Annual report pursuant to Section 13 and 15(d)

QUARTERLY INFORMATION (unaudited)

v3.8.0.1
QUARTERLY INFORMATION (unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY INFORMATION (unaudited)
QUARTERLY INFORMATION (UNAUDITED)
Our revenue, segment operating profit (loss), net income (loss), basic and diluted earnings per share on a quarterly basis are presented below (in millions, except per share amounts):
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Domestic Package
$
9,535

 
$
9,084

 
$
9,745

 
$
9,015

 
$
9,649

 
$
9,289

 
$
11,835

 
$
10,913

International Package
3,058

 
2,914

 
3,163

 
3,077

 
3,364

 
3,024

 
3,753

 
3,335

Supply Chain & Freight
2,722

 
2,420

 
2,842

 
2,537

 
2,965

 
2,615

 
3,241

 
2,683

Total revenue
15,315

 
14,418

 
15,750

 
14,629

 
15,978

 
14,928

 
18,829

 
16,931

Operating Profit (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Domestic Package
1,076

 
1,102

 
1,395

 
1,233

 
1,182

 
1,252

 
627

 
(570
)
International Package
529

 
574

 
583

 
613

 
627

 
576

 
725

 
281

Supply Chain & Freight
179

 
147

 
238

 
192

 
226

 
206

 
142

 
(139
)
Total operating profit (loss)
1,784

 
1,823

 
2,216

 
2,038

 
2,035

 
2,034

 
1,494

 
(428
)
Net Income (Loss)
$
1,158

 
$
1,131

 
$
1,384

 
$
1,269

 
$
1,264

 
$
1,270

 
$
1,104

 
$
(239
)
Net Income (Loss) Per Share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
1.32

 
$
1.27

 
$
1.59

 
$
1.43

 
$
1.45

 
$
1.44

 
$
1.27

 
$
(0.27
)
Diluted
$
1.32

 
$
1.27

 
$
1.58

 
$
1.43

 
$
1.45

 
$
1.44

 
$
1.27

 
$
(0.27
)

Operating profit for the quarter ended December 31, 2017 was impacted by a mark-to-market loss of $800 million on our pension and postretirement benefit plans related to the remeasurement of plan assets and liabilities recognized outside of a 10% corridor (allocated as follows—U.S. Domestic Package $637 million, International Package $35 million, and Supply Chain & Freight $128 million). Net income for the quarter ended December 31, 2017 includes an income tax benefit of $258 million attributable to the 2017 Tax Act. These items reduced fourth quarter net income by $349 million and basic and diluted earnings per share by $0.41 and $0.40, respectively.
Operating profit for the quarter ended December 31, 2016 was impacted by a mark-to-market loss of $2.651 billion on our pension and postretirement benefit plans related to the remeasurement of plan assets and liabilities recognized outside of a 10% corridor (allocated as follows—U.S. Domestic Package $1.908 billion, International Package $425 million and Supply Chain & Freight $318 million). This loss reduced fourth quarter net income by $1.673 billion, and basic and diluted earnings per share by $1.91.