UNITED PARCEL SERVICE INC
For the period ended Jun 30, 2024. Filed Aug 7, 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.
Jun 30, 2024 · Filed Aug 7, 2024
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Other Income (Expense)
The following table sets forth investment income and other and interest expense for the three and six months ended June 30, 2024 and 2023 (in millions):
| Three Months Ended June 30, · Change · Six Months Ended June 30, · Change | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | $ | % | 2024 | 2023 | $ | % | |
| Investment Income and Other | $137 | $131 | $6 | 4.6% | $255 | $300 | $(45) | (15.0)% |
| Interest Expense | (212) | (191) | (21) | 11.0% | (407) | (379) | (28) | 7.4% |
| Interest Expense associated with One-Time International Regulatory Matter | 6 | — | 6 | N/A | 6 | — | 6 | N/A |
| Adjusted Interest Expense | $(206) | $(191) | $(15) | 7.9% | $(401) | $(379) | $(22) | 5.8% |
| Total Other Income (Expense) | $(75) | $(60) | $(15) | 25.0% | $(152) | $(79) | $(73) | 92.4% |
| Adjusted Total Other Income (Expense) | $(69) | $(60) | $(9) | 15.0% | $(146) | $(79) | $(67) | 84.8% |
Investment Income and Other
Investment income and other increased $6 million for the second quarter but decreased $45 million year to date, primarily due to a reduction in invested balances and year-over-year changes in certain non-current investments. In the second quarter, a reduction in foreign currency exchange losses relative to the prior year offset the impact of these declines.
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 the second quarter and year to date, driven by higher average outstanding debt balances.
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