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目錄

美國
證券交易委員會
華盛頓特區20549
_____________________________________ 
表格 10-Q
(標記一個)
☒
根據1934年證券交易法第13或15(d)條款的季度報告。

截至2024年6月30日季度結束 2024年9月30日 或
☐
根據1934年證券交易法第13或15(d)條款的過渡報告

過渡期從　　　　 至　　　　
委員會文件編號 001-15451
_____________________________________ 
g795027a09.jpg
聯合包裹公司。
（依憑章程所載的完整登記名稱）
特拉華州 58-2480149
（成立或組織的）州或其他轄區
成立或組織		 (IRS雇主
識別號碼)
55 Glenlake Parkway N.E.，亞特蘭大， 佐治亞州30328
（總部地址） （郵政編碼）
(404) 828-6000
(註冊公司之電話號碼，包括區號)
____________________ 
根據法案第12(b)條規定註冊的證券：
每個班級的標題交易符號註冊的每個交易所的名稱
普通B类股票，每股面值$0.01UPS紐約證券交易所
2025年到期的1.625%優先票據UPS25紐約證券交易所
2028年到期的1%資本債券UPS28紐約證券交易所
2032年到期的1.500%資本債券UPS32紐約證券交易所
  
請以核對標記來表示此登記人（1）在過去12個月內（或該登記人要求提交此等報告的較短期間內）已提交證券交易法案第13或15（d）條要求提交的所有報告，並且（2）在過去90天內一直受到此提交要求的適用。是  ☑不☐
請勾選以下選項，指示在上述12個月（或該註冊者需要提交此類文件的較短期間）是否已經以電子方式提交了根據S-t法規（本章第232.405條）需要提交的互動式數據文件。是  ☑不☐
勾選選框表示登記者是否為大型迅速歸檔人、迅速歸檔人、非迅速歸檔人、較小的報告公司或新興成長公司。請參見《交易所法》第120億2條中有關"大型迅速歸檔人"、"迅速歸檔人"、"較小的報告公司" 和"新興成長公司" 的定義。
大型加速歸檔人
x
加速歸檔人
☐
非加速報表提交者
☐
小型報告公司
☐
新興成長型企業
☐
如果一家新興成長公司，請諮詢標記，該登記公司是否選擇不使用根據《交易所法》第13(a)條提供的任何新的或修改過的財務會計準則的延長過渡期來遵守。¨
請用核對符號表示公司是否為外殼公司（依據《交易所法》第120億2條的定義）。 是☐否☑
在2023和2024年6月30日結束的三個和六個月中，有資產減損處理記錄。更新計算公司進行中的研究和開發資產（“IPR&D”）公平價值所使用的關鍵假設可能會改變公司未來短期內回收IPR&D資產的帶值估計。 121,999,871 A類股份，並 731,369,687 B類股份，每股面值$0.01，截至2024年10月16日仍未結算。

目錄

目 錄
第一部分 - 財務資訊
項目 1。
项目2。
项目3。
项目4。
第二部份──其他資訊
项目1。
第1項事項
项目2。
项目5。
第6項。


目錄

第一部分. 財務資訊

有關前瞻性陳述的警告聲明
本報告，我們截至2023年12月31日止年度的10-k表格及與證券交易委員會的其他申報，現有及未來可能含有「前瞻性陳述」，依據1995年私人證券訴訟改革法案解釋。 除當前或歷史事實之外的陳述，及所有附帶「將會」、「相信」、「預計」、「期待」、「估計」、「假設」、「打算」、「預見」、「目標」、「計劃」等用語的陳述，均屬於前瞻性陳述。 前瞻性陳述受聯邦證券法的安全港條款規定所約束，根據1933年證券法第27條A和1934年證交法21條E。
我們不時在其他公開披露的資料中，包括書面或口頭的前瞻性陳述。這些陳述可能涉及我們的意圖、信念、對未來趨勢的預測，或對我們的戰略航向、前景、未來結果或未來事件的當前期望；它們與僅涉及歷史或當前事實並不嚴格相關。管理層認為，這些前瞻性陳述在提出時是合理的。然而，應謹慎對待任何前瞻性陳述，因為這類陳述僅表達其提出時的日期，而未來的發展本質上不能確定地預測。
前瞻性陳述會面臨一定的風險和不確定性，可能導致實際結果與我們的歷史經驗、現有期望或預期結果有很大不同。這些風險和不確定性包括但不限於：美國（"美國"）或國際經濟環境的變化；在地方、區域、全國和國際基礎上的激烈競爭；我們與重要客戶關係的變化；我們吸引和留住合格員工的能力；員工罷工、工作停擺或減速；物理或運營安全要求的增加或變得更複雜；重大網絡安全事件，或增加的數據保護法規；我們維護品牌形象和企業聲譽的能力；全球氣候變化帶來的影響；自然或人為事件或災害如恐怖襲擊、流行病或大流行造成的業務中斷或影響；受到新興市場和國際發展經濟、政治、監管和社會變化的影響；我們實現收購、處置、合資企業或戰略聯盟預期收益的能力；能源價格，包括汽油、柴油、噴氣燃料和其他燃料價格的變化，以及這些商品供應中斷；匯率或利率的變化；我們準確預測未來資本投資需求的能力；與員工健康、退休人士健康和/或養老金福利相關的開支或資金義務的增加；我們管理保險和索賠開支的能力；可能導致資產減值的業務策略、政府監管或經濟或市場條件的變化；可能的額外美國或國際稅務責任；與氣候變化相關的監管日益嚴格；勞動和就業、人身傷害、財產損失、業務慣例、環境責任和其他事項的潛在索賠或訴訟；以及我們不時向證券交易委員會提交的申報中討論的其他風險，包括截至2023年12月31日結束的年報表格10-k，以及隨後提交的報告。您應該考慮前瞻性陳述的限制和風險，不要過度依賴此類前瞻性陳述中包含的預測的準確性。我們不承擔更新前瞻性陳述以反映這些陳述日期後發生的事件、情況、期望變化或突發事件的義務，除非法律規定。
不時，我們會參與分析師和投資者會議。在這些會議上提供或展示的材料，如幻燈片和演示文稿，可能會在我們的投資者關係網站上發佈， www.investors.ups.com 在"演示文稿"標題下發布。一旦可用，這些演示文稿可能包含關於我們的公司的新材料非公開信息，建議您定期查看此網站以獲取任何新帖子，因爲我們可能會利用此機制作爲公共公告。

1
目錄

項目 1。 財務報表
聯合包裹服務公司及其子公司
合併資產負債表
2024年9月30日（未經審計）和2023年12月31日（單位：百萬美元）
九月三十日，
2024		12月31日，
2023
資產
流動資產：
現金及現金等價物$5,855 $3,206 
有價證券205 2,866 
應收賬款9,323 11,342 
減：應收賬款壞賬準備(128)(126)
應收賬款淨額9,195 11,216 
其他流動資產2,009 2,125 
流動資產合計17,264 19,413 
淨固定資產37,389 36,945 
經營租賃資產使用權4,129 4,308 
商譽4,411 4,872 
無形資產淨值3,108 3,305 
推遲所得稅資產125 126 
其他非流動資產1,837 1,888 
總資產$68,263 $70,857 
責任和股東權益
流動負債:
長期債務，商業票據和融資租賃的流動到期款項$1,606 $3,348 
經營租賃的到期債務699 709 
應付賬款5,410 6,340 
應計工資和代扣稅款3,527 3,224 
自保留款1,307 1,320 
應計集團福利和養老計劃的款項1,239 1,479 
其他流動負債1,293 1,256 
總流動負債15,081 17,676 
長期借款和融資租賃20,324 18,916 
非流動經營租賃3,613 3,756 
養老金及離退休福利負債5,384 6,159 
遞延所得稅負債3,761 3,772 
其他非流動負債3,216 3,264 
股東權益：
A類普通股（122 和 127 2024年和2023年分別發行的股份)
2 2 
B類普通股（731 和 726 2024年和2023年分別發行的股份)
7 7 
其他資本公積— — 
留存收益20,552 21,055 
其他綜合收益累計(3,704)(3,758)
延期薪酬義務6 9 
減少：庫存（0.1 和 0.2 2024年和2023年分別持有的股份）
(6)(9)
Total Equity for Controlling Interests16,857 17,306 
非控制權益27 8 
股東權益合計16,884 17,314 
負債和股東權益總計$68,263 $70,857 
查看未經審計的彙總財務報表註釋。
2
目錄

聯合包裹服務公司及其子公司
綜合利潤表
（以百萬爲單位，每股數據除外）
(未經審計)
 
 截至三個月
九月三十日,		截至九個月
 9月30日，
2024202320242023
收入$22,245 $21,061 $65,769 $66,041 
營業費用：
補償和福利11,955 11,528 35,097 34,188 
維修和保養713 719 2,165 2,126 
折舊和攤銷905 837 2,690 2,499 
購買的運輸服務3,375 3,114 9,894 9,826 
燃料幣。1,068 1,132 3,254 3,493 
39,967 517 481 1,573 1,490 
其他費用1,727 1,907 5,554 5,755 
總營業費用20,260 19,718 60,227 59,377 
營業利潤1,985 1,343 5,542 6,664 
其他收益（費用）：
投資收益和其他155 124 410 424 
利息支出(230)(199)(637)(578)
其他收入（費用），淨額
(75)(75)(227)(154)
稅前利潤1,910 1,268 5,315 6,510 
所得稅費用371 141 1,254 1,407 
淨利潤$1,539 $1,127 $4,061 $5,103 
基本每股收益$1.80 $1.31 $4.74 $5.93 
攤薄每股收益$1.80 $1.31 $4.74 $5.92 

合併綜合收益（損失）報表
（單位：百萬美元）
(未經審計)
 
 截至三個月
 9月30日，		截至九個月
2023年9月30日，
 2024202320242023
淨利潤$1,539 $1,127 $4,061 $5,103 
外幣兌換調整變動（淨額，稅後）211 (96)28 4 
有形證券未實現收益（損失）變動，稅後淨額2 (2)1 (11)
現金流對沖未實現收益（損失）的變動，稅後淨額(139)111 (63)(46)
未確認的養老金和退休後福利成本變化，扣除稅費後29 21 88 62 
綜合收益
$1,642 $1,161 $4,115 $5,112 
                
查看未經審計的彙總財務報表註釋。
3
目錄

聯合包裹公司及其子公司
綜合現金流量表
(以百萬爲單位, 未經審計)
 截至九個月
2023年9月30日，
 20242023
經營活動產生的現金流量：
淨收入$4,061 $5,103 
調整淨利潤以獲取經營活動的淨現金流量：
折舊和攤銷2,690 2,499 
養老金和退休後福利費用774 729 
養老金和退休後福利繳款(1,434)(1,363)
自保留款14 81 
遞延所得稅收益（費用）24 327 
股票補償（福利）費用
(21)186 
其他(收益)損失61 89 
資產和負債的變化，除營業收購的影響外的淨效應:
應收賬款1,395 2,880 
其他資產116 (252)
應付賬款(829)(2,058)
應計工資和代扣稅款348 (155)
其他負債(335)(157)
變動 certain 資產和負債，扣除收購和處置的影響：(57)(82)
經營活動產生的現金流量淨額6,807 7,827 
投資活動現金流量:
資本支出(2,811)(3,109)
出售企業、產業、設備所得款項1,070 167 
購買有市場流通的證券(52)(3,347)
市場證券的銷售和到期2,725 2,397 
收購，淨現金收購(66)(39)
其他投資活動(26)2 
投資活動產生的淨現金流量840 (3,929)
籌資活動現金流量:
短期債務淨變化(1,272)415 
從長期借款中獲得的收益2,785 2,546 
長期借款償還(1,944)(1,625)
購買普通股(500)(2,250)
發行普通股184 190 
股息(4,049)(4,034)
其他融資活動(207)(427)
融資活動產生的淨現金（使用）(5,003)(5,185)
匯率變動對現金、現金等價物和受限制的現金的影響5 (4)
現金、現金等價物及限制性現金的淨增加（減少）額
2,649 (1,291)
現金、現金等價物及受限制的現金：
期初3,206 5,602 
期末$5,855 $4,311 

查看未經審計的彙總財務報表註釋。
4
目錄

聯合包裹服務有限公司及其子公司
未經審計的合併財務報表附註
注意 1. 呈報基礎和會計政策
合併原則
隨附的未經審計的合併基本報表是根據公認會計原則（"GAAP"）爲中期財務信息以及《10-Q表格》和S-X規則10-01的指示準備的。這些未經審計的合併基本報表包含了所有必要的調整（由正常的經常性計提組成），以公平地呈現我們截至2024年9月30日的財務狀況，我們截至2024年和2023年9月30日的三個月和九個月的運營結果，以及我們截至2024年和2023年9月30日的九個月的現金流。這些未經審計的合併基本報表中報告的結果不應被視爲任何其他期間或整個年度可能預期的結果。這些未經審計的合併基本報表應與我們截至2023年12月31日的年度報告中包含的經過審計的合併基本報表及相關附註一起閱讀。
金融工具的公允價值
截至2024年9月30日和2023年12月31日，現金及現金等價物、應收賬款、財務應收款和應付賬款的賬面金額大致接近公允價值。我們可交易證券的公允價值在第5條說明中披露，我們確認的多僱主養老金撤回負債在第7條說明中，我們的短期和長期債務在第9條說明中，以及我們的衍生工具在第15條說明中。我們在測量和報告公允價值項目時採用公允價值層次結構（第1、2和3級）。當上市市場價格可用時，公允價值基於上市市場價格（第1級）。在上市市場價格不可用的情況下，公允價值根據其他相關因素確定，包括經銷商報價（第2級）。如果上市市場價格或其他相關因素不可用，輸入則根據反映我們自己假設的不可觀察數據得出，幷包括市場活動很少或沒有的資產或負債的情況（第3級）。
估計的使用
編制附帶的未經審計的合併基本報表需要管理層進行估計和判斷，這些估計和判斷會影響報告日期的資產和負債的報告金額以及或有事項的披露，同時也影響報告期間收入和費用的報告金額。
雖然我們的估計考慮了當前和預期的未來情況，但實際情況可能與我們的預期有所不同，這可能會對我們的經營業績和財務狀況產生重大影響。因此，我們的會計估計和假設可能會隨着時間的推移而發生顯著變化。
供應商融資計劃
作爲我們營運資金管理的一部分，某些金融機構向我們的部分供應商提供供應鏈金融（"SCF"）項目。我們與供應商達成商業條款，包括價格、數量和付款條件，無論供應商是否選擇參與SCF項目。供應商根據商定的合同條款向我們開具發票。如果他們參與SCF項目，供應商可以自行判斷哪些發票（如有）出售給金融機構。供應商自願將發票納入SCF項目對我們的付款條款沒有影響。我們在SCF項目下不提供任何保證。我們對供應商參與與否沒有經濟利益，且我們與金融機構之間在SCF項目中沒有直接的財務關係。
參加SCF計劃的供應商應付金額包含在我們的合併資產負債表中。 應付賬款 我們已被參與的金融機構告知，截至2023年12月31日和2024年9月30日，供應商向它們出售了價值 $473 和$504百萬的我方未償付義務。
5
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註
受限現金
截至2024年9月30日，我們沒有 2024財年沒有記錄減值損失。任何限制性現金。截止2023年12月31日，我們有$37百萬美元的限制性現金，這主要與我們已經同意的存入資金相關，涉及意大利稅務機關對UPS向某些第三方服務提供商支付增值稅的可抵扣性提出的挑戰。我們在2024年第一季度指定了額外的金額作爲限制性現金，並且在2024年第二季度，我們自願支付了約$94 百萬美元，以解決此事，並對收入計入了相應的費用，該費用在我們的綜合收入報表中反映。 其他支出
6
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


注意 2. 近期會計準則
採用新的會計準則
在未經審計的合併基本報表涵蓋的期間內採納的會計公告對我們的合併財務狀況、經營成果、現金流或內部控制沒有重大影響。
已發佈但尚未生效的會計準則
在2023年11月，財務會計準則委員會（"FASB"）發佈了一項關於部門報告的會計準則更新（"ASU"），這將要求提供新的披露信息，包括重要部門費用和關於管理層如何使用部門衡量標準的額外定性信息。該標準自2024年年度報告開始對我們生效，並適用於此後的年度和中期報告。我們正在評估這一ASU對我們披露的影響。我們將需要定義重要的部門費用類別，並預計將根據這一ASU提供額外的定性和定量信息。我們預計這一ASU不會對我們的合併財務狀況、經營成果、現金流或內部控制產生重大影響。
在2023年12月，FASB發佈了一項ASU，以增強與稅務相關的披露。此次更新將要求對稅率調節進行更標準化的分類，並提供關於重大稅務項目的額外細節。還將要求按司法管轄區劃分支付的所得稅，超過總稅收的5%，並取消某些關於未分配外國收益和不確定稅務位置的披露要求。該標準將在2025年第一季度對我們生效。我們正在評估其對我們基本報表、披露和內部控制的影響，但不預期該ASU會對我們的合併財務狀況、運營結果、現金流或內部控制產生重大影響。
在2024年9月30日之前發佈的其他會計公告，但在之後生效的，預計不會對我們的合併財務狀況、經營成果、現金流或內部控制產生重大影響。
7
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


備註 3. 營業收入確認
營業收入確認
我們大部分收入來自與包裹和貨物的提取、運輸和交付相關的合同（「運輸服務」）。這些服務可以由我們實施或安排，並通常在短時間內完成。此外，我們通過我們全球貨幣的配送中心和現場庫存地點爲客戶提供增值物流服務。
我們與客戶的大多數合同都是針對僅包含一個履行義務的運輸服務；即運輸服務本身。我們通常根據合同服務完成的進度程度，按時間確認營業收入。我們所有主要業務在其營業收入安排中充當主要方，因此，我們在合併收益表中按毛額報告營業收入和相關的運輸成本。
收入分列
三個月已結束
九月三十日		九個月已結束
九月三十日
2024202320242023
收入：
次日航空$2,396 $2,372 $7,021 $7,240 
已推遲 1,109 1,128 3,372 3,491 
地面10,945 10,160 32,410 32,312 
美國國內套餐14,450 13,660 42,803 43,043 
國內771 742 2,299 2,299 
出口3,482 3,367 10,269 10,387 
貨物及其他158 158 469 539 
國際套餐4,411 4,267 13,037 13,225 
轉發1,307 1,327 3,902 4,217 
物流1,550 1,430 4,638 4,271 
其他527 377 1,389 1,285 
供應鏈解決方案3,384 3,134 9,929 9,773 
合併收入$22,245 $21,061 $65,769 $66,041 
合約資產和負債
合同資產包括來自在途運輸的已計費和未計費金額，因爲我們只有在服務完成（即貨物已交付）時才有無條件的付款權利。金額不超過其淨可變現價值。合同資產通常被歸類爲流動資產，全部餘額每季度根據交易的短期性質轉換。
合同負債包括預付款和超過營業收入的賬單以及遞延收入。預付款和超過營業收入的賬單代表我們從客戶那裏收到的將在合同期限內賺取的款項。遞延收入是指與尚未根據我們選定的進展衡量標準確認營業收入的在途貨物相關的應收客戶款項。我們根據將賺取金額的期限，將預付款和超過營業收入的賬單分類爲流動或長期。我們根據交易的短期性質，將遞延收入分類爲流動。我們的合同資產和負債在每個報告期結束時以合同爲基礎按淨額報告。爲了判斷在該期間內從合同負債中確認的營業收入，我們首先將收入分配到期初尚未清償的各個合同負債餘額，直到收入超過該遞延收入餘額。
8
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


截至2024年9月30日和2023年12月31日的合同資產和負債如下（以百萬計）：
資產負債表地點
2024年9月30日
2023年12月31日
合同資產：
與在途包裹相關的營業收入其他流動資產$235 $237 
合同負債：
客戶的開空預付款其他流動負債$13 $20 
長期預付款項來自客戶其他非流動負債$26 $25 
應收賬款，淨額
應收賬款淨額包括來自客戶的賬單金額和當前應收金額。應收金額以其淨估計可實現價值列示。當合理且可支持的預測影響預期可收回性時，確認應收賬款的損失。這要求我們在每個資產負債表日期對帳戶中固有的當前預期損失做出最佳估計。此估計需要考慮歷史損失經驗，並根據當前情況、前瞻性因子、客戶付款頻率的趨勢，以及關於相關可觀察數據的可能影響的判斷，包括當前和未來的經濟條件，以及特定客戶和市場行業的財務狀況。我們的風險管理過程包括評審主要帳戶風險及風險集中度的標準和政策。
截至2024年9月30日和2023年12月31日，我們的信用損失準備金爲$128 和$126 百萬美元，分別是。每個截至2024年和2023年9月30日的三個月期間，計入費用的信用損失額（扣除回收）爲$75 和$49 百萬美元，分別是，並且在截至2024年和2023年9月30日的九個月期間，金額爲$211 和$133 分別爲百萬美元。


9
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


注意 4. 基於股票的薪酬
我們根據各種激勵補償計劃發放基於股份的獎勵，包括非合格和激勵股票期權、股票增值權、限制性股票和股票單位（「RSU」）、限制性業績股份和業績單位（「RPU」，與RSU一起稱爲「限制性單位」）。在歸屬時，限制性單位將導致等量UPS A類普通股的發行，並在進行所需的稅款扣繳後發放。限制性單位所獲得的分紅派息在每個可支付的分紅派息日再投資於額外的限制性單位，直到轉換爲A類股票。
我們的主要股權補償計劃是UPS長期激勵績效獎勵計劃（"LTIP"）和UPS股票期權計劃。我們還向董事會（"董事會"）授予限制單位，作爲其年度補償的組成部分，並不時向個別員工授予作爲留任機制。員工可以選擇在UPS管理激勵獎勵計劃（"MIP"）下獲得無限制的A類普通股，此外，我們還維持一個員工股票購買計劃，使合格員工可以以折扣價格購買UPS A類普通股。
截至2023年10月的數據用於培訓。 薪酬和福利 在我們截至2024年9月30日和2023年9月30日的合併收入報表中，股票補償獎勵的稅前補償（福利）費用爲$(24）和$21百萬，分別爲，且截至2024年9月30日和2023年9月30日的九個月內爲$(21）和$186分別爲百萬。
管理激勵獎計劃
MIP是一項基於激勵的補償計劃，獎勵基於公司年度業績。MIP獎勵以現金支付，除非參與者選擇全部或部分獎勵以不受限制的A類普通股形式獲得。截止到2024年9月30日，MIP被歸類爲補償義務。 應計工資和預扣款 在我們的合併資產負債表中。
開多期激勵表現獎計劃
LTIP下發放的RPUs在一個 三年 績效週期結束時歸屬，前提是繼續在公司任職（除非出現死亡、殘疾或養老的情況，在這種情況下按比例立即歸屬）。實際獲得的RPUs數量是基於在授予日期設立的績效目標的達成情況。
優秀獎勵的績效目標在調整後的每股收益和累計自由現金流之間平均分配。所獲得的RPUs的最終數量將根據相對標準普爾500指數的總股東回報進行調整。我們通過蒙特卡羅模型判斷RPUs的授予日期公允價值，並根據預期獲得的獎勵數量在歸屬期內平均確認補償費用（減去預計的流失）。
根據公司董事會薪酬與人力資本委員會批准2024年長期激勵計劃獎勵績效目標的日期，我們確定2024年3月20日爲獎勵評估日期，每個目標RPU的價值爲$158.16.
截至2024年和2023年9個月期間授予的LTIP獎勵所使用的加權平均假設及其加權平均公允價值如下：
20242023
無風險利率4.45 %3.81 %
預期波動率27.00 %30.30 %
授予單位的加權平均公允價值
$157.37 $198.98 
分享支付102.18 %107.80 %
沒有預期的股息收益，因爲單位獲得股息等值。
10
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


非資格股票期權
根據UPS股票期權計劃，我們向有限的合格高級管理人員授予不合格股票期權。股票期權獎勵優先於 五年的 時段大約 20在授予之日的每個週年紀念日歸屬的獎勵百分比（死亡、殘疾或退休除外，在這種情況下，立即歸屬）。期權授予過期 10 自撥款之日起數年。2024 年 3 月 20 日，我們批准了 0.2 百萬 行使價爲美元的股票期權154.76，紐約證券交易所當日的收盤價。
每個授予的期權的公允價值是通過布萊克-肖爾斯期權定價模型估算的。2024年和2023年授予的期權的加權平均假設和加權平均公允價值如下：
20242023
預期股息收益率3.96 %3.54 %
無風險利率4.25 %3.70 %
預期壽命（年）6.135.93
預期波動率28.94 %28.31 %
授予期權的加權平均公允價值
$34.76 $41.08 
11
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


註釋 5. 可交易證券和非流動投資
以下是截至2024年9月30日和2023年12月31日歸類爲交易和可供出售的有價證券的摘要（以百萬計）：
成本未實現
收益		未實現
損失		估計的
公允價值
2024 年 9 月 30 日：
當前交易的有價證券：
股票證券$3 $— $— $3 
交易有價證券總額3 — — 3 
當前可供出售的證券：
美國政府和機構債務證券178 — (1)177 
抵押貸款和資產支持債務證券— — — — 
公司債務證券25 — — 25 
非美國政府債務證券— — — — 
可供出售的有價證券總額203 — (1)202 
當前有價證券總額$206 $— $(1)$205 
 成本未實現
收益		未實現
損失		估計的
公允價值
2023 年 12 月 31 日：
當前交易的有價證券：
股票證券$4 $— $— $4 
交易有價證券總額4 — — 4 
當前可供出售的證券：
美國政府和機構債務證券963 2 (4)961 
抵押貸款和資產支持債務證券3 — — 3 
公司債務證券1,891 4 (4)1,891 
非美國政府債務證券7 — — 7 
可供出售的有價證券總額2,864 6 (8)2,862 
當前有價證券總額$2,868 $6 $(8)$2,866 
投資減值
我們已得出結論，截至2024年9月30日，市場證券中不存在重大的減值損失。在做出這一決定時，我們考慮了每個發行人的財務狀況和前景、損失的金額與成本的比較、我們無法根據證券的合同條款收回所有到期款項的可能性、證券的信用評級以及我們持有這些投資直到市場價值預期恢復的能力和意圖。
12
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


到期信息
截至2024年9月30日，按合同到期日計算的可交易證券的攤銷成本和估計公允價值如下（以百萬計）。實際到期可能與合同到期不同，因爲證券的發行人可能有權在不支付或支付預付款罰金的情況下提前償還債務。
成本估計
公允價值
到期於一年或更短時間$123 $122 
到期於一年至三年80 80 
到期於三年至五年— — 
到期於五年後— — 
203 202 
股權證券3 3 
$206 $205 
非流動投資
我們持有在合併資產負債表中報告的非流動投資。 其他非流動資產 用於這些投資的現金包括在 其他投資活動 在我們的合併現金流量表中。
•權益法投資： 按權益法計入的股權證券的賬面價值爲$308 和$295 百萬。
•其他股權證券： 某些沒有易於確定公允價值的股權證券按照ASC主題321投資 - 股權證券中的計量替代法進行報告。根據計量替代法進行覈算的股權證券的賬面價值爲$47在2024年9月30日和2023年12月31日都是 百萬。
•其他投資： 我們對可變人壽保險單進行投資，爲UPS超額協調福利計劃的福利提供資金。該投資的公允市場價值爲 $20 和 $19 截至 2024 年 9 月 30 日和 2023 年 12 月 31 日，分別爲百萬人。
13
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


公允價值計量
採用第一級投入估值的可上市證券包括活躍的交易所交易股票和股指期貨，以及大多數美國政府債務證券，因爲這些證券在活躍市場中都有報價。採用第二級投入估值的可上市證券包括資產支持證券、企業債券和市政債券。這些證券的估值採用市場驗證的定價、矩陣定價或其他利用可觀察輸入（如收益率曲線）的模型。
下表提供了截至2024年9月30日和2023年12月31日，按公允價值計算的投資信息，並指明瞭用於判斷該公允價值的估值技術的公允價值層級（單位：百萬）。
報價價格
在活躍市場中
市場用於
Identical Assets
（一級）		顯著的另一半
可觀察輸入
(第二等級)		重要性
不可觀察的
輸入
(第三等級)		總計
2024年9月30日：
有價證券：
美國政府和機構債務證券$177 $— $— $177 
抵押貸款和資產支持債務證券— — — — 
企業債務證券— 25 — 25 
股權證券— 3 — 3 
非美國政府債務證券— — — — 
總可上市證券177 28 — 205 
其他非流動投資(1)
— 20 — 20 
總計$177 $48 $— $225 
(1)    代表一種變量壽險保單，爲UPS超額協調福利計劃提供資金福利。

報價價格
處於活躍狀態
市場
Identical Assets
（一級）		顯著的另一半
可觀察輸入
(第二等級)		重要性
不可觀察的
輸入
(第三等級)		總計
2023年12月31日：
可交易證券：
美國政府及其機構的債務證券$961 $— $— $961 
抵押貸款和資產支持債務證券— 3 — 3 
企業債務證券— 1,891 — 1,891 
股權證券— 4 — 4 
非美國政府債務證券— 7 — 7 
總可市場證券961 1,905 — 2,866 
其他非流動投資(1)
— 19 — 19 
總計$961 $1,924 $— $2,885 
(1)    代表一種變量壽險保單，爲UPS超額協調福利計劃提供資金福利。
截至2024年9月30日或2023年，Level 3在九個月內沒有任何投資的轉入或轉出。

14
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


註釋 6. 資產、計劃和設備
截至2024年9月30日和2023年12月31日，物業、廠房和設備包括以下內容（以百萬計）：
20242023
車輛$11,901 $11,768 
飛機23,659 22,888 
土地2,136 2,138 
建築物6,702 6,255 
建築物及租賃改善5,625 5,241 
廠房設備18,315 17,322 
科技設備2,733 2,656 
在建工程2,374 3,247 
73,445 71,515 
減：累計折舊和攤銷(36,056)(34,570)
固定資產淨額$37,389 $36,945 
按帳戶購買的物業、廠房和設備爲$358 和$309截至2024年9月30日和2023年12月31日，分別爲百萬。
截至2024年或2023年9月30日的三個月或九個月內沒有重大減值費用。

15
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


注意 7. 員工福利計劃
公司贊助的福利計劃
關於我們公司贊助的養老金和退休後福利計劃在截至2024年和2023年9月30日的三個月和九個月的淨週期性福利成本的信息如下（以百萬計）：
 美國養老金福利美國退休後福利
醫療福利		國際
養老金福利
202420232024202320242023
截至9月30日的三個月：
服務成本$309 $293 $5 $5 $10 $11 
利息成本644 627 27 29 16 16 
資產預期回報(770)(742)(1)(3)(22)(21)
先前服務成本的攤銷37 27 — — 1 1 
淨定期收益成本
$220 $205 $31 $31 $5 $7 
美國養老金福利美國退休後福利
醫療福利		國際
養老金福利
202420232024202320242023
截至9月30日的九個月：
服務成本$929 $879 $15 $15 $32 $33 
利息成本1,932 1,881 81 87 50 49 
資產預期回報(2,313)(2,225)(3)(9)(64)(63)
先前服務成本的攤銷114 80 — 1 1 1 
淨定期收益成本
$662 $615 $93 $94 $19 $20 
服務成本和淨定期福利成本的其他元件在我們的合併收入報表中分別列示爲 薪酬和福利 和 投資收益和其他。
截至2024年9月30日的九個月期間，我們爲公司贊助的養老金和美國退休後醫療福利計劃貢獻了$1.2十億和$189 百萬美元。我們預計在今年剩餘時間將爲我們的公司贊助養老金和美國退休後醫療福利計劃貢獻大約$25 和$55百萬美元。
多僱主福利計劃
我們根據集體談判協議爲多個多僱主的固定福利和健康福利計劃做出貢獻，這些協議覆蓋了我們擁有工會代表的員工。我們當前的集體談判協議規定了我們參與的計劃的貢獻率，並且我們遵守這些貢獻率。
截至2024年9月30日和2023年12月31日，我們記錄了$806 和$813 百萬，分別記錄在 其他非流動負債 我們的合併資產負債表中，$9 百萬截至2024年9月30日和2023年12月31日記錄在 其他流動負債 我們的合併資產負債表中與我們之前從新英格蘭工會公路運輸行業養老金基金撤回相關的。這項負債將在約的剩餘期限內按月等額支付 38 基於我們目前可用於類似期限的長期融資的借款利率，截止到2024年9月30日和2023年12月31日，此項撤回責任的公允價值爲$704 和$710 百萬，分別爲。我們在公允價值評估技術的公允價值層次中使用了二級輸入來判斷此項責任的公允價值。
UPS是中央州養老金基金（"CSPF"）的參與僱主，直到2007年，此時UPS退出了CSPF。根據與國際團結車工會（"IBT"）的集體談判協議，UPS同意爲最後工作單位爲UPS且截至2008年1月1日尚未退休的UPS參與者提供UPS/IBT全職員工養老金計劃（"UPS/IBT計劃"）中的協調福利（"UPS轉移組"），如果CSPF根據我們與CSPF的撤回協議的條款減少了福利。在此協議下，UPS轉移組的福利在未經我們同意的情況下不能被減少，並且只能根據法律進行減少。
16
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


在我們撤回之後，CSPF遭受了大規模的資產損失，並表示預計將變得無力償債。在這種情況下，CSPF的福利將減少到法律允許的養老金福利保障公司（"PBGC"）限額，觸發集體談判協議中的協調福利條款。
 十億美元已由PBGC支付給CSPF。35.8十億美元已由PBGC支付給CSPF。
我們考慮到根據ASC第715主題支付協調福利的潛在義務，這要求我們在衡量截至12月31日的養老金福利義務時提供各種精算假設的最佳估計。截至2023年12月31日，我們對在SFA基金耗盡後可能需要由UPS/IBt計劃支付的協調福利的最佳估計是微不足道的。
我們對未來協調利益的估計值將繼續受到多種因素的影響，包括對ARPA的業績解讀、未來立法行動、精算假設以及CSPF維持其長期承諾的能力。實際事件可能導致我們對預計福利義務的最佳估計發生變化。我們將繼續按照ASC第715條評估這些不確定性的影響。
集體談判協議
我們在美國大約有 310,000 名員工受國家總協議和與IBt相關的地方工會的各種補充協議僱傭。這些協議預計將於2028年7月31日到期。
我們在加拿大大約有 10,000 名員工在與IBt的集體談判協議下工作，該協議持續到2025年7月31日。
我們大約有 3,300 與獨立飛行員協會簽訂集體談判協議的飛行員。這項集體談判協議將在2025年9月1日可修改。
我們大約有 1,900 名航空機械師與團隊工人地方2727簽訂了集體談判協議，該協議將在2026年11月1日可以修訂。此外，大約 3,000 名不受IBt代表的汽車和維護機械師根據與國際機械師和航空航天工人協會（"IAM"）的集體談判協議就業。2024年7月21日，IAM批准了一項新的集體談判協議，該協議將在2029年7月31日到期。
17
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


注意 8。 商譽和無形資產
下表顯示了截至2024年9月30日和2023年12月31日的商譽分配（單位：百萬）：
美國國內
包裹		國際
包裹		供應鏈解決方案合併項
2023年12月31日：$847 $503 $3,522 $4,872 
已收購— — 22 22 
貨幣 / 其他— 4 (487)(483)
2024年9月30日：$847 $507 $3,057 $4,411 
截至2024年9月30日的九個月期間：
•在供應鏈解決方案中，商譽下降了美元495百萬美元，涉及剝離我們的卡車經紀業務（「Coyote」），如附註18所述。
•我們記錄了$的商譽增加。16作爲我們2023年11月收購MNX全球物流和Happy Returns的購買會計分配的一部分，記錄了 百萬的商譽。關於MNX全球物流的購買會計的某些領域，包括我們的稅務職位估計，截止到2024年9月30日仍處於初步階段。此外，我們記錄了$ 百萬的商譽，這與收購UPS商店的某些地點有關。6與收購UPS商店的某些地點相關，記錄了$ 百萬的商譽。
•剩餘的變動是由於美元價值變化對非美元商譽餘額的轉換影響所致。
我們最近一次年度商譽減值測試的時間爲2024年7月1日，採用了定性和定量兩種方法。我們的定量測試結合了收益法和市場法。我們得出的結論是，報告單位的公允價值超過了其各自的賬面價值。大約$1.2我們合併商譽餘額的$4.4我們合併商譽餘額中約$billion來自我們的全球貨運轉發、Roadie和全球物流與分銷報告單位，根據我們的年度減值評估，這些單位的公允價值與賬面價值之間的超出幅度有限，且在未來期間可能存在更高的減值風險。我們預計任何減值都不會對我們的合併財務狀況、經營成果或現金流產生重大影響。
對於我們每個報告單位，我們繼續監測宏觀經濟條件和業務表現對我們公允價值估計的影響。根據我們年度測試日期的後續情況，截至2024年9月30日，我們的報告單位沒有跡象表明 impairment 更有可能發生。實際報告單位的表現、對未來表現預測的修訂、市場因素、未來減值測試中的估計或假設的變化，或者二者的組合都可能導致我們在未來某個期間對一個或多個報告單位進行減值計提。在2024年10月，我們重新調整了供應鏈解決方案下某些子公司的管理結構，將我們的全球貨運代理和全球物流與分銷業務納入一個管理團隊，並將我們的 MNX 全球物流和 Marken 業務聚集在一個管理團隊下。我們正在評估這些管理變更對我們第四季度的運營部門和報告單位確定的影響。

18
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


以下是截至2024年9月30日和2023年12月31日的無形資產摘要（以百萬計）：
毛額
金額		累計
攤銷		淨賬面價值
價值
2024年9月30日：
資本化的軟體$6,096 $(4,173)$1,923 
許可證48 (25)23 
特許經營權348 (56)292 
客戶關係702 (203)499 
商標109 (23)86 
商標、專利和其他370 (89)281 
可攤銷的無形資產$7,673 $(4,569)$3,104 
無期限不可識別的資產4 — 4 
總計無形資產，淨值$7,677 $(4,569)$3,108 
2023年12月31日：
資本化的軟體$5,839 $(3,900)$1,939 
許可證30 (7)23 
特許經營權291 (49)242 
客戶關係1,115 (516)599 
商標172 (30)142 
商標、專利和其他320 (53)267 
可攤銷的無形資產$7,767 $(4,555)$3,212 
無限期使用的無形資產93 — 93 
總無形資產，淨值$7,860 $(4,555)$3,305 
截至2024年9月30日的表格不包括與Coyote相關的無形資產，該資產在2024年第三季度出售，如第18條所討論。
當發生可能表明無形資產賬面價值可能無法恢復的觸發事件時，會進行有限壽命無形資產的減值測試。 截至2024年9月30日的三個月中，有 2024財年沒有記錄減值損失。 有限壽命無形資產的重大減值費用。截止2024年9月30日的九個月中，我們記錄了48百萬（$35百萬美元的減值費用，稅後，或每稀釋股0.04 )在 其他費用 在我們的合併收入報表中。這些費用代表了軟件許可證的資本化減值，金額爲$7百萬，以及$41百萬的費用，用於減記我們收購Bomi集團時所獲得的某些交易名稱的價值。截至2023年9月30日的三個月和九個月內，有限壽命無形資產的減值費用爲$8 百萬。
19
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


注意 9. 債務和融資安排
截至2024年9月30日及2023年12月31日，我們未償債務的賬面價值如下（單位：百萬）：
本金
金額		賬面價值
到期20242023
商業票據$— $— $2,172 
固定利率高級票據：
2.800%高級票據
500 2024500 499 
2.200% 高級票據
— 2024— 400 
3.900% 高級票據
1,000 2025999 999 
2.400% 高級票據
500 2026499 499 
3.050% 高級票據
1,000 2027997 996 
3.400% 高級票據
750 2029748 747 
2.500% 高級票據
400 2029398 398 
4.450% 高級票據
750 2030746 745 
4.875% 高級票據
900 2033895 894 
5.150% 高級債券
900 2034893 — 
6.200% 高級債券
1,500 20381,486 1,485 
5.200% 高級債券
500 2040494 494 
4.875% 高級債券
500 2040491 491 
3.625% 高級債券
375 2042369 369 
3.400% 高級債券
500 2046492 492 
3.750% 高級債券
1,150 20471,138 1,138 
4.250% 高級債券
750 2049743 743 
3.400% 高級債券
700 2049689 689 
5.300% 高級債券
1,250 20501,232 1,232 
5.050% 高級債券
1,100 20531,083 1,083 
5.500% 高級債券
1,100 20541,087 — 
5.600% 高級債券
600 2064590 — 
浮動利率高級債券：
浮動利率高級債券1,775 2049-20741,755 1,545 
債券：
7.620% 債券
276 2030279 280 
英鎊票據:
5.500% 票據
89 203188 84 
5.125% 票據
608 2050578 550 
歐元高級票據:
1.625% 高級票據
783 2025783 774 
1.000% 高級票據
560 2028558 551 
1.500% 高級票據
560 2032557 551 
加拿大高級票據：
2.125%高級票據
— 2024— 566 
融資租賃義務（見注10）
439 2024-2046439 472 
融資票據和債券320 2029-2045320 320 
其他債務4 2024-20264 6 
總債務$22,139 21,930 22,264 
減：流動到期部分(1,606)(3,348)
長期債務$20,324 $18,916 

20
目錄
聯合包裹服務有限公司和子公司
未經審計的合併財務報表附註


商業票據
我們的授權借款上限爲$10.0 十億，在美國商業票據計劃下，和€5.0 十億（以多種貨幣計）在歐洲商業票據計劃下。到2024年9月30日，已有 2024財年沒有記錄減值損失。 商業票據尚未還清。預計2024年在這些計劃下的商業票據的未償還金額將會波動。
債務分類
由於我們的意圖和能力在看跌期權被行使的情況下對債務進行再融資，我們已將某些可贖回的浮動利率高級票據列爲我們合併資產負債表中的長期債務。
償還債務
在2024年5月21日，我們的 2.125％加幣高級票據，本金餘額爲C$750百萬（$550百萬）到期並已全額償還。
在2024年9月3日，我們的 2.200% 高級票據，本金餘額爲 $400 百萬到期並已全額償還。
債務發行
我們於2024年5月22日發行了 三 系列債券，面值爲$900百萬，$1.1十億和$600百萬。這些債券的利率分別爲 5.15%, 5.50% 5.60%，到期日分別爲2034年5月22日、2054年5月22日和2064年5月22日。債券的利息按半年支付，首次支付日期爲2024年11月22日。每系列債券都可以選擇以贖回價格贖回，該價格等於以下兩者中的較大者。 100本金的%金額，或預定本金和利息支付的現值總和，加上應計但未支付的利息。
我們於2024年5月28日發行了面值爲$的浮動利率優先票據，213金額爲百萬。這些票據的利率等於複合的擔保隔夜融資利率（"SOFR"）減去 0.35%每年，並於2074年6月1日到期。這些票據可在 30 年後在規定的面值百分比下可贖回，並可由票據持有人選擇在 一年 後在規定的面值百分比下贖回。
信用來源
我們維持 兩個 與一組銀行簽訂的信用協議。第一個協議提供的循環信用額度爲$1.0億美元，截止日期爲2024年12月3日。根據該協議未償還的金額將按一個定期固定利率計息，該利率等於期限SOFR利率，加上 0.10%的年利率，以及基於我們當時信用評級的適用利差。截至2024年9月30日，信用定價表中的適用利差爲 0.70%。此外，可選擇一個浮動利率，等於以下三者中最高的：(1)《華爾街日報》最近所引用的美國基準利率；(2) 聯邦基金有效利率加上 0.50%；或(3) 一個月利息期間調整後的SOFR利率加上 1.00%，我們可以自行決定。我們預計在到期之前會對該協議進行修訂以延長其到期日。
第二份協議提供了高達$的循環信貸額度2.0十億美元，並於2026年12月7日到期。該額度下的未償還金額按定期固定利率計息，該利率等於期限SOFR利率加上 0.10%年利率，並且適用的利差基於我們當時的信用評級。根據2024年9月30日的信貸定價表，適用的利差爲 0.875%。或者，利率可根據我們的自由裁量權採用波動利率，該利率等於（1）《華爾街日報》最後報價的美國基準利率；（2）聯邦基金有效利率加上 0.50%；或者（3）調整後的期限SOFR利率加上一個月的利息期限，外加 1.00%，加上適用的利差。
如果標準普爾和穆迪建立的信用評級存在差異，將使用更高的評級，除非較低的評級低了兩個或更多級別。在這種情況下，將使用高評級下一級的評級。我們還可以根據適用利率的競爭性報價請求這些融資的預付款。
總共有 2024財年沒有記錄減值損失。 截至2024年9月30日，這些設施下的未償金額。

21
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


債務契約
我們現有的債務工具和信貸設施使我們受到某些財務契約的約束。截至2024年9月30日，以及之前所呈現的所有期間，我們已經滿足這些財務契約。這些契約限制了我們可能承擔的擔保債務的金額，並且限制了在出售回租交易中可歸屬的債務金額， 10% 的淨有形資產。截至2024年9月30日， 10% 的淨有形資產等於 $4.6十億，我們有 2024財年沒有記錄減值損失。 涵蓋的出售回租交易或未償還的擔保債務。我們預計這些契約不會對我們的流動性產生重大影響。
債務公允價值    
根據我們目前可獲得的類似條款和到期日的長期債務的借款利率，長期債務的公允價值（包括當前到期部分）約爲$21.9 和$22.1截至2024年9月30日和2023年12月31日，分別爲十億。我們利用第2級輸入在公允價值的估值技術層級中判斷所有債務工具的公允價值。
22
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


注意 10. 租賃
我們擁有房地產業的融資租賃和經營租賃（主要是綜合性中心、機場設施和倉庫）、飛機和發動機、信息科技設備、車輛以及用於運營我們業務的各種其他設備。一些房地產業和飛機的租賃包含購買、延長或終止租賃的期權。
飛機
除了我們擁有的飛機外，我們還租用飛機來處理某些國際航線和國內航線的包裹和貨物成交量。由於這些協議的性質，主要是任一方可以在短時間內取消協議，因此我們將其歸類爲短期租賃。我們大多數的長期飛機經營租賃由第三方運營，以處理在某些地區由於政府法規限制我們運營航空公司而產生的包裹和貨物成交量。
運輸設備和其他設備
我們簽訂長期和短期的運輸設備租賃協議，以補充我們的產能或滿足合同需求。其中一些資產是按月租賃的，可以在沒有罰款的情況下終止租約。我們還簽訂設備租賃協議，以在高需求期間增加產能。這些租賃被視爲短期租賃，因爲在合同期間的累計使用權少於12個月。
我們的一些運輸和科技設備租賃要求我們根據資產的實際使用情況支付額外的租賃費用。由於這些費用的變量性質，它們在發生時作爲費用處理，並不包含在使用權租賃資產及相關的租賃義務中。
截止到2024年和2023年9月30日的三個月和九個月的租賃費用組成如下（以百萬爲單位）：
截至三個月
九月三十日		截至九個月
九月三十日
2024202320242023
經營租賃費用$220 $219 $682 $645 
融資租賃成本：
資產攤銷38 31 104 88 
租賃負債的利息6 4 16 13 
融資租賃總成本44 35 120 101 
變量租賃成本81 63 235 203 
短期租賃費用221 243 612 746 
總租賃費用(1)
$566 $560 $1,649 $1,695 
(1)    此表格不包括轉租收入，因爲截至2024年和2023年9月30日的三個月和九個月內該收入不重要。
除了表中披露的租賃成本外，我們還監控所有租賃類別，以識別資產的賬面價值可能無法收回的因子。我們確認了某些 不重要的 減值，主要是在我們供應鏈解決方案部門，在截至2024年9月30日的三個月和九個月期間以及截至2023年9月30日的九個月期間。 2024財年沒有記錄減值損失。 截至2023年9月30日的三個月期間確認了減值。
23
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


與我們的合併資產負債表中租賃和位置相關的補充信息如下（以百萬計，租賃期限和折現率除外）：
9月30日
2024		2023年12月31日,
2023
經營租賃：
經營租賃使用權資產$4,129 $4,308 
經營租賃的當前到期債務$699 $709 
非當前經營租賃3,613 3,756 
總經營租賃義務$4,312 $4,465 
融資租賃：
不動產、廠房和設備，淨值$640 $856 
長期債務、商業票據和融資租賃的當前到期部分$103 $104 
長期債務和融資租賃336 368 
融資租賃義務總額$439 $472 
剩餘租賃期限的加權平均值（以年爲單位）：
經營租賃10.810.8
融資租賃7.27.4
加權平均折現率：
經營租賃3.42 %3.20 %
融資租賃3.99 %3.88 %

Supplemental cash flow information related to leases is as follows (in millions):
Nine Months Ended
 September 30,
20242023
Cash paid for amounts included in measurement of obligations:
Operating cash flows from operating leases$657 $627 
Operating cash flows from finance leases13 10 
Financing cash flows from finance leases93 101 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$403 $1,013 
Finance leases$58 $136 

24
Table of Contents
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Maturities of lease obligations as of September 30, 2024 were as follows (in millions):
Finance LeasesOperating Leases
2024$38 $180 
2025111 858 
202685 751 
202754 646 
202846 486 
Thereafter180 2,271 
Total lease payments514 5,192 
Less: Imputed interest(75)(880)
Total lease obligations439 4,312 
Less: Current obligations(103)(699)
Long-term lease obligations$336 $3,613 
As of September 30, 2024, we had $624 million of additional leases which had not commenced. These leases will commence later in 2024 through 2026 when we are granted access to the property, such as when leasehold improvements are completed by the lessor or a certificate of occupancy is obtained.
25
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


注意 11. 法律程序與或有事項
我們正在參與多項司法程序以及由於我們業務行爲引發的其他事務。
儘管對最終結果不能提供任何保證，但我們通常否認或相信我們有正當的抗辯理由，並將否認正在進行的事項中的責任，包括（除非在此另有說明）下述事項，我們打算積極辯護每一項事務。我們在司法程序和其他或有事項中，當損失變得可能且可以合理估計時，會計提相關金額。當沒有任何一個區間內的金額比其他金額更好地估計時，我們會計提該區間內的最低金額。解決法律程序的實際成本可能遠高於或低於我們在這些索賠中已計提的金額。
對於我們無法估計的可能損失或損失範圍的問題，我們無法判斷任何此類損失是否會對我們的運營或財務狀況產生重大影響。對於這些問題，我們已經描述了我們無法估計可能損失或損失範圍的原因。
司法程序
我們是多起在州和聯邦法院提起的訴訟的被告，這些訴訟包含關於州工資和工時法的各種集體訴訟指控。我們認爲，與任何此類事項相關的損失不會對我們的財務控件、運營結果或流動性產生重大影響。
在2022年10月，Gratton訴聯合包裹公司案在華盛頓東區美國地區法院提起。原告因各種與就業相關的訴求起訴UPS。2024年第三季度，陪審團僅在原告的報復索賠上做出了有利於原告的裁決，判給他$39.6 百萬美元的賠償損害賠償和$198 百萬美元的懲罰性賠償。我們正在申請審判後動議，並對裁決進行上訴，因爲我們認爲已發生多項可逆錯誤，使我們有權大幅或完全推翻該裁決。截至2024年9月30日，我們在合併資產負債表中就此事項已累計了一個微不足道的金額。
2023年7月，貝克訴聯合包裹公司（DE）和聯合包裹公司（OH）在華盛頓東區聯邦法院被認證爲集體訴訟。該案的原告聲稱UPS違反了《軍人就業及再就業權利法》。我們正在積極爲自己辯護，並相信我們有多項合理的辯護理由，同時存在尚未解決的法律和事實問題，這對最終解決此案可能至關重要。因此，我們無法估算此次事件可能導致的損失或損失區間，也無法判斷此類損失（如有）是否會對我們的財務狀況、經營結果或流動性產生重大不利影響。
在2024年10月，Savage訴聯合包裹公司及其他人一案的證券集體訴訟在美國喬治亞州北區地方法院提起，起訴的對象是公司及某些現任和前任高管。該訴訟聲稱代表在2024年1月30日至2024年7月22日之間購買UPS證券的投資者提起。 投訴指控違反了1934年證券交易法第10(b)條和第20(a)條，以及根據該法頒佈的第100亿.5條規則，依據有關我們業務表現的虛假陳述和遺漏。該訴訟尋求不特定的賠償損害、律師費，以及合理的費用和開支。我們正在積極爲自己辯護，並相信我們有多項合理的辯護理由，並且有法律和事實未決的問題可能對最終解決該事項至關重要。因此，我們無法估計可能產生的損失或損失區間，也無法判斷如果有損失，是否會對我們的財務狀況、經營結果或流動性產生重大不利影響。
其他事項
2016年8月，西班牙國家市場和競爭委員會（"CNMC"）宣佈對商業快遞和包裹行業的公司進行調查，包括UPS，涉及到涉嫌分配客戶的非侵略性協議。 10 2017年5月，我們收到了CNMC發出的異議聲明。2017年7月，我們收到了CNMC的擬決議。2018年3月，CNMC通過了最終決定，認定存在侵權，並對UPS處以了微不足道的罰款。我們對此決定提出了上訴。2022年12月，一家初審法院裁定對我們不利。我們已向西班牙最高法院提出上訴。我們正在積極辯護，並相信我們有多項合理的辯護理由。此外，還有一些法律問題尚未解決，這些問題可能對於此事的最終解決至關重要。我們認爲，這一事件造成的任何損失不會對我們的財務狀況、經營成果或流動性產生重大影響。

26
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


如之前披露的，證券交易委員會（"SEC"）對我們在2021年4月剝離UPS Freight時圍繞減值分析的控件和做法進行了調查。該分析導致在截止到2020年12月31日的季度內記錄了非現金商譽減值費用。在2024年3月，SEC工作人員通知公司，他們不同意減值的時機。公司與SEC工作人員達成了一項原則上的談判解決方案，待SEC批准，該方案在不承認或否認SEC關於違反1933年證券法第17(a)(2)和(3)條（及相關條款）指控的調查結果的情況下，公司同意支付民事罰款，並同意採取補救措施、培訓和流程變更，其中一些措施已經實施。儘管這一方案需經SEC批准，並且公司無法準確預測最終結果，但公司相信，這項解決方案不會對其財務狀況、經營業績或流動性產生重大影響。我們在2024年9月30日的合併資產負債表中包含了代表我們對這一監管事務影響的最佳估算的準備金。
我們參與了多項在正常業務過程中產生的其他事務。這些事務包括與各個司法管轄區的政府機構之間的爭議，涉及不時徵收的關稅、罰款、稅收和評估。我們正在積極進行自我辯護，並相信我們在這些爭議中有多項有利的辯護理由。此外，還有一些法律問題尚未解決，這對這些爭議的最終解決可能很重要。因此，我們無法估計由這些爭議可能導致的損失或損失區間，也無法判斷如果存在這些損失，是否會對我們的財務狀況、運營結果或流動性產生重大影響。
我們認爲，任何其他問題（無論是個人問題還是總體問題）的最終解決，包括超過當前應計額的任何合理可能的損失，都不會對我們的運營或財務狀況產生重大影響。


27
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


註釋12。 股東權益
資本 Stock、額外實收資本、留存收益和非控股權益
我們被授權發行 兩個 類普通股，這些股票主要通過各自的投票權相互區分。UPS的A類股份每股有 10 票 一個 而B類股份每股有0.01 的面值，截止到2024年9月30日， 4.6 十億A類股份和 5.6 授權發行億股B類股票。此外，還有 200 授權發行百萬股優先股，票面價值爲$0.01 截至2024年9月30日， 2024財年沒有記錄減值損失。 優先股已被髮行。
以下是截至2024年和2023年9月30日的三個月和九個月期間我們的普通股、額外實收資本、留存收益和非控制性權益帳戶的滾動變動（以百萬爲單位，除每股金額外）：
截至9月30日的三個月：20242023
Shares美元Shares美元
A類普通股：
期初餘額125 $2 132 $2 
股票獎勵計劃— — 1 — 
普通股發行— — 1 — 
A類股轉換爲B類普通股(3)— (4)— 
期末A類股份發行量122 $2 130 $2 
B類普通股：
期初餘額732 $7 723 $7 
普通股購買(4)— (5)— 
A類股轉換爲B類普通股3 — 4 — 
期末B類股份發行量731 $7 722 $7 
額外實繳資本：
期初餘額$136 $— 
股票獎勵計劃(20)14 
普通股購買(212)(123)
普通股發行96 115 
其他 (1)
— (6)
期末餘額$— $— 
留存收益：
期初餘額$20,692 $21,584 
歸屬於控股權益的淨利潤1,539 1,127 
分紅派息 ($1.63 和$1.62 每股) (2)
(1,391)(1,384)
普通股購買(288)(627)
其他
— (1)
期末餘額$20,552 $20,699 
非控股權益：
期初餘額$23 $18 
非控股權益的變動
4 (6)
期末餘額$27 $12 
(1)    Includes a 1% excise tax applicable to share repurchases.
(2)    The dividend per share amount is the same for both class A and class B common stock. Dividends include $88 and $43 million as of September 30, 2024 and 2023, respectively, that were settled in shares of class A common stock.
28
Table of Contents
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Nine Months Ended September 30:20242023
 SharesDollarsSharesDollars
Class A Common Stock:
Balance at beginning of period127 $2 134 $2 
Stock award plans2 — 4 — 
Common stock issuances2 — 2 — 
Conversions of class A to class B common stock(9)— (10)— 
Class A shares issued at end of period
122 $2 130 $2 
Class B Common Stock:
Balance at beginning of period726 $7 725 $7 
Common stock purchases(4)— (13)— 
Conversions of class A to class B common stock9 — 10 — 
Class B shares issued at end of period
731 $7 722 $7 
Additional Paid-In Capital:
Balance at beginning of period$— $— 
Stock award plans(123)391 
Common stock purchases(212)(750)
Common stock issuances335 370 
Other (1)
— (11)
Balance at end of period$— $— 
Retained Earnings:
Balance at beginning of period$21,055 $21,326 
Net income attributable to controlling interests4,061 5,103 
Dividends ($4.89 and $4.86 per share) (2)
(4,203)(4,230)
Common stock purchases(288)(1,500)
Other (3)
(73)— 
Balance at end of period$20,552 $20,699 
Noncontrolling Interests:
Balance at beginning of period$8 $17 
Change in noncontrolling interest
19 (5)
Balance at end of period$27 $12 
(1)    包括適用於股票回購的1%消費稅。
(2)    每股股息金額在A類和B類普通股中是相同的。分紅派息包括$154 和$196百萬，截至2024年和2023年9月30日，分別以A類普通股結算。
(3)    包括與某些股票獎勵相關的調整。

29
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


我們回購了 3.9 百萬股B類普通股，金額爲$500百萬，在截至2024年9月30日的三個月和九個月內，按照我們的股票回購計劃進行回購。我們回購了 4.4 和 12.8 百萬股B類普通股，金額爲$750 百萬美元和$2.3 十億美元，在截至2023年9月30日的三個月和九個月內，分別進行回購。這些回購完成情況如下：
•在2021年8月，董事會授權公司回購最多$5.0億的A類和B類普通股（"2021年授權"）。截至2023年9月30日的九個月內，我們回購了 0.5 百萬股B類普通股，金額爲$82百萬，在此授權下。
•在2023年1月，董事會終止了2021年授權，並批准了一項新的股票回購授權，金額爲$5.0十億美元的A類和B類普通股（「2023年授權」）。上述截至2024年9月30日的三個月和九個月的股票回購是在該授權下完成的。在截至2023年9月30日的三個月和九個月裏，我們回購了 4.4 和 12.3 百萬股，金額爲$750 百萬美元和$2.2 十億美元，均在2023年授權下完成。
截至2024年9月30日，我們有$2.3在2023年授權下可用的十億美元。我們不預期在2024年會有進一步的股票回購。
股票回購可以採取加速回購計劃、公開市場購買或我們認爲合適的其他方法。股票回購的時機將取決於市場情況。除非董事會提前終止，否則在我們購買了該計劃下所有授權回購的股票後，授權將會到期。
有關股票獎勵計劃的額外實收資本的變動包括未歸屬獎勵的累計，同時扣除在該期間歸屬的獎勵的調整。
累積其他全面收益（損失）
我們確認其他綜合收益（損失）中有關外幣換算調整、可供出售證券的未實現持有收益和損失、符合現金流對沖資格的衍生品的未實現收益和損失，以及未確認的養老金和退休後福利成本的活動。 截至2024年和2023年9月30日的三個月和九個月的累計其他綜合收益（損失）活動如下（單位：百萬）：
截至9月30日的三個月：20242023
外幣翻譯收益（損失），稅後：
期初餘額$(1,431)$(1,346)
換算調整（扣除$稅後影響）：(5）和$0)
211 (96)
期末餘額(1,220)(1,442)
未實現的市場證券收益（虧損），扣除稅項：
期初餘額(3)(20)
當前期間公允價值變化（扣除稅項影響$0 和$(1))
2 (2)
期末餘額(1)(22)
未實現現金流對沖收益（虧損），扣除稅項：
期初餘額— 10 
當前期間公允價值變化（扣除稅項影響$(37）和$44)
(117)138 
重新分類到收益（扣除稅後影響$7）和$8))
(22)(27)
期末餘額(139)121 
未確認的養老金和退休後福利成本，扣除稅後：
期初餘額(2,373)(218)
重新分類到收益（扣除稅後影響$9 和$7)
29 21 
期末餘額(2,344)(197)
期末累計其他綜合收益（損失）$(3,704)$(1,540)
30
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


截至9月30日的九個月：20242023
外幣翻譯收益（損失），扣除稅後：
期初餘額$(1,248)$(1,446)
翻譯調整（扣除稅後影響 $2）和 $13))
28 1 
重新分類到收益（扣除稅後影響 $0 和$0)
— 3 
期末餘額(1,220)(1,442)
未實現的市場證券收益（損失），扣除稅費：
期初餘額(2)(11)
當前期間的公允價值變動（扣除稅費影響 $0 和 $(5))
1 (13)
重新分類至收益（扣除稅費影響 $0 和$1)
— 2 
期末餘額(1)(22)
未實現的現金流對沖收益（損失），扣除稅費：
期初餘額(76)167 
當前期間公允價值變化（稅後影響淨額$7 和$22)
24 69 
重新分類至收益（稅後影響淨額$(27) 和 $(36))
(87)(115)
期末餘額(139)121 
未確認的養老金和退休後福利成本，稅後淨額:
期初餘額(2,432)(259)
重新分類到收益（稅後效果爲$27 和$20)
88 62 
期末餘額(2,344)(197)
期末累計其他綜合收益（損失）$(3,704)$(1,540)
31
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


Detail of the gains (losses) reclassified from accumulated other comprehensive income (loss) to the statements of consolidated income for the three and nine months ended September 30, 2024 and 2023 is as follows (in millions):
Amount Reclassified from AOCI(1)
Affected Line Item in the Income Statement
Three Months Ended September 30:20242023
Unrealized Gain (Loss) on Cash Flow Hedges:
Interest rate contracts$(1)$(6)Interest expense
Foreign currency exchange contracts30 41 Revenue
Income tax (expense) benefit(7)(8)Income tax expense
Impact on net income22 27 Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs(38)(28)Investment income and other
Income tax (expense) benefit9 7 Income tax expense
Impact on net income(29)(21)Net income
Total amount reclassified for the period$(7)$6 Net income

Amount Reclassified from AOCI(1)
Affected Line Item in the Income Statement
Nine Months Ended September 30:20242023
Unrealized gain (loss) on foreign currency translation:
Realized gain (loss) on business wind-down$— $(3)Other expenses
Impact on net income— (3)Net income
Unrealized gain (loss) on marketable securities:
Realized gain (loss) on sale of securities— (3)Investment income and other
Income tax (expense) benefit— 1 Income tax expense
Impact on net income— (2)Net income
Unrealized gain (loss) on cash flow hedges:
Interest rate contracts(4)(9)Interest expense
Foreign currency exchange contracts118 160 Revenue
Income tax (expense) benefit(27)(36)Income tax expense
Impact on net income87 115 Net income
Unrecognized pension and postretirement benefit costs:
Prior service costs(115)(82)Investment income and other
Income tax (expense) benefit27 20 Income tax expense
Impact on net income(88)(62)Net income
Total amount reclassified for the period$(1)$48 Net income
(1)    Accumulated other comprehensive income (loss)
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Deferred Compensation Obligations and Treasury Stock
We maintain a deferred compensation plan whereby certain employees were previously able to elect to defer the gains on stock option exercises by deferring the shares received upon exercise into a rabbi trust. The shares held in this trust are classified as treasury stock, and the liability to participating employees is classified as a deferred compensation obligation within Shareowners' Equity in the consolidated balance sheets. The number of shares needed to settle the liability for deferred compensation obligations is included in the denominator in both the basic and diluted earnings per share calculations. Employees are generally no longer able to defer the gains from stock options exercised.
Activity in the deferred compensation program for the three and nine months ended September 30, 2024 and 2023 was as follows (in millions):
20242023
Three Months Ended September 30:SharesDollarsSharesDollars
Deferred Compensation Obligations:
Balance at beginning of period$6 $9 
Reinvested dividends— — 
Benefit payments— — 
Balance at end of period$6 $9 
Treasury Stock:
Balance at beginning of period— $(6)— $(9)
Reinvested dividends— — — — 
Benefit payments— — — — 
Balance at end of period— $(6)— $(9)
20242023
Nine Months Ended September 30:SharesDollarsSharesDollars
Deferred Compensation Obligations:
Balance at beginning of period$9 $13 
Reinvested dividends— — 
Benefit payments(3)(4)
Balance at end of period$6 $9 
Treasury Stock:
Balance at beginning of period— $(9)— $(13)
Reinvested dividends— — — — 
Benefit payments— 3 — 4 
Balance at end of period— $(6)— $(9)

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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 13. SEGMENT INFORMATION
We have two reportable segments: U.S. Domestic Package and International Package, which are together referred to as our global small package operations. Our remaining businesses are reported as Supply Chain Solutions. Global small package operations represent our most significant business. Supply Chain Solutions comprises the results of non-reportable operating segments that do not meet the quantitative and qualitative criteria of a reportable segment as defined under ASC Topic 280 – Segment Reporting.
U.S. Domestic Package
U.S. Domestic Package operations include the time-definite delivery of letters, documents and packages throughout the United States.
International Package
International Package operations include delivery to more than 200 countries and territories worldwide, including shipments wholly outside the United States, as well as shipments with either origin or destination outside the United States. International Package includes our operations in Europe, the Indian sub-continent, Middle East and Africa ("EMEA"), Canada and Latin America (together "Americas") and Asia.
Supply Chain Solutions
Supply Chain Solutions includes our Forwarding, Logistics, digital and other businesses. Our Forwarding and Logistics businesses provide services in more than 200 countries and territories worldwide and include international air and ocean freight forwarding, customs brokerage, mail services, healthcare logistics, distribution and post-sales services. Our digital businesses leverage technology to enable a range of on-demand services such as same-day delivery, end-to-end return services and integrated supply chain and high-value shipment insurance solutions.
In evaluating financial performance, we focus on operating profit as a segment's measure of profit or loss. Operating profit is before investment income and other, interest expense and income tax expense. Certain expenses are allocated between the segments using activity-based costing methods. These activity-based costing methods require us to make estimates that impact the amount of each expense category that is attributed to each segment. Changes in these estimates directly impact the amount of expense allocated to each segment, and therefore the operating profit of each reporting segment. Our allocation methodologies are refined periodically, as necessary, to reflect changes in our businesses. There were no significant changes to our allocation methodologies in the third quarter of 2024.
Results of operations for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions):
 Three Months Ended
 September 30,		Nine Months Ended
 September 30,
 2024202320242023
Revenue:
U.S. Domestic Package$14,450 $13,660 $42,803 $43,043 
International Package4,411 4,267 13,037 13,225 
Supply Chain Solutions3,384 3,134 9,929 9,773 
Consolidated revenue$22,245 $21,061 $65,769 $66,041 
Operating Profit:
U.S. Domestic Package$898 $571 $2,712 $3,639 
International Package798 630 2,172 2,341 
Supply Chain Solutions289 142 658 684 
Consolidated operating profit$1,985 $1,343 $5,542 $6,664 

 
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 14. EARNINGS PER SHARE
The earnings per share amounts are the same for class A and class B common shares as the holders of each class are legally entitled to equal per-share distributions whether through dividends or in liquidation.
The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 (in millions, except per share amounts):
 Three Months Ended
 September 30,		Nine Months Ended
 September 30,
2024202320242023
Numerator:
Net income attributable to common shareowners$1,539 $1,127 $4,061 $5,103 
Denominator:
Weighted-average shares854 853 854 856 
Vested portion of restricted shares1 4 2 4 
Denominator for basic earnings per share855 857 856 860 
Effect of dilutive securities:
Restricted performance units— 1 — 1 
Stock options— — — — 
Denominator for diluted earnings per share855 858 856 861 
Basic earnings per share(1)
$1.80 $1.31 $4.74 $5.93 
Diluted earnings per share(1)
$1.80 $1.31 $4.74 $5.92 
(1)    Earnings per share is computed using unrounded amounts.
Diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 excluded the effect of 0.5 and 0.2 million shares of common stock, respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive.
35
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


備註15。 衍生工具與風險管理
風險管理政策
燃料價格、利率和外匯匯率的變化會影響我們的運營結果，我們會積極監控這些風險。如果合適的話，爲了管理這些風險對盈利和/或現金流的影響，我們可能會進入各種衍生金融工具。我們不持有或發行衍生金融工具用於交易或投機目的。
信用風險管理
下面討論的遠期合約、掉期和期權包含了一定的風險，即交易對方可能無法履行協議的條款。我們通過將交易對方限制爲滿足既定信用標準的銀行和金融機構，來尋求最小化這些工具的風險敞口。我們可能還會通過使用雙邊擔保條款和/或在主淨額安排下利用提前終止權來進一步管理信用風險，在這種情況下，當頭寸超過$時，基於與每個交易對方相關的衍生品的淨公允價值進行現金交換。250百萬。
截至2024年9月30日，我們沒有持有任何現金抵押品。 2024財年沒有記錄減值損失。截至2023年12月31日，我們持有$的現金抵押品。103 這些協議下的抵押品包含在我們的綜合資產負債表中，並且是無限制的。 現金及現金等價物 截至2024年9月30日， 2024財年沒有記錄減值損失。 抵押品要求與我們的交易對手發帖。 截至2023年12月31日，我們需要發帖$13與我們的交易對手持有的抵押品爲百萬。
對沖的類型
商品風險管理
目前，我們在國內和國際包裹業務中應用的燃油附加費是降低燃油價格波動對我們業務影響的主要手段。爲了減輕外部承運商對我們施加的燃油附加費的影響，我們定期調整我們對貨運券商服務收取的費用。
外幣風險管理
爲了保護我們國際包裹業務預期外幣現金流的價值減少，我們維護一種外幣現金流對沖計劃。我們最重要的外幣風險源於歐元、英鎊、加幣、人民幣和港元。我們通常將這些合同指定爲預期外幣計價營業收入的現金流對沖。
我們也可能對某些外幣計價債務預期的本金和利息現金結算的部分進行對沖。我們通常將這些合同指定並記入爲預期的外幣計價交易的現金流對沖。
我們用外幣計價的債務工具來對沖我們在某些外國業務中的淨投資。
利率風險管理
我們可能會使用衍生工具的組合來管理我們總債務投資組合的固定和浮動利率的搭配，以及相關的整體借款成本。
我們通常將將固定利率利息支付轉換爲浮動利率利息支付的利率掉期指定並計入爲相關債務工具的公允價值對沖。我們將將浮動利率利息支付轉換爲固定利率利息支付的利率掉期指定並計入爲預測支付義務的現金流對沖。
我們可以使用遠期起息互換、利率鎖定或類似衍生品，定期對沖與預期債券發行相關的預計固定息利息支出。
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Table of Contents
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Outstanding Positions
As of September 30, 2024 and December 31, 2023, the notional amounts of our outstanding derivative positions were as follows (in millions):
 September 30,
2024		December 31,
2023
Currency hedges:
EuroEUR3,807 4,408 
British Pound SterlingGBP615 663 
Canadian DollarCAD1,806 1,550 
Hong Kong DollarHKD4,984 1,822 
During the fourth quarter of 2024, we entered into contracts to hedge our exposure to the Chinese Renminbi. The associated notional amount outstanding is approximately 5.1 billion Renminbi. We generally designate and account for these contracts as cash flow hedges of anticipated foreign currency denominated revenue. Additionally, as of September 30, 2024 and December 31, 2023 we had no outstanding commodity hedge positions.
Balance Sheet Recognition
The following table indicates the location in our consolidated balance sheets where our derivative assets and liabilities have been recognized, the fair value hierarchy level applicable to each derivative type and the related fair values of those derivatives.
We have master netting arrangements with substantially all of our counterparties giving us the right of offset for our derivative positions. However, we have not elected to offset the fair value positions of our derivative contracts recorded in our consolidated balance sheets. The columns labeled Net Amounts if Right of Offset had been Applied indicate the potential net fair value positions by type of contract and location in our consolidated balance sheets had we elected to apply the right of offset as of September 30, 2024 and December 31, 2023 (in millions):
Fair Value Hierarchy LevelGross Amounts Presented in Consolidated Balance SheetsNet Amounts if Right of
Offset had been Applied
Asset DerivativesBalance Sheet LocationSeptember 30,
2024		December 31,
2023		September 30,
2024		December 31,
2023
Derivatives designated as hedges:
Foreign currency exchange contractsOther current assetsLevel 2$57 $95 $27 $73 
Foreign currency exchange contractsOther non-current assetsLevel 214 63 2 19 
Derivatives not designated as hedges:
Foreign currency exchange contractsOther current assetsLevel 21 — 1 — 
Total Asset Derivatives$72 $158 $30 $92 
Fair Value Hierarchy LevelGross Amounts Presented in
Consolidated Balance Sheets		Net Amounts if Right of
Offset had been Applied
Liability DerivativesBalance Sheet LocationSeptember 30,
2024		December 31,
2023		September 30,
2024		December 31,
2023
Derivatives designated as hedges:
Foreign currency exchange contractsOther current liabilitiesLevel 2$35 $26 $5 $4 
Foreign currency exchange contractsOther non-current liabilitiesLevel 257 65 45 21 
Derivatives not designated as hedges:
Foreign currency exchange contracts
Other non-current liabilitiesLevel 2— 1 — 1 
Total Liability Derivatives$92 $92 $50 $26 
Our foreign currency exchange rate derivatives are largely comprised of over-the-counter derivatives, which are primarily valued using pricing models that rely on market observable inputs such as yield curves, foreign currency exchange rates and investment forward prices; therefore, these derivatives are classified as Level 2.
37
Table of Contents
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


Balance Sheet Location of Hedged Item in Fair Value Hedges    
The following table indicates the amounts that were recorded in our consolidated balance sheets related to cumulative basis adjustments for fair value hedges as of September 30, 2024 and December 31, 2023 (in millions):
Line Item in the Consolidated Balance Sheets in Which the Hedged Item is IncludedCarrying Amount
of Hedged Liabilities		Cumulative Amount
of Fair Value Hedge
Adjustments		Carrying Amount
of Hedged Liabilities		Cumulative Amount
 of Fair Value Hedge
Adjustments
September 30, 2024September 30, 2024December 31, 2023December 31, 2023
Long-term debt and finance leases$279 $4 $280 $4 
Income Statement and AOCI Recognition of Designated Hedges
下表顯示了我們在合併損益表中確認的公允價值和現金流對沖的收益（損失）金額，以及與公允價值對沖的基礎被對沖項目相關的收益（損失），截至2024年和2023年9月30日的三個月和九個月（以百萬計）：


截至九月三十日的三個月
公允價值和現金流對沖關係在收益中確認的收益（損失）的地點和金額20242023
營業收入利息支出投資收入及其他營業收入利息支出投資收入及其他
現金流對沖關係的收益或（損失）：
利息合同：
從累計其他綜合收益中重分類的收益或（損失）金額— (1)— — (6)— 
外匯兌換合同：
從累計其他綜合收益中重分類的收益或（損失）金額30 — — 41 — — 
在損益表中顯示的與公允價值或現金流對沖的影響相關的收入和費用項目的總金額$30 $(1)$— $41 $(6)$— 

截至九月三十日的九個月

20242023
在公平價值和現金流對沖關係中確認的收益（損失）的位置和金額營業收入利息支出投資收入及其他營業收入利息支出投資收入及其他
現金流對沖關係的收益（損失）：
利率合同：
從累計其他綜合收益中重分類的收益（損失）金額— (4)— — (9)— 
外匯交換合同：
從累計其他綜合收益中重分類的收益（損失）金額118 — — 160 — — 
在收入報表中呈現的收入和費用總額，記錄了公允價值或現金流對沖的影響$118 $(4)$— $160 $(9)$— 





38
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


下表列出了截至2024年和2023年9月30日的三個月和九個月內，在其他綜合收益中確認的收益（損失）金額（以百萬計），針對那些被指定爲現金流對沖的衍生品：
截至9月30日的三個月：
現金流套期保值關係中的衍生工具在其他綜合收益中確認的衍生工具的收益（損失）金額
20242023
外幣兌換合同(154)182 
總計$(154)$182 
截至9月30日的九個月：
現金流套期保值關係中的衍生工具在其他綜合收益中確認的衍生工具的收益（損失）金額
20242023
外匯兌換合同31 91 
總計$31 $91 
截至2024年9月30日，有$16與現金流對沖相關的稅前收益在AOCI中遞延的金額爲百萬，這些收益預計將在截至2025年9月30日的12個月期間重新分類爲收入。由於市場條件的變化，未來12個月內實際重新分類爲收入的金額將與此金額有所不同。我們對現金流波動的風險進行對沖的最大期限約爲 3 年。
下表顯示了截至2024年和2023年9月30日的三個月和九個月內，在外幣折算調整中被確認爲其他綜合收益的收益（損失）金額，適用於被指定爲淨投資對沖的那些工具（以百萬計）：
截至9月30日的三個月：
淨投資對沖關係中的非衍生工具在其他綜合收益中確認的債務損益金額
20242023
以外幣計 denominated的債務$(120)$103 
總計$(120)$103 
截至9月30日的九個月：
淨投資對沖關係中的非衍生工具在其他綜合收益中確認的債務損益金額
20242023
外幣計價債務$(36)$5 
總計$(36)$5 

39
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


收入報表中非指定衍生工具的確認
未被指定爲對沖的衍生工具按公允價值計量，未實現的收益和損失在每個期間的收益中報告。衍生工具的結算現金流出現在我們的合併現金流量表中，與對沖項目的現金流量處於同一類別。
我們可能會定期終止利率掉期和貨幣兌換遠期合同，或者與不同的對手方進入相應的掉期和外匯頭寸。作爲這個過程的一部分，我們解除對原始對沖關係的指定。
截至2024年和2023年9月30日的三個月和九個月中，我們在合併損益表中記錄的與外幣遠期合約的公允價值變動和結算相關的金額（單位：百萬）如下所示：
未指定爲對沖關係的衍生工具
對沖關係		收益（損失）的地點
在收益中確認		在收益中確認的收益（損失）金額
20242023
截至9月30日的三個月：
外幣兌換合同投資收益和其他$(4)$(4)
總計$(4)$(4)
截至9月30日的九個月：
外幣兌換合同投資收益和其他$(8)$(1)
總計 $(8)$(1)
40
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


注16。 所得稅
截至2024年9月30日的三個月裏，我們的有效稅率提高至 19.4%，相比於 11.1%在比較期間（23.6%截至目前，比較期間爲 21.6%）。我們有效稅率的同比增加是由與監管事務相關的不可扣除費用和基於股票的薪酬短缺驅動的。此外，在前一年，由於全球稅務審計的解決以及對我們的稅收餘額進行調整以反映我們提交的稅務申報表，我們有更多有利的不確定稅務立場。
我們已經確認了不確定稅務職位的負債，並且我們每季度重新評估這些不確定稅務職位。在審計和最終解決不確定稅務職位之前可能需要經過若干年。預測不確定稅務職位的最終結果或解決時間是困難的。很可能在接下來的十二個月內未確認的稅務利益的金額可能會顯著增加或減少，但是無法對合理可能結果的區間做出估計。可能導致未確認稅務利益變化的事項包括扣除的允許或不允許、扣除的時間以及稅務轄區之間收入和費用的分配。變化可能來自於正在進行的訴訟的和解、正在進行的檢查的完成、法律時效的到期或其他不可預見的情況。
如第18條所述，在2024年第三季度，我們完成了對Coyote的剝離，並記錄了稅前收益$156 百萬。因此，我們在本期記錄了相關的所得稅費用$4 百萬。由於處置產生的資本損失未預期實現，這一所得稅費用是在低於美國聯邦法定稅率的平均稅率下產生的。
41
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


注意 17. 轉型策略成本
如前所述，我們正在進行一次全公司範圍的組織轉型，包括各種項目和舉措，其中包括裁員和流程及科技的變更，這些都會影響我們全球的直接和間接運營成本。在截至2024年和2023年9月30日的三個月和九個月期間，我們的轉型策略活動主要包括以下內容：
轉型2.0：基於轉型1.0中獲得的效率，以及與我們2020年高管領導層變動相關的情況，我們識別並重新優先考慮了當時的某些當前和未來投資，包括對我們的員工、業務組合和科技的投資（此類項目統稱爲「轉型2.0」）。具體來說，我們確定了減少管理層級和幅度的機會，開始審查我們的業務組合，並找出了在某些技術上進行投資的機會，包括財務報告以及某些日程、時間和支付系統，以降低全球間接運營成本，提高可見度，並減少對遺留系統和編碼語言的依賴。我們的組織結構審查表明有機會實現約$400百萬的初步節省，並有潛在機會通過減少管理層級和幅度再節省高達$240百萬，預計這些節省將是持續的。業務組合審查在2022年進行了擴展。結果，我們決定退出某些與我們的企業策略不一致的業務，並決定對某些商業進行新的投資，包括更符合我們戰略目標的醫療保健相關業務。在這方面，我們產生的費用主要包括與這些審查相關的外部專業費用及與這些交易相關的其他費用。最後，我們對系統和技術的審查發現了我們業務中依賴於過時技術的某些領域。我們的審查確定，繼續使用這些遺留技術可能會增加維護成本，且對新技術的投資將提升我們利用數據的能力，並使我們能夠建立更靈活的系統架構。截至2023年12月31日，我們幾乎完成了減少管理層級和幅度的各項舉措，並實現了與我們預期收益相符的節省。我們在轉型2.0下的持續努力包括與我們的財務系統和業務組合審查相關的舉措。截至2024年9月30日，我們已經花費了$785作爲轉型2.0的一部分，花費了數百萬。預計轉型2.0的舉措將在2025年結束，預計剩餘費用約爲$115主要與完成我們的科技舉措相關的花費爲$百萬。
在2023年，我們實施了「適應服務」計劃，旨在通過大約的員工減少來調整我們的業務規模，以適應未來。 12,000 並創建一個更高效的運營模式，以提升對市場動態變化的響應能力。
離職費的應計金額爲 $101 和 $205截至2024年9月30日和2023年12月31日，我們的合併資產負債表中分別包括了Fit to Serve中的百萬美元。截至2023年12月31日的應計離職金已基本完成，我們預計截至2024年9月30日的應計離職金將在2025年上半年之前支付。截至2024年9月30日，我們產生的總成本爲美元370百萬美元，預計我們將承擔約美元的額外費用100在 Fit to Serve 下有百萬美元Fit to Serve 預計將於 2025 年結束。
截至2024年9月30日的三個月和九個月期間，這些項目下的補償和福利成本主要與我們裁員相關的遣散費有關。我們主要根據ASC主題712對這些分離進行會計處理，因爲它們是在爲受影響員工提供合同解僱福利的計劃下進行的或將要進行的。我們的分離措施的性質導致分離滿足確認爲應計費用的標準與分離完成之間的時間相對較短，通常少於一年。
在我們轉型策略的推進過程中產生的其他費用主要與支付給第三方服務提供商的費用有關，這些服務提供商支持我們企業支持職能的現代化，協助我們的戰略評審，併爲我們的財務系統轉型和醫療保健策略作出了貢獻，通常這些費用並不是由於重組、退出或處置活動而產生的，作爲期間費用，也沒有導致重組、退出或處置負債。在截至2024年9月30日的三個月和九個月期間，其他費用包括因我們業務組合評審而產生的減值費用以及與財務系統投資相關的費用，這兩者都是轉型2.0的一部分。這些費用雖然對三個月或九個月期間來說不算重要，但支持了我們轉型2.0計劃的更廣泛目標。
42
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


下表顯示截至2024年和2023年9月30日的三個月和九個月的轉型策略成本（單位：百萬）。
截至三個月
九月三十日		截至九個月
九月三十日
2024202320242023
轉型策略成本：
薪酬和福利$110 $80 $161 $178 
其他支出
44 14 66 58 
總轉型策略成本
$154 $94 $227 $236 
轉型策略成本的所得稅收益
(38)(24)(55)(57)
稅後轉型策略成本
$116 $70 $172 $179 
轉型策略成本的所得稅影響是通過將費用金額乘以適用於每個稅務管轄區的法定稅率來計算的。

43
目錄
聯合包裹公司及其附屬公司
未審計合併基本報表附註


註釋 18. 處置
正如之前披露的，2024年6月23日，我們簽署了一項正式協議，將我們的整車運輸券商業務Coyote以$出售給RXO 物流，金額爲十億，需根據營運資本和其他調整進行修正。1.025 我們將Coyote計入我們的供應鏈解決方案中的貨運業務。
在2024年9月16日，我們完成了對Coyote的剝離，現金收入爲$1.002十億。這些收入在 處置企業及物業、廠房和設備的收入 在合併現金流量表中確認。關於本次剝離的完成，我們記錄了在2024年9月30日結束的三個月內，稅前收益爲$156百萬（$152百萬（稅後）。該收益在 其他支出 的合併收入表中確認。
下表總結了截至2024年9月16日處置的資產和負債的賬面價值（單位：百萬）。
2024
資產：
現金及現金等價物
$20 
應收賬款，淨額405 
其他流動資產34 
經營租賃使用權資產
69 
商譽
495 
無形資產，淨值
195 
其他非流動資產18 
已剝離的總資產
$1,236 
負債：
應付賬款$216 
其他流動負債54 
非當前經營租賃
68 
其他非流動負債38 
已剝離的總負債
$376 
已剝離的淨資產
$860 


44
目錄
項目2。管理層關於財務狀況和運營結果的討論與分析
概述
我們繼續執行我們的 以客戶爲先、以人爲本、以創新驅動 策略，通過關注市場中最有吸引力的增長領域，並推動我們網絡的效率。在2024年第三季度，我們的執行爲整體的成交量、營業收入和營業利潤的增長做出了貢獻。
在第三季度，我們採取了一系列有機和無機的措施來支持我們的戰略執行。2024年9月10日，我們達成協議收購Frigo-Trans，這是一家在德國領先的複雜醫療 物流 供應商，預計將進一步增強我們在 歐洲 的溫控和時間敏感能力。此交易預計將在2025年完成，需經常規監管審查和批准。2024年9月16日，我們完成了此前宣佈的卡車載貨 券商 業務（"Coyote"）的剝離。
在國際上，我們將住宅週六送貨擴展到歐洲八個最大市場，並加快了對亞洲、非洲和中東超過35個國家的交付，因爲我們專注於客戶對速度的需求。我們的數字接入計劃在全球超過六百萬家商戶，這支持我們使我們的產品和服務更易於小型和中型企業（"SMBs"）獲得。在第三季度，我們看到在國內和國際市場上來自醫療保健客戶的營業收入增長。另外，我們已經完成了來自美國郵政服務（"USPS"）的新空運貨量的接入，根據我們的協議，UPS是美國境內USPS的主要空運服務提供商。
我們有兩個可報告的業務部門：美國國內包裹和國際包裹，這兩個部門統稱爲我們的全球小包裹業務。我們其餘的業務被報告爲供應鏈解決方案。
儘管宏觀環境持續疲軟，但我們在全球小包運營中在第三季度和年初至今期間都經歷了成交量的增長。在美國，我們從企業和SMB客戶那裏獲得了增長，包括來自幾個電子商務客戶的增長以及我們的數字接入計劃，這些與我們通過戰略定價調整來推動營業收入質量的努力以及包括在我們的「未來網絡」倡議下完成的運營關閉在內的成本措施相結合，爲本季度的營業利潤增長做出了貢獻，並幫助抵消了年初至今營業利潤的下降。國際上，由於經濟條件和地緣政治因素的挑戰，我們在季度和年初至今期間的總日均成交量均出現下降，而這些因素在今年上半年更爲明顯。然而，我們在全球關鍵出口市場繼續看到增長，這推動了本季度營業收入和營業利潤的增長。 未來網絡 倡議
在供應鏈解決方案中，營業收入在季度和年初至今期間均有所增加，這主要得益於2023年第四季度收購MNX全球物流的影響、與美國郵政局的協議帶來的額外空運量，以及我們在第三季度貨運代理業務的收入增長。供應鏈解決方案的營業利潤在第三季度有所增加，年初至今保持平穩，這得益於剝離Coyote所確認的收益。
在2024年的三個月和九個月期間，我們繼續執行我們之前披露的轉型策略計劃下的各種舉措，包括轉型2.0和適應服務，這些舉措正在對我們的後臺技術和組織結構進行根本性的改變。我們在截至2024年9月30日的三個月和九個月中，從我們的適應服務舉措中獲得了好處，這推動了本季度的營業利潤改善，同時幫助抵消了營業利潤的下降。

45
目錄
聯合包裹服務公司及其子公司
管理層對財務控件的討論與分析
業務成果



由於預計成交量的增長以及我們在全球小包運營中對營業收入質量的關注，我們預計在第四季度合併營業收入和營業利潤將持續增長。在第三季度，我們的工會工資增長率下降，與上半年的情況相比有所減緩，因爲我們進入了與國際團隊工人協會（"IBT"）的合同第二年。此外，我們預計將進一步受益於我們的適應服務計劃的影響。我們預計將在今年的假日運輸季節中使用我們的網絡規劃工具，利用我們的自動化設施和靈活的人員配置來管理我們的網絡。
在2024年第三季度和年初至今期間，我們還通過完成之前宣佈的50000万元的股票回購和每股1.63美元及每股4.89美元的分紅派息向股東返還了現金。到2024年9月30日，總資本支出約爲28亿元。預計2024年全年資本支出將約爲40亿元，分紅派息總額預計爲54亿元，需經董事會批准。
46
目錄
聯合包裹服務公司及其子公司
管理層對財務控件的討論與分析
業務成果



我們合併業績的亮點，詳述如下：
 截至三個月
九月三十日		變化截至九個月
九月三十日		變化
 20242023$%20242023$%
營業收入（以百萬爲單位）$22,245 $21,061 $1,184 5.6 %$65,769 $66,041 $(272)(0.4)%
營業費用（以百萬計）20,260 19,718 542 2.7 %60,227 59,377 850 1.4 %
營業利潤（以百萬計）$1,985 $1,343 $642 47.8 %$5,542 $6,664 $(1,122)(16.8)%
營業利潤率8.9 %6.4 %8.4 %10.1 %
淨利潤（以百萬計）$1,539 $1,127 $412 36.6 %$4,061 $5,103 $(1,042)(20.4)%
每股基本盈利$1.80 $1.31 $0.49 37.4 %$4.74 $5.93 $(1.19)(20.1)%
稀釋每股收益$1.80 $1.31 $0.49 37.4 %$4.74 $5.92 $(1.18)(19.9)%
營業天數64 63 191 191 
平均每日包裹成交量（以千計）21,527 20,425 5.4 %21,220 21,109 0.5 %
每件平均營業收入$13.58 $13.81 $(0.23)(1.7)%$13.66 $13.82 $(0.16)(1.2)%

•我們全球小包裹業務的平均每日包裹成交量在企業和中小企業客戶的季度和年初至今期間增加，這主要是由於新電子商務客戶和我們的數字接入計劃，在我們的美國國內包裹細分市場中。持續的嚴峻宏觀經濟條件部分抵消了整體成交量的增長，並導致我們的國際包裹細分市場的平均每日包裹成交量下降。
•本季度營業收入的增加主要是由於成交量的增長。至今爲止，營業收入的下降主要是由於美國國內包裹每件的營業收入減少，部分原因是客戶選擇我們的經濟產品導致產品組合的不利變化。
•營業費用在季度和年初至今期間有所增加，主要是由於我們美國國內包裹部門的薪酬和福利費用增加，這與我們IBt合同中規定的更高工資和福利率有關，同時由於額外的SurePost成交量，購買運輸費用也有所增加。這些增加在年初至今期間部分被燃料和工人賠償費用的減少、生產措施的影響以及Fit to Serve帶來的收益所抵消，還有與剝離Coyote相關的收益。
•本季度營業利潤和營業利潤率有所增長，因爲本期營業收入增長超過了營業費用的增長。年初至今，營業利潤和營業利潤率有所下降，因爲營業收入減少，未能抵消營業費用的增加。
•我們報告了第三季度的淨利潤爲15亿元，稀釋後每股收益爲1.80美元（年初至今爲41亿元和每股4.74美元）。第三季度的非GAAP調整後稀釋每股收益爲1.76美元（年初至今每股4.97美元），經過以下稅後影響調整：
◦在本季度和年初至今的期間內，出售Coyote獲得了15200万美元的收益，或每稀釋股份$0.18。
◦在截至目前的年度期間，支付了9400万美元（即每稀釋股0.11美元）的款項，以解決一次性國際監管事務，包括利息；
◦截至目前的年度期間，非現金資產減值費用爲3500万美金，或每股稀釋收益$0.04;
◦轉型策略的成本爲11600万美元，或每股攤薄收益0.14美元（截至目前爲止17200万美元，或每股攤薄收益0.21美元）；和
◦與我們當前運營無關的監管事務的費用應計爲4500万，即本年度每攤薄股份0.05美元。
有關我們部門的季度和年初至今的額外運營結果：美國國內快遞、國際快遞和供應鏈解決方案，請參考以下運營結果 - 部門回顧。
47
目錄
聯合包裹服務公司及其子公司
管理層對財務控件的討論與分析
業務成果



補充信息 - 影響可比性的項目
我們在報告根據美國公認會計原則（"GAAP"）確定的財務信息時，補充了一些非GAAP調整的財務指標。管理層根據GAAP標準和排除與這些非GAAP調整財務指標相關的成本和收益來評估業務績效。因此，我們認爲這些非GAAP調整財務指標的呈現和討論更好地使我們的用戶數能夠從與管理層相同的角度查看和評估潛在的業務績效。
非GAAP調整財務指標應當與我們根據GAAP編制的報告結果一起考慮，而不是作爲其替代。我們的非GAAP調整財務指標並不代表全面的會計基礎，因此可能無法與其他公司報告的類似標題的指標進行比較。非GAAP調整金額反映以下情況（單位：百萬）:
截至三個月
九月三十日		截至九個月
九月三十日
非通用會計準則調整2024202320242023
營業費用:
轉型策略成本：
轉型 1.0$— $(3)$— $(10)
轉型2.0
跨度與層次— — — (86)
業務組合審查(34)(2)(29)(31)
財務系統(12)(12)(41)(30)
其他措施— (1)— (3)
轉型2.0總計(46)(15)(70)(150)
適合服務(108)(76)(157)(76)
總轉型策略成本(154)(94)(227)(236)
剝離Coyote的收益156 — 156 — 
國際監管事項的一次性付款— — (88)— 
商譽和資產減值費用— (117)(48)(125)
一次性補償支付— (61)— (61)
監管事項的費用— — (45)— 
對非GAAP營業費用的總調整$2 $(272)$(252)$(422)
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Three Months Ended
 September 30,		Nine Months Ended
 September 30,
Other Income and (Expense):2024202320242023
Interest Expense Associated with One-Time Payment for International Regulatory Matter— — 6 — 
Total Adjustments to Non-GAAP Other Income and (Expense)$— $— $6 $— 
Total Adjustments to Non-GAAP Income Before Income Taxes$(2)$272 $258 $422 
Income Tax (Benefit) Expense:
Transformation Strategy Costs:
Transformation 1.0$— $1 $— $2 
Transformation 2.0
Spans and Layers— — — 21 
Business Portfolio Review8 1 7 7 
Financial Systems3 3 10 8 
Other Initiatives— — — — 
Transformation 2.0 Total11 4 17 36 
Fit to Serve27 19 38 19 
Total Transformation Strategy Costs38 24 55 57 
Gain on Divestiture of Coyote(4)— (4)— 
One-Time Payment for International Regulatory Matter— — — — 
Goodwill and Asset Impairment Charges— 14 13 16 
One-Time Compensation Payment— 15 — 15 
Expense for Regulatory Matter— — — — 
Total Adjustments to Non-GAAP Income Tax (Benefit) Expense$34 $53 $64 $88 
Total Adjustments to Non-GAAP Net Income$(36)$219 $194 $334 
The income tax impacts of these items are calculated at the statutory tax rates applicable in each tax jurisdiction.
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Transformation Strategy Costs
We supplement the presentation of operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of charges related to activities within our transformation strategy. Programs within our transformation strategy have been designed to fundamentally change our organization structure, processes, technologies and the composition of our business portfolio. Various circumstances have precipitated the projects and initiatives under these programs, including identification and reprioritization of investments as a result of executive leadership changes, developments and changes in competitive landscapes, inflationary pressures, consumer behaviors, and other factors including post-COVID normalization and volume diversions attributed to our 2023 labor negotiations. We do not consider the related costs to be ordinary because each program and its initiatives and projects involve separate and distinct activities that may span multiple periods and are strategic in nature as opposed to operational efforts to drive incremental profitability. These initiatives are in addition to ordinary, ongoing efforts to enhance business performance.
Our transformation strategy has included the following programs and initiatives:
Transformation 1.0: In the first quarter of 2018, we announced and began implementation of a multi-year, enterprise-wide program contemplating a reduction in non-operations management personnel, investments impacting global direct and indirect operating costs, and changes in processes and technology, which were undertaken and completed as multiple discrete initiatives (such projects, collectively, “Transformation 1.0”). In 2018, we announced that we expected to achieve approximately $1.0 billion in savings, which would benefit earnings, from Transformation 1.0. On a cumulative basis and net of amounts reinvested into the business, we had substantially achieved the expected benefits associated with Transformation 1.0 as of the second quarter of 2020. Transformation 1.0 was substantially completed in 2022.
Transformation 2.0: Based on a number of factors including evaluating efficiencies gained as a part of Transformation 1.0, and in connection with changes in our executive leadership in 2020, we identified and reprioritized certain then-current and future investments, including additional investments in our workforce, portfolio of businesses and technology (such projects, collectively, “Transformation 2.0”). Specifically, we undertook an organizational structure review designed to identify opportunities to reduce spans and layers of management, began a review of our business portfolio and identified opportunities to invest in certain technologies, including financial reporting and certain schedule, time and pay systems to reduce global indirect operating costs, provide better visibility, and reduce reliance on legacy systems and coding languages. Our organizational structure review indicated an opportunity to realize initial savings of approximately $400 million with potential opportunities to save up to an additional $240 million through the reduction of spans and layers of management with an anticipation that these savings would be recurring. The business portfolio review was expanded in 2022. As a result thereof, we determined to exit certain businesses that were not aligned with our corporate strategy and determined to make new investments into certain businesses, including healthcare-focused businesses, better aligned to our strategic targets. In connection therewith, we incurred costs primarily consisting of outside professional fees related to these reviews and other costs associated with these transactions. Lastly, our review of our systems and technologies identified certain areas of our business that were reliant on outdated technologies. Our reviews determined that continued use of these legacy technologies would likely increase maintenance costs and that investments into new technologies would enhance our ability to leverage our data and allow us to establish a more flexible system architecture. As of December 31, 2023, we substantially completed our initiatives to reduce spans and layers of management and achieved savings in line with our anticipated benefits. Our ongoing efforts under Transformation 2.0 include initiatives related to our financial systems and our business portfolio review. As of September 30, 2024, we have incurred $785 million of costs as part of Transformation 2.0. Transformation 2.0 initiatives are expected to conclude during 2025 with anticipated remaining costs of approximately $115 million primarily related to completion of our technology initiatives. Costs associated with Transformation 2.0 have primarily consisted of compensation and benefit costs related to reductions in our workforce and fees paid to third-party consultants. Additional detail relating to the projects, initiatives and timing of costs as a part of Transformation 2.0 are contained in the table above. Investments in technology are expected to provide enhanced quality of reporting for both internal and external purposes in part through simplification and standardization of data to better enable migration into cloud-based tools and automation of manual activities, including transitioning its general ledger, consolidation, and planning tools along with U.S. payroll from older programs and software supporting our freight forwarding business. These efforts to enhance our technology are expected to reduce the need for future investments; we expect to begin to realize benefits therefrom in 2025. Investments in our business portfolio review are expected to lead to better alignment of our businesses in support of our corporate strategy. We are realigning businesses within Supply Chain Solutions to better execute our strategy; the operational performance of these businesses is included in our GAAP and non-GAAP adjusted results.
Fit to Serve: In 2023, a number of factors, including macroeconomic headwinds and volume diversion resulting from our labor negotiations with the International Brotherhood of Teamsters, contributed to volume declines in our U.S. Domestic
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Package business. In addition, our International Package and Supply Chain Solutions businesses were also negatively impacted by a number of challenging macroeconomic conditions during 2023. In response to these factors, we announced and began to undertake our Fit to Serve initiative with the intent to right-size our business to create a more efficient operating model that was more responsive to market dynamics through a workforce reduction of approximately 12,000 positions throughout 2024. We have incurred total costs of approximately $370 million under Fit to Serve, which primarily consist of compensation and benefit costs related to reductions in our workforce. We expect to complete this initiative during 2025 with expected remaining costs of approximately $100 million to be incurred primarily during the fourth quarter of 2024 and first quarter of 2025. We have achieved savings of $625 million under Fit to Serve for the nine months ended September 30, 2024, and expect to realize savings of approximately $1.0 billion for the full year 2024 through reductions in our compensations and benefit expense. Incremental savings of approximately $100 million are expected when Fit to Serve is completed.
For more information regarding transformation strategy costs, see note 17 to the unaudited, consolidated financial statements.
Gain on Divestiture of Coyote
On September 16, 2024, we completed the previously announced divestiture of Coyote. In connection therewith, we recorded a pre-tax gain of $156 million ($152 million after tax) during the three and nine months ended September 30, 2024. The gain was recognized within Other expenses in the statements of consolidated income. We supplement the presentation of operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of this gain as it is not a component of our ongoing operations and is not expected to recur. For more information regarding the gain on divestiture of Coyote, see note 18 to the unaudited, consolidated financial statements.
One-Time Payment for International Regulatory Matter
In the second quarter of 2024, we made a payment of $94 million of previously restricted cash to settle a previously-disclosed challenge by Italian tax authorities to the deductibility of Value Added Tax payments by UPS to certain third-party service providers, a review of which was launched in the fourth quarter of 2023. We supplement the presentation of operating profit, operating margin, interest expense, total other income (expense), income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of this payment. We do not believe this is a component of our ongoing operations and we do not expect this or similar payments to recur.
Goodwill and Asset Impairment Charges
We supplement the presentation of operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of noncash goodwill and asset impairment charges. We believe excluding the impact of these charges provides management and investors with a measure that increases the comparability of underlying operating results. For more information regarding goodwill and current year asset impairment charges, see note 8 to the unaudited, consolidated financial statements.
One-Time Compensation Payment
We supplement the presentation of operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of a one-time payment made to certain U.S.-based, non-union part-time supervisors following the ratification of our labor agreement with the Teamsters in 2023. We do not expect this or similar payments to recur.
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Expense for Regulatory Matter
We supplement the presentation of operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of an accrual for a regulatory matter that we consider to be unrelated to our ongoing operations and that we do not expect to recur. For more information regarding this regulatory matter, see note 11 to the unaudited, consolidated financial statements.
Non-GAAP Adjusted Cost per Piece
We evaluate the efficiency of our operations using various metrics, including non-GAAP adjusted cost per piece. Non-GAAP adjusted cost per piece is calculated as non-GAAP adjusted operating expenses in a period divided by total volume for that period. Because non-GAAP adjusted operating expenses exclude costs or charges that we do not consider a part of underlying business performance when monitoring and evaluating the operating performance of our business units, making decisions to allocate resources or in determining incentive compensation awards, we believe this is the appropriate metric on which to base reviews and evaluations of the efficiency of our operational performance.
Defined Benefit Pension and Postretirement Medical Plan Gains and Losses
We incur certain employment-related expenses associated with pension and postretirement medical benefits. These pension and postretirement medical benefits costs for company-sponsored defined benefit plans are calculated using various actuarial assumptions and methodologies, including discount rates, expected returns on plan assets, healthcare cost trend rates, inflation, compensation increase rates, mortality rates and coordination of benefits with plans not sponsored by UPS. Actuarial assumptions are reviewed on an annual basis, unless circumstances require an interim remeasurement of any of our plans.
We recognize changes in the fair value of plan assets and net actuarial gains and losses in excess of a 10% corridor (defined as 10% of the greater of the fair value of plan assets or the plan's projected benefit obligation), as well as gains and losses resulting from plan curtailments and settlements, for our pension and postretirement defined benefit plans immediately as part of Investment income and other in the statements of consolidated income. We supplement the presentation of our income before income taxes, net income and earnings per share with adjusted measures that exclude the impact of these gains and losses and the related income tax effects. We believe excluding these defined benefit pension and postretirement medical plan gains and losses provides important supplemental information by removing the volatility associated with plan amendments and short-term changes in market interest rates, equity values and similar factors.
For additional information, see note 7 to the unaudited, consolidated financial statements.
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Results of Operations - Segment Review
The results and discussions that follow are reflective of how management monitors and evaluates the performance of our segments as defined in note 13 to the unaudited, consolidated financial statements.
Certain operating expenses are allocated between our reporting segments using activity-based costing methods. These activity-based costing methods require us to make estimates that impact the amount of each expense category that is attributed to each segment. Changes in these estimates would directly impact the amount of expense allocated to each segment and therefore the operating profit of each reporting segment. Our allocation methodologies are refined periodically, or as necessary to reflect changes in our businesses. While there were no significant changes to our allocation methodologies in the third quarter of 2024, the costs allocated to Supply Chain Solutions increased. The air network expense allocated to Supply Chain Solutions increased by $182 million (up $204 million year to date) primarily driven by block hours associated with air cargo volume and associated ramp up costs from our previously-announced agreement with the USPS, as we continued to onboard this volume. We anticipate this expense will increase in the remainder of the year as the related volume attributable to this agreement increases.
As a normal part of managing our air network, we routinely idle aircraft and engines temporarily for maintenance or to adjust network capacity. As a result of the reduction in air volumes, we temporarily idled certain aircraft within our network in order to better match capacity with current demand. Temporarily idled assets are classified as held-and-used, and we continue to record depreciation expense for these assets. As of September 30, 2024, we had five aircraft temporarily idled for an average period of approximately six months. We expect these aircraft to return to revenue service in the fourth quarter of 2024.
We test goodwill for impairment annually at July 1 and between annual tests if an event occurs or circumstances change that would indicate that it is more likely than not that the carrying value thereof may be impaired. Testing goodwill for impairment requires that we make a number of significant assumptions, including assumptions related to future revenues, costs, capital expenditures, working capital, our cost of capital, long-term growth rates and market comparables. We are also required to make assumptions relating to our overall business and operating strategy, and the regulatory and market environment.
We conducted our most recent goodwill impairment testing as of July 1, 2024 and concluded that the fair values of our reporting units were in excess of their respective carrying values. Approximately $1.2 billion of our consolidated goodwill balance of $4.4 billion is represented by our Global Freight Forwarding, Roadie and Global Logistics and Distribution reporting units which, based on our annual impairment evaluation, are exhibiting a limited excess of fair value above carrying value and reflect a greater risk of an impairment occurring in future periods. We do not expect any impairment would have a significant impact on our consolidated financial position, results of operations or cash flows.
We continued to monitor our reporting units subsequent to the annual test and while we do not believe it is more likely than not that our reporting units' fair values are less than their carrying values as of September 30, 2024, challenging macroeconomic and uncertain geopolitical conditions, actual reporting unit performance, revisions to our forecasts of future performance or other factors, including market comparables, may negatively impact certain estimates and assumptions that we use in determining our reporting units' fair values. Such impacts may be more pronounced for reporting units whose fair values do not significantly exceed their carrying values. These factors or a combination thereof could result in an impairment charge in one or more of our reporting units during a future period. We continue to monitor business performance and external factors affecting our reporting units.
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U.S. Domestic Package
 Three Months Ended September 30,ChangeNine Months Ended
 September 30,		Change
20242023$%20242023$%
Average Daily Package Volume (in thousands):
Next Day Air1,596 1,679 (4.9)%1,582 1,699 (6.9)%
Deferred988 1,078 (8.3)%1,008 1,102 (8.5)%
Ground15,823 14,529 8.9 %15,526 15,102 2.8 %
Total Average Daily Package Volume18,407 17,286 6.5 %18,116 17,903 1.2 %
Average Revenue Per Piece:
Next Day Air$23.46 $22.42 $1.04 4.6 %$23.24 $22.31 $0.93 4.2 %
Deferred17.54 16.61 0.93 5.6 %17.51 16.59 0.92 5.5 %
Ground10.81 11.10 (0.29)(2.6)%10.93 11.20 (0.27)(2.4)%
Total Average Revenue Per Piece$12.27 $12.54 $(0.27)(2.2)%$12.37 $12.59 $(0.22)(1.7)%
Operating Days in Period64 63 191 191 
Revenue (in millions):
Next Day Air$2,396 $2,372 $24 1.0 %$7,021 $7,240 $(219)(3.0)%
Deferred1,109 1,128 (19)(1.7)%3,372 3,491 (119)(3.4)%
Ground10,945 10,160 785 7.7 %32,410 32,312 98 0.3 %
Total Revenue$14,450 $13,660 $790 5.8 %$42,803 $43,043 $(240)(0.6)%
Operating Expenses (in millions):
Operating Expenses$13,552 $13,089 $463 3.5 %$40,091 $39,404 $687 1.7 %
Non-GAAP adjustments to operating expenses
Transformation Strategy Costs
(76)(33)(43)130.3 %(93)(134)41 (30.6)%
One-Time Compensation Payment— (61)61 (100.0)%— (61)61 (100.0)%
Goodwill and Asset Impairment Charges— — — N/A(5)— (5)N/A
Non-GAAP Adjusted Operating Expenses
$13,476 $12,995 $481 3.7 %$39,993 $39,209 $784 2.0 %
Operating Profit (in millions) and Operating Margin:
Operating Profit $898 $571 $327 57.3 %$2,712 $3,639 $(927)(25.5)%
Non-GAAP Adjusted Operating Profit
$974 $665 $309 46.5 %$2,810 $3,834 $(1,024)(26.7)%
Operating Margin6.2 %4.2 %6.3 %8.5 %
Non-GAAP Adjusted Operating Margin
6.7 %4.9 %6.6 %8.9 %
Revenue
The change in revenue was due to the following:
VolumeRates /
Product Mix		Fuel
Surcharge		Total Revenue
Change
Revenue Change Drivers:
Third quarter 2024 vs. 2023
8.1 %(2.4)%0.1 %5.8 %
Year to date 2024 vs. 2023
1.2 %(1.4)%(0.4)%(0.6)%
Comparative results were impacted by one additional operating day in the third quarter of 2024.
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Volume
For the quarter, we had strong volume growth, the highest growth rate in more than three years. In addition, the average daily volume increased across all major customer segments, despite the expected decline of our largest customer. In both the quarter and year-to-date periods, the increase in volume occurred in multiple industries and was led by additional e-commerce customers and SMBs leveraging our Digital Access Program. Challenging macroeconomic conditions, including continued weakness in manufacturing output, partially offset the volume increases. We anticipate that average daily volume will increase in the fourth quarter relative to the comparative period, primarily driven by volume from SMBs, including those leveraging our Digital Access Program.
Business-to-consumer volume increased 11.0% in the quarter (up 4.5% year to date), due primarily to volume from the additional e-commerce customers noted above, and continued growth in online consumer spending.
Business-to-business volume increased 0.8% for the quarter (down 3.2% year to date). An increase in retail and healthcare volume drove the overall increase in business-to-business volume for the quarter but was more than offset year to date by declines in volume attributable to challenging macroeconomic factors and slowdown in manufacturing activity.
Within our Air products, average daily volume decreased in both the quarter and year-to-date periods, driven by the continued execution under the contract terms with our largest customer. The impact of other large customers making trade-offs to our ground products also contributed to the decline for the year-to-date period.
Ground commercial shipment average daily volume increased 1.1% for the quarter (down 3.1% year to date), primarily driven by an increase in volume from SMBs for the quarter, including continued growth within our Digital Access Program. Overall Ground residential volumes increased 15.4% for the quarter (up 7.6% year to date), primarily due to an increase in SurePost volume from new e-commerce customers.

Revenue Per Piece
Revenue per piece declined 2.2% for the quarter due to customer and product mix, lighter weight, and increase in shorter zone shipments. There was a 40-basis-point sequential improvement in the revenue per piece growth rate from the second quarter, supported by pricing actions we took to address revenue quality.
Revenue per piece from our Air products increased for both the quarter and year-to-date periods, while revenue per piece from our Ground products declined for both periods. In December 2023, we implemented an average 5.9% net increase in base and accessorial rates for both our Air and Ground products, which favorably impacted revenue per piece. In addition to these rate changes, revenue per piece for Air and Ground products were also impacted by decreases in average billable weight per piece for Air and Ground products and an increase in shorter zone shipments, unfavorable shifts in product mix and decreases in fuel surcharge revenue for Ground products.
We anticipate the year-over-year revenue per piece growth rate will improve in the fourth quarter due in part to delivery surcharges on both Air and Ground products, while base rates, fuel, and product and customer mix impact are expected to be neutral in total.

Fuel Surcharges
We apply a fuel surcharge on our domestic air and ground services that adjusts weekly. Our air fuel surcharge is based on the U.S. Department of Energy's ("DOE") Gulf Coast spot price for a gallon of kerosene-type fuel, and our ground fuel surcharge is based on the DOE's On-Highway Diesel Fuel price.
Fuel surcharge revenue increased $12 million for the quarter (down $184 million year to date). Increases in volume and the impact of our pricing initiatives contributed to the increase in fuel surcharge revenue for the quarter, which were more than offset by the decrease in price per gallon for the year-to-date period.
Based on the current commodity market outlook, we expect fuel surcharge revenue to increase year over year during the fourth quarter of 2024.
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Operating Expenses
Operating expenses and non-GAAP adjusted operating expenses increased for both the quarter and year-to-date periods. Pickup and delivery costs increased $401 million in the quarter (up $1.1 billion year to date), package sortation costs increased $101 million in the quarter (up $267 million year to date) and other operating costs increased $51 million for the quarter (down $201 million year to date). In addition to the impact from one additional operating day and the average daily volume increase of 6.5% during the third quarter, these increases were driven by:
•An increase in compensation and benefits expense in both periods (partially offset by a decrease in worker's compensation expense in both periods) which was driven by the impact of wage rate increases for our union workforce under our IBT contract (became effective August 1, 2023), as well as an increase in direct labor hours driven by additional volume. During the quarter, union wage-rate growth slowed to 5.2% year over year. We anticipate compensation and benefits expense growth will continue to moderate in the fourth quarter of 2024 as union wage rate increases in the IBT contract as of August 1, 2024 are lower than in the prior year period.
•An increase in purchased transportation expense primarily due to higher third-party delivery expense required to deliver increased SurePost volume.
These increases were partially offset by a decrease of $72 million in the costs of operating our integrated air and ground network in the quarter (down $370 million year to date), and a decrease in other operating costs of $200 million year to date. These reductions were primarily driven by:
•Actions we took to drive productivity partially offset the increase in compensation and benefits expense discussed above. For example, through our Network of the Future initiative, this year we have completed 45 operational closures, contributing to an improvement in pieces per workforce hour. Production improvements offset approximately 50% of the union wage rate increase.
•A reduction in aircraft block hours for both periods resulting from lower air volume and network optimization.
•The positive impact of our ground network optimization initiatives, for example, the enhancements we made to our proximity matching algorithm which enables us to redirect more SurePost packages into our network, driving delivery density which reduces the incremental cost of delivery.
•A reduction in fuel expense for both periods, driven by decreases in the cost and consumption for jet and ground fuels,
•Benefits from our Fit to Serve initiative, and a reduction in expenses allocated to the business in the year-to-date period, offset by a reduction in gains on real estate sales relative to the comparative period.
Our non-GAAP adjusted operating expenses exclude the impact of transformation strategy costs which were $76 million for the quarter ($93 million year to date) for U.S. Domestic Package. Transformation strategy costs reflected within U.S. Domestic during these periods are related to our Fit to Serve and Transformation 2.0 programs. Within both programs, we incurred compensation and benefits costs related to workforce reductions as we right-size our business. Within Transformation 2.0, we incurred fees paid to outside professional service providers. See Supplemental Information - Items Affecting Comparability for additional discussion of items excluded from our non-GAAP financial measures.
Cost per piece decreased 4.3% for the quarter (up 0.6% year to date), and non-GAAP adjusted cost per piece decreased 4.1% for the quarter (up 0.8% year to date). The decrease in cost per piece for the quarter was primarily driven by higher average daily volume compared to the same period of 2023, combined with slower union wage-rate growth under the terms of the IBT contract, additional benefits from the network optimization efforts and a decrease in workers' compensation as discussed above. For the year-to-date period, higher wage rate increases for our union workforce led to an increase in cost per piece, partially offset by decreases in workers' compensation and changes in average daily volume discussed above. We anticipate the cost per piece growth rate will moderate for the remainder of the year based on our anticipated increase in average daiily volume as discusses above and lower wage rate increases as compared to the prior period, now that we have entered the second year of the IBT contract.
Operating Profit and Margin
As a result of the factors described above, operating profit increased $327 million for the quarter (down $927 million year to date), with operating margin increasing 200 basis points to 6.2% (down 220 basis points to 6.3% year to date). Non-GAAP adjusted operating profit increased $309 million for the quarter (down $1.0 billion year to date), with non-GAAP adjusted operating margin increasing 180 basis points to 6.7% (down 230 basis points to 6.6% year to date). Non-GAAP adjusted operating profit excludes the impact of operating expense adjustments discussed above.
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International Package
 Three Months Ended
 September 30,		ChangeNine Months Ended
 September 30,		Change
 20242023$%20242023$%
Average Daily Package Volume (in thousands):
Domestic1,483 1,524 (2.7)%1,491 1,571 (5.1)%
Export1,637 1,615 1.4 %1,613 1,635 (1.3)%
Total Average Daily Package Volume3,120 3,139 (0.6)%3,104 3,206 (3.2)%
Average Revenue Per Piece:
Domestic$8.12 $7.73 $0.39 5.0 %$8.07 $7.66 $0.41 5.4 %
Export33.24 33.09 0.15 0.5 %33.33 33.26 0.07 0.2 %
Total Average Revenue Per Piece$21.30 $20.78 $0.52 2.5 %$21.20 $20.72 $0.48 2.3 %
Operating Days in Period64 63 191 191 
Revenue (in millions):
Domestic$771 $742 $29 3.9 %$2,299 $2,299 $— — %
Export3,482 3,367 115 3.4 %10,269 10,387 (118)(1.1)%
Cargo and Other158 158 — — %469 539 (70)(13.0)%
Total Revenue$4,411 $4,267 $144 3.4 %$13,037 $13,225 $(188)(1.4)%
Operating Expenses (in millions):
Operating Expenses$3,613 $3,637 $(24)(0.7)%$10,865 $10,884 $(19)(0.2)%
Non-GAAP adjustments to operating expenses
Transformation Strategy Costs
6 (45)51 N/A(36)(42)6 (14.3)%
One-Time Payment for International Regulatory Matter— — — N/A(88)— (88)N/A
Asset Impairment Charges
— — — N/A(2)— (2)N/A
Non-GAAP Adjusted Operating Expenses
$3,619 $3,592 $27 0.8 %$10,739 $10,842 $(103)(1.0)%
Operating Profit (in millions) and Operating Margin:
Operating Profit $798 $630 $168 26.7 %$2,172 $2,341 $(169)(7.2)%
Non-GAAP Adjusted Operating Profit
$792 $675 $117 17.3 %$2,298 $2,383 $(85)(3.6)%
Operating Margin18.1 %14.8 %16.7 %17.7 %
Non-GAAP Adjusted Operating Margin
18.0 %15.8 %17.6 %18.0 %
Currency Benefit / (Cost) – (in millions)(1):
Revenue$(4)$(90)
Operating Expenses6 38 
Operating Profit$2 $(52)
    
(1)    Net of currency hedging; amount represents the change in currency translation compared to the prior year.
Revenue
The change in revenue was due to the following:
VolumeRates /
Product Mix		Fuel
Surcharge		CurrencyTotal Revenue
Change
Revenue Change Drivers:
Third quarter 2024 vs. 20231.5 %2.1 %(0.1)%(0.1)%3.4 %
Year to date 2024 vs. 2023(3.2)%2.5 %— %(0.7)%(1.4)%
Comparative results were impacted by one additional operating day in the third quarter of 2024.
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Volume
Total average daily volume decreased for both the quarter and year-to-date periods. Average daily volume increased in the quarter for our export products, with all regions having positive average daily volume growth, with the increase offset by declines in domestic products mainly in Europe. Year to date, average daily volumes for both export and domestic products declined, primarily impacted by challenging economic conditions more prevalent during the first half of the year and continue to be compressed due to geopolitical uncertainty. Increased customer demand in certain areas was primarily responsible for the third quarter growth in our export products. During the quarter, average daily volume from large customers increased while volume from SMBs declined 1.8% primarily in Europe domestic products. Year-to-date volumes from both large customers and SMBs declined primarily within the European retail sector and manufacturing sector in various regions, partially offset by growth from customers in the healthcare sector. Business-to-business volume decreased 3.6% for the quarter (down 3.7% year to date), while business-to-consumer volume increased 7.7% during the quarter (down 1.7% year to date) primarily in Europe. We expect year-over-year average daily volume to improve in the fourth quarter relative to the comparative period, due to expected improvements in macroeconomic conditions.
The increase in export volume during the quarter was primarily due to continued growth in the Asia to U.S. and U.S. export trade lanes. Growth in Asia to U.S. trade lanes was driven by additional volume from technology and retail customers while growth in the U.S. export trade lanes was driven by volume from retail customers. Improvements in the intra-Europe trade lanes also slightly contributed to the growth in export volume during the quarter, driven primarily by healthcare customers. Year to date, declines in the intra-Europe trade lanes offset the growth in the Asia to U.S. and Americas to U.S. trade lanes.
Premium product volume remained relatively flat for the quarter (down 5.2% year to date). The year-to-date decline was primarily driven by reductions in our Worldwide Express product volumes as customers made trade-offs toward our economy products, primarily in the earlier part of the year. The quarterly decline was mostly offset by growth in our Transborder and Worldwide Express Saver products. Volume in our non-premium products increased 4.0% for the quarter (increased 0.9% year to date), driven by increases in our Transborder Standard and Worldwide Expedited products. Increases in our Transborder Express Saver and Standard products were driven by customers in the diversified vehicles and parts and healthcare sectors in Europe. Increases in our Worldwide Express Saver and Worldwide Expedited products were driven by technology and retail customers in Asia, respectively.
Domestic volume decreased for both the quarter and year-to-date periods, driven by declines in several European markets, as economic conditions continued to impact consumer spending in the region. For the quarter, increases in Canada, driven by increased volume from retail customers, slightly offset these declines. Continued e-commerce growth in Mexico partially offset the declines in both the quarter and year-to-date periods.
Revenue Per Piece
Rate changes for shipments originating outside the U.S. are made throughout the year and vary by geographic market. For example, in December 2023, we implemented an average 5.9% net increase in base and accessorial rates for international shipments originating in the United States.
Total revenue per piece increased 2.5% for the quarter (up 2.3% year to date), primarily due to base rate increases and favorable shifts in product and geographic mix. These were partially offset by declines in demand-related surcharges. Currency had a negative impact of 10 basis points (70 basis points year to date) on revenue per piece. We anticipate overall revenue per piece will increase in the fourth quarter relative to the prior year as a result of our continuing revenue quality initiatives.
Export revenue per piece increased 0.5% for the quarter (up 0.2% year to date) driven by base rate increases and a favorable shift in product and geographic mix. Currency did not impact export revenue per piece for the quarter but had a negative impact of 60 basis points year to date.
Domestic revenue per piece increased 5.0% for the quarter (up 5.4% year to date), driven by base rate increases and favorable shifts in geographic mix. Currency had a negative impact of 70 basis points for the quarter (130 basis points year to date).
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Fuel Surcharges
The fuel surcharge we apply to international air services originating inside or outside the U.S. is largely indexed to the DOE's Gulf Coast spot price for a gallon of kerosene-type jet fuel. The fuel surcharges for ground services originating outside the U.S. are indexed to fuel prices in the region or country where the shipment originates.
Total international fuel surcharge revenue remained flat for the quarter, with the impacts of pricing initiatives and increased export volume mostly offsetting year-over-year fuel price declines. Year to date, fuel surcharge revenue decreased $8 million driven by volume declines in the first half of the year, partially offset by higher average fuel prices during the first quarter. We anticipate fuel surcharge revenue will decrease relative to the prior year fourth quarter, as lower fuel prices are expected to more than offset expected increases in year-over-year volume.
Operating Expenses
Operating expenses decreased slightly for both the third quarter and year-to-date periods. This quarterly decline was primarily due to a decrease in other benefits expense related to workforce reductions during the current period as compared to the prior year period and decreased other indirect costs from various transactions. This was somewhat offset by $47 million in higher pickup and delivery expenses, associated with increased volumes in certain regions and the impact of an additional operating day.
Year to date, the costs of operating our integrated air and ground network decreased $88 million due to lower average fuel prices and reductions in air charters and aircraft block hours in response to volume declines in the first half of the year. This decrease was mostly offset due to a payment to settle a one-time international regulatory matter in Italy.
Our non-GAAP adjusted operating expenses exclude the impact of activities associated with our transformation strategy, which were immaterial for the quarter (year to date $36 million). Transformation strategy activities reflected within International Package during these periods are primarily comprised of compensation and benefits related to workforce reductions under our Fit to Serve program. See Supplemental Information - Items Affecting Comparability for additional discussion.
We expect our operating expenses will increase during the fourth quarter of 2024, driven by expected volume growth.
Operating Profit and Margin
As a result of the factors described above, operating profit increased $168 million for the quarter (down $169 million year to date), with operating margin increasing 330 basis points to 18.1% (down 100 basis points to 16.7% year to date). Non-GAAP adjusted operating profit increased $117 million (down $85 million year to date) and non-GAAP adjusted operating margin increased 220 basis points to 18.0% (down 40 basis points to 17.6% year to date). Non-GAAP adjusted operating profit excludes the impact of operating expense adjustments discussed above.
During the third quarter, we completed the previously disclosed, pending liquidation of our Small Package subsidiaries in Russia and Belarus. The process to liquidate our Forwarding and Logistics subsidiaries in Russia are on-going and we expect to finalize the liquidation by the first quarter of 2025. Substantially all of our operations in Ukraine remain indefinitely suspended. These actions have not had, and are not expected to have, a material impact on us.
On July 22, 2024, we announced that we have entered into an agreement to acquire Estafeta, a leading domestic small package provider in Mexico that is expected to enhance our logistics orchestration capabilities in this market. The acquisition is targeted to close in the first half of 2025, subject to customary closing conditions and regulatory approvals.
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Supply Chain Solutions
 Three Months Ended
 September 30,		ChangeNine Months Ended
 September 30,		Change
 20242023$%20242023$%
Revenue (in millions):
Forwarding$1,307 $1,327 $(20)(1.5)%$3,902 $4,217 $(315)(7.5)%
Logistics1,550 1,430 120 8.4 %4,638 4,271 367 8.6 %
Other527 377 150 39.8 %1,389 1,285 104 8.1 %
Total Revenue$3,384 $3,134 $250 8.0 %$9,929 $9,773 $156 1.6 %
Operating Expenses (in millions):
Operating Expenses$3,095 $2,992 $103 3.4 %$9,271 $9,089 $182 2.0 %
Gain on Divestiture of Coyote156 — 156 N/A156 — 156 N/A
Transformation Strategy Costs(84)(16)(68)425.0 %(98)(60)(38)63.3 %
Goodwill and Asset Impairment Charges— (117)117 (100.0)%(41)(125)84 (67.2)%
Expense for Regulatory Matter— — — N/A(45)— (45)N/A
Non-GAAP Adjusted Operating Expenses
$3,167 $2,859 $308 10.8 %$9,243 $8,904 $339 3.8 %
Operating Profit (in millions) and Operating Margin:
Operating Profit $289 $142 $147 103.5 %$658 $684 $(26)(3.8)%
Non-GAAP Adjusted Operating Profit
$217 $275 $(58)(21.1)%$686 $869 $(183)(21.1)%
Operating Margin8.5 %4.5 %6.6 %7.0 %
Non-GAAP Adjusted Operating Margin
6.4 %8.8 %6.9 %8.9 %
Currency Benefit / (Cost) – (in millions)(1):
Revenue$(10)$(52)
Operating Expenses13 62 
Operating Profit$3 $10 
(1)    Amount represents the change in currency translation compared to the prior year.
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 Three Months Ended
 September 30,		ChangeNine Months Ended
 September 30,		Change
 20242023$%20242023$%
Non-GAAP adjustments to Operating Expenses (in millions):
Transformation Strategy Costs
Forwarding$28 $14 $14 100.0 %$35 $38 $(3)(7.9)%
Logistics56 1 55 5,500.0 %63 21 42 200.0 %
Other SCS
— 1 (1)(100.0)%— 1 (1)(100.0)%
Total Transformation Strategy Costs
$84 $16 $68 425.0 %$98 $60 $38 63.3 %
Gain on Divestiture of Coyote
Forwarding$(156)$— $(156)N/A$(156)$— $(156)N/A
Total Gain on Divestiture of Coyote
$(156)$— $(156)N/A$(156)$— $(156)N/A
Goodwill and Asset Impairment Charges
Forwarding$— $— $— N/A$— $8 $(8)(100.0)%
Logistics— — — N/A41 — 41 N/A
Other SCS
— 117 (117)(100.0)%— 117 (117)(100.0)%
Total Goodwill and Asset Impairment Charges
$— $117 $(117)N/A$41 $125 $(84)(67.2)%
Expense for Regulatory Matter
Other SCS
— — — N/A45 — 45 N/A
Total Expense for Regulatory Matter
$— $— $— N/A$45 $— $45 N/A
Total non-GAAP Adjustments to Operating Expenses
$(72)$133 $(205)N/A$28 $185 $(157)(84.9)%
Revenue
Total revenue in Supply Chain Solutions increased for both the third quarter and year-to-date periods, primarily due to growth in Logistics and certain of our other businesses, which more than offset declines in Forwarding, which were driven by reductions attributable to Coyote.
Within our Logistics businesses, revenue increased $120 million for the quarter (up $367 million year to date). The acquisition of MNX Global Logistics in the fourth quarter of 2023 contributed $91 million of the increase for the quarter ($269 million year to date), including revenue related to healthcare customers. Revenue in mail services increased $65 million for the quarter (up $59 million year to date) driven by new customer volume and rate increases in the third quarter. These increases more than offset a decline in our other logistics businesses during the quarter. We expect continued growth from MNX Global Logistics and mail services for the remainder of 2024.
Within our Forwarding businesses:
•International airfreight revenue increased approximately $50 million for the quarter (up $21 million year to date), due primarily to increases in market rates since the first quarter. Volume also grew during the quarter and year-to-date periods, particularly on the Asia export lanes, driven by e-commerce customers. We expect revenue growth to continue for the remainder of the year, with anticipated increases in e-commerce demand driving higher volumes and rates.
•Ocean freight forwarding revenue increased for both the quarter and year to date, driven by an increase in market rates during the second and third quarters resulting from improved market dynamics, more than offsetting lower year-to-date volumes and lower rates during the first quarter. We expect revenue growth to continue for the remainder of the year driven by these higher rates.
•Revenue from Coyote, decreased $152 million for the quarter (down $388 million year to date) due to lower volumes, continued softness in market rates, and completion of the previously announced divestiture on September 16, 2024.
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Revenue from other businesses within Supply Chain Solutions increased for both the quarter and year to date.
•Revenue attributable to volume from the USPS increased $111 million for the quarter, driven by increased volumes as we continued to onboard volume related to our April 2024 USPS air cargo agreement. Year to date, revenue attributable to the USPS increased $38 million, attributable to air cargo volume growth in the second and third quarters, which more than offset lower volumes in the first quarter. We expect revenue growth will continue in the fourth quarter, as the air cargo volume under our agreement is now fully onboarded.
•In our digital businesses, revenue increased $45 million for the quarter (up $124 million year to date), driven by volume growth at Roadie and the impact of Happy Returns, which was acquired in the fourth quarter of 2023.
•Revenue from transition services provided to the acquirer of UPS Freight continued to decrease in both the quarter and year-to-date periods as we continue to wind down these arrangements.
Operating Expenses
Total operating expenses and non-GAAP adjusted operating expenses within Supply Chain Solutions increased for both the third quarter and year-to-date periods for the reasons described below. For additional information on our non-GAAP adjustments, see Supplemental Information - Items Affecting Comparability.
Logistics operating expenses increased $184 million for the quarter (up $481 million year to date) and on a non-GAAP adjusted basis, operating expenses increased $129 million for the quarter (up $398 million year to date). Increases in operating expense were driven primarily by the impact of the acquisition of MNX Global Logistics which contributed $89 million of the increase for the quarter ($264 million year to date). Operating expenses in mail services increased $54 million for the quarter (up $60 million year to date) driven by third quarter volume growth and rate increases. Non-GAAP adjusted operating expense excludes the impact of $56 million for the quarter ($63 million year to date) in expense primarily related to projects within our healthcare operations undertaken as part of our transformation strategy and $41 million in expense also within our healthcare operations during the first quarter of 2024 to write down the value of certain trade names acquired as part of the Bomi Group acquisition.
Forwarding operating expenses decreased $189 million for the quarter (down $484 million year to date) and on a non-GAAP adjusted basis, operating expenses decreased $47 million for the quarter (down $317 million year to date), primarily due to a reduction in purchased transportation expense as a result of lower volumes and market rates in Coyote and the impact from divestiture. Operating expenses in our freight forwarding business increased $106 million for the quarter driven by higher market rates and volumes, in particular on our Asia to U.S. lanes, for both international airfreight and ocean freight. Year-to-date operating expenses in our freight forwarding businesses also increased, as lower market rates in the first half of the year were offset by higher market rates and volumes in the third quarter. We expect our Forwarding operating expenses will decrease in the fourth quarter driven by the impact of the Coyote divestiture, partially offset by continued growth in market rates in our freight forwarding businesses. Non-GAAP adjusted operating expense excludes the impact of $28 million for the quarter ($35 million year to date) in expense related to projects undertaken as part of our transformation strategy and a gain of $156 million related to the divestiture of Coyote recognized during the third quarter.
Expenses in our other Supply Chain Solutions businesses increased $108 million for the quarter (up $185 million year to date) and on a non-GAAP adjusted basis, operating expenses increased $226 million for the quarter (up $258 million year to date), primarily driven by the increase in expense associated with USPS volumes as we continued to onboard the air cargo volume during the third quarter driving additional aircraft block hours and associated ramp up costs. Year to date, these ramp up costs more than offset the first quarter cost decreases of $47 million attributable to decreases in other USPS volumes. Within our digital businesses, operating costs increased for the quarter driven by volume growth and the impact of acquiring Happy Returns in 2023. Costs incurred to procure transportation for, and provide transition services to, the acquirer of UPS Freight continued to decrease in both the quarter and year-to-date periods as we continued to wind down these arrangements. Year-to-date non-GAAP adjusted operating expense excludes the impact of $45 million in expense related to a regulatory matter. For the three and nine months ended September 30, 2023, non-GAAP adjusted operating expense excluded the impact of goodwill impairment charges of $117 and $125 million, respectively.
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As discussed above, our non-GAAP adjusted operating expenses exclude the impact of transformation strategy costs which were $84 million for the quarter ($98 million year to date) for Supply Chain Solutions. Transformation strategy costs reflected within Supply Chain Solutions during these periods are related to our Fit to Serve and Transformation 2.0 programs. Within Transformation 2.0, we incurred impairment costs resulting from our business portfolio review and costs related to financial system investments in Forwarding. Within Fit to Serve, we incurred severance costs as we right-size our business.
Operating Profit and Margin
As a result of the factors described above, total operating profit increased $147 million for the quarter (down $26 million year to date), with operating margin increasing 400 basis points to 8.5% (down 40 basis points to 6.6% year to date). On a non-GAAP adjusted basis, operating profit decreased $58 million for the quarter (down $183 million year to date) with non-GAAP adjusted operating margin decreasing 240 basis points to 6.4% (down 200 basis points to 6.9% year to date). Non-GAAP adjusted operating profit excludes the impact of operating expense adjustments discussed above.
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Consolidated Operating Expenses
 Three Months Ended
 September 30,		ChangeNine Months Ended
 September 30,		Change
 20242023$%20242023$%
Operating Expenses (in millions):
Compensation and benefits$11,955 $11,528 $427 3.7 %$35,097 $34,188 $909 2.7 %
Transformation Strategy Costs
(110)(80)(30)37.5 %(161)(178)17 (9.6)%
One-Time Compensation Payment— (61)61 (100.0)%— (61)61 (100.0)%
Non-GAAP Adjusted Compensation and Benefits
$11,845 $11,387 $458 4.0 %$34,936 $33,949 $987 2.9 %
Repairs and maintenance$713 $719 $(6)(0.8)%$2,165 $2,126 $39 1.8 %
Depreciation and amortization905 837 68 8.1 %2,690 2,499 191 7.6 %
Purchased transportation3,375 3,114 261 8.4 %9,894 9,826 68 0.7 %
Fuel1,068 1,132 (64)(5.7)%3,254 3,493 (239)(6.8)%
Other occupancy517 481 36 7.5 %1,573 1,490 83 5.6 %
Other expenses1,727 1,907 (180)(9.4)%5,554 5,755 (201)(3.5)%
Total Other Expenses
8,305 8,190 115 1.4 %25,130 25,189 (59)(0.2)%
Gain on Divestiture of Coyote156 — 156 N/A156 — 156 N/A
Transformation Strategy Costs
(44)(14)(30)214.3 %(66)(58)(8)13.8 %
Goodwill and Asset Impairment Charges— (117)117 (100.0)%(48)(125)77 (61.6)%
One-Time Payment for International Regulatory Matter— — — N/A(88)— (88)N/A
Expense for Regulatory Matter— — — N/A(45)— (45)N/A
Non-GAAP Adjusted Total Other Expenses
$8,417 $8,059 $358 4.4 %$25,039 $25,006 33 0.1 %
Total Operating Expenses$20,260 $19,718 $542 2.7 %$60,227 $59,377 $850 1.4 %
Non-GAAP Adjusted Total Operating Expenses
$20,262 $19,446 $816 4.2 %$59,975 $58,955 $1,020 1.7 %
Currency (Benefit) / Cost - (in millions)(1)
$(18)$(100)
(1)    Amount represents the change in currency translation compared to the prior year.
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 Three Months Ended
 September 30,		ChangeNine Months Ended
 September 30,		Change
 20242023$%20242023$%
Non-GAAP Adjustments to Operating Expenses (in millions):
Transformation Strategy Costs
Compensation$5 $5 $— — %$18 $15 $3 20.0 %
Benefits105 75 30 40.0 %143 163 (20)(12.3)%
Other expenses44 14 30 214.3 %66 58 8 13.8 %
Total Transformation Strategy Costs
$154 $94 $60 63.8 %$227 $236 $(9)(3.8)%
Gain on Divestiture of Coyote
Other expenses$(156)$— $(156)N/A$(156)$— $(156)N/A
Total Gain on Divestiture of Coyote
$(156)$— $(156)N/A$(156)$— $(156)N/A
One-Time Payment for International Regulatory Matter
Other expenses$— $— $— N/A$88 $— $88 N/A
Total One-Time Payment for International Regulatory Matter
$— $— $— N/A$88 $— $88 N/A
Goodwill and Asset Impairment Charges
Other expenses$— $117 $(117)(100.0)%$48 $125 $(77)(61.6)%
Total Asset Impairment Charges
$— $117 $(117)(100.0)%$48 $125 $(77)(61.6)%
One-Time Compensation Payment
Benefits$— $61 $(61)(100.0)%$— $61 $(61)(100.0)%
Total One-Time Compensation Payment
$— $61 $(61)(100.0)%$— $61 $(61)(100.0)%
Expense for Regulatory Matter
Other expenses$— $— $— N/A$45 $— $45 N/A
Total Expense for Regulatory Matter
$— $— $— N/A$45 $— $45 N/A
Total Non-GAAP Adjustments to Operating Expenses
$(2)$272 $(274)N/A$252 $422 $(170)(40.3)%
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Compensation and Benefits
Total compensation and benefits and non-GAAP adjusted total compensation and benefits increased for both the quarter and year-to-date periods. Compensation costs increased $363 million for the quarter (up $719 million year to date), and on a non-GAAP adjusted basis increased $363 million for the quarter (up $716 million year to date). The principal factors contributing to the overall increase were:
•Direct labor costs increased $384 million for the quarter (up $933 million year to date). Contractual wage rate increases for our U.S. union workforce resulted in an increase in costs of $123 million for the quarter (up $750 million year to date). Productivity improvements reduced direct labor costs by $87 million for the quarter (down $116 million year to date). Volume growth increased direct labor expense by $238 million for the quarter and $46 million year to date, as growth during the third quarter more than offset decreases during the first half of 2024. The remaining increase for both the quarter and year-to-date periods was primarily due to increased seniority within our union workforce. We expect wage rate growth to moderate for the remainder of the year as a result of the terms of our IBT contract.
•Management compensation costs decreased $34 million for the quarter (down $188 million year to date) due to lower overall headcount, offset by higher incentive compensation expense.
Benefits costs increased $64 million for the quarter (up $190 million year to date) and on a non-GAAP adjusted basis increased $95 million for the quarter (up $271 million year to date). The principal factors driving the overall increase were:
•Workers' compensation expense decreased $102 million for the quarter (down $192 million year to date) due to favorable developments in prior year claims.
•Accruals for paid time off, payroll taxes and other costs increased $80 million for the quarter (up $274 million year to date), primarily due to contractual wage rate growth.
•Health and welfare costs increased $62 million for the quarter (up $152 million year to date), driven by increased contributions to multiemployer plans as a result of contractually-mandated rate increases.
•Pension and other postretirement benefits costs increased $40 million for the quarter (up $23 million year to date), due primarily to third quarter increases in both the cost of company-sponsored defined benefit plans, driven by service cost resulting from lower discount rates, and increased expense for the UPS 401(k) Savings Plan.
•Other employee benefits expense decreased $14 million for the quarter (down $66 million year to date) due to higher separation costs incurred in 2023 as we continued to right-size our business. On a non-GAAP adjusted basis, other employee benefits expense remained relatively flat.
Non-GAAP adjusted operating expenses exclude the impact of costs incurred under our transformation strategy programs, Fit to Serve and Transformation 2.0, and primarily impacted other employee benefits expense and related payroll tax expense as discussed above. Compensation and benefit expenses under these programs during the third quarter of 2024 were $110 million ($161 million year to date). These costs increased by $30 million (down $17 million year to date) as compared to the same periods of 2023. During 2023, non-GAAP adjusted operating expenses excluded a one-time compensation payment. See Supplemental Information - Items Affecting Comparability for additional discussion.
Repairs and Maintenance
Repairs and maintenance expense was relatively flat for the quarter, as higher vehicle maintenance expenses, driven by increased volume, were more than offset by lower aircraft and facilities expense due to the timing of required maintenance and revisions to 2024 contractual aircraft maintenance rates. Year-to-date repairs and maintenance expense increased, primarily attributable to higher routine repairs to buildings and facilities in the first half of the year.
Depreciation and Amortization
We incurred higher depreciation expense for both the quarter and year to date as a result of facility automation and expansion projects aligned with our strategic objectives. Amortization expense for capitalized software investments in support of our strategic initiatives increased for both the quarter and year to date, and we recorded additional amortization expense for intangible assets arising from the acquisitions of MNX Global Logistics and Happy Returns in the fourth quarter of 2023.
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Purchased Transportation
Third-party transportation expense charged to us by air, ocean and ground carriers increased for both the quarter and year to date. The increases were primarily driven by:
•U.S. Domestic expense increased $140 million for the quarter (up $58 million year to date). Volume growth in our SurePost product drove an increase in delivery costs of $116 million for the quarter (up $248 million year to date). For the quarter, volume increases also resulted in higher utilization of third-party ground and rail carriers. Year to date, third quarter increases more than offset decreases in the first half of the year, which were driven by the impact of network optimization initiatives resulting in lower utilization of third-party ground and rail carriers, and by volume declines in the first quarter.
•Supply Chain Solutions expense increased $85 million for the quarter (up $27 million year to date) as increased expense in our freight forwarding business during the third quarter more than offset lower expenses during the first half of the year. Within our Logistics businesses, expense increased $100 million for the quarter ($212 million year to date), primarily driven by the impact of the acquisition of MNX Global Logistics and volume growth in our healthcare operations, during the first half of the year, and in mail services, during the third quarter. In our freight forwarding business, expense increased $78 million for the quarter (up $29 million year to date) due to market rates increasing in the second and third quarters offsetting lower rates in the first quarter. Volume growth within our digital businesses also resulted in increased expense for both the quarter and year to date. These increases more than offset the impact of Coyote, the disposition of which was completed in September and which experienced volume declines and lower market rates prior to divestiture.
•International Package expense increased $36 million for the quarter but was relatively flat year to date. Higher utilization of third-party transportation services in the quarter, driven by an increase in volume in Europe and Asia, were more than offset by lower volumes in the first quarter resulting in lower expense for third-party transportation services.
Fuel
The decrease in fuel expense for the quarter was mainly attributable to lower prices for jet fuel, diesel and gasoline, which more than offset expense increases driven by volume growth. Year to date, overall fuel expense also decreased, driven by the combination of lower prices for jet fuel and the impact of volume declines in the first quarter, as well as lower prices for diesel and gasoline. Market prices and the manner in which we purchase fuel influence our costs. The majority of our fuel purchases utilize index-based pricing formulas plus or minus a fixed locational/supplier differential. While many of the indices are correlated, each index may respond differently to changes in underlying prices, which in turn can drive variability in our costs.
Other Occupancy
Other occupancy expense increased for both the quarter and year to date, primarily due to increases in property rents. A reduction in certain rebates and increases to temporary structural costs in the second and third quarters also contributed to the increase.
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Other Expenses
Other expenses decreased $180 million for the quarter (down $201 million year to date). During the quarter, we completed the divestiture of Coyote and recorded a pre-tax gain of $156 million. Transformation strategy costs increased $30 million for the quarter ($8 million year to date). We recorded an additional pre-tax expense of $45 million in the first half of 2024 related to a regulatory matter. Also in the first half of 2024, we recorded a $41 million pre-tax charge to write down the value of certain trade names acquired as part of our acquisition of Bomi Group as we consolidated our brands, a $7 million pre-tax impairment charge related to software licenses and a $94 million pre-tax payment, including interest, made to settle a previously-disclosed international regulatory matter.
On a non-GAAP adjusted basis, other expenses increased $63 million for the quarter (down $109 million year to date). These fluctuations were primarily driven by:
•A reduction in outsourcing and consulting fees of $9 million for the quarter (down $119 million year to date) driven by a decrease in project-based engagements and an increase in third-party costs related to software development projects that are eligible to be capitalized.
•Reductions in vehicle lease expense of $24 million for the quarter (down $121 million year to date), due to the impact of network optimization efforts and volume declines in the first quarter.
•Gains from the sale of surplus real estate decreased by $45 million during the quarter (down $55 million year to date).
•Credit losses increased $18 million for the quarter (up $83 million year to date) as a result of an increased number of customer bankruptcies in the first half of the year and increases in reserves.
•Commissions paid increased $23 million for the quarter (up $14 million year to date) primarily due to growth in our Digital Access Program.
Other expense movements for the current quarter included higher costs for software. Cost related to airline operations increased primarily due to increased flight activity. These were offset by lower marketing and advertising costs.
Non-GAAP adjusted operating expenses exclude the impact of costs incurred under our transformation strategy programs. Other expenses under our Fit to Serve and Transformation 2.0 programs during the third quarter of 2024 were $44 million ($66 million year to date). These costs increased by $30 million (up $8 million year to date) as compared to the same periods of 2023. We expect to incur additional other expenses under our Fit to Serve and Transformation 2.0 programs during 2024 and 2025 as we complete these programs. Other expenses incurred under these programs are primarily related to fees paid to outside professional service providers and impairment charges resulting from our business portfolio review. See Supplemental Information - Items Affecting Comparability for additional discussion.
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Other Income (Expense)
The following table sets forth investment income and other and interest expense for the three and nine months ended September 30, 2024 and 2023 (in millions):
 Three Months Ended
 September 30,		ChangeNine Months Ended
 September 30,		Change
 20242023$%20242023$%
Investment Income and Other$155 $124 $31 25.0 %$410 $424 $(14)(3.3)%
Interest Expense(230)(199)(31)15.6 %(637)(578)(59)10.2 %
Interest Expense Associated with One-Time Payment for International Regulatory Matter— — — N/A6 — 6 N/A
Non-GAAP Adjusted Interest Expense
$(230)$(199)$(31)15.6 %$(631)$(578)$(53)9.2 %
Total Other Income (Expense)
$(75)$(75)$— — %$(227)$(154)$(73)47.4 %
Non-GAAP Adjusted Total Other Income (Expense)
$(75)$(75)$— — %$(221)$(154)$(67)43.5 %
Investment Income and Other
Investment income and other increased $31 million for the third quarter but decreased $14 million year to date, with both periods negatively impacted by a reduction in average invested balances and year-over-year changes in certain non-current investments. In the third quarter, a reduction in foreign currency exchange losses relative to the prior year exceeded the impact of investment income declines.
Within Investment Income and Other, other pension income remained flat for both the quarter and year to date, as higher expected returns on pension assets were offset by an increase in interest cost as a result of plan growth and changes in demographic assumptions.
Interest Expense
Interest expense increased for both the third quarter and year to date, driven by the combination of higher average outstanding debt balances and higher interest rates on floating rate debt.
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Income Tax Expense
The following table sets forth our income tax expense and effective tax rate for the three and nine months ended September 30, 2024 and 2023 (in millions):
 Three Months Ended
 September 30,		ChangeNine Months Ended
 September 30,		Change
 20242023$%20242023$%
Income Tax Expense$371 $141 $230 163.1 %$1,254 $1,407 $(153)(10.9)%
   Income Tax Impact of:
Transformation Strategy Costs:
Transformation 1.0— 1 (1)(100.0)%— 2 (2)(100.0)%
Transformation 2.0
Spans and Layers— — — N/A— 21 (21)(100.0)%
Business Portfolio Review8 1 7 700.0 %7 7 — — %
Financial Systems3 3 — — %10 8 2 25.0 %
Other Initiatives— — — N/A— — — N/A
Transformation 2.0 Total11 4 7 175.0 %17 36 (19)(52.8)%
Fit to Serve27 19 8 42.1 %38 19 19 100.0 %
Total Transformation Strategy Costs38 24 14 58.3 %55 57 (2)(3.5)%
Gain on Divestiture of Coyote
(4)— (4)N/A(4)— (4)N/A
One-Time Payment for International Regulatory Matter
— — — N/A— — — N/A
Goodwill and Asset Impairment Charges
— 14 (14)(100.0)%13 16 (3)(18.8)%
One-Time Compensation Payment
— 15 (15)(100.0)%— 15 (15)(100.0)%
Expense for Regulatory Matter
— — — N/A— — — N/A
Non-GAAP Adjusted Income Tax Expense
$405 $194 $211 108.8 %$1,318 $1,495 $(177)(11.8)%
Effective Tax Rate19.4 %11.1 %23.6 %21.6 %
Non-GAAP Adjusted Effective Tax Rate
21.2 %12.6 %23.6 %21.6 %
For additional information on our income tax expense and effective tax rate, see note 16 to the unaudited, consolidated financial statements.
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Liquidity and Capital Resources
We deploy a disciplined and balanced approach to capital allocation, including returns to shareowners through dividends and share repurchases. As of September 30, 2024, we had $6.1 billion in cash, cash equivalents and marketable securities. We believe that these positions, expected cash from operations, access to commercial paper programs and capital markets and other available liquidity options will be adequate to fund our material short- and long-term cash requirements, including our business operations, planned capital expenditures, pension contributions, planned acquisitions, transformation strategy costs, debt obligations and planned shareowner returns. We regularly evaluate opportunities to optimize our capital structure, including through issuances of debt to refinance existing debt and to fund operations.
Cash Flows From Operating Activities
The following is a summary of the significant sources (uses) of cash from operating activities (in millions):
 Nine Months Ended September 30,
 20242023
Net income$4,061 $5,103 
Non-cash operating activities (1)
3,542 3,911 
Pension and postretirement medical benefit plan contributions (company-sponsored plans)(1,434)(1,363)
Hedge margin receivables and payables(90)(152)
Income tax receivables and payables27 (728)
Changes in working capital and other non-current assets and liabilities758 1,138 
Other operating activities(57)(82)
Net cash from operating activities$6,807 $7,827 
(1)    Represents depreciation and amortization, gains and losses on derivative transactions and foreign currency exchange, deferred income taxes, allowances for expected credit losses, amortization of operating lease assets, pension and postretirement medical benefit plan (income) expense, stock compensation expense, changes in casualty self-insurance reserves, goodwill and other asset impairment charges and other non-cash items.
Net cash from operating activities decreased $1.0 billion for the nine months ended September 30, 2024 from the prior year period primarily due to a reduction in net income and the impact of the decline in business in 2023.
Additional impacts to cash flows from operating activities included the following:
•An increase in income taxes payable during the 2024 period, compared to excess tax payments having been made in the prior year period.
•A prior year period payment for deferred employer payroll taxes that did not repeat.
•Partially offset by higher 401(k) plan contributions during the nine months ended September 30, 2024.
As of September 30, 2024, approximately $2.5 billion of our total worldwide holdings of cash, cash equivalents and marketable securities were held by foreign subsidiaries. The amount of cash, cash equivalents and marketable securities held by our U.S. and foreign subsidiaries fluctuates throughout the year due to a variety of factors, including the timing of cash receipts, strategic operating needs and disbursements in the normal course of business. Cash provided by operating activities in the U.S. continues to be our primary source of funds to finance our business operations, planned capital expenditures, pension contributions, planned acquisitions, transformation strategy costs, debt obligations and planned shareowner returns. All cash, cash equivalents and marketable securities held by foreign subsidiaries are generally available for distribution to the U.S. without any U.S. federal income taxes. Any such distributions may be subject to foreign withholding and U.S. state taxes. When amounts earned by foreign subsidiaries are expected to be indefinitely reinvested, no accrual for taxes is provided.
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Cash Flows From Investing Activities
Our primary sources (uses) of cash from investing activities were as follows (in millions):
 Nine Months Ended September 30,
 20242023
Net cash (used in) from investing activities
$840 $(3,929)
Capital Expenditures:
Buildings, facilities and plant equipment$(1,098)$(1,559)
Aircraft and parts(569)(364)
Vehicles(540)(518)
Information technology(604)(668)
Total Capital Expenditures
$(2,811)$(3,109)
Capital Expenditures as a % of revenue4.3 %4.7 %
Other Investing Activities:
Proceeds from disposal of businesses, property, plant and equipment$1,070 $167 
Net (purchases) sales and maturities of marketable securities
$2,673 $(950)
Acquisitions, net of cash acquired$(66)$(39)
Other investing activities$(26)$2 
We have commitments for pending acquisitions and for the purchase of aircraft, vehicles, equipment and real estate to provide for the replacement of existing capacity and anticipated future growth. Future capital spending for anticipated growth and replacement assets will depend on a variety of factors, including economic and industry conditions. Our full-year 2024 investment program anticipates investments in technology initiatives and enhanced network capabilities, including approximately $1.0 billion of projects that support our environmental sustainability goals. It also provides for the maintenance of buildings, facilities and equipment and replacement of certain aircraft within our fleet. We currently expect that our capital expenditures will total approximately $4.0 billion in 2024, of which 46 percent will be allocated to growth initiatives and network enhancement projects, including technology.
For the nine months ended September 30, 2024, total capital expenditures decreased compared to the 2023 period, primarily due to:
•Reduced spending on buildings, facilities and plant equipment, as we optimize our Network of the Future initiative; and
•A reduction in information technology expenditures driven by the purchase of certain licenses in the 2023 period that did not repeat.
These decreases were partially offset by:
•Aircraft expenditures driven by higher payments on open aircraft orders and the timing of final deliveries of aircraft; and
•Vehicle expenditure increases, driven by the timing of payments and availability of vehicle replacements.

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On September 16, 2024, we completed the previously announced divestiture of Coyote. We received cash proceeds of $1.002 billion.
We received cash proceeds of $2.7 billion from the sale of marketable securities in the first nine months of 2024 due to the liquidation of our portfolio to provide additional resources for short-term and strategic operating needs.
Cash paid for acquisitions in both the 2024 and 2023 periods related primarily to reacquired development area rights for The UPS Store. Other investing activities in the nine months ended September 30, 2024 were primarily driven by changes in our non-current investments.
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Cash Flows From Financing Activities
Our primary sources (uses) of cash from financing activities were as follows (in millions, except per share data):
 Nine Months Ended September 30,
20242023
Net cash (used in) from financing activities
$(5,003)$(5,185)
Share Repurchases:
Cash paid to repurchase shares$(500)$(2,250)
Number of shares repurchased(3.9)(12.8)
Shares outstanding at period end853 852 
Dividends:
Dividends declared per share$4.89 $4.86 
Cash paid for dividends$(4,049)$(4,034)
Borrowings:
Net borrowings (repayments) of debt principal$(431)$1,336 
Other Financing Activities:
Cash received for common stock issuances$184 $190 
Other financing activities$(207)$(427)
Capitalization:
Total debt outstanding at period end$21,930 $21,125 
Total shareowners' equity at period end16,884 19,180 
Total capitalization$38,814 $40,305 
We repurchased 3.9 and 12.8 million shares of class B common stock for $500 million and $2.3 billion under our stock repurchase program during the nine months ended September 30, 2024 and 2023, respectively. We do not anticipate further repurchases in 2024. For additional information on our share repurchase activities, see note 12 to the unaudited, consolidated financial statements.
The declaration of dividends is subject to the discretion of the Board and depends on various factors, including our net income, financial condition, cash requirements, future prospects and other relevant factors. We increased our quarterly cash dividend to $1.63 per share in 2024, compared to $1.62 in 2023.
Issuances of debt during the nine months ended September 30, 2024 consisted of fixed- and floating-rate senior notes of varying maturities totaling $2.8 billion. Repayments of debt in the nine months ended September 30, 2024 consisted of $2.2 billion of short- and long-term commercial paper, our C$750 million and $400 million fixed-rate senior notes as well as scheduled principal payments on our finance lease obligations. As of September 30, 2024, we had $500 million of fixed-rate senior notes outstanding that mature in 2024. We intend to repay or refinance these amounts when due.
Issuances of debt during the nine months ended September 30, 2023 consisted of fixed- and floating-rate senior notes of varying maturities totaling $2.5 billion. Repayments of debt in the nine months ended September 30, 2023 period included $1.5 billion of fixed- and floating-rate senior notes, the repayment of debt assumed in the Bomi Group acquisition and scheduled principal payments on our finance lease obligations.
We consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt.
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The amount of commercial paper outstanding fluctuates based on daily liquidity needs. The following is a summary of our commercial paper program (in millions):
Outstanding balance as of September 30, 2024 ($)
Average year-to-date balance outstanding ($)
Average interest rate
2024
USD$— $230 5.40 %
Total
$— 
As of September 30, 2024, we had no outstanding balances under our U.S. or European commercial paper programs.
The variation in cash received from common stock issuances was primarily driven by lower stock option exercises in the nine months ended September 30, 2024.
Other financing activities includes cash used to repurchase shares to satisfy tax withholding obligations on vested employee stock awards. Cash outflows for this purpose were approximately $200 and $400 million for the nine months ended September 30, 2024 and 2023, respectively. The decrease was driven by changes in required repurchase amounts.
Except as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, we do not have guarantees or other off-balance sheet financing arrangements, including variable interest entities, which we believe could have a material impact on our financial condition or liquidity.
Sources of Credit
See note 9 to the unaudited, consolidated financial statements for a discussion of our available credit and the financial covenants that we are subject to as part of our credit agreements.
Contractual Commitments
There have been no material changes to the contractual commitments described in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023, except as described below.
Purchase commitments represent contractual agreements to purchase assets, goods or services that are legally binding, including contracts for aircraft, construction of new or expanded facilities and vehicles. We also have commitments related to business acquisitions pending regulatory approvals.
The following table summarizes the expected cash outflows to satisfy our total purchase commitments as of September 30, 2024 (in millions):
Commitment Type20242025202620272028
After 2028
Total
Purchase Commitments(1)
$352 $2,410 $464 $49 $29 $8 $3,312 
(1)    Purchase commitments for 2025 include amounts related to pending business acquisitions.
For additional information on 2024 debt issuances and repayments, see note 9 to the unaudited, consolidated financial statements.
Legal Proceedings and Contingencies
See note 7 and note 11 to the unaudited, consolidated financial statements for a discussion of judicial proceedings and other matters arising from the conduct of our business activities, and note 16 for a discussion of income tax related matters.
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Collective Bargaining Agreements
Status of Collective Bargaining Agreements
See note 7 to the unaudited, consolidated financial statements for a discussion of the status of our collective bargaining agreements.
Multiemployer Benefit Plans
See note 7 to the unaudited, consolidated financial statements for a discussion of our participation in multiemployer benefit plans.
Recent Accounting Pronouncements
Adoption of New Accounting Standards
See note 2 to the unaudited, consolidated financial statements for a discussion of recently adopted accounting standards.
Accounting Standards Issued But Not Yet Effective
See note 2 to the unaudited, consolidated financial statements for a discussion of accounting standards issued, but not yet effective.
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Item 3.Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risk from changes in certain commodity prices, foreign currency exchange rates, interest rates and equity prices. All of these market risks arise in the normal course of business, as we do not engage in speculative trading activities. In order to manage the risk arising from these exposures, we may utilize a variety of commodity, foreign currency exchange and interest rate forward contracts, options and swaps. A discussion of our accounting policies for derivative instruments and further disclosures are provided in note 15 to the unaudited, consolidated financial statements.
The total net fair value asset (liability) of our derivative financial instruments is summarized in the following table (in millions):
September 30,
2024		December 31,
2023
Currency Derivatives$(20)$66 
As of September 30, 2024 and December 31, 2023, we had no outstanding commodity hedge positions.
The information concerning market risk in Item 7A under the caption "Quantitative and Qualitative Disclosures about Market Risk" of our Annual Report on Form 10-K for the year ended December 31, 2023 is incorporated herein by reference.
Our market risks, hedging strategies and financial instrument positions as of September 30, 2024 have not materially changed from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023. In the third quarter of 2024, we entered into foreign currency exchange forward contracts on the Euro, British Pound Sterling, Canadian Dollar and Hong Kong Dollar, and had forward contracts expire. The fair value changes between December 31, 2023 and September 30, 2024 in the preceding table are primarily due to foreign currency exchange rate fluctuations between those dates.
The foreign currency exchange forward contracts, swaps and options previously discussed contain an element of risk that the counterparties may be unable to meet the terms of the agreements; however, we seek to minimize such risk exposures for these instruments by limiting the counterparties to banks and financial institutions that meet established credit guidelines and by monitoring counterparty credit risk to prevent concentrations of credit risk with any single counterparty.
We have agreements with all of our active counterparties (covering all of our derivative positions) containing early termination rights and/or bilateral collateral provisions whereby cash is required based on the net fair value of derivatives associated with those counterparties when positions exceed $250 million.
Events such as a credit rating downgrade (depending on the ultimate rating level) could also allow us to take additional protective measures such as the early termination of trades. As of September 30, 2024, we held no cash collateral and were not required to post any collateral with our counterparties under these agreements. We have not historically incurred, and do not expect to incur in the future, any losses as a result of counterparty default.
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Item 4.Controls and Procedures
Evaluation of Disclosure Controls and Procedures
截至本報告所覆蓋期末，管理層，包括我們的首席執行官和信安金融及會計官，評估了我們的披露控制和程序的設計和事件的有效性（如《1934年證券交易法》中的第13a-15(e)和15d-15(e)規則所定義）。基於評估的結果，在評估日期，我們的首席執行官和信安金融及會計官得出結論，披露控制和程序是有效的，能夠確保按照《證券交易法》要求披露的信息被適時記錄、處理、彙總和報告，並能夠適時積累和傳達給我們的管理層，包括我們的首席執行官和信安金融及會計官，以便於做出及時的關於所需披露的決策。
財務報告內部控制的變化
截至2024年9月30日的季度內，我們的財務報告內部控制沒有發生任何變化，這些變化對我們的財務報告內部控制沒有實質性影響，或者合理可能對其產生實質性影響。
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第二部分。其他信息

項目 1。法律程序
有關影響公司的重大法律訴訟的討論，請參見本報告中包含的未經審計的綜合基本報表第11條註釋。
項目 1A。風險因素
截至2023年12月31日的年度報告（Form 10-k）第1部分，第1A項中描述的風險因素沒有重大變化。上述風險的發生可能對我們產生重大影響，包括影響我們的業務、財務狀況、運營結果、股價或信用評級，以及我們的聲譽。這些風險並不是我們面臨的唯一風險。我們還可能受到其他事件、因素或不確定性的重大不利影響，這些因素對我們來說是未知的，或是我們目前不認爲是重大風險的。
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項目2。未註冊的股權證券銷售及資金用途
(c) 2024年第三季度我們A類和B類普通股回購的總結如下（單位：百萬，除每股金額外）：
總購買股份數 (1)
每股平均購買價格作爲公開宣佈計劃的一部分，總購買股份數尚可根據該計劃購買的股份的大致美元價值
2024年7月1日 - 2024年7月31日
3.3 $127.62 3.3 $2,407 
2024年8月1日 - 2024年8月31日
— — — 2,407 
2024年9月1日 - 2024年9月30日
0.6 127.62 0.6 $2,332 
2024年7月1日 - 2024年9月30日總計
3.9 $127.62 3.9 
(1) 包括通過我們公開宣佈的股票回購計劃回購的股票以及用於支付員工期權的行使價格和稅款扣繳的股票。
在2023年1月，董事會批准了一項50億美元的股份回購授權，用於A類和B類普通股。在截至2024年9月30日的三個和九個月內，我們通過加速股票回購交易回購了390万股B類普通股，金額爲5億美元。截至2024年9月30日，我們還有23亿的股份回購授權可用。
關於我們股票回購活動的更多信息，請參見未經審計的合併基本報表第12條。
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項目5.      其他資訊

Disclosures Required Pursuant to Section 13(r) of the Securities Exchange Act of 1934
UPS maintains robust economic sanctions compliance procedures designed to promote compliance with applicable sanctions laws. However, from time to time the Company may inadvertently pick up packages from, or deliver packages to, individuals or entities that result in required disclosure under Section 13(r). From the date of the Company’s most recent disclosure under this heading through the date of this filing, the Company inadvertently delivered a single shipment to or for the benefit of each of the vessel Fortune (item was not billed; no revenue or profit ) and the Embassy of Iran in the United Kingdom (revenue of $9.98, profit of $4.15).
UPS不打算進一步從這些方收件或送件，並計劃繼續實施流程改進，以便更好地識別和防止可能向或從受限方發貨。
內幕交易安排和政策
無.
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目錄
Item 6. 附件
3.1—
3.2—
31.1—
31.2—
32.1—
32.2—
101—
以下未經過審計的財務信息來自於截至2024年9月30日的季度報告（表格10-Q），以Inline XBRL（內嵌可擴展業務報告語言）格式呈現： (i) 合併資產負債表， (ii) 合併收入報表， (iii) 合併綜合收入（損失）報表， (iv) 合併現金流量報表，以及(v) 合併基本報表附註。
104—
封面互動數據文件 - 從此截至2024年9月30日的季度報告（表格10-Q）上的封面以Inline XBRL格式呈現（包含爲附件101）。


82
目錄
簽名
根據1934年證券交易所法案的要求，本公司已經授權下述人員代表本公司簽署此報告。
 
 		聯合包裹公司
(註冊人)
日期：2024年11月6日作者：  /s/ 布萊恩·代克斯
  布萊恩·代克斯
  執行副總裁兼財務長
(信安金融和會計主管)


83