Document

Exhibit 99.2

United Parcel Service, Inc.

Selected Financial Data - Fourth Quarter

(unaudited)


	Three Months Ended
	December 31
	2021			2020			Change		% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
U.S. Domestic Package	$	17,697		$	15,744		$	1,953	12.4	%
International Package	5,397			4,770			627		13.1	%
Supply Chain Solutions(2)	4,677			4,382			295		6.7	%
Total revenue	27,771			24,896			2,875		11.5	%

Operating expenses:
U.S. Domestic Package	15,594			14,497			1,097		7.6	%
International Package	4,071			3,622			449		12.4	%
Supply Chain Solutions(2)	4,215			4,740			(525)		(11.1)	%
Total operating expenses	23,880			22,859			1,021		4.5	%

Operating profit (loss):
U.S. Domestic Package	2,103			1,247			856		68.6	%
International Package	1,326			1,148			178		15.5	%
Supply Chain Solutions(2)	462			(358)			820		N/M
Total operating profit	3,891			2,037			1,854		91.0	%

Other income (expense):
Other pension income (expense)	267			(6,157)			6,424		N/M
Investment income (expense) and other	(23)			7			(30)		N/M
Interest expense	(173)			(175)			2		(1.1)	%
Total other income (expense)	71			(6,325)			6,396		N/M

Income (loss) before income taxes	3,962			(4,288)			8,250		N/M

Income tax expense (benefit)	869			(941)			1,810		N/M

Net income (loss)	$	3,093		$	(3,347)		$	6,440	N/M

Net income (loss) as a percentage of revenue	11.1		%	(13.4)		%

Per share amounts:
Basic earnings (loss) per share	$	3.53		$	(3.84)		$	7.37	N/M
Diluted earnings (loss) per share	$	3.52		$	(3.84)		$	7.36	N/M

Weighted-average shares outstanding:
Basic	875			871			4		0.5	%
Diluted	879			871			8		0.9	%

As Adjusted Income Data (1):
Operating profit:
U.S. Domestic Package	$	2,165		$	1,379		$	786	57.0	%
International Package	1,331			1,160			171		14.7	%
Supply Chain Solutions(2)	456			331			125		37.8	%
Total operating profit	3,952			2,870			1,082		37.7	%

Total other income (expense)	$	89		$	159		$	(70)	(44.0)	%
Income before income taxes	$	4,041		$	3,029		$	1,012	33.4	%
Net income	$	3,152		$	2,325		$	827	35.6	%

Basic earnings per share	$	3.60		$	2.67		$	0.93	34.8	%
Diluted earnings per share (3)	$	3.59		$	2.66		$	0.93	35.0	%

(1) See Non-GAAP schedules for reconciliation of adjustments.

(2) The divestiture of UPS Freight was completed on April 30, 2021.

(3) Fourth quarter 2020 diluted earnings per share is based on weighted-average shares outstanding of 875 million, which includes the effect of 4 million dilutive shares and share equivalents.

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

United Parcel Service, Inc.

Selected Operating Data - Fourth Quarter

(unaudited)


	Three Months Ended
	December 31
	2021		2020		Change		% Change

Revenue (in millions):
U.S. Domestic Package:
Next Day Air	$	2,807	$	2,385	$	422	17.7	%
Deferred	1,969		1,792		177		9.9	%
Ground	12,921		11,567		1,354		11.7	%
Total U.S. Domestic Package	17,697		15,744		1,953		12.4	%
International Package:
Domestic	974		977		(3)		(0.3)	%
Export	4,204		3,621		583		16.1	%
Cargo and Other	219		172		47		27.3	%
Total International Package	5,397		4,770		627		13.1	%
Supply Chain Solutions(1):
Forwarding	2,866		2,078		788		37.9	%
Logistics	1,343		1,211		132		10.9	%
Freight	—		789		(789)		(100.0)	%
Other	468		304		164		53.9	%
Total Supply Chain Solutions	4,677		4,382		295		6.7	%
Consolidated	$	27,771	$	24,896	$	2,875	11.5	%

Consolidated volume (in millions)	1,844		1,826		18		1.0	%

Operating weekdays	63		62		1		1.6	%

Average Daily Package Volume (in thousands):
U.S. Domestic Package:
Next Day Air	2,341		2,295		46		2.0	%
Deferred	2,304		2,299		5		0.2	%
Ground	20,549		20,561		(12)		(0.1)	%
Total U.S. Domestic Package	25,194		25,155		39		0.2	%
International Package:
Domestic	2,127		2,227		(100)		(4.5)	%
Export	1,961		2,068		(107)		(5.2)	%
Total International Package	4,088		4,295		(207)		(4.8)	%
Consolidated	29,282		29,450		(168)		(0.6)	%

Average Revenue Per Piece:
U.S. Domestic Package:
Next Day Air	$	19.03	$	16.76	$	2.27	13.5	%
Deferred	13.57		12.57		1.00		8.0	%
Ground	9.98		9.07		0.91		10.0	%
Total U.S. Domestic Package	11.15		10.09		1.06		10.5	%
International Package:
Domestic	7.27		7.08		0.19		2.7	%
Export	34.03		28.24		5.79		20.5	%
Total International Package	20.11		17.27		2.84		16.4	%
Consolidated	$	12.40	$	11.14	$	1.26	11.3	%

(1) The divestiture of UPS Freight was completed on April 30, 2021.

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

United Parcel Service, Inc.

Detail of Operating Expenses - Fourth Quarter

(unaudited)


	Three Months Ended
	December 31
	2021		2020		Change		% Change
(in millions)
Compensation and benefits	$	12,749	$	12,523	$	226	1.8	%
Repairs and maintenance	606		672		(66)		(9.8)	%
Depreciation and amortization	754		712		42		5.9	%
Purchased transportation	5,731		5,047		684		13.6	%
Fuel	1,175		704		471		66.9	%
Other occupancy	446		425		21		4.9	%
Other expenses	2,419		2,776		(357)		(12.9)	%
Total operating expenses	$	23,880	$	22,859	$	1,021	4.5	%

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)


	Twelve Months Ended
	December 31
	2021			2020			Change		% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
U.S. Domestic Package	$	60,317		$	53,499		$	6,818	12.7	%
International Package	19,541			15,945			3,596		22.6	%
Supply Chain Solutions(2)	17,429			15,184			2,245		14.8	%
Total revenue	97,287			84,628			12,659		15.0	%

Operating expenses:
U.S. Domestic Package	53,881			49,608			4,273		8.6	%
International Package	14,895			12,509			2,386		19.1	%
Supply Chain Solutions(2)	15,701			14,827			874		5.9	%
Total operating expenses	84,477			76,944			7,533		9.8	%

Operating profit:
U.S. Domestic Package	6,436			3,891			2,545		65.4	%
International Package	4,646			3,436			1,210		35.2	%
Supply Chain Solutions(2)	1,728			357			1,371		384.0	%
Total operating profit	12,810			7,684			5,126		66.7	%

Other income (expense):
Other pension income (expense)	4,457			(5,176)			9,633		N/M
Investment income (expense) and other	22			37			(15)		(40.5)	%
Interest expense	(694)			(701)			7		(1.0)	%
Total other income (expense)	3,785			(5,840)			9,625		N/M

Income before income taxes	16,595			1,844			14,751		N/M

Income tax expense	3,705			501			3,204		N/M

Net income	$	12,890		$	1,343		$	11,547	N/M

Net income as a percentage of revenue	13.2		%	1.6		%

Per share amounts:
Basic earnings per share	$	14.75		$	1.55		$	13.20	N/M
Diluted earnings per share	$	14.68		$	1.54		$	13.14	N/M

Weighted-average shares outstanding:
Basic	874			867			7		0.8	%
Diluted	878			871			7		0.8	%

As Adjusted Income Data (1):
Operating profit:
U.S. Domestic Package	$	6,717		$	4,128		$	2,589	62.7	%
International Package	4,720			3,532			1,188		33.6	%
Supply Chain Solutions(2)	1,707			1,058			649		61.3	%
Total operating profit	13,144			8,718			4,426		50.8	%

Total other income (expense)	$	513		$	644		$	(131)	(20.3)	%
Income before income taxes	$	13,657		$	9,362		$	4,295	45.9	%
Net income	$	10,652		$	7,166		$	3,486	48.6	%

Basic earnings per share	$	12.19		$	8.27		$	3.92	47.4	%
Diluted earnings per share	$	12.13		$	8.23		$	3.90	47.4	%

(1) See Non-GAAP schedules for reconciliation of adjustments.

(2) The divestiture of UPS Freight was completed on April 30, 2021.

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)


	Twelve Months Ended
	December 31
	2021		2020		Change		% Change

Revenue (in millions):
U.S. Domestic Package:
Next Day Air	$	10,009	$	8,522	$	1,487	17.4	%
Deferred	5,846		5,665		181		3.2	%
Ground	44,462		39,312		5,150		13.1	%
Total U.S. Domestic Package	60,317		53,499		6,818		12.7	%
International Package:
Domestic	3,690		3,160		530		16.8	%
Export	15,012		12,159		2,853		23.5	%
Cargo and Other	839		626		213		34.0	%
Total International Package	19,541		15,945		3,596		22.6	%
Supply Chain Solutions(1):
Forwarding	9,872		6,975		2,897		41.5	%
Logistics	4,767		4,073		694		17.0	%
Freight	1,064		3,149		(2,085)		(66.2)	%
Other	1,726		987		739		74.9	%
Total Supply Chain Solutions	17,429		15,184		2,245		14.8	%
Consolidated	$	97,287	$	84,628	$	12,659	15.0	%

Consolidated volume (in millions)	6,413		6,292		121		1.9	%

Operating weekdays	254		255		(1)		(0.4)	%

Average Daily Package Volume (in thousands):
U.S. Domestic Package:
Next Day Air	2,093		1,987		106		5.3	%
Deferred	1,723		1,783		(60)		(3.4)	%
Ground	17,646		17,371		275		1.6	%
Total U.S. Domestic Package	21,462		21,141		321		1.5	%
International Package:
Domestic	1,988		1,863		125		6.7	%
Export	1,800		1,672		128		7.7	%
Total International Package	3,788		3,535		253		7.2	%
Consolidated	25,250		24,676		574		2.3	%

Average Revenue Per Piece:
U.S. Domestic Package:
Next Day Air	$	18.83	$	16.82	$	2.01	12.0	%
Deferred	13.36		12.46		0.90		7.2	%
Ground	9.92		8.87		1.05		11.8	%
Total U.S. Domestic Package	11.06		9.92		1.14		11.5	%
International Package:
Domestic	7.31		6.65		0.66		9.9	%
Export	32.83		28.52		4.31		15.1	%
Total International Package	19.44		16.99		2.45		14.4	%
Consolidated	$	12.32	$	10.94	$	1.38	12.6	%

(1) The divestiture of UPS Freight was completed on April 30, 2021.

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

United Parcel Service, Inc.

Detail of Operating Expenses - Year to Date

(unaudited)


	Twelve Months Ended
	December 31
	2021		2020		Change		% Change
(in millions)
Compensation and benefits	$	46,707	$	44,529	$	2,178	4.9	%
Repairs and maintenance	2,443		2,365		78		3.3	%
Depreciation and amortization	2,953		2,698		255		9.5	%
Purchased transportation	19,058		15,631		3,427		21.9	%
Fuel	3,847		2,582		1,265		49.0	%
Other occupancy	1,698		1,539		159		10.3	%
Other expenses	7,771		7,600		171		2.3	%
Total operating expenses	$	84,477	$	76,944	$	7,533	9.8	%

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

United Parcel Service, Inc.

Consolidated Balance Sheets

December 31, 2021 (unaudited) and December 31, 2020


	December 31, 2021		December 31, 2020
(amounts in millions)

ASSETS
Current Assets:
Cash and cash equivalents	$	10,255	$	5,910
Marketable securities	338		406
Accounts receivables	12,669		10,888
Less: Allowance for credit losses	(128)		(138)
Accounts receivable, net	12,541		10,750
Assets held for sale	—		1,197
Other current assets	1,800		1,953
Total Current Assets	24,934		20,216
Property, Plant and Equipment, Net	33,475		32,254
Operating Lease Right-Of-Use Assets	3,562		3,073
Goodwill	3,692		3,367
Intangible Assets, Net	2,486		2,274
Investments and Restricted Cash	26		25
Deferred Income Tax Assets	176		527
Other Non-Current Assets	1,054		672
Total Assets	$	69,405	$	62,408

LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases	$	2,131	$	2,623
Current maturities of operating leases	580		560
Accounts payable	7,523		6,455
Accrued wage and withholdings	3,819		3,569
Self-insurance reserves	1,048		1,085
Accrued group welfare and retirement plan contributions	1,038		927
Liabilities to be disposed of	—		347
Other current liabilities	1,430		1,450
Total Current Liabilities	17,569		17,016
Long-Term Debt and Finance Leases	19,784		22,031
Non-Current Operating Leases	3,033		2,540
Pension and Postretirement Benefit Obligations	8,047		15,817
Deferred Income Tax Liabilities	3,125		488
Other Non-Current Liabilities	3,578		3,847

Shareowners' Equity:
Class A common stock	2		2
Class B common stock	7		7
Additional paid-in capital	1,343		865
Retained earnings	16,179		6,896
Accumulated other comprehensive loss	(3,278)		(7,113)
Deferred compensation obligations	16		20
Less: Treasury stock	(16)		(20)
Total Equity for Controlling Interests	14,253		657
Noncontrolling interests	16		12
Total Shareowners' Equity	14,269		669
Total Liabilities and Sharewoners' Equity	$	69,405	$	62,408

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

United Parcel Service, Inc.

Statements of Consolidated Cash Flows

(unaudited)


(amounts in millions)		Twelve Months Ended
		December 31
		2021		2020
Cash Flows From Operating Activities:
	Net income	$	12,890	$	1,343
	Adjustments to reconcile net income to net cash from operating activities:
	Depreciation and amortization	2,953		2,698
	Pension and postretirement benefit expense	(2,456)		7,125
	Pension and postretirement benefit contributions	(576)		(3,125)
	Self-insurance reserves	178		503
	Deferred tax (benefit) expense	1,645		(858)
	Stock compensation expense	878		796
	Other (gains) losses	137		917
	Changes in assets and liabilities, net of effects of business acquisitions:
	Accounts receivable	(2,147)		(1,562)
	Other assets	312		218
	Accounts payable	1,265		904
	Accrued wages and withholdings	(245)		1,631
	Other liabilities	151		(110)
	Other operating activities	22		(21)
	Net cash from operating activities	15,007		10,459

Cash Flow From Investing Activities:
	Capital expenditures	(4,194)		(5,412)
	Proceeds from disposal of businesses, property, plant and equipment	872		40
	Purchases of marketable securities	(312)		(254)
	Sales and maturities of marketable securities	366		360
	Net change in finance receivables	34		44
	Cash paid for business acquisitions, net of cash and cash equivalents acquired	(602)		(20)
	Other investing activities	18		(41)
	Net cash used in investing activities	(3,818)		(5,283)

Cash Flow From Financing Activities:
	Net change in short-term debt	—		(2,462)
	Proceeds from long-term borrowings	—		5,003
	Repayments of long-term borrowings	(2,773)		(3,392)
	Purchases of common stock	(500)		(224)
	Issuances of common stock	251		285
	Dividends	(3,437)		(3,374)
	Other financing activities	(364)		(353)
	Net cash used in financing activities	(6,823)		(4,517)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash		(21)		13

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		4,345		672

Cash, Cash Equivalents and Restricted Cash:
	Beginning of period	5,910		5,238
	End of period	$	10,255	$	5,910

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

United Parcel Service, Inc.

Reconciliation of Free Cash Flow (Non-GAAP measure)

(unaudited)





(amounts in millions)	Twelve Months Ended
	December 31
	2021		2020
Cash flows from operating activities	$	15,007	$	10,459
Capital expenditures	(4,194)		(5,412)
Proceeds from disposals of property, plant and equipment	24		40
Net change in finance receivables	34		44
Other investing activities	18		(41)
Free Cash Flow (Non-GAAP measure)	$	10,889	$	5,090

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

United Parcel Service, Inc.

Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)

(unaudited)



(amounts in millions)
	December 31, 2021		December 31, 2020
Net Income	$	12,890	$	1,343
Add back:
Income tax expense	3,705		501
Interest expense	694		701
Depreciation and amortization	2,953		2,698
EBITDA	20,242		5,243
Add back (deduct):
Transformation and other	334		1,034
Defined benefit plans mark-to-market (gain) loss	(3,272)		6,484
Investment income and other	(1,207)		(1,345)
Adjusted EBITDA	$	16,097	$	11,416

Debt and finance leases, including current maturities	$	21,915	$	24,654
Add back:
Non-current pension and postretirement benefit obligations	8,047		15,817
Adjusted total debt	$	29,962	$	40,471

Adjusted total adjusted debt/adjusted EBITDA	1.86		3.55

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

United Parcel Service, Inc.

Reconciliation of Return of Invested Capital (Non-GAAP measure)

(unaudited)



(amounts in millions)
	December 31, 2021			December 31, 2020
Net Income	$	12,890		$	1,343
Add back (deduct):
Income tax expense	3,705			501
Interest expense	694			701
Other pension (income) expense	(4,457)			5,176
Investment (income) expenses and other	(22)			(37)
Operating profit	12,810			7,684
Transformation and other	$	334		$	1,034
Adjusted operating profit	$	13,144		$	8,718

Average debt and finance leases, including current maturities	$	23,285		$	24,946
Average pension and postretirement benefit maturities	11,932			13,209
Average shareowners' equity	7,469			1,976
Average Invested Capital	$	42,686		$	40,131

Net income to average invested capital	30.2		%	3.3		%

Adjusted Return on Invested Capital	30.8		%	21.7		%

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

United Parcel Service, Inc.

Reconciliation of GAAP and As Adjusted Income Statement Data

(unaudited)


	Three Months Ended December 31,
(in millions, except per share amounts)	2021								2020
	As Reported (GAAP)		Pension MTM Adj.(1)		Transformation & Other Adj.(2)		As Adjusted (Non-GAAP)		As Reported (GAAP)		Pension MTM Adj.(1)		Transformation & Other Adj.(3)		As Adjusted (Non-GAAP)		% Change As reported (GAAP)		% Change As adjusted (Non-GAAP)


U.S. Domestic Package	$	15,594	$	—	62		$	15,532	$	14,497	$	—	132		$	14,365	7.6	%	8.1	%
International Package	4,071		—		5		4,066		3,622		—		12		3,610		12.4	%	12.6	%
Supply Chain Solutions(4)	4,215		—		(6)		4,221		4,740		—		689		4,051		(11.1)	%	4.2	%
Operating expense	23,880		—		61		23,819		22,859		—		833		22,026		4.5	%	8.1	%

U.S. Domestic Package	$	2,103	$	—	62		$	2,165	$	1,247	$	—	132		$	1,379	68.6	%	57.0	%
International Package	1,326		—		5		1,331		1,148		—		12		1,160		15.5	%	14.7	%
Supply Chain Solutions(4)	462		—		(6)		456		(358)		—		689		331		N/M		37.8	%
Operating profit	3,891		—		61		3,952		2,037		—		833		2,870		91.0	%	37.7	%
Other Income and (Expense):
Other pension income (expense)	267		18		—		285		(6,157)		6,484		—		327		N/M		(12.8)	%
Investment income (expense) and other	(23)		—		—		(23)		7		—		—		7		N/M		N/M
Interest expense	(173)		—		—		(173)		(175)		—		—		(175)		(1.1)	%	(1.1)	%
Total Other Income (Expense)	$	71	$	18	$	—	$	89	$	(6,325)	$	6,484	$	—	$	159	N/M		(44.0)	%
Income Before Income Taxes	3,962		18		61		4,041		(4,288)		6,484		833		3,029		N/M		33.4	%
Income Tax Expense	869		4		16		889		(941)		1,555		90		704		N/M		26.3	%
Net Income	$	3,093	$	14	$	45	$	3,152	$	(3,347)	$	4,929	$	743	$	2,325	N/M		35.6	%

Basic Earnings Per Share	$	3.53	$	0.02	$	0.05	$	3.60	$	(3.84)	$	5.66	$	0.85	$	2.67	N/M		34.8	%

Diluted Earnings Per Share(5)	$	3.52	$	0.02	$	0.05	$	3.59	$	(3.84)	$	5.63	$	0.85	$	2.66	N/M		35.0	%

Weighted-average shares outstanding:
Basic	875								871
Diluted	879								871

(1) Represents mark-to-market losses recognized outside of a 10% corridor on company-sponsored pension and postretirement plans.

(2) Transformation & other of $61 million reflects other employee benefits costs of $42 million, other costs of $30 million and an $11 million gain related to the divestiture of UPS Freight.

(3) Transformation & other of $833 million reflects goodwill and other assets impairment charges of $686 million related to the divestiture of UPS Freight, other employee benefits costs of $100 million and other costs of $47 million.

(4) The divestiture of UPS Freight was completed on April 30, 2021

(5) May not total due to difference in weighted-average shares outstanding used to calculate diluted earnings per share

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

United Parcel Service, Inc.

Reconciliation of GAAP and As Adjusted Income Statement Data

(unaudited)


	Twelve Months Ended December 31,
(in millions, except per share amounts)	2021								2020
	As Reported (GAAP)		Pension MTM Adj.(1)		Transformation & Other Adj.(2)		As Adjusted (Non-GAAP)		As Reported (GAAP)		Pension MTM Adj.(1)		Transformation & Other Adj.(3)		As Adjusted (Non-GAAP)		% Change As reported (GAAP)		% Change As adjusted (Non-GAAP)


U.S. Domestic Package	$	53,881	$	—	281		$	53,600	$	49,608	$	—	237		$	49,371	8.6	%	8.6	%
International Package	14,895		—		74		14,821		12,509		—		96		12,413		19.1	%	19.4	%
Supply Chain Solutions(4)	15,701		—		(21)		15,722		14,827		—		701		14,126		5.9	%	11.3	%
Operating expense	84,477		—		334		84,143		76,944		—		1,034		75,910		9.8	%	10.8	%

U.S. Domestic Package	$	6,436	$	—	281		$	6,717	$	3,891	$	—	237		$	4,128	65.4	%	62.7	%
International Package	4,646		—		74		4,720		3,436		—		96		3,532		35.2	%	33.6	%
Supply Chain Solutions(4)	1,728		—		(21)		1,707		357		—		701		1,058		384.0	%	61.3	%
Operating profit	12,810		—		334		13,144		7,684		—		1,034		8,718		66.7	%	50.8	%
Other Income and (Expense):
Other pension income (expense)	4,457		(3,272)		—		1,185		(5,176)		6,484		—		1,308		N/M		(9.4)	%
Investment income (expense) and other	22		—		—		22		37		—		—		37		(40.5)	%	(40.5)	%
Interest expense	(694)		—		—		(694)		(701)		—		—		(701)		(1.0)	%	(1.0)	%
Total Other Income (Expense)	$	3,785	$	(3,272)	$	—	$	513	$	(5,840)	$	6,484	$	—	$	644	N/M		(20.3)	%
Income Before Income Taxes	16,595		(3,272)		334		13,657		1,844		6,484		1,034		9,362		N/M		45.9	%
Income Tax Expense	3,705		(784)		84		3,005		501		1,555		140		2,196		N/M		36.8	%
Net Income	$	12,890	$	(2,488)	$	250	$	10,652	$	1,343	$	4,929	$	894	$	7,166	N/M		48.6	%

Basic Earnings Per Share	$	14.75	$	(2.85)	$	0.29	$	12.19	$	1.55	$	5.69	$	1.03	$	8.27	N/M		47.4	%

Diluted Earnings Per Share	$	14.68	$	(2.83)	$	0.28	$	12.13	$	1.54	$	5.66	$	1.03	$	8.23	N/M		47.4	%

Weighted-average shares outstanding:
Basic	874								867
Diluted	878								871

(1) Represents mark-to-market (gains) losses recognized outside of a 10% corridor on company-sponsored pension and postretirement plans.

(2) Transformation & other of $334 million reflects a gain on the divestiture of UPS Freight of $112 million, net of a previously-recognized valuation allowance of $66 million, other employee benefits costs of $206 million and other costs of $174 million.

(3) Transformation & other of $1,034 million reflects goodwill and other asset impairment charges of $686 million related to the divestiture of UPS Freight, other employee benefits costs of $211 million and other costs of $137 million.

(4) The divestiture of UPS Freight was completed on April 30, 2021.

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

United Parcel Service, Inc.

Supplemental Analysis of Currency - Fourth Quarter

(unaudited)


Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit

	Three Months Ended								Currency
	December 31								Neutral
	2021		2020		% Change		Currency		2021 (1)		% Change
Average Revenue Per Piece:
International Package:
Domestic	$	7.27	$	7.08	2.7	%	$	0.12	$	7.39	4.4	%
Export	34.03		28.24		20.5	%	0.26		34.29		21.4	%
Total International Package	$	20.11	$	17.27	16.4	%	$	0.18	$	20.29	17.5	%


Consolidated	$	12.40	$	11.14	11.3	%	$	0.03	$	12.43	11.6	%

	Three Months Ended								Currency
	December 31								Neutral
	2021		2020		% Change		Currency		2021(1)		% Change
Revenue (in millions):
U.S. Domestic Package	$	17,697	$	15,744	12.4	%	$	—	$	17,697	12.4	%
International Package	5,397		4,770		13.1	%	50		5,447		14.2	%
Supply Chain Solutions(3)	4,677		4,382		6.7	%	25		4,702		7.3	%
Total revenue	$	27,771	$	24,896	11.5	%	$	75	$	27,846	11.8	%

	Three Months Ended								Currency
	December 31								Neutral
	2021		2020		% Change		Currency		2021(1)		% Change
As-Adjusted Operating Profit (in millions)(2):
U.S. Domestic Package	$	2,165	$	1,379	57.0	%	$	—	$	2,165	57.0	%
International Package	1,331		1,160		14.7	%	(1)		1,330		14.7	%
Supply Chain Solutions(3)	456		331		37.8	%	11		467		41.1	%
Total operating profit	$	3,952	$	2,870	37.7	%	$	10	$	3,962	38.0	%

(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.

(2) Amounts adjusted for transformation & other.

(3) The divestiture of UPS Freight was completed on April 30, 2021.

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

United Parcel Service, Inc.

Supplemental Analysis of Currency - Year to Date

(unaudited)


Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit

	Twelve Months Ended								Currency
	December 31								Neutral
	2021		2020		% Change		Currency		2021 (1)		% Change
Average Revenue Per Piece:
International Package:
Domestic	$	7.31	$	6.65	9.9	%	$	(0.29)	$	7.02	5.6	%
Export	32.83		28.52		15.1	%	(0.55)		32.28		13.2	%
Total International Package	$	19.44	$	16.99	14.4	%	$	(0.41)	$	19.03	12.0	%


Consolidated	$	12.32	$	10.94	12.6	%	$	(0.06)	$	12.26	12.1	%

	Twelve Months Ended								Currency
	December 31								Neutral
	2021		2020		% Change		Currency		2021(1)		% Change
Revenue (in millions):
U.S. Domestic Package	$	60,317	$	53,499	12.7	%	$	—	$	60,317	12.7	%
International Package	19,541		15,945		22.6	%	(402)		19,139		20.0	%
Supply Chain Solutions(3)	17,429		15,184		14.8	%	(96)		17,333		14.2	%
Total revenue	$	97,287	$	84,628	15.0	%	$	(498)	$	96,789	14.4	%

	Twelve Months Ended								Currency
	December 31								Neutral
	2021		2020		% Change		Currency		2021(1)		% Change
As-Adjusted Operating Profit (in millions)(2):
U.S. Domestic Package	$	6,717	$	4,128	62.7	%	$	—	$	6,717	62.7	%
International Package	4,720		3,532		33.6	%	(102)		4,618		30.7	%
Supply Chain Solutions(3)	1,707		1,058		61.3	%	36		1,743		64.7	%
Total operating profit	$	13,144	$	8,718	50.8	%	$	(66)	$	13,078	50.0	%

(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.

(2) Amounts adjusted for transformation & other.

(3) The divestiture of UPS Freight was completed on April 30, 2021.

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

United Parcel Service, Inc.

Aircraft Fleet - As of December 31, 2021

(unaudited)


Description	Owned and Finance Leases	Operating Leases & Charters from Others	On Order	Under Option
Operating:
Boeing 757-200	75	—	—	—
Boeing 767-300	72	—	19	8
Boeing 767-300BCF	4	—	—	—
Boeing 767-300BDSF	4	—	—	—
Airbus A300-600	52	—	—	—
Boeing MD-11	42	—	—	—
Boeing 747-400F	11	—	—	—
Boeing 747-400BCF	2	—	—	—
Boeing 747-8F	26	—	2	—
Other	—	307	—	—
Total	288	307	21	8

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