UNITED PARCEL SERVICE INC
For the period ended Mar 31, 2025. Filed May 7, 2025.
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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.
Mar 31, 2025 · Filed May 7, 2025
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Other Income (Expense)
The following table sets forth investment income and other and interest expense for the three months ended March 31, 2025 and 2024 (in millions):
| Three Months Ended March 31, · Change | ||||
|---|---|---|---|---|
| 2025 | 2024 | $ | % | |
| Investment Income and Other | $79 | $118 | $(39) | (33.1)% |
| Goodwill and Asset Impairment Charges | 19 | — | 19 | N/A |
| Non-GAAP Adjusted Investment Income and Other | 98 | 118 | (20) | (16.9)% |
| Interest Expense | (222) | (195) | (27) | 13.8% |
| Total Other Income (Expense) | $(143) | $(77) | $(66) | 85.7% |
| Non-GAAP Adjusted Total Other Income (Expense) | $(124) | $(77) | $(47) | 61.0% |
Investment Income and Other
Investment income and other decreased by $39 million in the first quarter of 2025 compared to the 2024 period. Investment income in the 2025 period included a $19 million asset impairment charge related to an equity method investment. Excluding the impact of this asset impairment, non-GAAP adjusted investment income and other decreased $20 milliondue to a reduction in pension income partially offset by the change in foreign currency exchange rates relative to the prior year period. The reduction in pension income was driven by an increase in interest cost from overall plan growth and higher discount rates, slightly offset by higher expected returns on pension assets.
Interest Expense
Interest expense increased for the first quarter due to higher average outstanding debt balances and a decrease in capitalized interest.
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