| QUARTERLY INFORMATION (unaudited) |
QUARTERLY INFORMATION (UNAUDITED)
Our revenue, segment operating profit, other income and (expense), net income, basic and diluted earnings per share on a quarterly basis are presented below (in millions, except per share amounts):
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First Quarter |
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Second Quarter |
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Third Quarter |
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Fourth Quarter |
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2019 |
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2018 |
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2019 |
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2018 |
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2019 |
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2018 |
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2019 |
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2018 |
Revenue: |
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U.S. Domestic Package |
$ |
10,480 |
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$ |
10,227 |
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$ |
11,150 |
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$ |
10,354 |
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$ |
11,455 |
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$ |
10,437 |
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$ |
13,408 |
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$ |
12,575 |
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International Package |
3,459 |
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3,533 |
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3,505 |
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3,602 |
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3,494 |
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3,478 |
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3,762 |
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3,829 |
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Supply Chain & Freight |
3,221 |
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3,353 |
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3,393 |
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3,500 |
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3,369 |
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3,529 |
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3,398 |
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3,444 |
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Total revenue |
17,160 |
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17,113 |
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18,048 |
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17,456 |
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18,318 |
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17,444 |
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20,568 |
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19,848 |
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Operating Profit: |
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U.S. Domestic Package |
666 |
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|
756 |
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1,208 |
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|
939 |
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1,216 |
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949 |
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1,074 |
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|
999 |
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International Package |
528 |
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594 |
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663 |
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|
618 |
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667 |
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|
536 |
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799 |
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|
781 |
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Supply Chain & Freight |
200 |
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170 |
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272 |
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216 |
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245 |
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242 |
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|
260 |
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|
224 |
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Total operating profit |
1,394 |
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1,520 |
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2,143 |
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1,773 |
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2,128 |
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1,727 |
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2,133 |
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2,004 |
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Total Other Income and (Expense) |
$ |
46 |
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$ |
141 |
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$ |
61 |
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$ |
153 |
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$ |
78 |
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$ |
162 |
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$ |
(2,331 |
) |
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$ |
(1,461 |
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Net Income |
$ |
1,111 |
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$ |
1,345 |
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$ |
1,685 |
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$ |
1,485 |
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$ |
1,750 |
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$ |
1,508 |
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$ |
(106 |
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$ |
453 |
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Net Income Per Share: |
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Basic |
$ |
1.28 |
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$ |
1.55 |
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$ |
1.95 |
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$ |
1.71 |
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$ |
2.03 |
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$ |
1.74 |
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$ |
(0.12 |
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$ |
0.52 |
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Diluted |
$ |
1.28 |
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$ |
1.55 |
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$ |
1.94 |
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$ |
1.71 |
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$ |
2.01 |
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$ |
1.73 |
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$ |
(0.12 |
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$ |
0.52 |
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Our quarterly results were impacted by transformation strategy costs, legal contingencies and expenses and defined benefit plan mark-to-market charges. The table below presents the impact on operating profit and other income and (expense) for each period.
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(in millions, except per share amounts) |
First Quarter |
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Second Quarter |
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Third Quarter |
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Fourth Quarter |
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2019 |
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2018 |
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2019 |
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2018 |
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2019 |
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2018 |
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2019 |
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2018 |
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Impact to Operating Profit |
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Transformation Strategy - Employee Benefits |
$ |
106 |
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$ |
— |
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$ |
2 |
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$ |
192 |
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$ |
41 |
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$ |
70 |
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$ |
17 |
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$ |
— |
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Transformation Strategy - Other Costs |
17 |
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— |
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19 |
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71 |
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22 |
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27 |
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31 |
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— |
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Legal Contingencies and Expenses |
— |
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— |
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— |
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— |
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— |
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— |
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97 |
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— |
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Allocation of Matters Impacting Operating Profit to Segments |
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U.S. Domestic Package |
$ |
28 |
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— |
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18 |
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|
196 |
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26 |
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39 |
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|
133 |
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— |
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International Package |
84 |
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— |
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2 |
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36 |
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26 |
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40 |
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10 |
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— |
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Supply Chain & Freight |
11 |
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— |
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1 |
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31 |
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11 |
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18 |
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2 |
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— |
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Impact to Other Income and (Expense) |
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Defined Benefit Plan Mark-to-Market Charges |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
2,387 |
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$ |
1,627 |
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