UNITED PARCEL SERVICE INC

For the period ended Dec 31, 2024. Filed Feb 18, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 18, 2025

UPS$111.05+0.1%Stored close · as of Nov 10, 2026

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Contents

Income Tax Expense

The following table sets forth income tax expense and our effective tax rate for the years ended December 31, 2024 and 2023 (in millions):

Year Ended December 31, · Change
	2024	2023	$	%
Income Tax Expense:	$1,660	$1,865	$(205)	(11.0)%
Income Tax Impact of:
Transformation Strategy Costs:
Transformation 1.0	—	3	(3)	(100.0)%
Spans and Layers	—	21	(21)	(100.0)%
Business Portfolio Review	7	15	(8)	(53.3)%
Financial Systems	13	10	3	30.0%
Other Initiatives	—	1	(1)	(100.0)%
Transformation 2.0 Total	20	47	(27)	(57.4)%
Fit to Serve	49	52	(3)	(5.8)%
Network Reconfiguration and Efficiency Reimagined	8	—	8	N/A
Total Transformation Strategy Costs	77	102	(25)	(24.5)%
Gain on Divestiture of Coyote	(4)	—	(4)	N/A
One-Time Payment for International Regulatory Matter	—	—	—	N/A
Goodwill and Asset Impairment Charges	27	43	(16)	(37.2)%
One-Time Compensation Payment	—	15	(15)	(100.0)%
Expense for Regulatory Matter	—	—	—	N/A
Multiemployer Pension Plan Withdrawal Expense	5	—	5	N/A
Defined Benefit Pension and Postretirement Medical Plan Loss	159	85	74	87.1%
Non-GAAP Adjusted Income Tax Expense	$1,924	$2,110	$(186)	(8.8)%
Effective Tax Rate	22.3%	21.8%
Non-GAAP Adjusted Effective Tax Rate	22.5%	21.8%

For additional information on income tax expense and our effective tax rate, see note 15 to the audited, consolidated financial statements.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.