Annual report pursuant to Section 13 and 15(d)

MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)

v3.25.0.1
MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Marketable Securities
The following is a summary of marketable securities classified as trading and available-for-sale as of December 31, 2024 and 2023 (in millions):
Cost Unrealized
Gains		 Unrealized
Losses		 Estimated
Fair Value
2024
Current trading marketable securities:
Equity securities $ 3  $ —  $ —  $ 3 
Total trading marketable securities 3  —  —  3 
Current available-for-sale marketable securities:
U.S. government and agency debt securities 165  —  (1) 164 
Mortgage and asset-backed debt securities —  —  —  — 
Corporate debt securities 39  —  —  39 
Non-U.S. government debt securities —  —  —  — 
Total available-for-sale marketable securities 204  —  (1) 203 
Total current marketable securities $ 207  $ —  $ (1) $ 206 
Cost Unrealized
Gains		 Unrealized
Losses		 Estimated
Fair Value
2023
Current trading marketable securities:
Equity securities $ 4  $ —  $ —  $ 4 
Total trading marketable securities 4  —  —  4 
Current available-for-sale marketable securities:
U.S. government and agency debt securities 963  2  (4) 961 
Mortgage and asset-backed debt securities 3  —  —  3 
Corporate debt securities 1,891  4  (4) 1,891 
Non-U.S. government debt securities 7  —  —  7 
Total available-for-sale marketable securities 2,864  6  (8) 2,862 
Total current marketable securities $ 2,868  $ 6  $ (8) $ 2,866 
Schedule of Unrealized Loss on Marketable Securities
The following table presents the age of gross unrealized losses and fair value by investment category for all securities in a loss position as of December 31, 2024 (in millions):
Less Than 12 Months 12 Months or More Total
Fair Value
Unrealized Losses
 Fair Value
Unrealized Losses
 Fair Value
Unrealized Losses
U.S. government and agency debt securities $ —  $ —  $ 162  $ (1) $ 162  $ (1)
Total marketable securities $ —  $ —  $ 162  $ (1) $ 162  $ (1)
Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity
The amortized cost and estimated fair value of marketable securities as of December 31, 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. 
Cost Estimated
Fair Value
Due in one year or less $ 161  $ 161 
Due after one year through three years 43  42 
Due after three years through five years —  — 
Due after five years —  — 
204  203 
Equity securities 3  3 
$ 207  $ 206 
Investments Measured at Fair Value on a Recurring Basis
The following table presents information about our investments measured at fair value on a recurring basis as of December 31, 2024 and 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
2024
Marketable Securities:
U.S. government and agency debt securities $ 164  $ —  $ —  $ 164 
Mortgage and asset-backed debt securities —  —  —  — 
Corporate debt securities 25  14  —  39 
U.S. state and local municipal debt securities —  —  —  — 
Equity securities —  3  —  3 
Non-U.S. government debt securities —  —  —  — 
Total marketable securities 189  17  —  206 
Other non-current investments(1)
—  19  —  19 
Total $ 189  $ 36  $ —  $ 225 
(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
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 
U.S. state and local municipal debt securities —  —  —  — 
Equity securities —  4  —  4 
Non-U.S. government debt securities —  7  —  7 
Total marketable securities 961  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.