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0001090727falseJuly 23, 202400010907272024-07-232024-07-230001090727exch:XNYS2024-07-232024-07-230001090727exch:XNYSups:SeniorNotes1625Due2025Member2024-07-232024-07-230001090727exch:XNYSups:SeniorNotes1Due2028Member2024-07-232024-07-230001090727exch:XNYSups:SeniorNotes1.500Due2032Member2024-07-232024-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2024

g795027a09.jpg
United Parcel Service, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware 001-15451 58-2480149
(State or other jurisdiction
of incorporation)
(Commission File Number) (IRS Employer
Identification No.)

      55 Glenlake Parkway, N.E., Atlanta, Georgia                30328
(Address of principal executive offices)                 (Zip Code)
Registrant’s telephone number, including area code (404) 828-6000
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Class B common stock, par value $0.01 per share UPS New York Stock Exchange
1.625% Senior Notes Due 2025 UPS25 New York Stock Exchange
1% Senior Notes due 2028 UPS28 New York Stock Exchange
1.500% Senior Notes due 2032 UPS32 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company. ☐

If an emerging growth company, indicate by check mark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐










Item 2.02 — Results of Operations and Financial Condition.
     
On July 23, 2024, United Parcel Service, Inc. (the “Company”) issued a press release containing information about the Company’s results of operations and financial condition for the quarter ended June 30, 2024. The Company also posted on its website at www.investors.ups.com financial statement schedules containing additional detail about the Company's results of operations and financial condition for the same period.

A copy of the press release is attached hereto as Exhibit 99.1. A copy of the financial statement schedules is attached hereto as Exhibit 99.2.

Item 9.01 — Financial Statements and Exhibits.

(d) Exhibits

99.1       Press release dated July 23, 2024 "UPS RELEASES 2Q 2024 EARNINGS"
99.2 Q2 2024 financial statement schedules
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

The information contained in Items 2.02 and 9.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933 or the Exchange Act, except as may be expressly set forth by reference in any such filing.




Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
UNITED PARCEL SERVICE, INC.
Date: July 23, 2024 By: /s/ BRIAN DYKES
Brian Dykes
Executive Vice President and Chief Financial Officer


EX-99.1 2 exhibit991-earningspressre.htm EX-99.1 PRESS RELEASE SECOND QUARTER EARNINGS Document

Exhibit 99.1

UPS RELEASES 2Q 2024 EARNINGS
•Consolidated Revenues of $21.8B, Compared to $22.1B Last Year
•Consolidated Operating Margin of 8.9%; Adjusted* Consolidated Operating Margin of 9.5%
•Diluted EPS of $1.65; Adj. Diluted EPS of $1.79, Compared to $2.54 Last Year
•Updates Full-Year 2024 Financial Guidance; Restarts Share Repurchase Program, Targeting $1B Annually

ATLANTA – July 23, 2024 – UPS (NYSE:UPS) today announced second-quarter 2024 consolidated revenues of $21.8 billion, a 1.1% decrease from the second quarter of 2023. Consolidated operating profit was $1.9 billion, down 30.1% compared to the second quarter of 2023, and down 29.3% on an adjusted basis. Diluted earnings per share were $1.65 for the quarter; adjusted diluted earnings per share of $1.79 were 29.5% below the same period in 2023.

For the second quarter of 2024, GAAP results include an after-tax charge of $120 million, or $0.14 per diluted share, comprised of a one-time payment of $94 million to settle an international regulatory matter, and transformation and other charges of $26 million.

“I want to thank all UPSers for their hard work and efforts in the second quarter,” said Carol Tomé, UPS chief executive officer. “This quarter was a significant turning point for our company as we returned to volume growth in the U.S., the first time in nine quarters. As expected, our operating profit declined in the first half of 2024 from what we reported last year. Going forward we expect to return to operating profit growth.”

U.S. Domestic Segment

2Q 2024
Adjusted
2Q 2024

2Q 2023
Adjusted
2Q 2023
Revenue
$14,119 M $14,396 M
Operating profit
$989 M $997 M $1,602 M $1,681 M

•Revenue decreased 1.9%, driven by a 2.6% decrease in revenue per piece due primarily to changes in product mix.
•Operating margin was 7.0%; adjusted operating margin was 7.1%.

International Segment

2Q 2024
Adjusted
2Q 2024

2Q 2023
Adjusted
2Q 2023
Revenue
$4,370 M $4,415 M
Operating profit
$718 M $824 M $883 M $902 M

•Revenue decreased 1.0%, driven primarily by a 2.9% decrease in average daily volume.
•Operating margin was 16.4%; adjusted operating margin was 18.9%.



Supply Chain Solutions1

2Q 2024
Adjusted
2Q 2024

2Q 2023
Adjusted
2Q 2023
Revenue
$3,329 M $3,244 M
Operating profit
$237 M $243 M $295 M $336 M
1 Consists of operating segments that do not meet the criteria of a reportable segment under ASC Topic 280 – Segment Reporting.

•Revenue increased 2.6% due primarily to growth in logistics, including healthcare.
•Operating margin was 7.1%; adjusted operating margin was 7.3%.


2024 Outlook
The company provides certain guidance on an adjusted (non-GAAP) basis because it is not possible to predict or provide a reconciliation reflecting the impact of future pension adjustments or other unanticipated events, which would be included in reported (GAAP) results and could be material.

For 2024, UPS updates its full-year, consolidated financial targets**:
•Consolidated revenue expected to be approximately $93.0 billion
•Consolidated adjusted operating margin expected to be approximately 9.4%
•Capital expenditures of approximately $4.0 billion
•Targeting around $500 million in share repurchases



* “Adjusted” or “Adj.” amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial measures, including a reconciliation to the most closely correlated GAAP measure.
**Excludes the impacts of pending disposition of Coyote and announced acquisition.


Contacts:
UPS Media Relations: 404-828-7123 or pr@ups.com

# # #



Conference Call Information
UPS Investor Relations: 404-828-6059 (option 4) or investor@ups.com UPS CEO Carol Tomé and CFO Brian Dykes will discuss second-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, July 23, 2024. That call will be open to others through a live Webcast. To access the call, go to www.investors.ups.com and click on “Earnings Conference Call.” Additional financial information is included in the detailed financial schedules being posted on www.investors.ups.com under “Quarterly Earnings and Financials” and as furnished to the SEC as an exhibit to our Current Report on Form 8-K.

About UPS
UPS (NYSE: UPS) is one of the world’s largest companies, with 2023 revenue of $91.0 billion, and provides a broad range of integrated logistics solutions for customers in more than 200 countries and territories. Focused on its purpose statement, “Moving our world forward by delivering what matters,” the company’s approximately 500,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world. UPS also takes an unwavering stance in support of diversity, equity and inclusion. More information can be found at www.ups.com, about.ups.com and www.investors.ups.com.

Forward-Looking Statements
This release, our Annual Report on Form 10-K for the year ended December 31, 2023 and our other filings with the Securities and Exchange Commission contain and in the future may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than those of current or historical fact, and all statements accompanied by terms such as “will,” “believe,” “project,” “expect,” “estimate,” “assume,” “intend,” “anticipate,” “target,” “plan,” and similar terms, are intended to be forward-looking statements. Forward-looking statements are made subject to the safe harbor provisions of the federal securities laws pursuant to Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
From time to time, we also include written or oral forward-looking statements in other publicly disclosed materials. Forward-looking statements may relate to our intent, belief, forecasts of, or current expectations about our strategic direction, prospects, future results, or future events; they do not relate strictly to historical or current facts. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any forward-looking statements because such statements speak only as of the date when made and the future, by its very nature, cannot be predicted with certainty.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. These risks and uncertainties include, but are not limited to: changes in general economic conditions in the U.S.



or internationally; significant competition on a local, regional, national and international basis; changes in our relationships with our significant customers; our ability to attract and retain qualified employees; strikes, work stoppages or slowdowns by our employees; increased or more complex physical or operational security requirements; a significant cybersecurity incident, or increased data protection regulations; our ability to maintain our brand image and corporate reputation; impacts from global climate change; interruptions in or impacts on our business from natural or man-made events or disasters including terrorist attacks, epidemics or pandemics; exposure to changing economic, political, regulatory and social developments in international and emerging markets; our ability to realize the anticipated benefits from acquisitions, dispositions, joint ventures or strategic alliances; the effects of changing prices of energy, including gasoline, diesel, jet fuel, other fuels and interruptions in supplies of these commodities; changes in exchange rates or interest rates; our ability to accurately forecast our future capital investment needs; increases in our expenses or funding obligations relating to employee health, retiree health and/or pension benefits; our ability to manage insurance and claims expenses; changes in business strategy, government regulations or economic or market conditions that may result in impairments of our assets; potential additional U.S. or international tax liabilities; increasingly stringent regulations related to climate change; potential claims or litigation related to labor and employment, personal injury, property damage, business practices, environmental liability and other matters; and other risks discussed in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2023, and subsequently filed reports. You should consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the accuracy of predictions contained in such forward-looking statements. We do not undertake any obligation to update forward-looking statements to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements, except as required by law.
From time to time, we expect to participate in analyst and investor conferences. Materials provided or displayed at those conferences, such as slides and presentations, may be posted on our investor relations website at www.investors.ups.com under the heading "Presentations" when made available. These presentations may contain new material nonpublic information about our company and you are encouraged to monitor this site for any new posts, as we may use this mechanism as a public announcement.
Reconciliation of GAAP and Non-GAAP Financial Measures
We supplement the reporting of our financial information determined under generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures.
Adjusted financial measures should be considered in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. Our adjusted financial measures do not represent a comprehensive basis of accounting and therefore may not be comparable to similarly titled measures reported by other companies.
Forward-Looking Non-GAAP Metrics
From time to time when presenting forward-looking non-GAAP metrics, we are unable to provide quantitative reconciliations to the most closely correlated GAAP measure due to the uncertainty in the timing, amount or nature of any adjustments, which could be material in any period.
One-Time Payment for International Regulatory Matter
In the second quarter of 2024, we made a one-time 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 our 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 believe excluding the impact of this payment, which we do not believe is a component of our ongoing operations and we do not expect to recur, better enables users of our financial statements to view and evaluate underlying business performance from the same perspective as management.




Transformation and Other Costs, and Asset Impairment Charges
We supplement the presentation of our 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 transformation activities, asset impairments and other charges. We believe excluding the impact of these charges better enables users of our financial statements to view and evaluate underlying business performance from the perspective of management. We do not consider these costs when evaluating the operating performance of our business units, making decisions to allocate resources or in determining incentive compensation awards.
One-Time Compensation Payment
We supplement the presentation of our 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. We do not expect this or similar payments to recur. We believe excluding the impact of this one-time payment better enables users of our financial statements to view and evaluate underlying business performance from the same perspective as management.
Defined Benefit Pension and Postretirement Medical Plan Gains and Losses
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 (expense) 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 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.
Free Cash Flow
We calculate free cash flow as cash flows from operating activities less capital expenditures, proceeds from disposals of property, plant and equipment, and plus or minus the net changes in other investing activities. We believe free cash flow is an important indicator of how much cash is generated by our ongoing business operations and we use this as a measure of incremental cash available to invest in our business, meet our debt obligations and return cash to shareowners.
Adjusted Return on Invested Capital
Adjusted ROIC is calculated as the trailing twelve months (“TTM”) of adjusted operating income divided by the average of total debt, non-current pension and postretirement benefit obligations and shareowners’ equity, at the current period end and the corresponding period end of the prior year. Because adjusted ROIC is not a measure defined by GAAP, we calculate it, in part, using non-GAAP financial measures that we believe are most indicative of our ongoing business performance. We consider adjusted ROIC to be a useful measure for evaluating the effectiveness and efficiency of our long-term capital investments.




Adjusted Total Debt / Adjusted EBITDA
Adjusted total debt is defined as our long-term debt and finance leases, including current maturities, plus non-current pension and postretirement benefit obligations. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for the impacts of incentive compensation program redesign, one-time compensation, goodwill & asset impairment charges, transformation and other costs, a one-time international regulatory matter, defined benefit plan gains and losses and other income. We believe the ratio of adjusted total debt to adjusted EBITDA is an important indicator of our financial strength, and is a ratio used by third parties when evaluating the level of our indebtedness.

Adjusted Cost per Piece
We evaluate the efficiency of our operations using various metrics, including adjusted cost per piece. Adjusted cost per piece is calculated as adjusted operating expenses in a period divided by total volume for that period. Because 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.



Reconciliation of GAAP and Non-GAAP Income Statement Items
(in millions, except per share data):


Three Months Ended June 30, 2024
As Reported (GAAP)
One-Time Int'l Regulatory Matter(1)
Transformation & Other Adj.(2)
As Adjusted
(Non-GAAP)
U.S. Domestic Package $ 13,130  $ —  $ $ 13,122 
International Package 3,652  88  18  3,546 
Supply Chain Solutions 3,092  —  3,086 
Operating Expense 19,874  88  32  19,754 
U.S. Domestic Package 989  —  997 
International Package 718  88  18  824 
Supply Chain Solutions 237  —  243 
Operating Profit 1,944  88  32  2,064 
Other Income and (Expense):
Other pension income (expense) 67  —  —  67 
Investment income (expense) and other 70  —  —  70 
Interest expense (212) —  (206)
Total Other Income (Expense) (75) —  (69)
Income Before Income Taxes 1,869  94  32  1,995 
Income Tax Expense 460  —  466 
Net Income $ 1,409  $ 94  $ 26  $ 1,529 
Basic Earnings Per Share $ 1.65  $ 0.11  $ 0.03  $ 1.79 
Diluted Earnings Per Share $ 1.65  $ 0.11  $ 0.03  $ 1.79 
(1) Reflects a one-time payment for an international regulatory matter and related interest of $94 million.
(2) Reflects other employee benefits costs of $20 million and $12 million of other costs.




























Reconciliation of GAAP and Non-GAAP Income Statement Items
(in millions, except per share data):


Six Months Ended June 30, 2024
As Reported (GAAP)
One-Time Int'l Regulatory Matter(1)
Asset Impairment Charges(2)
Transformation & Other Adj.(3)
As Adjusted
(Non-GAAP)
U.S. Domestic Package $ 26,539  $ —  $ $ 17  $ 26,517 
International Package 7,252  88  42  7,120 
Supply Chain Solutions 6,176  —  41  59  6,076 
Operating Expense 39,967  88  48  118  39,713 
U.S. Domestic Package 1,814  —  17  1,836 
International Package 1,374  88  42  1,506 
Supply Chain Solutions 369  —  41  59  469 
Operating Profit 3,557  88  48  118  3,811 
Other Income and (Expense):
Other pension income (expense) 134  —  —  —  134 
Investment income (expense) and other 121  —  —  —  121 
Interest expense (407) —  —  (401)
Total Other Income (Expense) (152) —  —  (146)
Income Before Income Taxes 3,405  94  48  118  3,665 
Income Tax Expense 883  —  13  17  913 
Net Income $ 2,522  $ 94  $ 35  $ 101  $ 2,752 
Basic Earnings Per Share $ 2.95  $ 0.11  $ 0.04  $ 0.11  $ 3.21 
Diluted Earnings Per Share $ 2.94  $ 0.11  $ 0.04  $ 0.12  $ 3.21 
(1) Reflects a one-time payment for an international regulatory matter and related interest of $94 million.
(2) Reflects impairment charges of $41 million for acquired trade names within Supply Chain Solutions and $7 million for software licenses.
(3) Reflects other employee benefits costs of $51 million and $67 million of other costs, including a one-time expense related to a regulatory matter.









Reconciliation of Free Cash Flow (Non-GAAP measure)
(in millions):
Six Months Ended June 30,
2024
Cash flows from operating activities $ 5,309 
Capital expenditures (1,968)
Proceeds from disposals of property, plant and equipment 28 
Other investing activities (4)
   Free Cash Flow (Non-GAAP measure) $ 3,365 


























































Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)
(in millions):
TTM(1) Ended
June 30,
2024
Net income $ 5,254 
Add back:
Income tax expense 1,482 
Interest expense 815 
Depreciation & amortization 3,489 
EBITDA 11,040 
Add back (deduct):
Incentive compensation program redesign — 
One-time compensation 61 
Asset impairment charges 276 
Transformation and other 411 
Defined benefit plan (gains) and losses 359 
Investment income and other pension income (533)
One-time international regulatory matter 88 
Adjusted EBITDA $ 11,702 
Debt and finance leases, including current maturities $ 22,205 
Add back:
Non-current pension and postretirement benefit obligations 6,449 
Adjusted total debt $ 28,654 
Adjusted total debt/Net income 5.45
Adjusted total debt/adjusted EBITDA (Non-GAAP) 2.45
(1) Trailing twelve months.
    



Reconciliation of Adjusted Return on Invested Capital (Non-GAAP measure)
(in millions):
TTM(1) Ended
June 30,
2024
Net income $ 5,254
Add back (deduct):
Income tax expense 1,482
Interest expense 815
Other pension (income) expense 93
Investment (income) expense and other (267)
Operating profit $ 7,377
Incentive compensation program redesign
Long-lived asset estimated residual value changes
One-time compensation 61
Asset impairment charges 276
Transformation and other 411
One-time international regulatory matter 88
Adjusted operating profit $ 8,213
Average debt and finance leases, including current maturities $ 21,484
Average pension and postretirement benefit obligations 5,542
Average shareowners' equity 18,545
Average invested capital $ 45,571
Net income to average invested capital 11.5  %
Adjusted Return on Invested Capital (Non-GAAP) 18.0  %

(1) Trailing twelve months.

EX-99.2 3 exhibit992-financialstatem.htm EX-99.2 Q2 2024 FINANCIAL STATEMENT SCHEDULES Document

Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - Second Quarter
(unaudited)
Three Months Ended
June 30
2024 2023 Change % Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package $ 14,119  $ 14,396  $ (277) (1.9) %
  International Package 4,370  4,415  (45) (1.0) %
  Supply Chain Solutions 3,329  3,244  85  2.6  %
  Total revenue 21,818  22,055  (237) (1.1) %
Operating expenses:
  U.S. Domestic Package 13,130  12,794  336  2.6  %
  International Package 3,652  3,532  120  3.4  %
  Supply Chain Solutions 3,092  2,949  143  4.8  %
  Total operating expenses 19,874  19,275  599  3.1  %
Operating profit:
  U.S. Domestic Package 989  1,602  (613) (38.3) %
  International Package 718  883  (165) (18.7) %
  Supply Chain Solutions 237  295  (58) (19.7) %
  Total operating profit 1,944  2,780  (836) (30.1) %
Other income (expense):
 Other pension income (expense) 67  66  1.5  %
  Investment income (expense) and other 70  65  7.7  %
  Interest expense (212) (191) (21) 11.0  %
  Total other income (expense) (75) (60) (15) 25.0  %
Income before income taxes 1,869  2,720  (851) (31.3) %
Income tax expense 460  639  (179) (28.0) %
Net income $ 1,409  $ 2,081  $ (672) (32.3) %
Net income as a percentage of revenue 6.5  % 9.4  %
Per share amounts:
  Basic earnings per share $ 1.65  $ 2.42  $ (0.77) (31.8) %
  Diluted earnings per share $ 1.65  $ 2.42  $ (0.77) (31.8) %
Weighted-average shares outstanding:
  Basic 856  860  (4) (0.5) %
  Diluted 857  861  (4) (0.5) %
As Adjusted Income Data (1):
Operating profit:
  U.S. Domestic Package $ 997  $ 1,681  $ (684) (40.7) %
  International Package 824  902  (78) (8.6) %
  Supply Chain Solutions 243  336  (93) (27.7) %
  Total operating profit 2,064  2,919  (855) (29.3) %
Total other income (expense) $ (69) $ (60) $ (9) 15.0  %
Income before income taxes $ 1,995  $ 2,859  $ (864) (30.2) %
Net income $ 1,529  $ 2,187  $ (658) (30.1) %
Basic earnings per share $ 1.79  $ 2.54  $ (0.75) (29.5) %
Diluted earnings per share $ 1.79  $ 2.54  $ (0.75) (29.5) %

(1) See Non-GAAP schedules for reconciliation of adjustments.


Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Selected Operating Data - Second Quarter
(unaudited)
Three Months Ended
June 30
2024 2023 Change % Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air $ 2,309  $ 2,407  $ (98) (4.1) %
   Deferred 1,107  1,169  (62) (5.3) %
   Ground 10,703  10,820  (117) (1.1) %
      Total U.S. Domestic Package 14,119  14,396  (277) (1.9) %
International Package:
   Domestic 770  763  0.9  %
   Export 3,437  3,468  (31) (0.9) %
   Cargo and Other 163  184  (21) (11.4) %
      Total International Package 4,370  4,415  (45) (1.0) %
Supply Chain Solutions:
   Forwarding 1,315  1,376  (61) (4.4) %
Logistics 1,546  1,431  115  8.0  %
   Other 468  437  31  7.1  %
      Total Supply Chain Solutions 3,329  3,244  85  2.6  %
Consolidated $ 21,818  $ 22,055  $ (237) (1.1) %
Consolidated volume (in millions) 1,339  1,338  0.1  %
Operating weekdays 64  64  —  0.0  %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air 1,559  1,679  (120) (7.1) %
   Deferred 991  1,087  (96) (8.8) %
   Ground 15,314  14,974  340  2.3  %
      Total U.S. Domestic Package 17,864  17,740  124  0.7  %
International Package:
   Domestic 1,485  1,554  (69) (4.4) %
   Export 1,584  1,608  (24) (1.5) %
      Total International Package 3,069  3,162  (93) (2.9) %
Consolidated 20,933  20,902  31  0.1  %
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air $ 23.14  $ 22.40  $ 0.74  3.3  %
   Deferred 17.45 16.80 0.65 3.9  %
   Ground 10.92  11.29  (0.37) (3.3) %
      Total U.S. Domestic Package 12.35  12.68  (0.33) (2.6) %
International Package:
   Domestic 8.10  7.67  0.43  5.6  %
   Export 33.90 33.70 0.20  0.6  %
      Total International Package 21.42  20.91  0.51  2.4  %
Consolidated $ 13.68  $ 13.92  $ (0.24) (1.7) %








Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Detail of Operating Expenses - Second Quarter
(unaudited)
Three Months Ended
June 30
2024 2023 Change % Change
(in millions)
Compensation and benefits $ 11,503  $ 11,196  $ 307  2.7  %
Repairs and maintenance 734  682  52  7.6  %
Depreciation and amortization 887  828  59  7.1  %
Purchased transportation 3,273  3,171  102  3.2  %
Fuel 1,126  1,090  36  3.3  %
Other occupancy 492  458  34  7.4  %
Other expenses 1,859  1,850  0.5  %
Total operating expenses $ 19,874  $ 19,275  $ 599  3.1  %


























































Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Selected Financial Data - Year to Date
(unaudited)
Six Months Ended
June 30
2024 2023 Change % Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package $ 28,353  $ 29,383  $ (1,030) (3.5) %
  International Package 8,626  8,958  (332) (3.7) %
  Supply Chain Solutions 6,545  6,639  (94) (1.4) %
  Total revenue 43,524  44,980  (1,456) (3.2) %
Operating expenses:
  U.S. Domestic Package 26,539  26,315  224  0.9  %
  International Package 7,252  7,247  0.1  %
  Supply Chain Solutions 6,176  6,097  79  1.3  %
  Total operating expenses 39,967  39,659  308  0.8  %
Operating profit:
  U.S. Domestic Package 1,814  3,068  (1,254) (40.9) %
  International Package 1,374  1,711  (337) (19.7) %
  Supply Chain Solutions 369  542  (173) (31.9) %
  Total operating profit 3,557  5,321  (1,764) (33.2) %
Other income (expense):
 Other pension income (expense) 134  132  1.5  %
  Investment income (expense) and other 121  168  (47) (28.0) %
  Interest expense (407) (379) (28) 7.4  %
  Total other income (expense) (152) (79) (73) 92.4  %
Income before income taxes 3,405  5,242  (1,837) (35.0) %
Income tax expense 883  1,266  (383) (30.3) %
Net income $ 2,522  $ 3,976  $ (1,454) (36.6) %
Net income as a percentage of revenue 5.8  % 8.8  %
Per share amounts:
  Basic earnings per share $ 2.95  $ 4.62  $ (1.67) (36.1) %
  Diluted earnings per share $ 2.94  $ 4.61  $ (1.67) (36.2) %
Weighted-average shares outstanding:
  Basic 856  861  (5) (0.6) %
  Diluted 857  863  (6) (0.7) %
As Adjusted Income Data (1):
Operating profit:
  U.S. Domestic Package $ 1,836  $ 3,169  $ (1,333) (42.1) %
  International Package 1,506  1,708  (202) (11.8) %
  Supply Chain Solutions 469  594  (125) (21.0) %
  Total operating profit 3,811  5,471  (1,660) (30.3) %
Total other income (expense) $ (146) $ (79) $ (67) 84.8  %
Income before income taxes $ 3,665  $ 5,392  $ (1,727) (32.0) %
Net income $ 2,752  $ 4,091  $ (1,339) (32.7) %
Basic earnings per share $ 3.21  $ 4.75  $ (1.54) (32.4) %
Diluted earnings per share $ 3.21  $ 4.74  $ (1.53) (32.3) %

(1) See Non-GAAP schedules for reconciliation of adjustments.



Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Selected Operating Data - Year to Date
(unaudited)
Six Months Ended
June 30
2024 2023 Change % Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air $ 4,625  $ 4,868  $ (243) (5.0) %
   Deferred 2,263  2,363  (100) (4.2) %
   Ground 21,465  22,152  (687) (3.1) %
      Total U.S. Domestic Package 28,353  29,383  (1,030) (3.5) %
International Package:
   Domestic 1,528  1,557  (29) (1.9) %
   Export 6,787  7,020  (233) (3.3) %
   Cargo and Other 311  381  (70) (18.4) %
      Total International Package 8,626  8,958  (332) (3.7) %
Supply Chain Solutions:
   Forwarding 2,595  2,890  (295) (10.2) %
Logistics 3,088  2,841  247  8.7  %
   Other 862  908  (46) (5.1) %
      Total Supply Chain Solutions 6,545  6,639  (94) (1.4) %
Consolidated $ 43,524  $ 44,980  $ (1,456) (3.2) %
Consolidated volume (in millions) 2,675  2,745  (70) (2.6) %
Operating weekdays 127  128  (1) (0.8) %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air 1,574  1,708  (134) (7.8) %
   Deferred 1,019  1,113  (94) (8.4) %
   Ground 15,376  15,385  (9) (0.1) %
      Total U.S. Domestic Package 17,969  18,206  (237) (1.3) %
International Package:
   Domestic 1,494  1,594  (100) (6.3) %
   Export 1,602  1,645  (43) (2.6) %
      Total International Package 3,096  3,239  (143) (4.4) %
Consolidated 21,065  21,445  (380) (1.8) %
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air $ 23.14  $ 22.27  $ 0.87  3.9  %
   Deferred 17.49 16.59 0.90 5.4  %
   Ground 10.99  11.25  (0.26) (2.3) %
      Total U.S. Domestic Package 12.42  12.61  (0.19) (1.5) %
International Package:
   Domestic 8.05  7.63  0.42  5.5  %
   Export 33.36 33.34 0.02  0.1  %
      Total International Package 21.15  20.69  0.46  2.2  %
Consolidated $ 13.71  $ 13.83  $ (0.12) (0.9) %








Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Detail of Operating Expenses - Year to Date
(unaudited)
Six Months Ended
June 30
2024 2023 Change % Change
(in millions)
Compensation and benefits $ 23,142  $ 22,660  $ 482  2.1  %
Repairs and maintenance 1,452  1,407  45  3.2  %
Depreciation and amortization 1,785  1,662  123  7.4  %
Purchased transportation 6,519  6,712  (193) (2.9) %
Fuel 2,186  2,361  (175) (7.4) %
Other occupancy 1,056  1,009  47  4.7  %
Other expenses 3,827  3,848  (21) (0.5) %
Total operating expenses $ 39,967  $ 39,659  $ 308  0.8  %


























































Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Consolidated Balance Sheets
June 30, 2024 (unaudited) and December 31, 2023

June 30, 2024 December 31, 2023
(amounts in millions)
ASSETS
Current Assets:
Cash and cash equivalents $ 6,319  $ 3,206 
Marketable securities 213  2,866 
Accounts receivable 9,174  11,342 
Less: Allowance for credit losses (126) (126)
Accounts receivable, net 9,048  11,216 
Assets Held for Sale 1,183  — 
Other current assets 2,060  2,125 
 Total Current Assets 18,823  19,413 
Property, Plant and Equipment, Net 37,129  36,945 
Operating Lease Right-Of-Use Assets 4,088  4,308 
Goodwill 4,350  4,872 
Intangible Assets, Net 3,106  3,305 
Deferred Income Tax Assets 123  126 
Other Non-Current Assets 1,799  1,888 
Total Assets $ 69,418  $ 70,857 
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases $ 2,008  $ 3,348 
Current maturities of operating leases 683  709 
Accounts payable 5,299  6,340 
Accrued wages and withholdings 3,308  3,224 
Self-insurance reserves 1,273  1,320 
Accrued group welfare and retirement plan contributions 1,202  1,479 
Liabilities to be disposed of 373  — 
Other current liabilities 939  1,256 
Total Current Liabilities 15,085  17,676 
Long-Term Debt and Finance Leases 20,197  18,916 
Non-Current Operating Leases 3,561  3,756 
Pension and Postretirement Benefit Obligations 6,449  6,159 
Deferred Income Tax Liabilities 3,841  3,772 
Other Non-Current Liabilities 3,232  3,264 
Shareowners' Equity:
Class A common stock
Class B common stock
Additional paid-in capital 63  — 
Retained earnings 20,765  21,055 
Accumulated other comprehensive loss (3,807) (3,758)
Deferred compensation obligations
Less: Treasury stock (6) (9)
Total Equity for Controlling Interests 17,030  17,306 
Noncontrolling interests 23 
Total Shareowners' Equity 17,053  17,314 
Total Liabilities and Shareowners' Equity $ 69,418  $ 70,857 



Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Statements of Consolidated Cash Flows
(unaudited)
(amounts in millions) Six Months Ended
June 30
2024 2023
Cash Flows From Operating Activities:
Net income $ 2,522  $ 3,976 
Adjustments to reconcile net income to net cash from operating activities:
 Depreciation and amortization 1,785  1,662 
 Pension and postretirement benefit expense 518  486 
 Pension and postretirement benefit contributions (150) (1,328)
 Self-insurance reserves (39) 64 
 Deferred tax (benefit) expense 72  168 
 Stock compensation expense 165 
 Other (gains) losses 166  (19)
Changes in assets and liabilities, net of effects of business acquisitions:
 Accounts receivable 1,526  2,898 
 Other assets 73  187 
 Accounts payable (685) (1,921)
 Accrued wages and withholdings 137  (535)
 Other liabilities (619) (132)
Other operating activities —  (77)
 Net cash from operating activities 5,309  5,594 
Cash Flows From Investing Activities:
Capital expenditures (1,968) (1,820)
Proceeds from disposal of businesses, property, plant and equipment 28  50 
Purchases of marketable securities (52) (2,970)
Sales and maturities of marketable securities 2,715  1,903 
Acquisitions, net of cash acquired (66) (34)
Other investing activities (4) 12 
Net cash from (used in) investing activities 653  (2,859)
Cash Flows From Financing Activities:
Net change in short-term debt (1,272) — 
Proceeds from long-term borrowings 2,785  2,503 
Repayments of long-term borrowings (1,508) (1,596)
Purchases of common stock —  (1,498)
Issuances of common stock 131  119 
Dividends (2,701) (2,693)
Other financing activities (202) (417)
Net cash used in financing activities (2,767) (3,582)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (72) 57 
—  — 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 3,123  (790)
Cash, Cash Equivalents and Restricted Cash:
Beginning of period 3,206  5,602 
End of period $ 6,329  $ 4,812 








Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Reconciliation of Free Cash Flow (Non-GAAP measure)
(unaudited)
(amounts in millions) Six Months Ended
June 30
2024 2023
Cash flows from operating activities $ 5,309  $ 5,594 
Capital expenditures (1,968) (1,820)
Proceeds from disposals of property, plant and equipment 28  50 
Other investing activities (4) 12 
   Free Cash Flow (Non-GAAP measure) $ 3,365  $ 3,836 















































Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)
(unaudited)
(amounts in millions)
TTM(1) Ended
TTM(1) Ended
June 30, 2024 June 30, 2023
Net income $ 5,254  $ 10,013 
Add back:
Income tax expense 1,482  2,965 
Interest expense 815  738 
Depreciation & amortization 3,489  3,324 
EBITDA 11,040  17,040 
Add back (deduct):
Incentive compensation program redesign —  505 
One-time compensation 61  — 
Asset impairment charges 276 
Transformation and other 411  224 
Defined benefit plan (gains) and losses 359  (1,028)
Investment income and other pension income (533) (1,059)
One-time international regulatory matter 88  — 
Adjusted EBITDA $ 11,702  $ 15,690 
Debt and finance leases, including current maturities $ 22,205  $ 20,763 
Add back:
Non-current pension and postretirement benefit obligations 6,449  4,635 
Adjusted total debt $ 28,654  $ 25,398 
Adjusted total debt/Net income 5.45  2.54 
Adjusted total debt/adjusted EBITDA (Non-GAAP) 2.45  1.62 


(1) Trailing twelve months.

































Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Reconciliation of Adjusted Return on Invested Capital (Non-GAAP measure)
(unaudited)
(amounts in millions)
TTM(1) Ended
TTM(1) Ended
June 30, 2024 June 30, 2023
Net income $ 5,254  $ 10,013 
Add back (deduct):
Income tax expense 1,482  2,965 
Interest expense 815  738 
Other pension (income) expense 93  (1,754)
Investment (income) expense and other (267) (333)
Operating profit $ 7,377  $ 11,629 
Incentive compensation program redesign —  505 
Long-lived asset estimated residual value changes —  76 
One-time compensation 61  — 
Asset impairment charges 276 
Transformation and other 411  224 
One-time international regulatory matter 88  — 
Adjusted operating profit $ 8,213  $ 12,442 
Average debt and finance leases, including current maturities $ 21,484  $ 20,670 
Average pension and postretirement benefit obligations 5,542  6,489 
Average shareowners' equity 18,545  18,174 
Average invested capital $ 45,571  $ 45,333 
Net income to average invested capital 11.5  % 22.1  %
Adjusted Return on Invested Capital (Non-GAAP) 18.0  % 27.4  %


(1) Trailing twelve months.


























Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.



United Parcel Service, Inc.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
Three Months Ended June 30,
(in millions, except operating days, average daily volume and per share and per piece data) 2024 2023
As Reported (GAAP)
One-Time Int'l Regulatory Matter(1)
Transformation & Other Adj.(2)
As Adjusted
(Non-GAAP)
As Reported (GAAP)
Transformation & Other Adj.(3)
As Adjusted
(Non-GAAP)
% Change
As Rep.
(GAAP)
% Change
As Adj.
(Non-GAAP)
Operating Days 64  64 
Average Daily Volume (in thousands)
U.S. Domestic Package 17,864  17,740 
U.S. Domestic Package $ 13,130  $ —  $ $ 13,122  $ 12,794  $ 79  $ 12,715  2.6  % 3.2  %
International Package 3,652  88  18  3,546  3,532  19  3,513  3.4  % 0.9  %
Supply Chain Solutions 3,092  —  3,086  2,949  41  2,908  4.8  % 6.1  %
Operating expense 19,874  88  32  19,754  19,275  139  19,136  3.1  % 3.2  %
Cost per Piece
U.S. Domestic Package 11.48  11.48  11.27  11.20  1.9  % 2.5  %
U.S. Domestic Package 989  —  997  1,602  79  1,681  (38.3) % (40.7) %
International Package 718  88  18  824  883  19  902  (18.7) % (8.6) %
Supply Chain Solutions 237  —  243  295  41  336  (19.7) % (27.7) %
Operating Profit 1,944  88  32  2,064  2,780  139  2,919  (30.1) % (29.3) %
Other Income and (Expense):
Other pension income (expense) 67  —  —  67  66  —  66  1.5  % 1.5  %
Investment income (expense) and other 70  —  —  70  65  —  65  7.7  % 7.7  %
Interest expense (212) —  (206) (191) —  (191) 11.0  % 7.9  %
Total Other Income (Expense) (75) —  (69) (60) —  (60) 25.0  % 15.0  %
Income Before Income Taxes 1,869  94  32  1,995  2,720  139  2,859  (31.3) % (30.2) %
Income Tax Expense 460  —  466 639  33  672 (28.0) % (30.7) %
Net Income $ 1,409  $ 94  $ 26  $ 1,529  $ 2,081  $ 106  $ 2,187  (32.3) % (30.1) %
Basic Earnings Per Share $ 1.65  $ 0.11  $ 0.03  $ 1.79  $ 2.42  $ 0.12  $ 2.54  (31.8) % (29.5) %
Diluted Earnings Per Share $ 1.65  $ 0.11  $ 0.03  $ 1.79  $ 2.42  $ 0.12  $ 2.54  (31.8) % (29.5) %
Weighted-average shares outstanding:
Basic 856  860 
Diluted 857  861 

(1) Reflects a one-time payment for an international regulatory matter and related interest of $94 million.
(2) Reflects other employee benefits costs of $20 million and $12 million of other costs, including a one-time expense related to a regulatory matter.
(3) Reflects other employee benefits costs of $109 million and other costs of $30 million.


Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers. Earnings Per Share amounts disclosed above may not cross-foot due to calculations based on unrounded numbers.



United Parcel Service, Inc.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
Six Months Ended June 30,
(in millions, except operating days, average daily volume and per share and per piece data) 2024 2023
As Reported (GAAP)
One-Time Int'l Regulatory Matter(1)
Asset Impairment Charges(2)
Transformation & Other Adj.(3)
As Adjusted
(Non-GAAP)
As Reported (GAAP)
Asset Impairment Charges(4)
Transformation & Other Adj.(5)
As Adjusted
(Non-GAAP)
% Change
As Rep.
(GAAP)
% Change
As Adj.
(Non-GAAP)
Operating Days 127  128 
Average Daily Volume (in thousands)
U.S. Domestic Package 17,969  18,206 
U.S. Domestic Package $ 26,539  $ —  $ $ 17  $ 26,517  $ 26,315  $ —  $ 101  $ 26,214  0.9  % 1.2  %
International Package 7,252  88  42  7,120  7,247  —  (3) 7,250  0.1  % (1.8) %
Supply Chain Solutions 6,176  —  41  59  6,076  6,097  44  6,045  1.3  % 0.5  %
Operating expense 39,967  88  48  118  39,713  39,659  142  39,509  0.8  % 0.5  %
Cost per Piece
U.S. Domestic Package 11.63  11.62  11.29  11.25  3.0  % 3.3  %
U.S. Domestic Package 1,814  —  17  1,836  3,068  —  101  3,169  (40.9) % (42.1) %
International Package 1,374  88  42  1,506  1,711  —  (3) 1,708  (19.7) % (11.8) %
Supply Chain Solutions 369  —  41  59  469  542  44  594  (31.9) % (21.0) %
Operating Profit 3,557  88  48  118  3,811  5,321  142  5,471  (33.2) % (30.3) %
Other Income and (Expense):
Other pension income (expense) 134  —  —  —  134  132  —  —  132  1.5  % 1.5  %
Investment income (expense) and other 121  —  —  —  121  168  —  —  168  (28.0) % (28.0) %
Interest expense (407) —  —  (401) (379) —  —  (379) 7.4  % 5.8  %
Total Other Income (Expense) (152) —  —  (146) (79) —  —  (79) 92.4  % 84.8  %
Income Before Income Taxes 3,405  94  48  118  3,665  5,242  142  5,392  (35.0) % (32.0) %
Income Tax Expense 883  —  13 17  913  1,266  33 1,301  (30.3) % (29.8) %
Net Income $ 2,522  $ 94  $ 35  $ 101  $ 2,752  $ 3,976  $ $ 109  $ 4,091  (36.6) % (32.7) %
Basic Earnings Per Share $ 2.95  $ 0.11  $ 0.04  $ 0.11  $ 3.21  $ 4.62  $ 0.01  $ 0.12  $ 4.75  (36.1) % (32.4) %
Diluted Earnings Per Share $ 2.94  $ 0.11  $ 0.04  $ 0.12  $ 3.21  $ 4.61  $ 0.01  $ 0.12  $ 4.74  (36.2) % (32.3) %
Weighted-average shares outstanding:
Basic 856  861 
Diluted 857  863 

(1) Reflects a one-time payment for an international regulatory matter and related interest of $94 million.
(2) Reflects impairment charges of $41 million for acquired trade names within Supply Chain Solutions and $7 million for software licenses.
(3) Reflects other employee benefits costs of $51 million and $67 million of other costs, including a one-time expense related to a regulatory matter.
(4) Reflects a goodwill impairment charge of $8 million within Supply Chain Solutions.
(5) Reflects other employee benefit benefits costs of $97 million and other costs of $45 million.

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers. Earnings Per Share amounts disclosed above may not cross-foot due to calculations based on unrounded numbers.



United Parcel Service, Inc.
Aircraft Fleet - As of June 30, 2024
(unaudited)

Description UPS Owned and/or Operated Charters & Leases Operated by Others On Order Under Option
Operating:
Boeing 757-200 75  —  —  — 
Boeing 767-300 80  —  19  — 
Boeing 767-300BCF —  —  — 
Boeing 767-300BDSF —  —  — 
Airbus A300-600 52  —  —  — 
Boeing MD-11(1)
36  —  —  — 
Boeing 747-400F 11  —  —  — 
Boeing 747-400BCF —  —  — 
Boeing 747-8F 30  —  —  — 
Other —  253  —  — 
          Total 296  253  19  — 

(1) Seven (7) of the MD-11 aircraft shown above have been retired from operational use as of June 30, 2024. We do not anticipate retiring any additional MD-11 aircraft in 2024.