UNITED PARCEL SERVICE INC
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
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Income Tax Expense
The following table sets forth our income tax expense and effective tax rate for the three and nine months ended September 30, 2024 and 2023 (in millions):
| Three Months Ended September 30, · Change · Nine Months Ended September 30, · Change | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 · 2023 · $ · % · 2024 · 2023 · $ · % | |||||||||||
| Income Tax Expense | $371 | $141 | $230 | 163.1% | $1,254 | $1,407 | $(153) | (10.9)% | |||
| Income Tax Impact of: | |||||||||||
| Transformation Strategy Costs: | |||||||||||
| Transformation 1.0 | — | 1 | (1) | (100.0)% | — | 2 | (2) | (100.0)% | |||
| Spans and Layers | — | — | — | N/A | — | 21 | (21) | (100.0)% | |||
| Business Portfolio Review | 8 | 1 | 7 | 700.0% | 7 | 7 | — | —% | |||
| Financial Systems | 3 | 3 | — | —% | 10 | 8 | 2 | 25.0% | |||
| Other Initiatives | — | — | — | N/A | — | — | — | N/A | |||
| Transformation 2.0 Total | 11 | 4 | 7 | 175.0% | 17 | 36 | (19) | (52.8)% | |||
| Fit to Serve | 27 | 19 | 8 | 42.1% | 38 | 19 | 19 | 100.0% | |||
| Total Transformation Strategy Costs | 38 | 24 | 14 | 58.3% | 55 | 57 | (2) | (3.5)% | |||
| Gain on Divestiture of Coyote | (4) | — | (4) | N/A | (4) | — | (4) | N/A | |||
| One-Time Payment for International Regulatory Matter | — | — | — | N/A | — | — | — | N/A | |||
| Goodwill and Asset Impairment Charges | — | 14 | (14) | (100.0)% | 13 | 16 | (3) | (18.8)% | |||
| One-Time Compensation Payment | — | 15 | (15) | (100.0)% | — | 15 | (15) | (100.0)% | |||
| Expense for Regulatory Matter | — | — | — | N/A | — | — | — | N/A | |||
| Non-GAAP Adjusted Income Tax Expense | $405 | $194 | $211 | 108.8% | $1,318 | $1,495 | $(177) | (11.8)% | |||
| Effective Tax Rate | 19.4% | 11.1% | 23.6% | 21.6% | |||||||
| Non-GAAP Adjusted Effective Tax Rate | 21.2% | 12.6% | 23.6% | 21.6% | |||||||
For additional information on our income tax expense and effective tax rate, see note 16 to the unaudited, consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.