UNITED PARCEL SERVICE INC

Our primary sources (uses) of cash from investing activities were as follows (in millions):

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.

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.