UNITED PARCEL SERVICE INC
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
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Other Income (Expense)
The following table sets forth investment income and other and interest expense for the three months ended March 31, 2024 and 2023 (in millions):
| Three Months Ended March 31, · Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| Investment Income and Other | $118 | $169 | $(51) | (30.2)% |
| Interest Expense | (195) | (188) | (7) | 3.7% |
| Total Other Income (Expense) | $(77) | $(19) | $(58) | 305.3% |
Investment Income and Other
Investment income decreased for the quarter, primarily due to a reduction in invested balances and year-over-year changes in certain non-current investments. Other pension income remained flat 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 the quarter due to higher average outstanding debt balances, partially offset by an increase in capitalized interest.
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