UNITED PARCEL SERVICE INC
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 20, 2024
UPS$111.05+0.1%Stored close · as of Nov 10, 2026
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Income Tax Expense
The following table sets forth income tax expense and our effective tax rate for the years ended December 31, 2023 and 2022 (in millions):
| Year Ended December 31, · Change | ||||
|---|---|---|---|---|
| 2023 | 2022 | $ | % | |
| Income Tax Expense: | $1,865 | $3,277 | $(1,412) | (43.1)% |
| Income Tax Impact of: | ||||
| One-Time Compensation Payment | 15 | — | 15 | N/A |
| Transformation Strategy Costs | 102 | 36 | 66 | 183.3% |
| Goodwill and Asset Impairment Charges | 43 | — | 43 | N/A |
| Incentive Compensation Program Design Changes | — | 121 | (121) | (100.0)% |
| Long-Lived Asset Estimated Residual Value Changes | — | 18 | (18) | (100.0)% |
| Defined Benefit Pension and Postretirement Medical Plan (Gains) and Losses | 85 | (255) | 340 | N/A |
| Adjusted Income Tax Expense | $2,110 | $3,197 | $(1,087) | (34.0)% |
| Effective Tax Rate | 21.8% | 22.1% | ||
| Adjusted Effective Tax Rate | 21.8% | 22.0% | ||
For additional information on income tax expense and our effective tax rate, see note 15 to the audited, consolidated financial statements.
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