Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - Second Quarter
(unaudited)
| Three Months Ended | ||||||||||||||||
| June 30 | ||||||||||||||||
| (amounts in millions, except per share data) | 2022 | 2021 | Change | % Change | ||||||||||||
| Statement of Income Data: |
||||||||||||||||
| Revenue: |
||||||||||||||||
| U.S. Domestic Package |
$ | 15,459 | $ | 14,402 | $ | 1,057 | 7.3 | % | ||||||||
| International Package |
5,073 | 4,817 | 256 | 5.3 | % | |||||||||||
| Supply Chain Solutions(1) |
4,234 | 4,205 | 29 | 0.7 | % | |||||||||||
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| Total revenue |
24,766 | 23,424 | 1,342 | 5.7 | % | |||||||||||
| Operating expenses: |
||||||||||||||||
| U.S. Domestic Package |
13,630 | 12,835 | 795 | 6.2 | % | |||||||||||
| International Package |
3,880 | 3,633 | 247 | 6.8 | % | |||||||||||
| Supply Chain Solutions(1) |
3,721 | 3,698 | 23 | 0.6 | % | |||||||||||
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| Total operating expenses |
21,231 | 20,166 | 1,065 | 5.3 | % | |||||||||||
| Operating profit: |
||||||||||||||||
| U.S. Domestic Package |
1,829 | 1,567 | 262 | 16.7 | % | |||||||||||
| International Package |
1,193 | 1,184 | 9 | 0.8 | % | |||||||||||
| Supply Chain Solutions(1) |
513 | 507 | 6 | 1.2 | % | |||||||||||
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| Total operating profit |
3,535 | 3,258 | 277 | 8.5 | % | |||||||||||
| Other income (expense): |
||||||||||||||||
| Other pension income (expense) |
298 | 302 | (4 | ) | (1.3 | )% | ||||||||||
| Investment income (expense) and other |
35 | 43 | (8 | ) | (18.6 | )% | ||||||||||
| Interest expense |
(171 | ) | (167 | ) | (4 | ) | 2.4 | % | ||||||||
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| Total other income (expense) |
162 | 178 | (16 | ) | (9.0 | )% | ||||||||||
| Income before income taxes |
3,697 | 3,436 | 261 | 7.6 | % | |||||||||||
| Income tax expense |
848 | 760 | 88 | 11.6 | % | |||||||||||
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| Net income |
$ | 2,849 | $ | 2,676 | $ | 173 | 6.5 | % | ||||||||
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| Net income as a percentage of revenue |
11.5 | % | 11.4 | % | ||||||||||||
| Per share amounts: |
||||||||||||||||
| Basic earnings per share |
$ | 3.26 | $ | 3.06 | $ | 0.20 | 6.5 | % | ||||||||
| Diluted earnings per share |
$ | 3.25 | $ | 3.05 | $ | 0.20 | 6.6 | % | ||||||||
| Weighted-average shares outstanding: |
||||||||||||||||
| Basic |
874 | 875 | (1 | ) | (0.1 | )% | ||||||||||
| Diluted |
876 | 878 | (2 | ) | (0.2 | )% | ||||||||||
| As Adjusted Income Data (2): |
||||||||||||||||
| Operating profit: |
||||||||||||||||
| U.S. Domestic Package |
$ | 1,855 | $ | 1,675 | $ | 180 | 10.7 | % | ||||||||
| International Package |
1,204 | 1,190 | 14 | 1.2 | % | |||||||||||
| Supply Chain Solutions(1) |
517 | 408 | 109 | 26.7 | % | |||||||||||
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| Total operating profit |
3,576 | 3,273 | 303 | 9.3 | % | |||||||||||
| Total other income (expense) |
$ | 162 | $ | 178 | $ | (16 | ) | (9.0 | )% | |||||||
| Income before income taxes |
$ | 3,738 | $ | 3,451 | $ | 287 | 8.3 | % | ||||||||
| Net income |
$ | 2,880 | $ | 2,687 | $ | 193 | 7.2 | % | ||||||||
| Basic earnings per share |
$ | 3.30 | $ | 3.07 | $ | 0.23 | 7.5 | % | ||||||||
| Diluted earnings per share |
$ | 3.29 | $ | 3.06 | $ | 0.23 | 7.5 | % | ||||||||
| (1) | The divestiture of UPS Freight was completed on April 30, 2021. |
| (2) | See Non-GAAP schedules for reconciliation of adjustments. |
.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Selected Operating Data - Second Quarter
(unaudited)
| Three Months Ended | ||||||||||||||||
| June 30 | ||||||||||||||||
| 2022 | 2021 | Change | % Change | |||||||||||||
| Revenue (in millions): |
||||||||||||||||
| U.S. Domestic Package: |
||||||||||||||||
| Next Day Air |
$ | 2,656 | $ | 2,456 | $ | 200 | 8.1 | % | ||||||||
| Deferred |
1,392 | 1,313 | 79 | 6.0 | % | |||||||||||
| Ground |
11,411 | 10,633 | 778 | 7.3 | % | |||||||||||
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| Total U.S. Domestic Package |
15,459 | 14,402 | 1,057 | 7.3 | % | |||||||||||
| International Package: |
||||||||||||||||
| Domestic |
829 | 936 | (107 | ) | (11.4 | )% | ||||||||||
| Export |
3,976 | 3,674 | 302 | 8.2 | % | |||||||||||
| Cargo and Other |
268 | 207 | 61 | 29.5 | % | |||||||||||
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| Total International Package |
5,073 | 4,817 | 256 | 5.3 | % | |||||||||||
| Supply Chain Solutions(1): |
||||||||||||||||
| Forwarding |
2,389 | 2,309 | 80 | 3.5 | % | |||||||||||
| Logistics |
1,290 | 1,162 | 128 | 11.0 | % | |||||||||||
| Freight |
— | 297 | (297 | ) | (100.0 | )% | ||||||||||
| Other |
555 | 437 | 118 | 27.0 | % | |||||||||||
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| Total Supply Chain Solutions |
4,234 | 4,205 | 29 | 0.7 | % | |||||||||||
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| Consolidated |
$ | 24,766 | $ | 23,424 | $ | 1,342 | 5.7 | % | ||||||||
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| Consolidated volume (in millions) |
1,476 | 1,551 | (75 | ) | (4.8 | )% | ||||||||||
| Operating weekdays |
64 | 64 | — | 0.0 | % | |||||||||||
| Average Daily Package Volume (in thousands): |
||||||||||||||||
| U.S. Domestic Package: |
||||||||||||||||
| Next Day Air |
1,910 | 2,071 | (161 | ) | (7.8 | )% | ||||||||||
| Deferred |
1,401 | 1,581 | (180 | ) | (11.4 | )% | ||||||||||
| Ground |
16,374 | 16,856 | (482 | ) | (2.9 | )% | ||||||||||
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| Total U.S. Domestic Package |
19,685 | 20,508 | (823 | ) | (4.0 | )% | ||||||||||
| International Package: |
||||||||||||||||
| Domestic |
1,703 | 1,967 | (264 | ) | (13.4 | )% | ||||||||||
| Export |
1,683 | 1,761 | (78 | ) | (4.4 | )% | ||||||||||
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| Total International Package |
3,386 | 3,728 | (342 | ) | (9.2 | )% | ||||||||||
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| Consolidated |
23,071 | 24,236 | (1,165 | ) | (4.8 | )% | ||||||||||
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| Average Revenue Per Piece: |
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| U.S. Domestic Package: |
||||||||||||||||
| Next Day Air |
$ | 21.73 | $ | 18.53 | $ | 3.20 | 17.3 | % | ||||||||
| Deferred |
15.52 | 12.98 | 2.54 | 19.6 | % | |||||||||||
| Ground |
10.89 | 9.86 | 1.03 | 10.4 | % | |||||||||||
| Total U.S. Domestic Package |
12.27 | 10.97 | 1.30 | 11.9 | % | |||||||||||
| International Package: |
||||||||||||||||
| Domestic |
7.61 | 7.44 | 0.17 | 2.3 | % | |||||||||||
| Export |
36.91 | 32.60 | 4.31 | 13.2 | % | |||||||||||
| Total International Package |
22.17 | 19.32 | 2.85 | 14.8 | % | |||||||||||
| Consolidated |
$ | 13.72 | $ | 12.26 | $ | 1.46 | 11.9 | % | ||||||||
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| (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 - Second Quarter
(unaudited)
| Three Months Ended | ||||||||||||||||
| June 30 | ||||||||||||||||
| (in millions) | 2022 | 2021 | Change | % Change | ||||||||||||
| Compensation and benefits |
$ | 11,358 | $ | 11,327 | $ | 31 | 0.3 | % | ||||||||
| Repairs and maintenance |
643 | 599 | 44 | 7.3 | % | |||||||||||
| Depreciation and amortization |
762 | 739 | 23 | 3.1 | % | |||||||||||
| Purchased transportation |
4,385 | 4,446 | (61 | ) | (1.4 | )% | ||||||||||
| Fuel |
1,697 | 915 | 782 | 85.5 | % | |||||||||||
| Other occupancy |
420 | 402 | 18 | 4.5 | % | |||||||||||
| Other expenses |
1,966 | 1,738 | 228 | 13.1 | % | |||||||||||
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| Total operating expenses |
$ | 21,231 | $ | 20,166 | $ | 1,065 | 5.3 | % | ||||||||
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Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Selected Financial Data - Year to Date
(unaudited)
| Six Months Ended | ||||||||||||||||
| June 30 | ||||||||||||||||
| (amounts in millions, except per share data) | 2022 | 2021 | Change | % Change | ||||||||||||
| Statement of Income Data: |
||||||||||||||||
| Revenue: |
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| U.S. Domestic Package |
$ | 30,583 | $ | 28,412 | $ | 2,171 | 7.6 | % | ||||||||
| International Package |
9,949 | 9,424 | 525 | 5.6 | % | |||||||||||
| Supply Chain Solutions(1) |
8,612 | 8,496 | 116 | 1.4 | % | |||||||||||
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| Total revenue |
49,144 | 46,332 | 2,812 | 6.1 | % | |||||||||||
| Operating expenses: |
||||||||||||||||
| U.S. Domestic Package |
27,092 | 25,486 | 1,606 | 6.3 | % | |||||||||||
| International Package |
7,640 | 7,155 | 485 | 6.8 | % | |||||||||||
| Supply Chain Solutions(1) |
7,626 | 7,668 | (42 | ) | (0.5 | )% | ||||||||||
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| Total operating expenses |
42,358 | 40,309 | 2,049 | 5.1 | % | |||||||||||
| Operating profit: |
||||||||||||||||
| U.S. Domestic Package |
3,491 | 2,926 | 565 | 19.3 | % | |||||||||||
| International Package |
2,309 | 2,269 | 40 | 1.8 | % | |||||||||||
| Supply Chain Solutions(1) |
986 | 828 | 158 | 19.1 | % | |||||||||||
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| Total operating profit |
6,786 | 6,023 | 763 | 12.7 | % | |||||||||||
| Other income (expense): |
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| Other pension income (expense) |
629 | 3,905 | (3,276 | ) | (83.9 | )% | ||||||||||
| Investment income (expense) and other |
19 | 56 | (37 | ) | (66.1 | )% | ||||||||||
| Interest expense |
(345 | ) | (344 | ) | (1 | ) | 0.3 | % | ||||||||
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| Total other income (expense) |
303 | 3,617 | (3,314 | ) | (91.6 | )% | ||||||||||
| Income before income taxes |
7,089 | 9,640 | (2,551 | ) | (26.5 | )% | ||||||||||
| Income tax expense |
1,578 | 2,172 | (594 | ) | (27.3 | )% | ||||||||||
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| Net income |
$ | 5,511 | $ | 7,468 | $ | (1,957 | ) | (26.2 | )% | |||||||
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| Net income as a percentage of revenue |
11.2 | % | 16.1 | % | ||||||||||||
| Per share amounts: |
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| Basic earnings per share |
$ | 6.31 | $ | 8.54 | $ | (2.23 | ) | (26.1 | )% | |||||||
| Diluted earnings per share |
$ | 6.28 | $ | 8.51 | $ | (2.23 | ) | (26.2 | )% | |||||||
| Weighted-average shares outstanding: |
||||||||||||||||
| Basic |
874 | 874 | — | 0.0 | % | |||||||||||
| Diluted |
878 | 878 | — | 0.0 | % | |||||||||||
| As Adjusted Income Data (2): |
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| Operating profit: |
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| U.S. Domestic Package |
$ | 3,560 | $ | 3,138 | $ | 422 | 13.4 | % | ||||||||
| International Package |
2,324 | 2,281 | 43 | 1.9 | % | |||||||||||
| Supply Chain Solutions(1) |
998 | 803 | 195 | 24.3 | % | |||||||||||
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| Total operating profit |
6,882 | 6,222 | 660 | 10.6 | % | |||||||||||
| Total other income (expense) |
$ | 270 | $ | 327 | $ | (57 | ) | (17.4 | )% | |||||||
| Income before income taxes |
$ | 7,152 | $ | 6,549 | $ | 603 | 9.2 | % | ||||||||
| Net income |
$ | 5,561 | $ | 5,117 | $ | 444 | 8.7 | % | ||||||||
| Basic earnings per share |
$ | 6.36 | $ | 5.85 | $ | 0.51 | 8.7 | % | ||||||||
| Diluted earnings per share |
$ | 6.33 | $ | 5.83 | $ | 0.50 | 8.6 | % | ||||||||
| (1) | The divestiture of UPS Freight was completed on April 30, 2021. |
| (2) | See Non-GAAP schedules for reconciliation of adjustments. |
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Selected Operating Data - Year to Date
(unaudited)
| Six Months Ended | ||||||||||||||||
| June 30 | ||||||||||||||||
| 2022 | 2021 | Change | % Change | |||||||||||||
| Revenue (in millions): |
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| U.S. Domestic Package: |
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| Next Day Air |
$ | 5,250 | $ | 4,787 | $ | 463 | 9.7 | % | ||||||||
| Deferred |
2,812 | 2,573 | 239 | 9.3 | % | |||||||||||
| Ground |
22,521 | 21,052 | 1,469 | 7.0 | % | |||||||||||
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| Total U.S. Domestic Package |
30,583 | 28,412 | 2,171 | 7.6 | % | |||||||||||
| International Package: |
||||||||||||||||
| Domestic |
1,680 | 1,864 | (184 | ) | (9.9 | )% | ||||||||||
| Export |
7,754 | 7,167 | 587 | 8.2 | % | |||||||||||
| Cargo and Other |
515 | 393 | 122 | 31.0 | % | |||||||||||
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| Total International Package |
9,949 | 9,424 | 525 | 5.6 | % | |||||||||||
| Supply Chain Solutions(1): |
||||||||||||||||
| Forwarding |
4,978 | 4,381 | 597 | 13.6 | % | |||||||||||
| Logistics |
2,541 | 2,266 | 275 | 12.1 | % | |||||||||||
| Freight |
— | 1,064 | (1,064 | ) | (100.0 | )% | ||||||||||
| Other |
1,093 | 785 | 308 | 39.2 | % | |||||||||||
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| Total Supply Chain Solutions |
8,612 | 8,496 | 116 | 1.4 | % | |||||||||||
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| Consolidated |
$ | 49,144 | $ | 46,332 | $ | 2,812 | 6.1 | % | ||||||||
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| Consolidated volume (in millions) |
2,966 | 3,072 | (106 | ) | (3.5 | )% | ||||||||||
| Operating weekdays |
128 | 127 | 1 | 0.8 | % | |||||||||||
| Average Daily Package Volume (in thousands): |
||||||||||||||||
| U.S. Domestic Package: |
||||||||||||||||
| Next Day Air |
1,928 | 2,041 | (113 | ) | (5.5 | )% | ||||||||||
| Deferred |
1,455 | 1,548 | (93 | ) | (6.0 | )% | ||||||||||
| Ground |
16,330 | 16,842 | (512 | ) | (3.0 | )% | ||||||||||
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| Total U.S. Domestic Package |
19,713 | 20,431 | (718 | ) | (3.5 | )% | ||||||||||
| International Package: |
||||||||||||||||
| Domestic |
1,754 | 1,988 | (234 | ) | (11.8 | )% | ||||||||||
| Export |
1,708 | 1,772 | (64 | ) | (3.6 | )% | ||||||||||
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| Total International Package |
3,462 | 3,760 | (298 | ) | (7.9 | )% | ||||||||||
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| Consolidated |
23,175 | 24,191 | (1,016 | ) | (4.2 | )% | ||||||||||
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| Average Revenue Per Piece: |
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| U.S. Domestic Package: |
||||||||||||||||
| Next Day Air |
$ | 21.27 | $ | 18.47 | $ | 2.80 | 15.2 | % | ||||||||
| Deferred |
15.10 | 13.09 | 2.01 | 15.4 | % | |||||||||||
| Ground |
10.77 | 9.84 | 0.93 | 9.5 | % | |||||||||||
| Total U.S. Domestic Package |
12.12 | 10.95 | 1.17 | 10.7 | % | |||||||||||
| International Package: |
||||||||||||||||
| Domestic |
7.48 | 7.38 | 0.10 | 1.4 | % | |||||||||||
| Export |
35.47 | 31.85 | 3.62 | 11.4 | % | |||||||||||
| Total International Package |
21.29 | 18.91 | 2.38 | 12.6 | % | |||||||||||
| Consolidated |
$ | 13.49 | $ | 12.19 | $ | 1.30 | 10.7 | % | ||||||||
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| (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)
| Six Months Ended | ||||||||||||||||
| June 30 | ||||||||||||||||
| (in millions) | 2022 | 2021 | Change | % Change |
||||||||||||
| Compensation and benefits |
$ | 22,974 | $ | 22,810 | $ | 164 | 0.7 | % | ||||||||
| Repairs and maintenance |
1,269 | 1,218 | 51 | 4.2 | % | |||||||||||
| Depreciation and amortization |
1,526 | 1,461 | 65 | 4.4 | % | |||||||||||
| Purchased transportation |
8,985 | 8,689 | 296 | 3.4 | % | |||||||||||
| Fuel |
2,917 | 1,722 | 1,195 | 69.4 | % | |||||||||||
| Other occupancy |
911 | 868 | 43 | 5.0 | % | |||||||||||
| Other expenses |
3,776 | 3,541 | 235 | 6.6 | % | |||||||||||
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| Total operating expenses |
$ | 42,358 | $ | 40,309 | $ | 2,049 | 5.1 | % | ||||||||
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Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Consolidated Balance Sheets
June 30, 2022 (unaudited) and December 31, 2021
| (amounts in millions) | June 30, 2022 | December 31, 2021 | ||||||
| ASSETS |
||||||||
| Current Assets: |
||||||||
| Cash and cash equivalents |
$ | 11,735 | $ | 10,255 | ||||
| Marketable securities |
336 | 338 | ||||||
| Accounts receivables |
11,541 | 12,669 | ||||||
| Less: Allowance for credit losses |
(145 | ) | (128 | ) | ||||
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| Accounts receivable, net |
11,396 | 12,541 | ||||||
| Other current assets |
2,104 | 1,800 | ||||||
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|||||
| Total Current Assets |
25,571 | 24,934 | ||||||
| Property, Plant and Equipment, Net |
33,487 | 33,475 | ||||||
| Operating Lease Right-Of-Use Assets |
3,436 | 3,562 | ||||||
| Goodwill |
3,675 | 3,692 | ||||||
| Intangible Assets, Net |
2,476 | 2,486 | ||||||
| Investments and Restricted Cash |
21 | 26 | ||||||
| Deferred Income Tax Assets |
158 | 176 | ||||||
| Other Non-Current Assets |
1,265 | 1,054 | ||||||
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| Total Assets |
$ | 70,089 | $ | 69,405 | ||||
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| LIABILITIES AND SHAREOWNERS’ EQUITY |
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| Current Liabilities: |
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| Current maturities of long-term debt, commercial paper and finance leases |
$ | 2,579 | $ | 2,131 | ||||
| Current maturities of operating leases |
562 | 580 | ||||||
| Accounts payable |
7,168 | 7,523 | ||||||
| Accrued wage and withholdings |
3,376 | 3,819 | ||||||
| Self-insurance reserves |
1,079 | 1,048 | ||||||
| Accrued group welfare and retirement plan contributions |
945 | 1,038 | ||||||
| Other current liabilities |
1,628 | 1,430 | ||||||
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|
|
|
|
|||||
| Total Current Liabilities |
17,337 | 17,569 | ||||||
| Long-Term Debt and Finance Leases |
17,997 | 19,784 | ||||||
| Non-Current Operating Leases |
2,962 | 3,033 | ||||||
| Pension and Postretirement Benefit Obligations |
8,343 | 8,047 | ||||||
| Deferred Income Tax Liabilities |
3,577 | 3,125 | ||||||
| Other Non-Current Liabilities |
3,563 | 3,578 | ||||||
| Shareowners’ Equity: |
||||||||
| Class A common stock |
2 | 2 | ||||||
| Class B common stock |
7 | 7 | ||||||
| Additional paid-in capital |
573 | 1,343 | ||||||
| Retained earnings |
18,958 | 16,179 | ||||||
| Accumulated other comprehensive loss |
(3,251 | ) | (3,278 | ) | ||||
| Deferred compensation obligations |
12 | 16 | ||||||
| Less: Treasury stock |
(12 | ) | (16 | ) | ||||
|
|
|
|
|
|||||
| Total Equity for Controlling Interests |
16,289 | 14,253 | ||||||
| Noncontrolling interests |
21 | 16 | ||||||
|
|
|
|
|
|||||
| Total Shareowners’ Equity |
16,310 | 14,269 | ||||||
|
|
|
|
|
|||||
| Total Liabilities and Shareowners’ Equity |
$ | 70,089 | $ | 69,405 | ||||
|
|
|
|
|
|||||
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) | Six Months Ended | |||||||
| June 30 | ||||||||
| 2022 | 2021 | |||||||
| Cash Flows From Operating Activities: |
||||||||
| Net income |
$ | 5,511 | $ | 7,468 | ||||
| Adjustments to reconcile net income to net cash from operating activities: |
||||||||
| Depreciation and amortization |
1,526 | 1,461 | ||||||
| Pension and postretirement benefit (income) expense |
433 | (2,839 | ) | |||||
| Pension and postretirement benefit contributions |
(123 | ) | (276 | ) | ||||
| Self-insurance reserves |
112 | 130 | ||||||
| Deferred tax (benefit) expense |
360 | 1,127 | ||||||
| Stock compensation expense |
617 | 521 | ||||||
| Other (gains) losses |
11 | — | ||||||
| Changes in assets and liabilities, net of effects of business acquisitions: |
||||||||
| Accounts receivable |
820 | 439 | ||||||
| Other assets |
(62 | ) | 169 | |||||
| Accounts payable |
(508 | ) | 56 | |||||
| Accrued wages and withholdings |
(348 | ) | 227 | |||||
| Other liabilities |
22 | (27 | ) | |||||
| Other operating activities |
(78 | ) | (2 | ) | ||||
|
|
|
|
|
|||||
| Net cash from operating activities |
8,293 | 8,454 | ||||||
|
|
|
|
|
|||||
| Cash Flows From Investing Activities: |
||||||||
| Capital expenditures |
(1,388 | ) | (1,670 | ) | ||||
| Proceeds from disposal of businesses, property, plant and equipment |
9 | 863 | ||||||
| Purchases of marketable securities |
(132 | ) | (141 | ) | ||||
| Sales and maturities of marketable securities |
130 | 214 | ||||||
| Net change in finance receivables |
7 | 16 | ||||||
| Cash paid for business acquisitions, net of cash and cash equivalents acquired |
(99 | ) | (5 | ) | ||||
| Other investing activities |
(26 | ) | (11 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(1,499 | ) | (734 | ) | ||||
|
|
|
|
|
|||||
| Cash Flows From Financing Activities: |
||||||||
| Net change in short-term debt |
— | 498 | ||||||
| Proceeds from long-term borrowings |
— | — | ||||||
| Repayments of long-term borrowings |
(1,105 | ) | (2,599 | ) | ||||
| Purchases of common stock |
(1,242 | ) | — | |||||
| Issuances of common stock |
136 | 141 | ||||||
| Dividends |
(2,567 | ) | (1,718 | ) | ||||
| Other financing activities |
(508 | ) | (360 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in financing activities |
(5,286 | ) | (4,038 | ) | ||||
|
|
|
|
|
|||||
| Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash |
(28 | ) | 16 | |||||
|
|
|
|
|
|||||
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash |
1,480 | 3,698 | ||||||
| Cash, Cash Equivalents and Restricted Cash: |
|
|||||||
| Beginning of period |
10,255 | 5,910 | ||||||
|
|
|
|
|
|||||
| End of period |
$ | 11,735 | $ | 9,608 | ||||
|
|
|
|
|
|||||
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) | Six Months Ended June 30 |
|||||||
| 2022 | 2021 | |||||||
| Cash flows from operating activities |
$ | 8,293 | $ | 8,454 | ||||
| Capital expenditures |
(1,388 | ) | (1,670 | ) | ||||
| Proceeds from disposals of property, plant and equipment |
9 | 15 | ||||||
| Net change in finance receivables |
7 | 16 | ||||||
| Other investing activities |
(26 | ) | (11 | ) | ||||
|
|
|
|
|
|||||
| Free Cash Flow (Non-GAAP measure) |
$ | 6,895 | $ | 6,804 | ||||
|
|
|
|
|
|||||
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) | TTM(1) June 30, 2022 |
TTM(1) June 30, 2021 |
||||||
| Net Income |
$ | 10,933 | $ | 6,078 | ||||
| Add back: |
||||||||
| Income tax expense |
3,111 | 1,799 | ||||||
| Interest expense |
695 | 695 | ||||||
| Depreciation and amortization |
3,018 | 2,850 | ||||||
|
|
|
|
|
|||||
| EBITDA |
17,757 | 11,422 | ||||||
| Add back (deduct): |
||||||||
| Transformation and other |
231 | 1,076 | ||||||
| Defined benefit plan (gains) and losses |
(15 | ) | 3,194 | |||||
| Investment income and other |
(1,151 | ) | (1,343 | ) | ||||
|
|
|
|
|
|||||
| Adjusted EBITDA |
$ | 16,822 | $ | 14,349 | ||||
|
|
|
|
|
|||||
| Debt and finance leases, including current maturities |
$ | 20,576 | $ | 22,591 | ||||
| Add back: |
||||||||
| Non-current pension and postretirement benefit obligations |
8,343 | 7,675 | ||||||
|
|
|
|
|
|||||
| Adjusted total debt |
$ | 28,919 | $ | 30,266 | ||||
|
|
|
|
|
|||||
| Adjusted total adjusted debt/adjusted EBITDA |
1.72 | 2.11 | ||||||
|
|
|
|
|
|||||
| (1) | Trailing twelve months |
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of Return on Invested Capital (Non-GAAP measure)
(unaudited)
| (amounts in millions) | TTM(1) June 30, 2022 |
TTM(1) June 30, 2021 |
||||||
| Net Income |
$ | 10,933 | $ | 6,078 | ||||
| Add back (deduct): |
||||||||
| Income tax expense |
3,111 | 1,799 | ||||||
| Interest expense |
695 | 695 | ||||||
| Other pension (income) expense |
(1,181 | ) | 1,925 | |||||
| Investment (income) expense and other |
15 | (74 | ) | |||||
|
|
|
|
|
|||||
| Operating profit |
13,573 | 10,423 | ||||||
| Transformation and other |
$ | 231 | $ | 1,076 | ||||
|
|
|
|
|
|||||
| Adjusted operating profit |
$ | 13,804 | $ | 11,499 | ||||
|
|
|
|
|
|||||
| Average debt and finance leases, including current maturities |
$ | 21,584 | $ | 24,770 | ||||
| Average pension and postretirement benefit obligations |
8,009 | 9,115 | ||||||
| Average shareowners’ equity |
13,566 | 7,599 | ||||||
|
|
|
|
|
|||||
| Average Invested Capital |
$ | 43,159 | $ | 41,483 | ||||
|
|
|
|
|
|||||
| Net income to average invested capital |
25.3 | % | 14.7 | % | ||||
|
|
|
|
|
|||||
| Adjusted Return on Invested Capital |
32.0 | % | 27.7 | % | ||||
|
|
|
|
|
|||||
| (1) | Trailing twelve months |
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 June 30, | ||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | 2022 | 2021 | ||||||||||||||||||||||||||||||
| As Reported (GAAP) |
Transformation & Other Adj.(1) |
As Adjusted (Non-GAAP) |
As Reported (GAAP) |
Transformation & Other Adj.(2) |
As Adjusted (Non-GAAP) |
% Change As Rep. (GAAP) |
% Change As Adj. (Non-GAAP) |
|||||||||||||||||||||||||
| U.S. Domestic Package |
$ | 13,630 | 26 | $ | 13,604 | $ | 12,835 | $ | 108 | $ | 12,727 | 6.2 | % | 6.9 | % | |||||||||||||||||
| International Package |
3,880 | 11 | 3,869 | 3,633 | 6 | 3,627 | 6.8 | % | 6.7 | % | ||||||||||||||||||||||
| Supply Chain Solutions(3) |
3,721 | 4 | 3,717 | 3,698 | (99 | ) | 3,797 | 0.6 | % | (2.1 | )% | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Operating expense |
21,231 | 41 | 21,190 | 20,166 | 15 | 20,151 | 5.3 | % | 5.2 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| U.S. Domestic Package |
$ | 1,829 | 26 | $ | 1,855 | $ | 1,567 | $ | 108 | $ | 1,675 | 16.7 | % | 10.7 | % | |||||||||||||||||
| International Package |
1,193 | 11 | 1,204 | 1,184 | 6 | 1,190 | 0.8 | % | 1.2 | % | ||||||||||||||||||||||
| Supply Chain Solutions(3) |
513 | 4 | 517 | 507 | (99 | ) | 408 | 1.2 | % | 26.7 | % | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Operating Profit |
3,535 | 41 | 3,576 | 3,258 | 15 | 3,273 | 8.5 | % | 9.3 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Other Income and (Expense): |
||||||||||||||||||||||||||||||||
| Other pension income (expense) |
298 | — | 298 | 302 | — | 302 | (1.3 | )% | (1.3 | )% | ||||||||||||||||||||||
| Investment income (expense) and other |
35 | — | 35 | 43 | — | 43 | (18.6 | )% | (18.6 | )% | ||||||||||||||||||||||
| Interest expense |
(171 | ) | — | (171 | ) | (167 | ) | — | (167 | ) | 2.4 | % | 2.4 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Other Income (Expense) |
$ | 162 | $ | — | $ | 162 | $ | 178 | $ | — | $ | 178 | (9.0 | )% | (9.0 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Income Before Income Taxes |
3,697 | 41 | 3,738 | 3,436 | 15 | 3,451 | 7.6 | % | 8.3 | % | ||||||||||||||||||||||
| Income Tax Expense |
848 | 10 | 858 | 760 | 4 | 764 | 11.6 | % | 12.3 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Net Income |
$ | 2,849 | $ | 31 | $ | 2,880 | $ | 2,676 | $ | 11 | $ | 2,687 | 6.5 | % | 7.2 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Basic Earnings Per Share |
$ | 3.26 | $ | 0.04 | $ | 3.30 | $ | 3.06 | $ | 0.01 | $ | 3.07 | 6.5 | % | 7.5 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Diluted Earnings Per Share |
$ | 3.25 | $ | 0.04 | $ | 3.29 | $ | 3.05 | $ | 0.01 | $ | 3.06 | 6.6 | % | 7.5 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Weighted-average shares outstanding: |
||||||||||||||||||||||||||||||||
| Basic |
874 | 875 | ||||||||||||||||||||||||||||||
| Diluted |
876 | 878 | ||||||||||||||||||||||||||||||
| (1) | Transformation & Other of $41 million reflects other employee benefits costs of $23 million and other costs of $18 million. |
| (2) | Transformation & Other of $15 million reflects a gain on the divestiture of UPS Freight of $101 million, other employee benefits costs of $55 million and other costs of $61 million. |
| (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.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
| Six Months Ended |
||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
| As Reported (GAAP) |
Pension Adj.(1) |
Transformation & Other Adj.(2) |
As Adjusted (Non-GAAP) |
As Reported (GAAP) |
Pension Adj.(3) |
Transformation & Other Adj.(4) |
As Adjusted (Non-GAAP) |
% Change As Rep. (GAAP) |
% Change As Adj. (Non-GAAP) |
|||||||||||||||||||||||||||||||
| U.S. Domestic Package |
$ | 27,092 | $ | — | 69 | $ | 27,023 | $ | 25,486 | $ | — | $ | 212 | $ | 25,274 | 6.3 | % | 6.9 | % | |||||||||||||||||||||
| International Package |
7,640 | — | 15 | 7,625 | 7,155 | — | 12 | 7,143 | 6.8 | % | 6.7 | % | ||||||||||||||||||||||||||||
| Supply Chain Solutions(5) |
7,626 | — | 12 | 7,614 | 7,668 | — | (25 | ) | 7,693 | (0.5 | )% | (1.0 | )% | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Operating expense |
42,358 | — | 96 | 42,262 | 40,309 | — | 199 | 40,110 | 5.1 | % | 5.4 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| U.S. Domestic Package |
$ | 3,491 | $ | — | 69 | $ | 3,560 | $ | 2,926 | $ | — | $ | 212 | $ | 3,138 | 19.3 | % | 13.4 | % | |||||||||||||||||||||
| International Package |
2,309 | — | 15 | 2,324 | 2,269 | — | 12 | 2,281 | 1.8 | % | 1.9 | % | ||||||||||||||||||||||||||||
| Supply Chain Solutions(5) |
986 | — | 12 | 998 | 828 | — | (25 | ) | 803 | 19.1 | % | 24.3 | % | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Operating Profit |
6,786 | — | 96 | 6,882 | 6,023 | — | 199 | 6,222 | 12.7 | % | 10.6 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Other Income and (Expense): |
||||||||||||||||||||||||||||||||||||||||
| Other pension income (expense) |
629 | (33 | ) | — | 596 | 3,905 | (3,290 | ) | — | 615 | (83.9 | )% | (3.1 | )% | ||||||||||||||||||||||||||
| Investment income (expense) and other |
19 | — | — | 19 | 56 | — | — | 56 | (66.1 | )% | (66.1 | )% | ||||||||||||||||||||||||||||
| Interest expense |
(345 | ) | — | — | (345 | ) | (344 | ) | — | — | (344 | ) | 0.3 | % | 0.3 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total Other Income (Expense) |
$ | 303 | $ | (33 | ) | $ | — | $ | 270 | $ | 3,617 | $ | (3,290 | ) | $ | — | $ | 327 | (91.6 | )% | (17.4 | )% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Income Before Income Taxes |
7,089 | (33 | ) | 96 | 7,152 | 9,640 | (3,290 | ) | 199 | 6,549 | (26.5 | )% | 9.2 | % | ||||||||||||||||||||||||||
| Income Tax Expense |
1,578 | (9 | ) | 22 | 1,591 | 2,172 | (788 | ) | 48 | 1,432 | (27.3 | )% | 11.1 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Net Income |
$ | 5,511 | $ | (24 | ) | $ | 74 | $ | 5,561 | $ | 7,468 | $ | (2,502 | ) | $ | 151 | $ | 5,117 | (26.2 | )% | 8.7 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Basic Earnings Per Share |
$ | 6.31 | $ | (0.03 | ) | $ | 0.08 | $ | 6.36 | $ | 8.54 | $ | (2.86 | ) | $ | 0.17 | $ | 5.85 | (26.1 | )% | 8.7 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Diluted Earnings Per Share |
$ | 6.28 | $ | (0.03 | ) | $ | 0.08 | $ | 6.33 | $ | 8.51 | $ | (2.85 | ) | $ | 0.17 | $ | 5.83 | (26.2 | )% | 8.6 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Weighted-average shares outstanding: |
||||||||||||||||||||||||||||||||||||||||
| Basic |
874 | 874 | ||||||||||||||||||||||||||||||||||||||
| Diluted |
878 | 878 | ||||||||||||||||||||||||||||||||||||||
| (1) | Represents the impact of curtailment of benefits effective December 31, 2023, for the Canada LTD Retirement Plan. |
| (2) | Transformation & Other of $96 million reflects other employee benefits costs of $56 million and other costs of $40 million. |
| (3) | Represents a mark-to-market gain recognized outside of a 10% corridor for the UPS IBT Pension Plan |
| (4) | Transformation & Other of $199 million reflects a gain on the divestiture of UPS Freight of $101 million net of a previously-recognized valuation allowance of $66 million, other employee benefits costs of $131 million and other costs of $103 million. |
| (5) | 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 - Second Quarter
(unaudited)
Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit
| Three Months Ended June 30 |
Currency Neutral | |||||||||||||||||||||||
| 2022 | 2021 | % Change | Currency | 2022 (1) | % Change | |||||||||||||||||||
| Average Revenue Per Piece: |
||||||||||||||||||||||||
| International Package: |
||||||||||||||||||||||||
| Domestic |
$ | 7.61 | $ | 7.44 | 2.3 | % | $ | 0.84 | $ | 8.45 | 13.6 | % | ||||||||||||
| Export |
36.91 | 32.60 | 13.2 | % | 1.53 | 38.44 | 17.9 | % | ||||||||||||||||
| Total International Package |
$ | 22.17 | $ | 19.32 | 14.8 | % | $ | 1.18 | $ | 23.35 | 20.9 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Consolidated |
$ | 13.72 | $ | 12.26 | 11.9 | % | $ | 0.18 | $ | 13.90 | 13.4 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Three Months Ended June 30 |
Currency Neutral | |||||||||||||||||||||||
| 2022 | 2021 | % Change | Currency | 2022 (1) | % Change | |||||||||||||||||||
| Revenue (in millions): |
||||||||||||||||||||||||
| U.S. Domestic Package |
$ | 15,459 | $ | 14,402 | 7.3 | % | $ | — | $ | 15,459 | 7.3 | % | ||||||||||||
| International Package |
5,073 | 4,817 | 5.3 | % | 261 | 5,334 | 10.7 | % | ||||||||||||||||
| Supply Chain Solutions(2) |
4,234 | 4,205 | 0.7 | % | 62 | 4,296 | 2.2 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total revenue |
$ | 24,766 | $ | 23,424 | 5.7 | % | $ | 323 | $ | 25,089 | 7.1 | % | ||||||||||||
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| Three Months Ended June 30 |
Currency Neutral | |||||||||||||||||||||||
| 2022 | 2021 | % Change | Currency | 2022 (1) | % Change | |||||||||||||||||||
| As-Adjusted Operating Profit (in millions)(3): |
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| U.S. Domestic Package |
$ | 1,855 | $ | 1,675 | 10.7 | % | $ | — | $ | 1,855 | 10.7 | % | ||||||||||||
| International Package |
1,204 | 1,190 | 1.2 | % | 60 | 1,264 | 6.2 | % | ||||||||||||||||
| Supply Chain Solutions(2) |
517 | 408 | 26.7 | % | (15 | ) | 502 | 23.0 | % | |||||||||||||||
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| Total operating profit |
$ | 3,576 | $ | 3,273 | 9.3 | % | $ | 45 | $ | 3,621 | 10.6 | % | ||||||||||||
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| (1) | Amounts adjusted for period over period foreign currency exchange rate and hedging differences |
| (2) | The divestiture of UPS Freight was completed on April 30, 2021. |
| (3) | Amounts adjusted for transformation & other |
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
| Six Months Ended June 30 |
Currency Neutral | |||||||||||||||||||||||
| 2022 | 2021 | % Change | Currency | 2022 (1) | % Change | |||||||||||||||||||
| Average Revenue Per Piece: |
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| International Package: |
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| Domestic |
$ | 7.48 | $ | 7.38 | 1.4 | % | $ | 0.65 | $ | 8.13 | 10.2 | % | ||||||||||||
| Export |
35.47 | 31.85 | 11.4 | % | 1.14 | 36.61 | 14.9 | % | ||||||||||||||||
| Total International Package |
$ | 21.29 | $ | 18.91 | 12.6 | % | $ | 0.89 | $ | 22.18 | 17.3 | % | ||||||||||||
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| Consolidated |
$ | 13.49 | $ | 12.19 | 10.7 | % | $ | 0.13 | $ | 13.62 | 11.7 | % | ||||||||||||
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| Six Months Ended June 30 |
Currency Neutral | |||||||||||||||||||||||
| 2022 | 2021 | % Change | Currency | 2022 (1) | % Change | |||||||||||||||||||
| Revenue (in millions): |
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| U.S. Domestic Package |
$ | 30,583 | $ | 28,412 | 7.6 | % | $ | — | $ | 30,583 | 7.6 | % | ||||||||||||
| International Package |
9,949 | 9,424 | 5.6 | % | 404 | 10,353 | 9.9 | % | ||||||||||||||||
| Supply Chain Solutions(2) |
8,612 | 8,496 | 1.4 | % | 99 | 8,711 | 2.5 | % | ||||||||||||||||
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| Total revenue |
$ | 49,144 | $ | 46,332 | 6.1 | % | $ | 503 | $ | 49,647 | 7.2 | % | ||||||||||||
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| Six Months Ended June 30 |
Currency Neutral | |||||||||||||||||||||||
| 2022 | 2021 | % Change | Currency | 2022 (1) | % Change | |||||||||||||||||||
| As-Adjusted Operating Profit (in millions)(3): |
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| U.S. Domestic Package |
$ | 3,560 | $ | 3,138 | 13.4 | % | $ | — | $ | 3,560 | 13.4 | % | ||||||||||||
| International Package |
2,324 | 2,281 | 1.9 | % | 88 | 2,412 | 5.7 | % | ||||||||||||||||
| Supply Chain Solutions(2) |
998 | 803 | 24.3 | % | (18 | ) | 980 | 22.0 | % | |||||||||||||||
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| Total operating profit |
$ | 6,882 | $ | 6,222 | 10.6 | % | $ | 70 | $ | 6,952 | 11.7 | % | ||||||||||||
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|
|||||||||||||||||
| (1) | Amounts adjusted for period over period foreign currency exchange rate and hedging differences |
| (2) | The divestiture of UPS Freight was completed on April 30, 2021. |
| (3) | Amounts adjusted for transformation & other |
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Aircraft Fleet - As of June 30, 2022
(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 | — | 1 | — | ||||||||||||
| Boeing 767-300BDSF |
4 | — | — | — | ||||||||||||
| Airbus A300-600 |
52 | — | — | — | ||||||||||||
| Boeing MD-11 |
42 | — | — | — | ||||||||||||
| Boeing 747-400F |
11 | — | — | — | ||||||||||||
| Boeing 747-400BCF |
2 | — | — | — | ||||||||||||
| Boeing 747-8F |
28 | — | — | 2 | ||||||||||||
| Other |
— | 292 | — | — | ||||||||||||
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| Total |
290 | 292 | 20 | 10 | ||||||||||||
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Certain prior year amounts have been reclassified to conform to the current year presentation.