Three Months Ended September 30Pension Discount Rate Neutral
2020(2)
2019(2)
% ChangePension
2020(4)
% Change
As-Adjusted Operating profit (in millions):
U.S. Domestic Package$1,133 $1,242 (8.8)%$63 $1,196 (3.7)%
International Package972 693 40.3 %4 976 40.8 %
Supply Chain & Freight302 256 18.0 %7 309 20.7 %
Total operating profit$2,407 $2,191 9.9 %$74 $2,481 13.2 %
Three Months Ended
September 30		Pension Discount Rate Neutral
2020(2)
2019(2)
% ChangePension
2020(4)
% Change
As- Adjusted Operating margin:
U.S. Domestic Package8.6 %10.8 %(2.2)%0.4 %9.0 %(1.8)%
International Package23.8 %19.8 %4.0 %0.1 %23.9 %4.1 %
Supply Chain & Freight7.7 %7.6 %0.1 %0.2 %7.9 %0.3 %
Total operating margin11.3 %12.0 %(0.7)%0.4 %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)
Nine Months EndedCurrency
September 30Neutral
20202019% ChangeCurrency
2020(1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$6.48 $6.52 (0.6)%$0.02 $6.50 (0.3)%
   Export28.63 29.29 (2.3)%(0.02)28.61 (2.3)%
      Total International Package$16.88 $17.04 (0.9)%$— $16.88 (0.9)%
Consolidated$10.85 $11.10 (2.3)%$— $10.85 (2.3)%
Nine Months EndedCurrency
September 30Neutral
20202019% ChangeCurrency
2020(1)
% Change
Revenue (in millions):
  U.S. Domestic Package$37,755 $33,085 14.1 %$— $37,755 14.1 %
  International Package11,175 10,458 6.9 %3 11,178 6.9 %
  Supply Chain & Freight10,802 9,983 8.2 %108 10,910 9.3 %
  Total revenue$59,732 $53,526 11.6 %$111 $59,843 11.8 %
Nine Months EndedCurrency
September 30Neutral
2020(2)
2019(2)
% ChangeCurrency
2020(3)
% Change
As-Adjusted Operating Profit (in millions):
  U.S. Domestic Package$2,749 $3,162 (13.1)%$— $2,749 (13.1)%
  International Package2,372 1,970 20.4 %(37)2,335 18.5 %
  Supply Chain & Freight727 740 (1.8)%(4)723 (2.3)%
  Total operating profit$5,848 $5,872 (0.4)%$(41)$5,807 (1.1)%

Pension Discount Rate Neutral Operating Profit and Margin
(unaudited)
Nine Months Ended
September 30		Pension Discount Rate Neutral
2020(2)
2019(2)
% ChangePension
2020(4)
% Change
As-Adjusted Operating profit (in millions):
U.S. Domestic Package$2,749 $3,162 (13.1)%$188 $2,937 (7.1)%
International Package2,372 1,970 20.4 %12 2,384 21.0 %
Supply Chain & Freight727 740 (1.8)%21 748 1.1 %
Total operating profit$5,848 $5,872 (0.4)%$221 $6,069 3.4 %
Nine Months Ended
September 30		Pension Discount Rate Neutral
2020(2)
2019(2)
% ChangePension
2020(4)
% Change
As- Adjusted Operating margin:
U.S. Domestic Package7.3 %9.6 %(2.3)%0.5 %7.8 %(1.8)%
International Package21.2 %18.8 %2.4 %0.1 %21.3 %2.5 %
Supply Chain & Freight6.7 %7.4 %(0.7)%0.2 %6.9 %(0.5)%
Total operating margin9.8 %11.0 %(1.2)%0.4 %10.2 %(0.8)%
(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 September 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$1,098 $35 $1,133 $1,216 $26 $1,242 
International Package966 6 972 667 26 693 
Supply Chain & Freight299 3 302 245 11 256 
Total operating profit$2,363 $44 $2,407 $2,128 $63 $2,191 
Income before income taxes$2,525 $44 $2,569 $2,206 $63 $2,269 
Income tax expense$568 $11 $579 $456 $16 $472 
Net income$1,957 $33 $1,990 $1,750 $47 $1,797 
Diluted earnings per share$2.24 $0.04 $2.28 $2.01 $0.06 $2.07 

(1) Transformation costs of $44 million reflect other employee benefits costs of $18 million and other costs of $26 million.
(2) Transformation costs of $63 million reflect other employee benefits costs of $41 million and other costs of $22 million.

Nine Months Ended September 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$2,644 $105 $2,749 $3,090 $72 $3,162 
International Package2,288 84 2,372 1,858 112 1,970 
Supply Chain & Freight715 12 727 717 23 740 
Total operating profit$5,647 $201 $5,848 $5,665 $207 $5,872 
Income before income taxes$6,132 $201 $6,333 $5,850 $207 $6,057 
Income tax expense$1,442 $50 $1,492 $1,304 $50 $1,354 
Net income$4,690 $151 $4,841 $4,546 $157 $4,703 
Diluted earnings per share$5.39 $0.17 $5.56 $5.23 $0.18 $5.41 

(1) Transformation costs of $201 million reflect other employee benefits costs of $111 million and other costs of $90 million.
(2) Transformation costs of $207 million reflect other employee benefits costs of $149 million and other costs of $58 million.

Reconciliation of Adjusted Capital Expenditures and Free Cash Flow (Non-GAAP measures)
(in millions):
Nine Months Ended September 30,
20202019
Cash flows from operating activities$9,283 $5,693 
Capital expenditures(3,219)(4,336)
Principal repayments of finance lease obligations(136)(120)
Adjusted Capital Expenditures (Non-GAAP measure)$(3,355)$(4,456)
Proceed from disposal of PP&E10 61 
Net change in finance receivables24 8 
Other investing activities(15)(84)
     Adjusted free cash flow (Non-GAAP measure)$5,947 $1,222 
Discretionary pension contributions1,000 2,000 
Adjusted Free cash flow (Non-GAAP measure) excluding discretionary pension contributions$6,947 $3,222 
Amounts are subject to reclassification.





United Parcel Service, Inc.
Aircraft Fleet - as of September 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 767-300BDSF3 — 1 — 
Airbus A300-60052 — — — 
Boeing MD-1139 — 3 — 
Boeing 747-400F11 — — — 
Boeing 747-400BCF2 — — — 
Boeing 747-8F17 — 11 — 
Other— 297 — — 
          Total269 297 21 —