United Parcel Service, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SUMMARY OF ACCOUNTING POLICIES (Tables)

SUMMARY OF ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2011

Impacts of All Adjustments Made to Financial Statements

The impact of all adjustments made to the financial statements presented is summarized below (amounts in millions, except per share data):


	2011						2010						2009
	Recognized Under Previous Method			Recognized Under New Method			Previously Reported			Adjusted			Previously Reported			Adjusted
Statements of Consolidated Income:
Operating Expenses:
Compensation and benefits	$	26,935		$	27,575		$	26,324		$	26,557		$	25.640		$	25,933
Operating Profit		6,720			6,080			5,874			5,641			3,801			3,508
Income Before Income Taxes		6,416			5,776			5,523			5,290			3,366			3,073
Income Tax Expense		2,203			1,972			2,035			1,952			1,214			1,105

Net Income	$	4,213		$	3,804		$	3,488		$	3,338		$	2,152		$	1,968

Per Share Amounts:
Basic Earnings Per Share	$	4.29		$	3.88		$	3.51		$	3.36		$	2.16		$	1.97
Diluted Earnings Per Share	$	4.25		$	3.84		$	3.48		$	3.33		$	2.14		$	1.96
Statements of Consolidated Comprehensive Income:
Net Income	$	4,213		$	3,804		$	3,488		$	3,338		$	2,152		$	1,968
Change in Unrecognized Pension and Postretirement Benefit Costs, Net of Tax		(814	)		(405	)		(963	)		(813	)		500			684
Consolidated Balance Sheet:
Accumulated Other Comprehensive Income (Loss)	$	(7,072	)	$	(3,103	)	$	(6,195	)	$	(2,635	)	$	(5,127	)	$	(1,717	)
Retained Earnings		14,097			10,128			14,164			10,604			12,745			9,335
Statement of Consolidated Cash Flows:
Cash Flows From Operating Activities:
Net Income	$	4,213		$	3,804		$	3,488		$	3,338		$	2,152		$	1,968
Pension and Postretirement Benefit Expense		1,020			1,660			903			1,136			872			1,165
Deferred Taxes, Credits and Other		472			241			1,002			919			471			362

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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