UNITED PARCEL SERVICE INC
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
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Other Income and (Expense)
The following table sets forth investment income (expense) and other and interest expense for the years ended December 31, 2024 and 2023 (in millions):
| Year Ended December 31, · Change | ||||
|---|---|---|---|---|
| 2024 | 2023 | $ | % | |
| Investment Income (Expense) and Other | $(160) | $219 | $(379) | N/A |
| Defined Benefit Pension and Postretirement Medical Plan Loss | 665 | 359 | 306 | 85.2% |
| Non-GAAP Adjusted Investment Income (Expense) and Other | $505 | $578 | $(73) | (12.6)% |
| Interest Expense | $(866) | $(787) | $(79) | 10.0% |
| Interest Expense Associated with One-Time Payment for International Regulatory Matter | 6 | — | 6 | N/A |
| Non-GAAP Adjusted Interest Expense | $(860) | $(787) | $(73) | 9.3% |
| Total Other Income and (Expense) | $(1,026) | $(568) | $(458) | 80.6% |
| Total Non-GAAP Adjusted Other Income and (Expense) | $(355) | $(209) | $(146) | 69.9% |
Investment Income (Expense) and Other
Investment income (expense) and other decreased $379 million. Remeasurements of our defined benefit plans resulted in a $665 million mark-to-market loss in 2024 compared to a $359 million loss in 2023. Excluding the impact of these remeasurements, non-GAAP adjusted investment income (expense) and other decreased $73 million, driven by lower average invested balances and year-over-year changes in certain non-current investments, partially offset by a reduction in foreign currency losses.
Interest Expense
Interest expense increased primarily due to higher interest rates on new debt issuances in 2024.
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