Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - Fourth Quarter
(unaudited)
Three Months Ended
December 31
20222021Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$18,252 $17,697 $555 3.1 %
  International Package4,950 5,397 (447)(8.3)%
  Supply Chain Solutions3,831 4,677 (846)(18.1)%
  Total revenue27,033 27,771 (738)(2.7)%
Operating expenses:
  U.S. Domestic Package16,412 15,594 818 5.2 %
  International Package3,930 4,071 (141)(3.5)%
  Supply Chain Solutions3,496 4,215 (719)(17.1)%
  Total operating expenses23,838 23,880 (42)(0.2)%
Operating profit:
  U.S. Domestic Package1,840 2,103 (263)(12.5)%
  International Package1,020 1,326 (306)(23.1)%
  Supply Chain Solutions335 462 (127)(27.5)%
  Total operating profit3,195 3,891 (696)(17.9)%
Other income (expense):
 Other pension income (expense)1,325 267 1,058 396.3 %
  Investment income (expense) and other129 (23)152 N/M
  Interest expense(182)(173)(9)5.2 %
  Total other income (expense)1,272 71 1,201 N/M
Income before income taxes4,467 3,962 505 12.7 %
Income tax expense1,014 869 145 16.7 %
Net income$3,453 $3,093 $360 11.6 %
Net income as a percentage of revenue12.8 %11.1 %
Per share amounts:
  Basic earnings per share$3.98 $3.53 $0.45 12.7 %
  Diluted earnings per share$3.96 $3.52 $0.44 12.5 %
Weighted-average shares outstanding:
  Basic867 875 (8)(0.9)%
  Diluted871 879 (8)(0.9)%
As Adjusted Statement of Income Data (1):
Operating profit:
  U.S. Domestic Package $2,328 $2,165 $163 7.5 %
  International Package 1,091 1,331 (240)(18.0)%
  Supply Chain Solutions403 456 (53)(11.6)%
  Total operating profit 3,822 3,952 (130)(3.3)%
Total other income (expense)$244 $89 $155 174.2 %
Income before income taxes $4,066 $4,041 $25 0.6 %
Net income $3,154 $3,152 $2 0.1 %
Basic earnings per share $3.64 $3.60 $0.04 1.1 %
Diluted earnings per share$3.62 $3.59 $0.03 0.8 %

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


Prior year amounts may 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
20222021Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$2,776 $2,807 $(31)(1.1)%
   Deferred1,845 1,969 (124)(6.3)%
   Ground13,631 12,921 710 5.5 %
      Total U.S. Domestic Package18,252 17,697 555 3.1 %
International Package:
   Domestic881 974 (93)(9.5)%
   Export3,840 4,204 (364)(8.7)%
   Cargo and Other229 219 10 4.6 %
      Total International Package4,950 5,397 (447)(8.3)%
Supply Chain Solutions:
   Forwarding1,803 2,866 (1,063)(37.1)%
Logistics1,508 1,343 165 12.3 %
   Other520 468 52 11.1 %
      Total Supply Chain Solutions3,831 4,677 (846)(18.1)%
Consolidated$27,033 $27,771 $(738)(2.7)%
Consolidated volume (in millions)1,762 1,844 (82)(4.5)%
Operating days63 63 — 0.0 %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air2,185 2,341 (156)(6.7)%
   Deferred1,967 2,304 (337)(14.6)%
   Ground20,086 20,549 (463)(2.3)%
      Total U.S. Domestic Package24,238 25,194 (956)(3.8)%
International Package:
   Domestic1,853 2,127 (274)(12.9)%
   Export1,882 1,961 (79)(4.0)%
      Total International Package3,735 4,088 (353)(8.6)%
Consolidated27,973 29,282 (1,309)(4.5)%
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$20.17 $19.03 $1.14 6.0 %
   Deferred14.89 13.571.32 9.7 %
   Ground10.779.98 0.79 7.9 %
      Total U.S. Domestic Package11.9511.15 0.80 7.2 %
International Package:
   Domestic7.55 7.27 0.28 3.9 %
   Export32.3934.03(1.64)(4.8)%
      Total International Package20.06 20.11 (0.05)(0.2)%
Consolidated$13.04 $12.40 $0.64 5.2 %








Prior year amounts may 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
20222021Change% Change
(in millions)
Compensation and benefits$13,301 $12,749 $552 4.3 %
Repairs and maintenance607 606 1 0.2 %
Depreciation and amortization888 754 134 17.8 %
Purchased transportation4,495 5,731 (1,236)(21.6)%
Fuel1,571 1,175 396 33.7 %
Other occupancy480 446 34 7.6 %
Other expenses2,496 2,419 77 3.2 %
Total operating expenses$23,838 $23,880 $(42)(0.2)%


























































Prior year amounts may 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
20222021Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$64,209 $60,317 $3,892 6.5 %
  International Package19,698 19,541 157 0.8 %
  Supply Chain Solutions16,431 17,429 (998)(5.7)%
  Total revenue100,338 97,287 3,051 3.1 %
Operating expenses:
  U.S. Domestic Package57,212 53,881 3,331 6.2 %
  International Package15,372 14,895 477 3.2 %
  Supply Chain Solutions14,660 15,701 (1,041)(6.6)%
  Total operating expenses87,244 84,477 2,767 3.3 %
Operating profit:
  U.S. Domestic Package6,997 6,436 561 8.7 %
  International Package4,326 4,646 (320)(6.9)%
  Supply Chain Solutions1,771 1,728 43 2.5 %
  Total operating profit13,094 12,810 284 2.2 %
Other income (expense):
 Other pension income (expense)2,251 4,457 (2,206)(49.5)%
  Investment income (expense) and other184 22 162 N/M
  Interest expense(704)(694)(10)1.4 %
  Total other income (expense)1,731 3,785 (2,054)(54.3)%
Income before income taxes14,825 16,595 (1,770)(10.7)%
Income tax expense3,277 3,705 (428)(11.6)%
Net income$11,548 $12,890 $(1,342)(10.4)%
Net income as a percentage of revenue11.5 %13.2 %
Per share amounts:
  Basic earnings per share$13.26 $14.75 $(1.49)(10.1)%
  Diluted earnings per share$13.20 $14.68 $(1.48)(10.1)%
Weighted-average shares outstanding:
  Basic871 874 (3)(0.3)%
  Diluted875 878 (3)(0.3)%
As Adjusted Statement of Income Data (1):
Operating profit:
  U.S. Domestic Package $7,574 $6,717 $857 12.8 %
  International Package 4,419 4,720 (301)(6.4)%
  Supply Chain Solutions1,860 1,707 153 9.0 %
  Total operating profit 13,853 13,144 709 5.4 %
Total other income (expense)$670 $513 $157 30.6 %
Income before income taxes $14,523 $13,657 $866 6.3 %
Net income $11,326 $10,652 $674 6.3 %
Basic earnings per share $13.00 $12.19 $0.81 6.6 %
Diluted earnings per share$12.94 $12.13 $0.81 6.7 %

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


Prior year amounts may 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
20222021Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$10,699 $10,009 $690 6.9 %
   Deferred5,968 5,846 122 2.1 %
   Ground47,542 44,462 3,080 6.9 %
      Total U.S. Domestic Package64,209 60,317 3,892 6.5 %
International Package:
   Domestic3,346 3,690 (344)(9.3)%
   Export15,341 15,012 329 2.2 %
   Cargo and Other1,011 839 172 20.5 %
      Total International Package19,698 19,541 157 0.8 %
Supply Chain Solutions:
   Forwarding8,943 9,872 (929)(9.4)%
Logistics5,351 4,767 584 12.3 %
   Freight— 1,064 (1,064)(100.0)%
   Other2,137 1,726 411 23.8 %
      Total Supply Chain Solutions16,431 17,429 (998)(5.7)%
Consolidated$100,338 $97,287 $3,051 3.1 %
Consolidated volume (in millions)6,194 6,413 (219)(3.4)%
Operating days255 254 1 0.4 %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air1,992 2,093 (101)(4.8)%
   Deferred1,553 1,723 (170)(9.9)%
   Ground17,242 17,646 (404)(2.3)%
      Total U.S. Domestic Package20,787 21,462 (675)(3.1)%
International Package:
   Domestic1,759 1,988 (229)(11.5)%
   Export1,745 1,800 (55)(3.1)%
      Total International Package3,504 3,788 (284)(7.5)%
Consolidated24,291 25,250 (959)(3.8)%
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$21.06 $18.83 $2.23 11.8 %
   Deferred15.07 13.361.71 12.8 %
   Ground10.819.92 0.89 9.0 %
      Total U.S. Domestic Package12.1111.06 1.05 9.5 %
International Package:
   Domestic7.46 7.31 0.15 2.1 %
   Export34.4832.831.65 5.0 %
      Total International Package20.91 19.44 1.47 7.6 %
Consolidated$13.38 $12.32 $1.06 8.6 %







Prior year amounts may 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
20222021Change% Change
(in millions)
Compensation and benefits$47,781 $46,707 $1,074 2.3 %
Repairs and maintenance2,515 2,443 72 2.9 %
Depreciation and amortization3,188 2,953 235 8.0 %
Purchased transportation17,653 19,058 (1,405)(7.4)%
Fuel6,018 3,847 2,171 56.4 %
Other occupancy1,818 1,698 120 7.1 %
Other expenses8,271 7,771 500 6.4 %
Total operating expenses$87,244 $84,477 $2,767 3.3 %











































Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Consolidated Balance Sheets
December 31, 2022 (unaudited) and December 31, 2021

December 31, 2022December 31, 2021
(amounts in millions)
ASSETS
Current Assets:
Cash and cash equivalents$5,602 $10,255 
Marketable securities1,993 338 
Accounts receivable12,729 12,669 
Less: Allowance for credit losses(146)(128)
Accounts receivable, net12,583 12,541 
Other current assets2,039 1,800 
 Total Current Assets22,217 24,934 
Property, Plant and Equipment, Net34,719 33,475 
Operating Lease Right-Of-Use Assets3,755 3,562 
Goodwill4,223 3,692 
Intangible Assets, Net2,796 2,486 
Investments and Restricted Cash20 26 
Deferred Income Tax Assets139 176 
Other Non-Current Assets3,255 1,054 
Total Assets $71,124 $69,405 
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases$2,341 $2,131 
Current maturities of operating leases621 580 
Accounts payable7,512 7,523 
Accrued wages and withholdings4,049 3,819 
Self-insurance reserves1,069 1,048 
Accrued group welfare and retirement plan contributions1,076 1,038 
Other current liabilities 1,472 1,430 
Total Current Liabilities18,140 17,569 
Long-Term Debt and Finance Leases17,321 19,784 
Non-Current Operating Leases3,238 3,033 
Pension and Postretirement Benefit Obligations4,807 8,047 
Deferred Income Tax Liabilities4,302 3,125 
Other Non-Current Liabilities3,513 3,578 
Shareowners' Equity:
Class A common stock2 2 
Class B common stock7 7 
Additional paid-in capital— 1,343 
Retained earnings21,326 16,179 
Accumulated other comprehensive loss(1,549)(3,278)
Deferred compensation obligations13 16 
Less: Treasury stock(13)(16)
Total Equity for Controlling Interests19,786 14,253 
Noncontrolling interests17 16 
Total Shareowners' Equity19,803 14,269 
Total Liabilities and Shareowners' Equity$71,124 $69,405 






Prior year amounts may 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
20222021
Cash Flows From Operating Activities:
Net income$11,548 $12,890 
Adjustments to reconcile net income to net cash from operating activities:
 Depreciation and amortization 3,188 2,953 
 Pension and postretirement benefit (income) expense (129)(2,456)
 Pension and postretirement benefit contributions (2,342)(576)
 Self-insurance reserves (20)178 
 Deferred tax (benefit) expense 531 1,645 
 Stock compensation expense 1,568 878 
 Other (gains) losses 174 137 
Changes in assets and liabilities, net of effects of business acquisitions:
 Accounts receivable (322)(2,147)
 Other assets 66 312 
 Accounts payable 34 1,265 
 Accrued wages and withholdings (189)(245)
 Other liabilities (9)151 
Other operating activities6 22 
 Net cash from operating activities 14,104 15,007 
Cash Flows From Investing Activities:
Capital expenditures(4,769)(4,194)
Proceeds from disposal of businesses, property, plant and equipment12 872 
Purchases of marketable securities(1,906)(312)
Sales and maturities of marketable securities255 366 
Net change in finance receivables24 34 
Acquisitions, net of cash acquired(755)(602)
Other investing activities(333)18 
Net cash used in investing activities(7,472)(3,818)
Cash Flows From Financing Activities:
Net change in short-term debt— — 
Proceeds from long-term borrowings— — 
Repayments of long-term borrowings(2,304)(2,773)
Purchases of common stock(3,500)(500)
Issuances of common stock262 251 
Dividends(5,114)(3,437)
Other financing activities(529)(364)
Net cash used in financing activities(11,185)(6,823)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(100)(21)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash(4,653)4,345 
Cash, Cash Equivalents and Restricted Cash:
Beginning of period10,255 5,910 
End of period$5,602 $10,255 







Prior year amounts may 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
20222021
Cash flows from operating activities$14,104 $15,007 
Capital expenditures(4,769)(4,194)
Proceeds from disposals of property, plant and equipment12 24 
Net change in finance receivables24 34 
Other investing activities(333)18 
   Free Cash Flow (Non-GAAP)$9,038 $10,889 














































Prior year amounts may 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)
TTM(1) Ended
TTM(1) Ended
December 31, 2022December 31, 2021
Net income$11,548 $12,890 
Add back:
Income tax expense3,277 3,705 
Interest expense704 694 
Depreciation & amortization3,188 2,953 
EBITDA$18,717 $20,242 
Add back (deduct):
Incentive compensation program redesign505 — 
Transformation and other178 334 
Defined benefit plan (gains) and losses(1,061)(3,272)
Investment income and other pension income(1,374)(1,207)
Adjusted EBITDA$16,965 $16,097 
Debt and finance leases, including current maturities$19,662 $21,915 
Add back:
Non-current pension and postretirement benefit obligations4,807 8,047 
Adjusted total debt$24,469 $29,962 
Adjusted total debt/Net Income2.12 2.32 
Adjusted total debt/adjusted EBITDA (Non-GAAP)1.44 1.86 


(1) Trailing twelve months.





































Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Reconciliation of Adjusted Return on Invested Capital (Non-GAAP measure)
(unaudited)
(amounts in millions)
TTM(1) Ended
TTM(1) Ended
December 31, 2022December 31, 2021
Net income$11,548 $12,890 
Add back (deduct):
Income tax expense3,277 3,705 
Interest expense704 694 
Other pension (income) expense(2,251)(4,457)
Investment (income) expense and other(184)(22)
Operating profit$13,094 $12,810 
Incentive compensation program redesign505 — 
Long-lived asset estimated residual value changes76 — 
Transformation and other178 334 
Adjusted operating profit$13,853 $13,144 
Average debt and finance leases, including current maturities$20,789 $23,285 
Average pension and postretirement benefit obligations6,427 11,932 
Average shareowners' equity17,036 7,469 
Average invested capital$44,252 $42,686 
Net income to average invested capital26.1 %30.2 %
Adjusted Return on Invested Capital (Non-GAAP)31.3 %30.8 %


(1) Trailing twelve months.





























Prior year amounts may 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 data)20222021
As Reported (GAAP)
Pension Adj.(1)
Incentive Compensation Design Adj. (2)
Aircraft Residual Value Adj. (3)
Transformation & Other Adj.(4)
As Adjusted
(Non-GAAP)		As Reported (GAAP)
Pension Adj.(5)
Transformation & Other Adj.(6)
As Adjusted
(Non-GAAP)		% Change As Rep. (GAAP)% Change
As Adj.
(Non-GAAP)
U.S. Domestic Package$16,412 $— $431 $25 32 $15,924 $15,594 $— $62 $15,532 5.2 %2.5 %
International Package3,930 — 30 51 (10)3,859 4,071 — 5 4,066 (3.5)%(5.1)%
Supply Chain Solutions3,496 — 44 — 24 3,428 4,215 — (6)4,221 (17.1)%(18.8)%
Operating expense23,838 — 505 76 46 23,211 23,880 — 61 23,819 (0.2)%(2.6)%
U.S. Domestic Package$1,840 $— $431 $25 32 $2,328 $2,103 $— $62 $2,165 (12.5)%7.5 %
International Package1,020 — 30 51 (10)1,091 1,326 — 5 1,331 (23.1)%(18.0)%
Supply Chain Solutions335 — 44 — 24 403 462 — (6)456 (27.5)%(11.6)%
Operating Profit3,195 — 505 76 46 3,822 3,891 — 61 3,952 (17.9)%(3.3)%
Other Income and (Expense):
Other pension income (expense)1,325 (1,028)— — — 297 267 18 — 285 396.3 %4.2 %
Investment income (expense) and other129 — — — — 129 (23)— — (23)N/MN/M
Interest expense(182)— — — — (182)(173)— — (173)5.2 %5.2 %
Total Other Income (Expense)$1,272 $(1,028)$— $— $— $244 $71 $18 $— $89 N/M174.2 %
Income Before Income Taxes4,467 (1,028)505 76 46 4,066 3,962 18 61 4,041 12.7 %0.6 %
Income Tax Expense1,014 (246)121185912 869 416889 16.7 %2.6 %
Net Income$3,453 $(782)$384 $58 $41 $3,154 $3,093 $14 $45 $3,152 11.6 %0.1 %
Basic Earnings Per Share$3.98 $(0.90)$0.44 $0.07 $0.05 $3.64 $3.53 $0.02 $0.05 $3.60 12.7 %1.1 %
Diluted Earnings Per Share$3.96 $(0.90)$0.44 $0.07 $0.05 $3.62 $3.52 $0.02 $0.05 $3.59 12.5 %0.8 %
Weighted-average shares outstanding:
Basic867 875 
Diluted871 879 

(1) Net mark-to-market gain recognized outside of a 10% corridor on company-sponsored defined benefit pension and postretirement plans.
(2) One-time non-cash expense related to stock-based awards that were accelerated to fully vest at December 31, 2022 in connection with a change in incentive compensation program design.
(3) One-time non-cash charge reflecting a reduction in the estimated residual value of fully-depreciated MD-11 aircraft.
(4) Reflects a reduction to employee benefits costs of $25 million offset by other costs of $71 million.
(5) Net mark-to-market loss recognized outside of a 10% corridor on company-sponsored defined benefit pension and postretirement plans.
(6) Reflects other employee benefits costs of $42 million and other costs of $19 million.





Prior year amounts may 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 data)20222021
As Reported (GAAP)
Pension Adj.(1)
Incentive Compensation Design Adj. (2)
Aircraft Residual Value Adj. (3)
Transformation & Other Adj.(4)
As Adjusted
(Non-GAAP)		As Reported (GAAP)
Pension Adj.(5)
Transformation & Other Adj.(6)
As Adjusted
(Non-GAAP)		% Change As Rep. (GAAP)% Change As Adj. (Non-GAAP)
U.S. Domestic Package$57,212 $— $431 $25 121 $56,635 $53,881 $— $281 $53,600 6.2 %5.7 %
International Package15,372 — 30 51 12 15,279 14,895 — 74 14,821 3.2 %3.1 %
Supply Chain Solutions14,660 — 44 — 45 14,571 15,701 — (21)15,722 (6.6)%(7.3)%
Operating expense87,244 — 505 76 178 86,485 84,477 — 334 84,143 3.3 %2.8 %
U.S. Domestic Package$6,997 $— $431 $25 121 $7,574 $6,436 $— $281 $6,717 8.7 %12.8 %
International Package4,326 — 30 51 12 4,419 4,646 — 74 4,720 (6.9)%(6.4)%
Supply Chain Solutions1,771 — 44 — 45 1,860 1,728 — (21)1,707 2.5 %9.0 %
Operating Profit13,094 — 505 76 178 13,853 12,810 — 334 13,144 2.2 %5.4 %
Other Income and (Expense):
Other pension income (expense)2,251 (1,061)— — — 1,190 4,457 (3,272)— 1,185 (49.5)%0.4 %
Investment income (expense) and other184 — — — — 184 22 — — 22 N/MN/M
Interest expense(704)— — — — (704)(694)— — (694)1.4 %1.4 %
Total Other Income (Expense)$1,731 $(1,061)$— $— $— $670 $3,785 $(3,272)$— $513 (54.3)%30.6 %
Income Before Income Taxes14,825 (1,061)505 76 178 14,523 16,595 (3,272)334 13,657 (10.7)%6.3 %
Income Tax Expense3,277 (255)121 18 363,197 3,705 (784)843,005 (11.6)%6.4 %
Net Income$11,548 $(806)$384 $58 $142 $11,326 $12,890 $(2,488)$250 $10,652 (10.4)%6.3 %
Basic Earnings Per Share$13.26 $(0.93)$0.44 $0.07 $0.16 $13.00 $14.75 $(2.85)$0.29 $12.19 (10.1)%6.6 %
Diluted Earnings Per Share$13.20 $(0.92)$0.44 $0.07 $0.15 $12.94 $14.68 $(2.83)$0.28 $12.13 (10.1)%6.7 %
Weighted-average shares outstanding:
Basic871 874 
Diluted875 878 

(1) Net mark-to-market gain of $1.0 billion recognized outside of a 10% corridor on company-sponsored defined benefit pension and postretirement plans and $34 million gain representing the curtailment of benefits for certain Canadian pension plans.
(2) One-time non-cash expense related to stock-based awards that were accelerated to fully vest at December 31, 2022 in connection with a change in incentive compensation program design.
(3) One-time non-cash charge reflecting a reduction in the estimated residual value of fully-depreciated MD-11 aircraft.
(4) Reflects other employee benefits costs of $46 million and other costs of $132 million.
(5) Net mark-to-market gain recognized outside of a 10% corridor on company-sponsored defined benefit pension and postretirement plans.
(6) 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.



Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Supplemental Analysis of Currency - Fourth Quarter
(unaudited)

Reconciliation of Currency Adjusted Revenue Per Piece, Revenue and As Adjusted Operating Profit
Three Months EndedCurrency
December 31Neutral
(in millions, except per piece data)
(GAAP)(Non-GAAP)
20222021% ChangeCurrency
2022 (1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$7.55 $7.27 3.9 %$0.91 $8.46 16.4 %
   Export32.39 34.03 (4.8)%1.74 34.13 0.3 %
      Total International Package$20.06 $20.11 (0.2)%$1.34 $21.40 6.4 %
Consolidated$13.04 $12.40 5.2 %$0.17 $13.21 6.5 %
Three Months EndedCurrency
December 31Neutral
(GAAP)(Non-GAAP)
20222021% ChangeCurrency
2022 (1)
% Change
Revenue (in millions):
  U.S. Domestic Package$18,252 $17,697 3.1 %$— $18,252 3.1 %
  International Package4,950 5,397 (8.3)%321 5,271 (2.3)%
  Supply Chain Solutions3,831 4,677 (18.1)%81 3,912 (16.4)%
  Total revenue$27,033 $27,771 (2.7)%$402 $27,435 (1.2)%
Three Months EndedCurrency
December 31Neutral
(Non-GAAP)(Non-GAAP)
20222021% ChangeCurrency
2022 (1)
% Change
As Adjusted Operating Profit (in millions)(2):
  U.S. Domestic Package$2,328 $2,165 7.5 %$— $2,328 7.5 %
  International Package1,091 1,331 (18.0)%98 1,189 (10.7)%
  Supply Chain Solutions403 456 (11.6)%(10)393 (13.8)%
  Total operating profit$3,822 $3,952 (3.3)%$88 $3,910 (1.1)%

(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) See Non-GAAP schedules for reconciliation of adjustments.


















Prior year amounts may have been reclassified to conform to the current year presentation.



United Parcel Service, Inc.
Supplemental Analysis of Currency - Year to Date
(unaudited)

Reconciliation of Currency Adjusted Revenue Per Piece, Revenue and As Adjusted Operating Profit
Twelve Months EndedCurrency
(in millions, except per piece data)
December 31Neutral
(GAAP)(Non-GAAP)
20222021% ChangeCurrency
2022 (1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$7.46 $7.31 2.1 %$0.82 $8.28 13.3 %
   Export34.48 32.83 5.0 %1.50 35.98 9.6 %
      Total International Package$20.91 $19.44 7.6 %$1.16 $22.07 13.5 %
Consolidated$13.38 $12.32 8.6 %$0.17 $13.55 10.0 %
Twelve Months EndedCurrency
December 31Neutral
(GAAP)(Non-GAAP)
20222021% ChangeCurrency
2022 (1)
% Change
Revenue (in millions):
  U.S. Domestic Package$64,209 $60,317 6.5 %$— $64,209 6.5 %
  International Package19,698 19,541 0.8 %1,060 20,758 6.2 %
  Supply Chain Solutions16,431 17,429 (5.7)%272 16,703 (4.2)%
  Total revenue$100,338 $97,287 3.1 %$1,332 $101,670 4.5 %
Twelve Months EndedCurrency
December 31Neutral
(Non-GAAP)(Non-GAAP)
20222021% ChangeCurrency
2022 (1)
% Change
As Adjusted Operating Profit (in millions)(2):
  U.S. Domestic Package$7,574 $6,717 12.8 %$— $7,574 12.8 %
  International Package4,419 4,720 (6.4)%268 4,687 (0.7)%
  Supply Chain Solutions1,860 1,707 9.0 %(35)1,825 6.9 %
  Total operating profit$13,853 $13,144 5.4 %$233 $14,086 7.2 %

(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) See Non-GAAP schedules for reconciliation of adjustments.
















Prior year amounts may have been reclassified to conform to the current year presentation.



United Parcel Service, Inc.
Aircraft Fleet - As of December 31, 2022
(unaudited)

DescriptionOwned and Finance LeasesOperating Leases & Charters from OthersOn OrderUnder Option
Operating:
Boeing 757-20075 — — — 
Boeing 767-30072 — 28 — 
Boeing 767-300BCF5 — — — 
Boeing 767-300BDSF4 — — — 
Airbus A300-60052 — — — 
Boeing MD-11(1)
42 — — — 
Boeing 747-400F11 — — — 
Boeing 747-400BCF2 — — — 
Boeing 747-8F28 — 2 — 
Other— 295 — — 
          Total291 295 30 — 

(1) Six MD-11 aircraft are expected to be retired from operational use during 2023.














































Prior year amounts may have been reclassified to conform to the current year presentation.