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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Other Income (Expense)
The following table sets forth investment income and other and interest expense 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 | $ | % | |
| Investment Income and Other | $155 | $124 | $31 | 25.0% | $410 | $424 | $(14) | (3.3)% |
| Interest Expense | (230) | (199) | (31) | 15.6% | (637) | (578) | (59) | 10.2% |
| Interest Expense Associated with One-Time Payment for International Regulatory Matter | — | — | — | N/A | 6 | — | 6 | N/A |
| Non-GAAP Adjusted Interest Expense | $(230) | $(199) | $(31) | 15.6% | $(631) | $(578) | $(53) | 9.2% |
| Total Other Income (Expense) | $(75) | $(75) | $— | —% | $(227) | $(154) | $(73) | 47.4% |
| Non-GAAP Adjusted Total Other Income (Expense) | $(75) | $(75) | $— | —% | $(221) | $(154) | $(67) | 43.5% |
Investment Income and Other
Investment income and other increased $31 million for the third quarter but decreased $14 million year to date, with both periods negatively impacted by a reduction in average invested balances and year-over-year changes in certain non-current investments. In the third quarter, a reduction in foreign currency exchange losses relative to the prior year exceeded the impact of investment income declines.
Within Investment Income and Other, 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 both the third quarter and year to date, driven by the combination of higher average outstanding debt balances and higher interest rates on floating rate debt.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.