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Table of Contents
United States
Securities and Exchange Commission
Washington, D.C. 20549
_____________________________________ 
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             
Commission file number 001-15451
_____________________________________ 
g795027a09.jpg
United Parcel Service, Inc.
(Exact name of registrant as specified in its charter)
Delaware 58-2480149
(State or Other Jurisdiction of
Incorporation or Organization)
 (IRS Employer
Identification No.)
55 Glenlake Parkway N.E. ,Atlanta, Georgia30328
(Address of Principal Executive Offices) (Zip Code)
(404) 828-6000
(Registrant's telephone number, including area code)
____________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Class B common stock, par value $0.01 per shareUPSNew York Stock Exchange
1.625% Senior Notes due 2025UPS25New York Stock Exchange
1% Senior Notes due 2028UPS28New York Stock Exchange
1.500% Senior Notes due 2032UPS32New York Stock Exchange
  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
There were 124,068,795 Class A shares, and 732,509,029 Class B shares, with a par value of $0.01 per share, outstanding at July 17, 2024.


Table of Contents
TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II—OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.



Table of Contents
PART I. FINANCIAL INFORMATION

Cautionary Statement About Forward-Looking Statements
This report, our Annual Report on Form 10-K for the year ended December 31, 2023 and our other filings with the Securities and Exchange Commission contain and in the future may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than those of current or historical fact, and all statements accompanied by terms such as "will," "believe," "project," "expect," "estimate," "assume," "intend," "anticipate," "target," "plan," and similar terms, are intended to be forward-looking statements. Forward-looking statements are made subject to the safe harbor provisions of the federal securities laws pursuant to Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
From time to time, we also include written or oral forward-looking statements in other publicly disclosed materials. Such statements may relate to our intent, belief, forecasts of, or current expectations about our strategic direction, prospects, future results, or future events; they do not relate strictly to historical or current facts. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any forward-looking statements because such statements speak only as of the date when made and the future, by its very nature, cannot be predicted with certainty.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. These risks and uncertainties include, but are not limited to: changes in general economic conditions in the United States ("U.S.") or internationally; significant competition on a local, regional, national and international basis; changes in our relationships with our significant customers; our ability to attract and retain qualified employees; strikes, work stoppages or slowdowns by our employees; increased or more complex physical or operational security requirements; a significant cybersecurity incident, or increased data protection regulations; our ability to maintain our brand image and corporate reputation; impacts from global climate change; interruptions in or impacts on our business from natural or man-made events or disasters including terrorist attacks, epidemics or pandemics; exposure to changing economic, political, regulatory and social developments in international and emerging markets; our ability to realize the anticipated benefits from acquisitions, dispositions, joint ventures or strategic alliances; the effects of changing prices of energy, including gasoline, diesel, jet fuel and other fuels, and interruptions in supplies of these commodities; changes in exchange rates or interest rates; our ability to accurately forecast our future capital investment needs; increases in our expenses or funding obligations relating to employee health, retiree health and/or pension benefits; our ability to manage insurance and claims expenses; changes in business strategy, government regulations or economic or market conditions that may result in impairments of our assets; potential additional U.S. or international tax liabilities; increasingly stringent regulations related to climate change; potential claims or litigation related to labor and employment, personal injury, property damage, business practices, environmental liability and other matters; and other risks discussed in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2023, and subsequently filed reports. You should consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the accuracy of predictions contained in such forward-looking statements. We do not undertake any obligation to update forward-looking statements to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements, except as required by law.
From time to time, we expect to participate in analyst and investor conferences. Materials provided or displayed at those conferences, such as slides and presentations, may be posted on our investor relations website at www.investors.ups.com under the heading "Presentations" when made available. These presentations may contain new material nonpublic information about our company and you are encouraged to monitor this site for any new posts, as we may use this mechanism as a public announcement.

1

Table of Contents
Item 1. Financial Statements
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, 2024 (unaudited) and December 31, 2023 (in millions)
June 30,
2024
December 31,
2023
ASSETS
Current Assets:
Cash and cash equivalents$6,319 $3,206 
Marketable securities213 2,866 
Accounts receivable9,174 11,342 
Less: Allowance for credit losses(126)(126)
Accounts receivable, net 9,048 11,216 
Assets held for sale
1,183  
Other current assets2,060 2,125 
Total Current Assets18,823 19,413 
Property, Plant and Equipment, Net37,129 36,945 
Operating Lease Right-Of-Use Assets4,088 4,308 
Goodwill4,350 4,872 
Intangible Assets, Net3,106 3,305 
Deferred Income Tax Assets123 126 
Other Non-Current Assets1,799 1,888 
Total Assets$69,418 $70,857 
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases$2,008 $3,348 
Current maturities of operating leases683 709 
Accounts payable5,299 6,340 
Accrued wages and withholdings3,308 3,224 
Self-insurance reserves1,273 1,320 
Accrued group welfare and retirement plan contributions1,202 1,479 
Liabilities to be disposed of373  
Other current liabilities939 1,256 
Total Current Liabilities15,085 17,676 
Long-Term Debt and Finance Leases20,197 18,916 
Non-Current Operating Leases3,561 3,756 
Pension and Postretirement Benefit Obligations6,449 6,159 
Deferred Income Tax Liabilities3,841 3,772 
Other Non-Current Liabilities3,232 3,264 
Shareowners' Equity:
Class A common stock (125 and 127 shares issued in 2024 and 2023, respectively)
2 2 
Class B common stock (732 and 726 shares issued in 2024 and 2023, respectively)
7 7 
Additional paid-in capital136  
Retained earnings20,692 21,055 
Accumulated other comprehensive loss(3,807)(3,758)
Deferred compensation obligations6 9 
Less: Treasury stock (0.1 and 0.2 shares in 2024 and 2023, respectively)
(6)(9)
Total Equity for Controlling Interests17,030 17,306 
Noncontrolling interests23 8 
Total Shareowners' Equity17,053 17,314 
Total Liabilities and Shareowners' Equity$69,418 $70,857 
See notes to unaudited, consolidated financial statements.
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
(In millions, except per share amounts)
(unaudited)
 
 Three Months Ended
 June 30,
Six Months Ended
 June 30,
2024202320242023
Revenue$21,818 $22,055 $43,524 $44,980 
Operating Expenses:
Compensation and benefits11,503 11,196 23,142 22,660 
Repairs and maintenance734 682 1,452 1,407 
Depreciation and amortization887 828 1,785 1,662 
Purchased transportation3,273 3,171 6,519 6,712 
Fuel1,126 1,090 2,186 2,361 
Other occupancy492 458 1,056 1,009 
Other expenses1,859 1,850 3,827 3,848 
Total Operating Expenses19,874 19,275 39,967 39,659 
Operating Profit1,944 2,780 3,557 5,321 
Other Income (Expense):
Investment income and other137 131 255 300 
Interest expense(212)(191)(407)(379)
Total Other Income (Expense)
(75)(60)(152)(79)
Income Before Income Taxes1,869 2,720 3,405 5,242 
Income Tax Expense460 639 883 1,266 
Net Income$1,409 $2,081 $2,522 $3,976 
Basic Earnings Per Share$1.65 $2.42 $2.95 $4.62 
Diluted Earnings Per Share$1.65 $2.42 $2.94 $4.61 

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)
(In millions)
(unaudited)
 
 Three Months Ended
 June 30,
Six Months Ended
 June 30,
 2024202320242023
Net Income$1,409 $2,081 $2,522 $3,976 
Change in foreign currency translation adjustment, net of tax(58)(18)(183)100 
Change in unrealized gain (loss) on marketable securities, net of tax (16)(1)(9)
Change in unrealized gain (loss) on cash flow hedges, net of tax3 (80)76 (157)
Change in unrecognized pension and postretirement benefit costs, net of tax29 21 59 41 
Comprehensive Income
$1,383 $1,988 $2,473 $3,951 
                
See notes to unaudited, consolidated financial statements.
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions, unaudited)
 Six Months Ended
 June 30,
 20242023
Cash Flows From Operating Activities:
Net income$2,522 $3,976 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization1,785 1,662 
Pension and postretirement benefit expense518 486 
Pension and postretirement benefit contributions(150)(1,328)
Self-insurance reserves(39)64 
Deferred tax (benefit) expense72 168 
Stock compensation expense3 165 
Other (gains) losses166 (19)
Changes in assets and liabilities, net of effects of business acquisitions:
Accounts receivable1,526 2,898 
Other assets73 187 
Accounts payable(685)(1,921)
Accrued wages and withholdings137 (535)
Other liabilities(619)(132)
Other operating activities (77)
Net cash from operating activities5,309 5,594 
Cash Flows From Investing Activities:
Capital expenditures(1,968)(1,820)
Proceeds from disposal of businesses, property, plant and equipment28 50 
Purchases of marketable securities(52)(2,970)
Sales and maturities of marketable securities2,715 1,903 
Acquisitions, net of cash acquired(66)(34)
Other investing activities(4)12 
Net cash (used in) from investing activities653 (2,859)
Cash Flows From Financing Activities:
Net change in short-term debt(1,272) 
Proceeds from long-term borrowings2,785 2,503 
Repayments of long-term borrowings(1,508)(1,596)
Purchases of common stock (1,498)
Issuances of common stock131 119 
Dividends(2,701)(2,693)
Other financing activities(202)(417)
Net cash (used in) from financing activities(2,767)(3,582)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(72)57 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash,
        including cash classified within current assets held for sale
3,123 (790)
Less: net increase (decrease) in cash classified within current assets held for sale
10  
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
3,113 (790)
Cash, Cash Equivalents and Restricted Cash:
Beginning of period3,206 5,602 
End of period$6,319 $4,812 

See notes to unaudited, consolidated financial statements.
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Principles of Consolidation
The accompanying unaudited, consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. These unaudited, consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly our financial position as of June 30, 2024, our results of operations for the three and six months ended June 30, 2024 and 2023, and our cash flows for the six months ended June 30, 2024 and 2023. The results reported in these unaudited, consolidated financial statements should not be regarded as indicative of results that may be expected for any other period or the entire year. The unaudited, consolidated financial statements should be read in conjunction with the audited, consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Fair Value of Financial Instruments
The carrying amounts of our cash and cash equivalents, accounts receivable, finance receivables and accounts payable approximated fair value as of June 30, 2024 and December 31, 2023. The fair values of our marketable securities are disclosed in note 5, our recognized multiemployer pension withdrawal liabilities in note 7, our short- and long-term debt in note 9 and our derivative instruments in note 15. We apply a fair value hierarchy (Levels 1, 2 and 3) when measuring and reporting items at fair value. Fair values are based on listed market prices (Level 1), when such prices are available. To the extent that listed market prices are not available, fair value is determined based on other relevant factors, including dealer price quotations (Level 2). If listed market prices or other relevant factors are not available, inputs are developed from unobservable data reflecting our own assumptions and include situations where there is little or no market activity for the asset or liability (Level 3).
Use of Estimates
The preparation of the accompanying unaudited, consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of these financial statements, as well as the reported amounts of revenues and expenses during the reporting period.
Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. As a result, our accounting estimates and assumptions may change significantly over time.
Supplier Finance Programs
As part of our working capital management, certain financial institutions offer a Supply Chain Finance ("SCF") program to certain of our suppliers. We agree to commercial terms with our suppliers, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. Suppliers issue invoices to us based on the agreed-upon contractual terms. If they participate in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, to sell to the financial institutions. Our suppliers' voluntary inclusion of invoices in the SCF program has no bearing on our payment terms. No guarantees are provided by us under the SCF program. We have no economic interest in a supplier's decision to participate, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program.
Amounts due to our suppliers that participate in the SCF program are included in Accounts payable in our consolidated balance sheets. We have been informed by the participating financial institutions that as of June 30, 2024 and December 31, 2023, suppliers sold them $387 and $504 million, respectively, of our outstanding payment obligations.
Restricted cash
As of June 30, 2024, we did not have any restricted cash. As of December 31, 2023, we had $37 million of restricted cash that was primarily related to cash we agreed to deposit in connection with a challenge by Italian tax authorities to the deductibility of Value Added Tax payments by UPS to certain third-party service providers, a review of which was launched in the fourth quarter of 2023. During the second quarter of 2024 we made a voluntary payment, including interest, of approximately $94 million to address this matter and recorded a corresponding charge against income.
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS
Adoption of New Accounting Standards
Accounting pronouncements adopted during the periods covered by the unaudited, consolidated financial statements did not have a material impact on our consolidated financial position, results of operations, cash flows or internal controls.
Accounting Standards Issued But Not Yet Effective
In November 2023, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") on segment reporting, which will require new disclosures, including significant segment expenses and additional qualitative information about how segment measures are used by management. The standard becomes effective for us beginning with our 2024 annual reporting and for both annual and interim periods thereafter. We are evaluating the impact of this ASU on our disclosures. We will be required to define significant segment expense categories and we anticipate providing additional qualitative and quantitative information in accordance with this ASU. We do not expect this ASU will have a significant impact on our consolidated financial position, results of operations or cash flows.
In December 2023, the FASB issued an ASU to enhance tax-related disclosures. This update will require more standardized categories for tax rate reconciliation and additional detail for significant tax items. It will also require a breakdown of income taxes paid by jurisdiction exceeding 5% of total taxes and remove certain disclosure requirements for unremitted foreign earnings and uncertain tax positions. The standard becomes effective for us in the first quarter of 2025. We are evaluating its impact on our financial statements, disclosures and internal controls but do not expect this ASU will have a significant impact on our consolidated financial position, results of operations, cash flows or internal controls.
Other accounting pronouncements issued before, but not effective until after, June 30, 2024, are not expected to have a material impact on our consolidated financial position, results of operations, cash flows or internal controls.
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 3. REVENUE RECOGNITION
Revenue Recognition
Substantially all of our revenues are from contracts associated with the pickup, transportation and delivery of packages and freight ("transportation services"). These services may be carried out by or arranged by us and generally occur over a short period of time. Additionally, we provide value-added logistics services to customers through our global network of distribution centers and field stocking locations.
The vast majority of our contracts with customers are for transportation services that include only one performance obligation; the transportation services themselves. We generally recognize revenue over time, based on the extent of progress towards completion of the services in the contract. All of our major businesses act as a principal in their revenue arrangements and as such, we report revenue and the associated purchased transportation costs on a gross basis within our statements of consolidated income.
Disaggregation of Revenue
Three Months Ended
 June 30,
Six Months Ended
 June 30,
2024202320242023
Revenue:
Next Day Air$2,309 $2,407 $4,625 $4,868 
Deferred 1,107 1,169 2,263 2,363 
Ground10,703 10,820 21,465 22,152 
     U.S. Domestic Package14,119 14,396 28,353 29,383 
Domestic770 763 1,528 1,557 
Export3,437 3,468 6,787 7,020 
Cargo & Other163 184 311 381 
    International Package4,370 4,415 8,626 8,958 
Forwarding1,315 1,376 2,595 2,890 
Logistics1,546 1,431 3,088 2,841 
Other468 437 862 908 
    Supply Chain Solutions3,329 3,244 6,545 6,639 
Consolidated revenue$21,818 $22,055 $43,524 $44,980 
Contract Assets and Liabilities
Contract assets include billed and unbilled amounts resulting from in-transit shipments, as we have an unconditional right to payment only when services have been completed (i.e. shipments have been delivered). Amounts do not exceed their net realizable value. Contract assets are generally classified as current and the full balance is converted each quarter based on the short-term nature of the transactions.
Contract liabilities consist of advance payments and billings in excess of revenue as well as deferred revenue. Advance payments and billings in excess of revenue represent payments received from our customers that will be earned over the contract term. Deferred revenue represents the amount due from customers related to in-transit shipments that has not yet been recognized as revenue based on our selected measure of progress. We classify advance payments and billings in excess of revenue as either current or long-term, depending on the period over which the amount will be earned. We classify deferred revenue as current based on the short-term nature of the transactions. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. In order to determine revenue recognized in the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that deferred revenue balance.
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Contract assets and liabilities as of June 30, 2024 and December 31, 2023 were as follows (in millions):
Balance Sheet Location
June 30, 2024
December 31, 2023
Contract Assets:
Revenue related to in-transit packagesOther current assets$246 $237 
Contract Liabilities:
Short-term advance payments from customersOther current liabilities$16 $20 
Long-term advance payments from customersOther non-current liabilities$26 $25 
Accounts Receivable, Net
Accounts receivable, net, include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. Losses on accounts receivable are recognized when reasonable and supportable forecasts affect the expected collectability. This requires us to make our best estimate of the current expected losses inherent in our accounts receivable at each balance sheet date. This estimate requires consideration of historical loss experience, adjusted for current conditions, forward looking indicators, trends in customer payment frequency and judgments about the probable effects of relevant observable data, including present and future economic conditions and the financial health of specific customers and market sectors. Our risk management process includes standards and policies for reviewing major account exposures and concentrations of risk.
Our allowance for credit losses as of both June 30, 2024 and December 31, 2023 was $126 million. Amounts for credit losses charged to expense, before recoveries, during each of the three months ended June 30, 2024 and 2023 were $63 and $41 million, respectively, and during each of the six months ended June 30, 2024 and 2023 were $136 and $83 million, respectively.


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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 4. STOCK-BASED COMPENSATION
We issue share-based awards under various incentive compensation plans, including non-qualified and incentive stock options, stock appreciation rights, restricted stock and stock units ("RSUs"), restricted performance shares and performance units ("RPUs", collectively with RSUs, "Restricted Units"). Upon vesting, Restricted Units result in the issuance of the equivalent number of UPS class A common shares after required tax withholdings. Dividends earned on Restricted Units are reinvested in additional Restricted Units at each dividend payable date until conversion to class A shares occurs.
Our primary equity compensation programs are the UPS Long-Term Incentive Performance Award program (the "LTIP") and the UPS Stock Option program. We also grant Restricted Units to our Board of Directors (the "Board") as a component of their annual compensation and, from time to time, to individual employees as a retention mechanism. Employees may elect to receive unrestricted shares of class A common stock under the UPS Management Incentive Award Program (the "MIP"), and we also maintain an employee stock purchase plan which allows eligible employees to purchase shares of UPS class A common stock at a discount.
Pre-tax compensation expense for stock compensation awards recognized in Compensation and benefits in our statements of consolidated income for the three months ended June 30, 2024 and 2023 was $30 and $39 million, respectively, and for the six months ended June 30, 2024 and 2023 was $3 and $165 million, respectively.
Management Incentive Award Program
The MIP is an incentive-based compensation program, with awards based on annual Company performance. MIP awards are paid in cash, unless a participant elects to receive all or a portion of the award in unrestricted shares of class A common stock. As of June 30, 2024, the MIP was classified as a compensation obligation within Accrued wages and withholdings in our consolidated balance sheet.
Long-Term Incentive Performance Program
RPUs issued under the LTIP vest at the end of a three-year performance period, subject to continued employment with the Company (except in the case of death, disability or retirement, in which case immediate vesting occurs on a prorated basis). The actual number of RPUs earned is based on achievement of the performance targets established on the grant date.
The performance targets are equally weighted between adjusted earnings per share and cumulative free cash flow. The final number of RPUs earned will then be subject to adjustment based on total shareholder return relative to the Standard & Poor's 500 Index. We determine the grant date fair value of the RPUs using a Monte Carlo model and recognize compensation expense (less estimated forfeitures) ratably over the vesting period, based on the number of awards expected to be earned.
Based on the date of the Compensation and Human Capital Committee of the Board's approval of the 2024 LTIP award performance targets, we determined March 20, 2024 to be the award measurement date and each target RPU awarded was valued at $158.16.
The weighted-average assumptions used and the weighted-average fair values of the LTIP awards granted in 2024 and 2023 are as follows:
20242023
Risk-free interest rate4.45 %3.81 %
Expected volatility27.00 %30.30 %
Weighted-average fair value of units granted
$157.91 $199.95 
Share payout102.20 %107.80 %
There is no expected dividend yield as units earn dividend equivalents.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Non-Qualified Stock Options
We grant non-qualified stock options to a limited group of eligible senior management employees under the UPS Stock Option program. Stock option awards vest over a five-year period with approximately 20% of the award vesting at each anniversary of the grant date (except in the case of death, disability or retirement, in which case immediate vesting occurs). The option grants expire 10 years after the date of the grant. On March 20, 2024, we granted 0.2 million stock options at an exercise price of $154.76, the New York Stock Exchange closing price on that date.
The fair value of each option granted is estimated using a Black-Scholes option pricing model. The weighted-average assumptions used and the weighted-average fair values of options granted in 2024 and 2023 are as follows:
20242023
Expected dividend yield3.96 %3.54 %
Risk-free interest rate4.25 %3.70 %
Expected life (in years)6.135.93
Expected volatility28.94 %28.31 %
Weighted-average fair value of options granted
$34.76 $41.08 
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 5. MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS
The following is a summary of marketable securities classified as trading and available for sale as of June 30, 2024 and December 31, 2023 (in millions):
CostUnrealized
Gains
Unrealized
Losses
Estimated
Fair Value
June 30, 2024:
Current trading marketable securities:
Equity securities$3 $— $— $3 
Total trading marketable securities3 — — 3 
Current available-for-sale securities:
U.S. government and agency debt securities182  (3)179 
Mortgage and asset-backed debt securities    
Corporate debt securities31   31 
Non-U.S. government debt securities    
Total available-for-sale marketable securities213  (3)210 
Total current marketable securities$216 $ $(3)$213 
 CostUnrealized
Gains
Unrealized
Losses
Estimated
Fair Value
December 31, 2023:
Current trading marketable securities:
Equity securities$4 $— $— $4 
Total trading marketable securities4 — — 4 
Current available-for-sale securities:
U.S. government and agency debt securities963 2 (4)961 
Mortgage and asset-backed debt securities3   3 
Corporate debt securities1,891 4 (4)1,891 
Non-U.S. government debt securities7   7 
Total available-for-sale marketable securities2,864 6 (8)2,862 
Total current marketable securities$2,868 $6 $(8)$2,866 
Investment Impairments
We have concluded that no material impairment losses existed within marketable securities as of June 30, 2024. In making this determination, we considered the financial condition and prospects of each issuer, the magnitude of the losses compared with the cost, the probability that we will be unable to collect all amounts due according to the contractual terms of the security, the credit rating of the security and our ability and intent to hold these investments until the anticipated recovery in market value occurs.
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Maturity Information
The amortized cost and estimated fair value of marketable securities as of June 30, 2024 by contractual maturity are shown below (in millions). Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations with or without prepayment penalties.
CostEstimated
Fair Value
Due in one year or less$108 $106 
Due after one year through three years105 104 
Due after three years through five years  
Due after five years  
213 210 
Equity securities3 3 
$216 $213 
Non-Current Investments
We hold non-current investments that are reported within Other Non-Current Assets in our consolidated balance sheets. Cash paid for these investments is included in Other investing activities in our statements of consolidated cash flows.
Equity method investments: Equity securities accounted for under the equity method had a carrying value of $284 and $295 million as of June 30, 2024 and December 31, 2023, respectively.
Other equity securities: Certain equity securities that do not have readily determinable fair values are reported in accordance with the measurement alternative in ASC Topic 321 Investments - Equity Securities. Equity securities accounted for under the measurement alternative had a carrying value of $47 million as of both June 30, 2024 and December 31, 2023.
Other investments: We hold an investment in a variable life insurance policy to fund benefits for the UPS Excess Coordinating Benefit Plan. The investment had a fair market value of $19 million as of both June 30, 2024 and December 31, 2023.














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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Fair Value Measurements
Marketable securities valued utilizing Level 1 inputs include active exchange-traded equity securities and equity index funds, and most U.S. government debt securities, as these securities all have quoted prices in active markets. Marketable securities valued utilizing Level 2 inputs include asset-backed securities, corporate bonds and municipal bonds. These securities are valued using market corroborated pricing, matrix pricing or other models that utilize observable inputs such as yield curves.
The following table presents information about our investments measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in millions):
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total 
June 30, 2024:
Marketable Securities:
U.S. government and agency debt securities$179 $ $ $179 
Mortgage and asset-backed debt securities    
Corporate debt securities 31  31 
Equity securities 3  3 
Non-U.S. government debt securities    
Total marketable securities179 34  213 
Other non-current investments(1)
 19  19 
Total$179 $53 $ $232 
(1)    Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
December 31, 2023:
Marketable Securities:
U.S. government and agency debt securities$961 $ $ $961 
Mortgage and asset-backed debt securities 3  3 
Corporate debt securities 1,891  1,891 
Equity securities 4  4 
Non-U.S. government debt securities 7  7 
Total marketable securities961 1,905  2,866 
Other non-current investments(1)
 19  19 
Total$961 $1,924 $ $2,885 
(1)    Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.
There were no transfers of investments into or out of Level 3 during the six months ended June 30, 2024 or 2023.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 6. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment as of June 30, 2024 and December 31, 2023 consisted of the following (in millions):
20242023
Vehicles$11,934 $11,768 
Aircraft23,370 22,888 
Land2,122 2,138 
Buildings6,541 6,255 
Building and leasehold improvements5,572 5,241 
Plant equipment18,078 17,322 
Technology equipment2,658 2,656 
Construction-in-progress2,321 3,247 
72,596 71,515 
Less: Accumulated depreciation and amortization(35,467)(34,570)
Property, Plant and Equipment, Net$37,129 $36,945 
Property, plant and equipment purchased on account was $222 and $309 million as of June 30, 2024 and December 31, 2023, respectively.
There were no material impairment charges for the three or six months ended June 30, 2024 or 2023.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 7. EMPLOYEE BENEFIT PLANS
Company-Sponsored Benefit Plans
Information about the net periodic benefit cost for our company-sponsored pension and postretirement benefit plans for the three and six months ended June 30, 2024 and 2023 is as follows (in millions):
 U.S. Pension BenefitsU.S. Postretirement
Medical Benefits
International
Pension Benefits
202420232024202320242023
Three Months Ended June 30:
Service cost$310 $293 $5 $5 $11 $11 
Interest cost644 627 27 29 17 16 
Expected return on assets(772)(741)(1)(3)(21)(21)
Amortization of prior service cost39 26  1   
Net periodic benefit cost
$221 $205 $31 $32 $7 $6 
U.S. Pension BenefitsU.S. Postretirement
Medical Benefits
International
Pension Benefits
202420232024202320242023
Six Months Ended June 30:
Service cost$620 $586 $10 $10 $22 $22 
Interest cost1,288 1,254 54 58 34 33 
Expected return on assets(1,543)(1,483)(2)(6)(42)(42)
Amortization of prior service cost77 53  1   
Net periodic benefit cost (income)$442 $410 $62 $63 $14 $13 
Service cost and the remaining components of net periodic benefit cost are presented within Compensation and benefits and Investment income and other, respectively, in our statements of consolidated income.
During the six months ended June 30, 2024, we contributed $33 and $117 million to our company-sponsored pension and U.S. postretirement medical benefit plans, respectively. We expect to contribute approximately $1.2 billion and $50 million over the remainder of the year to our company-sponsored pension and U.S. postretirement medical benefit plans, respectively.
Multiemployer Benefit Plans
We contribute to a number of multiemployer defined benefit and health and welfare plans under the terms of collective bargaining agreements that cover our union-represented employees. Our current collective bargaining agreements set forth the contribution rates to the plans that we participate in, and we are in compliance with these contribution rates.
As of June 30, 2024 and December 31, 2023, we had $809 and $813 million, respectively, recorded in Other Non-Current Liabilities in our consolidated balance sheets and $9 million as of both June 30, 2024 and December 31, 2023 recorded in Other current liabilities in our consolidated balance sheets associated with our previous withdrawal from the New England Teamsters and Trucking Industry Pension Fund. This liability is payable in equal monthly installments over a remaining term of approximately 38 years. Based on the borrowing rates currently available to us for long-term financing of a similar maturity, the fair value of this withdrawal liability as of June 30, 2024 and December 31, 2023 was $665 and $710 million, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability.
UPS was a contributing employer to the Central States Pension Fund ("CSPF") until 2007, at which time UPS withdrew from the CSPF. Under a collective bargaining agreement with the International Brotherhood of Teamsters ("IBT"), UPS agreed to provide coordinating benefits in the UPS/IBT Full Time Employee Pension Plan ("UPS/IBT Plan") for UPS participants whose last employer was UPS and who had not retired as of January 1, 2008 ("the UPS Transfer Group") in the event that benefits are reduced by the CSPF consistent with the terms of our withdrawal agreement with the CSPF. Under this agreement, benefits to the UPS Transfer Group cannot be reduced without our consent and can only be reduced in accordance with law.
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Subsequent to our withdrawal, the CSPF incurred extensive asset losses and indicated that it was projected to become insolvent. In such event, the CSPF benefits would be reduced to the legally permitted Pension Benefit Guaranty Corporation ("PBGC") limits, triggering the coordinating benefits provision in the collective bargaining agreement.
In 2021, the American Rescue Plan Act ("ARPA") was enacted into law. The ARPA contains provisions that allow for qualifying multiemployer pension plans to apply for special financial assistance ("SFA") from the PBGC, which will be funded by the U.S. government. Following SFA approval, a qualifying multiemployer pension plan will receive a lump sum payment to enable it to continue paying unreduced pension benefits through 2051. The multiemployer plan is not obligated to repay the SFA. The ARPA is intended to prevent both the PBGC and certain financially distressed multiemployer pension plans, including the CSPF, from becoming insolvent through 2051. The CSPF submitted an application for SFA that was approved in December 2022. In January 2023, $35.8 billion was paid to the CSPF by the PBGC.
We account for the potential obligation to pay coordinating benefits under ASC Topic 715, which requires us to provide a best estimate of various actuarial assumptions in measuring our pension benefit obligation at the December 31 measurement date. As of December 31, 2023, our best estimate of coordinating benefits that may be required to be paid by the UPS/IBT Plan after SFA funds have been exhausted was immaterial.
The value of our estimate for future coordinating benefits will continue to be influenced by a number of factors, including interpretations of the ARPA, future legislative actions, actuarial assumptions and the ability of the CSPF to sustain its long-term commitments. Actual events may result in a change in our best estimate of the projected benefit obligation. We will continue to assess the impact of these uncertainties in accordance with ASC Topic 715.
Collective Bargaining Agreements
We have approximately 310,000 employees in the U.S. employed under a national master agreement and various supplemental agreements with local unions affiliated with the Teamsters. These agreements are scheduled to expire on July 31, 2028.
We have approximately 10,000 employees in Canada employed under a collective bargaining agreement with the Teamsters which runs through July 31, 2025.
We have approximately 3,300 pilots who are employed under a collective bargaining agreement with the Independent Pilots Association. This collective bargaining agreement becomes amendable September 1, 2025.
We have approximately 1,900 airline mechanics who are covered by a collective bargaining agreement with Teamsters Local 2727 which becomes amendable November 1, 2026. In addition, approximately 3,000 of our auto and maintenance mechanics who are not represented by the Teamsters are employed under a collective bargaining agreement with the International Association of Machinists and Aerospace Workers ("IAM"). On July 21, 2024, the IAM ratified a new collective bargaining agreement that will expire on July 31, 2029.
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NOTE 8. GOODWILL AND INTANGIBLE ASSETS
The following table indicates the allocation of goodwill as of June 30, 2024 and December 31, 2023 (in millions):
U.S. Domestic
Package
International
Package
Supply Chain SolutionsConsolidated
December 31, 2023:$847 $503 $3,522 $4,872 
Acquired  21 21 
Currency / Other (11)(532)(543)
June 30, 2024:$847 $492 $3,011 $4,350 
During the six months ended June 30, 2024:
Within Supply Chain Solutions, we reclassified $494 million of goodwill as held for sale in connection with the pending divestiture of our truckload brokerage business, Coyote, as discussed in note 18. Prior to reclassification, we performed an impairment test for our Coyote reporting unit. This analysis did not indicate impairment.
We recorded an increase in goodwill of $15 million as part of purchase accounting allocations for our November 2023 acquisitions of MNX Global Logistics and Happy Returns. Certain areas of purchase accounting, including our estimates of tax positions, remain preliminary as of June 30, 2024. In addition, we recorded $6 million of goodwill related to the acquisition of certain locations of The UPS Store.
The remaining movements are due to the impact of changes in the value of the U.S. Dollar on the translation of non-U.S. Dollar goodwill balances.
We complete our annual goodwill impairment evaluation as of July 1 on a reporting unit basis. As of June 30, 2024, none of our reporting units had indications that an impairment was more likely than not. Approximately $1.1 billion of our consolidated goodwill balance of $4.4 billion is represented by our Global Freight Forwarding and Roadie reporting units which, based on our quarterly monitoring, are exhibiting a limited excess of fair value above carrying value and reflect a greater risk of an impairment occurring in future periods. We do not expect any impairment would have a significant impact on our consolidated financial position, results of operations or cash flows.
For each of our reporting units, we continue to monitor the impact of macroeconomic conditions and business performance on our estimates of fair value. Actual reporting unit performance, revisions to our forecasts of future performance, market factors, changes in estimates or assumptions in connection with our annual testing, or a combination thereof could result in an impairment charge in one or more of our reporting units during a future period. We continue to monitor business performance and external factors affecting our reporting units.

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The following is a summary of intangible assets as of June 30, 2024 and December 31, 2023 (in millions):
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Value
June 30, 2024:
Capitalized software$5,954 $(4,061)$1,893 
Licenses45 (19)26 
Franchise rights348 (51)297 
Customer relationships684 (186)498 
Trade name112 (23)89 
Trademarks, patents and other376 (77)299 
Amortizable intangible assets$7,519 $(4,417)$3,102 
Indefinite-lived intangible assets4 — 4 
Total Intangible Assets, Net$7,523 $(4,417)$3,106 
December 31, 2023:
Capitalized software$5,839 $(3,900)$1,939 
Licenses30 (7)23 
Franchise rights291 (49)242 
Customer relationships1,115 (516)599 
Trade name172 (30)142 
Trademarks, patents and other320 (53)267 
Amortizable intangible assets$7,767 $(4,555)$3,212 
Indefinite-lived intangible assets93 — 93 
Total Intangible Assets, Net$7,860 $(4,555)$3,305 
The table above excludes intangible assets associated with our Coyote business that were classified as held for sale as of June 30, 2024. These assets include an indefinite-lived trade name with a carrying value of $89 million and finite-lived intangibles with a carrying value of $104 million. Prior to reclassification, we tested the indefinite-lived trade name for impairment. This analysis did not indicate impairment.
For the three months ended June 30, 2024, there were no impairment charges for finite-lived intangible assets. For the six months ended June 30, 2024, we recorded impairment charges of $48 million ($35 million after tax, or $0.04 per diluted share) within Other Expenses in our statement of consolidated income. These charges represented capitalized software license impairments of $7 million and a $41 million charge to write down the value of certain trade names acquired as part of our acquisition of Bomi Group. There were no impairment charges for finite-lived intangible assets for the three or six months ended June 30, 2023.
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NOTE 9. DEBT AND FINANCING ARRANGEMENTS
The carrying value of our outstanding debt obligations as of June 30, 2024 and December 31, 2023 consisted of the following (in millions):
Principal
Amount
Carrying Value
Maturity20242023
Commercial paper$ $ $2,172 
Fixed-rate senior notes:
2.800% senior notes
500 2024500 499 
2.200% senior notes
400 2024400 400 
3.900% senior notes
1,000 2025999 999 
2.400% senior notes
500 2026499 499 
3.050% senior notes
1,000 2027996 996 
3.400% senior notes
750 2029747 747 
2.500% senior notes
400 2029398 398 
4.450% senior notes
750 2030746 745 
4.875% senior notes
900 2033895 894 
5.150% senior notes
900 2034893  
6.200% senior notes
1,500 20381,486 1,485 
5.200% senior notes
500 2040494 494 
4.875% senior notes
500 2040491 491 
3.625% senior notes
375 2042369 369 
3.400% senior notes
500 2046492 492 
3.750% senior notes
1,150 20471,138 1,138 
4.250% senior notes
750 2049743 743 
3.400% senior notes
700 2049689 689 
5.300% senior notes
1,250 20501,232 1,232 
5.050% senior notes
1,100 20531,083 1,083 
5.500% senior notes
1,100 20541,087