Form 8-K UNITED PARCEL SERVICE For: Feb 01
Exhibit 99.1
For Immediate Release
UPS RELEASES 4Q 2021 EARNINGS
•Consolidated Revenues of $27.8B, Up 11.5% from Last Year
•Consolidated Operating Profit of $3.9B, Up 91.0% from Last Year; Up 37.7% on an Adjusted* Basis
•Diluted EPS of $3.52; Adjusted Diluted EPS Up 35.0% Over Last Year to $3.59
•UPS Board of Directors Declares Quarterly Dividend of $1.52, a Per-Share Increase
of 49% Over the Prior Year
ATLANTA – February 1, 2022 – UPS (NYSE:UPS) today announced fourth-quarter 2021 consolidated revenue of $27.8 billion, an 11.5% increase over the fourth quarter of 2020. Consolidated operating profit was $3.9 billion, up 91.0% compared to the fourth quarter of 2020, and up 37.7% on an adjusted basis. Diluted earnings per share were $3.52 for the quarter; adjusted diluted earnings per share were 35.0% above the same period in 2020.
For the fourth quarter of 2021, GAAP results include a total charge of $59 million, or $0.07 per diluted share, comprised of a non-cash, after-tax mark-to-market (MTM) pension charge of $14 million and after-tax transformation and other charges of $45 million.
“I want to thank all UPSers for their outstanding efforts throughout the holiday season and for once again delivering industry-leading service to our customers.” said Carol Tomé, UPS chief executive officer. “The execution of our strategy is delivering positive financial results and driving strong momentum as we move into 2022.”
U.S. Domestic Segment
4Q 2021 | Adjusted 4Q 2021 | 4Q 2020 | Adjusted 4Q 2020 | |||||||||||
| Revenue | $17,697M | $15,744M | ||||||||||||
| Operating profit | $2,103M | $2,165M | $1,247M | $1,379M | ||||||||||
•Revenue was up 12.4%, driven by a 10.5% increase in revenue per piece.
•Operating margin was 11.9%; adjusted operating margin was 12.2%.
International Segment
4Q 2021 | Adjusted 4Q 2021 | 4Q 2020 | Adjusted 4Q 2020 | |||||||||||
| Revenue | $5,397M | $4,770M | ||||||||||||
| Operating profit | $1,326M | $1,331M | $1,148M | $1,160M | ||||||||||
•Revenue increased 13.1%, driven by a 16.4% increase in revenue per piece.
•Operating margin was 24.6%; adjusted operating margin was 24.7%.
Supply Chain Solutions1
4Q 2021 | Adjusted 4Q 2021 | 4Q 2020 | Adjusted 4Q 2020 | |||||||||||
| Revenue | $4,677M | $4,382M | ||||||||||||
| Operating profit (loss) | $462M | $456M | $(358) M | $331M | ||||||||||
1 Consists of non-reportable operating segments that do not meet criteria of a reportable segment under ASC Topic 280 – Segment Reporting.
•Revenue increased 6.7%, led by Forwarding and Logistics businesses which combined grew 28%.
•Operating margin was 9.9%; adjusted operating margin was 9.7%.
Full-Year 2021 Consolidated Results
•Revenue increased 15.0% to $97.3 billion.
•Operating profit was $12.8 billion; adjusted operating profit was $13.1 billion, up 50.8%.
•Operating margin was 13.2%; adjusted operating margin was 13.5%.
•Diluted EPS totaled $14.68; adjusted diluted EPS was $12.13, which excluded the impacts of the MTM pension gain and transformation and other charges.
•Return on invested capital was 30.8%, exceeding the company’s 2023 target.
•Cash from operations was $15.0 billion and free cash flow was $10.9 billion.
Dividend Declaration
UPS will pay a first-quarter 2022 dividend of $1.52 per share on all outstanding Class A and Class B shares. The dividend is payable March 10, 2022 to shareowners of record on February 22, 2022.
2022 Outlook
The company provides guidance on an adjusted (non-GAAP) basis because it is not possible to predict or provide a reconciliation reflecting the impact of future pension mark-to-market adjustments or other unanticipated events, which would be included in reported (GAAP) results and could be material.
UPS expects to deliver its 2023 consolidated revenue and operating margin targets one year early. For the full year 2022, the company expects consolidated revenue of about $102 billion, an adjusted operating margin of approximately 13.7% and adjusted return on invested capital to be above 30%.
The company is planning capital expenditures to be 5.4% of revenue or approximately $5.5 billion, dividend payments to be around $5.2 billion, subject to Board approval, and share repurchases to be at least $1.0 billion. The effective tax rate is expected to be around 23.0%.
* “Adjusted” and free cash flow amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial measures, including a reconciliation to the most closely correlated GAAP measure.
Contacts:
UPS Media Relations: 404-828-7123 or pr@ups.com
UPS Investor Relations: 404-828-6059 (option 4) or investor@ups.com
# # #
Conference Call Information
UPS CEO Carol Tomé and CFO Brian Newman will discuss fourth-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, February 1, 2022. That call will be open to others through a live Webcast. To access the call, go to www.investors.ups.com and click on “Earnings Conference Call.” Additional financial information is included in the detailed financial schedules being posted on www.investors.ups.com under “Quarterly Earnings and Financials” and as filed with the SEC as an exhibit to our Current Report on Form 8-K.
About UPS
UPS (NYSE: UPS) is one of the world’s largest companies, with 2021 revenue of $97.3 billion, and provides a broad range of integrated logistics solutions for customers in more than 220 countries and territories. Focused on its purpose statement, “Moving our world forward by delivering what matters,” the company’s 534,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world. UPS also takes an unwavering stance in support of diversity, equality, and inclusion. More information can be found at www.ups.com, about.ups.com and www.investors.ups.com.
Forward-Looking Statements
This release and our filings with the Securities and Exchange Commission contain and in the future may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than those of current or historical fact, and all statements accompanied by terms such as “will,” “believe,” “project,” “expect,” “estimate,” “assume,” “intend,” “anticipate,” “target,” “plan,” and similar terms, are intended to be forward-looking statements. Forward-looking statements are made subject to the safe harbor provisions of the federal securities laws pursuant to Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
From time to time, we also include written or oral forward-looking statements in other publicly disclosed materials. Forward-looking statements may relate to our intent, belief, forecasts of, or current expectations about our strategic direction, prospects, future results, or future events; they do not relate strictly to historical or current facts. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any forward-looking statements because such statements speak only as of the date when made and the future, by its very nature, cannot be predicted with certainty.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. These risks and uncertainties, include, but are not limited to: continued uncertainties related to the impact of the COVID-19 pandemic on our business and operations, financial performance and liquidity, our customers and suppliers, and on the global economy; changes in general economic conditions, in the U.S. or internationally; significant competition on a local, regional, national and international basis; changes in our relationships with our significant customers; changes in the regulatory environment in the U.S. or internationally; increased or more complex physical or data security requirements; legal, regulatory or market responses to global climate change; results of negotiations and ratifications of labor contracts; strikes, work stoppages or slowdowns by our employees; the effects of changing prices of energy, including gasoline, diesel and jet fuel, and interruptions in supplies of these commodities; changes in exchange rates or interest rates; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; our ability to maintain our brand image; our ability to attract and retain qualified employees; breaches in data security; disruptions to the Internet or our technology infrastructure; interruptions in or impacts on our business from natural or man-made events
or disasters including terrorist attacks, epidemics or pandemics; our ability to accurately forecast our future capital investment needs; exposure to changing economic, political and social developments in international and emerging markets; changes in business strategy, government regulations, or economic or market conditions that may result in impairment of our assets; increases in our expenses or funding obligations relating to employee health, retiree health and/or pension benefits; potential additional U.S. or international tax liabilities; potential claims or litigation related to labor and employment, personal injury, property damage, business practices, environmental liability and other matters; our ability to realize the anticipated benefits from acquisitions, dispositions, joint ventures or strategic alliances; our ability to realize the anticipated benefits from our transformation initiatives; cyclical and seasonal fluctuations in our operating results; our ability to manage insurance and claims expenses; and other risks discussed in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2020 and subsequently filed reports. You should consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the accuracy of predictions contained in such forward-looking statements. We do not undertake any obligation to update forward-looking statements to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements.
Reconciliation of GAAP and non-GAAP Financial Measures
From time to time we supplement the reporting of our financial information determined under generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures. These include: "adjusted" compensation and benefits; operating expenses; operating profit; operating margin; other income and (expense); income before income taxes; income tax expense; effective tax rate; net income and earnings per share. We present revenue and revenue per piece on a constant currency basis. Additionally, we disclose free cash flow and return on invested capital (“ROIC”).
We believe that these non-GAAP measures provide meaningful information to assist users of our financial statements in more fully understanding our financial results and cash flows and assessing our ongoing performance, because they exclude items that may not be indicative of, or are unrelated to, our underlying operations and may provide a useful baseline for analyzing trends in our underlying businesses. These non-GAAP measures are used internally by management for business unit operating performance analysis, business unit resource allocation and in connection with incentive compensation award determinations.
Non-GAAP financial measures should be considered in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. Our adjusted financial information does not represent a comprehensive basis of accounting. Therefore, our adjusted financial information may not be comparable to similarly titled information reported by other companies.
Transformation and Other Charges
Adjusted operating profit, operating margin, income before income taxes, net income and earnings per share may exclude the impact of charges related to transformation activities, goodwill and asset impairments, and divestitures.
Changes in Foreign Currency Exchange Rates and Hedging Activities
Currency-neutral revenue, revenue per piece and operating profit exclude the period over period impact of foreign currency exchange rate changes and any foreign currency hedging activities. These measures are calculated by dividing current period reported U.S. dollar revenue, revenue per piece and operating profit by the current period average exchange rates to derive current period local currency revenue, revenue per piece and operating profit. The derived amounts are then multiplied by the average foreign exchange rates used to translate the comparable results for each month in the prior year period (including
the impact of any foreign currency hedging activities). The difference between the current period reported U.S. dollar revenue, revenue per piece and operating profit and the derived current period U.S. dollar revenue, revenue per piece and operating profit is the period over period impact of foreign currency exchange rates and hedging activities.
Mark-To-Market Pension and Postretirement Adjustments
We recognize changes in the fair value of plan assets and net actuarial gains and losses in excess of a 10% corridor for our pension and postretirement defined benefit plans immediately as part of other pension income (expense). We supplement our presentation of certain financial data with non-GAAP measures that exclude the impact of gains and losses recognized in excess of the 10% corridor and the related income tax effects. We believe excluding these mark-to-market impacts provides important supplemental information by removing the volatility associated with short-term changes in market interest rates, equity values, and similar factors.
The deferred income tax effects of mark-to-market pension and postretirement adjustments are calculated by multiplying the statutory tax rates applicable in each tax jurisdiction, including the U.S. federal jurisdiction and various U.S. state and non-U.S. jurisdictions, by the adjustments.
Free Cash Flow
We calculate free cash flow as cash flows from operating activities less capital expenditures, proceeds from disposals of property, plant and equipment, and plus or minus the net changes in finance receivables and other investing activities. We believe free cash flow is an important indicator of how much cash is generated by our ongoing business operations and we use this as a measure of incremental cash available to invest in our business, meet our debt obligations and return cash to shareowners.
Return on Invested Capital
ROIC is calculated as the trailing twelve months (“TTM”) of adjusted operating income divided by the average of total debt, non-current pension and postretirement benefit obligations and shareowners’ equity, at the current period end and the corresponding period end of the prior year. Because ROIC is not a measure defined by GAAP, we calculate it, in part, using non-GAAP financial measures that we believe are most indicative of our ongoing business performance. We consider ROIC to be a useful measure for evaluating the effectiveness and efficiency of our long-term capital investments.
Forward-Looking Non-GAAP Metrics
From time to time when presenting forward-looking non-GAAP metrics, we are unable to provide quantitative reconciliations to the most closely correlated GAAP measure due to the uncertainty in the timing, amount or nature of any adjustments, which could be material in any period.
Reconciliation of GAAP and Non-GAAP Income Statement Items
(in millions, except per share amounts):
| Three Months Ended December 31, 2021 | |||||||||||||||||||||||
| As Reported (GAAP) | Pension MTM Adj.(1) | Transformation & Other Adj.(2) | As Adjusted (Non-GAAP) | ||||||||||||||||||||
| U.S. Domestic Package | $ | 15,594 | $ | — | $ | 62 | $ | 15,532 | |||||||||||||||
| International Package | 4,071 | — | 5 | 4,066 | |||||||||||||||||||
Supply Chain Solutions(3) | 4,215 | — | (6) | 4,221 | |||||||||||||||||||
| Operating Expense | 23,880 | — | 61 | 23,819 | |||||||||||||||||||
| U.S. Domestic Package | 2,103 | — | 62 | 2,165 | |||||||||||||||||||
| International Package | 1,326 | — | 5 | 1,331 | |||||||||||||||||||
Supply Chain Solutions(3) | 462 | — | (6) | 456 | |||||||||||||||||||
| Operating Profit | 3,891 | — | 61 | 3,952 | |||||||||||||||||||
| Other Income and (Expense): | |||||||||||||||||||||||
| Other pension income (expense) | 267 | 18 | — | 285 | |||||||||||||||||||
| Investment income (expense) and other | (23) | — | — | (23) | |||||||||||||||||||
| Interest expense | (173) | — | — | (173) | |||||||||||||||||||
| Total Other Income (Expense) | 71 | 18 | — | 89 | |||||||||||||||||||
| Income Before Income Taxes | 3,962 | 18 | 61 | 4,041 | |||||||||||||||||||
| Income Tax Expense | 869 | 4 | 16 | 889 | |||||||||||||||||||
| Net Income | $ | 3,093 | $ | 14 | $ | 45 | $ | 3,152 | |||||||||||||||
| Basic Earnings Per Share | $ | 3.53 | $ | 0.02 | $ | 0.05 | $ | 3.60 | |||||||||||||||
| Diluted Earnings Per Share | $ | 3.52 | $ | 0.02 | $ | 0.05 | $ | 3.59 | |||||||||||||||
(1) Represents mark-to-market losses recognized outside of a 10% corridor on company-sponsored pension and postretirement plans
(2) Transformation & other of $61 million reflects other employee benefits costs of $42 million, other costs of $30 million and an $11 million gain related to the divestiture of UPS Freight.
(3) The divestiture of UPS Freight was completed on April 30, 2021.
Reconciliation of GAAP and Non-GAAP Income Statement Items
(in millions, except per share amounts):
| Twelve Months Ended December 31, 2021 | |||||||||||||||||||||||
| As Reported (GAAP) | Pension MTM Adj.(1) | Transformation & Other Adj.(2) | As Adjusted (Non-GAAP) | ||||||||||||||||||||
| U.S. Domestic Package | $ | 53,881 | $ | — | $ | 281 | $ | 53,600 | |||||||||||||||
| International Package | 14,895 | — | 74 | 14,821 | |||||||||||||||||||
Supply Chain Solutions(3) | 15,701 | — | (21) | 15,722 | |||||||||||||||||||
| Operating Expense | 84,477 | — | 334 | 84,143 | |||||||||||||||||||
| U.S. Domestic Package | 6,436 | — | 281 | 6,717 | |||||||||||||||||||
| International Package | 4,646 | — | 74 | 4,720 | |||||||||||||||||||
Supply Chain Solutions(3) | 1,728 | — | (21) | 1,707 | |||||||||||||||||||
| Operating Profit | 12,810 | — | 334 | 13,144 | |||||||||||||||||||
| Other Income and (Expense): | |||||||||||||||||||||||
| Other pension income (expense) | 4,457 | (3,272) | — | 1,185 | |||||||||||||||||||
| Investment income (expense) and other | 22 | — | — | 22 | |||||||||||||||||||
| Interest expense | (694) | — | — | (694) | |||||||||||||||||||
| Total Other Income (Expense) | 3,785 | (3,272) | — | 513 | |||||||||||||||||||
| Income Before Income Taxes | 16,595 | (3,272) | 334 | 13,657 | |||||||||||||||||||
| Income Tax Expense | 3,705 | (784) | 84 | 3,005 | |||||||||||||||||||
| Net Income | $ | 12,890 | $ | (2,488) | $ | 250 | $ | 10,652 | |||||||||||||||
| Basic Earnings Per Share | $ | 14.75 | $ | (2.85) | $ | 0.29 | $ | 12.19 | |||||||||||||||
| Diluted Earnings Per Share | $ | 14.68 | $ | (2.83) | $ | 0.28 | $ | 12.13 | |||||||||||||||
(1) Represents mark-to-market (gains) losses recognized outside of a 10% corridor on company-sponsored pension and postretirement plans
(2) Transformation & other of $334 million reflects a gain on the divestiture of UPS Freight of $112 million, net of a previously-recognized valuation allowance of $66 million, other employee benefits costs of $206 million and other costs of $174 million.
(3) The divestiture of UPS Freight was completed on April 30, 2021.
Reconciliation of Currency Adjusted Revenue, Revenue Per Piece, and Adjusted Operating Profit
(in millions, except per piece amounts):
| Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2021 As-Reported (GAAP) | 2020 As-Reported (GAAP) | % Change (GAAP) | Currency Impact | 2021 Currency Neutral (Non-GAAP)(1) | % Change (Non-GAAP) | ||||||||||||||||||||||||||||||
| Average Revenue Per Piece: | |||||||||||||||||||||||||||||||||||
| International Package: | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 7.27 | $ | 7.08 | 2.7 | % | $ | 0.12 | $ | 7.39 | 4.4 | % | |||||||||||||||||||||||
| Export | 34.03 | 28.24 | 20.5 | % | 0.26 | 34.29 | 21.4 | % | |||||||||||||||||||||||||||
| Total International Package | $ | 20.11 | $ | 17.27 | 16.4 | % | $ | 0.18 | $ | 20.29 | 17.5 | % | |||||||||||||||||||||||
| Consolidated | $ | 12.40 | $ | 11.14 | 11.3 | % | $ | 0.03 | $ | 12.43 | 11.6 | % | |||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 17,697 | $ | 15,744 | 12.4 | % | $ | — | $ | 17,697 | 12.4 | % | |||||||||||||||||||||||
| International Package | 5,397 | 4,770 | 13.1 | % | 50 | 5,447 | 14.2 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(3) | 4,677 | 4,382 | 6.7 | % | 25 | 4,702 | 7.3 | % | |||||||||||||||||||||||||||
| Total revenue | $ | 27,771 | $ | 24,896 | 11.5 | % | $ | 75 | $ | 27,846 | 11.8 | % | |||||||||||||||||||||||
| 2021 As-Adjusted (Non-GAAP) | 2020 As-Adjusted (Non-GAAP) | % Change (Non-GAAP) | Currency Impact | 2021 As-Adjusted Currency Neutral (Non-GAAP)(1) | % Change (Non-GAAP) | ||||||||||||||||||||||||||||||
As-Adjusted Operating Profit(2): | |||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 2,165 | $ | 1,379 | 57.0 | % | $ | — | $ | 2,165 | 57.0 | % | |||||||||||||||||||||||
| International Package | 1,331 | 1,160 | 14.7 | % | (1) | 1,330 | 14.7 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(3) | 456 | 331 | 37.8 | % | 11 | 467 | 41.1 | % | |||||||||||||||||||||||||||
| Total operating profit | $ | 3,952 | $ | 2,870 | 37.7 | % | $ | 10 | $ | 3,962 | 38.0 | % | |||||||||||||||||||||||
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences
(2) Amounts adjusted for transformation & other
(3) The divestiture of UPS Freight was completed on April 30, 2021.
Reconciliation of GAAP and Non-GAAP Revenue, Revenue Per Piece, and Adjusted Operating Profit
(in millions, except per piece amounts):
| Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2021 As-Reported (GAAP) | 2020 As-Reported (GAAP) | % Change (GAAP) | Currency Impact | 2021 Currency Neutral (Non-GAAP)(1) | % Change (Non-GAAP) | ||||||||||||||||||||||||||||||
| Average Revenue Per Piece: | |||||||||||||||||||||||||||||||||||
| International Package: | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 7.31 | $ | 6.65 | 9.9 | % | $ | (0.29) | $ | 7.02 | 5.6 | % | |||||||||||||||||||||||
| Export | 32.83 | 28.52 | 15.1 | % | (0.55) | 32.28 | 13.2 | % | |||||||||||||||||||||||||||
| Total International Package | $ | 19.44 | $ | 16.99 | 14.4 | % | $ | (0.41) | $ | 19.03 | 12.0 | % | |||||||||||||||||||||||
| Consolidated | $ | 12.32 | $ | 10.94 | 12.6 | % | $ | (0.06) | $ | 12.26 | 12.1 | % | |||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 60,317 | $ | 53,499 | 12.7 | % | $ | — | $ | 60,317 | 12.7 | % | |||||||||||||||||||||||
| International Package | 19,541 | 15,945 | 22.6 | % | (402) | 19,139 | 20.0 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(3) | 17,429 | 15,184 | 14.8 | % | (96) | 17,333 | 14.2 | % | |||||||||||||||||||||||||||
| Total revenue | $ | 97,287 | $ | 84,628 | 15.0 | % | $ | (498) | $ | 96,789 | 14.4 | % | |||||||||||||||||||||||
| 2021 As-Adjusted (Non-GAAP) | 2020 As-Adjusted (Non-GAAP) | % Change (Non-GAAP) | Currency Impact | 2021 As-Adjusted Currency Neutral (Non-GAAP)(1) | % Change (Non-GAAP) | ||||||||||||||||||||||||||||||
As-Adjusted Operating Profit(2): | |||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 6,717 | $ | 4,128 | 62.7 | % | $ | — | $ | 6,717 | 62.7 | % | |||||||||||||||||||||||
| International Package | 4,720 | 3,532 | 33.6 | % | (102) | 4,618 | 30.7 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(3) | 1,707 | 1,058 | 61.3 | % | 36 | 1,743 | 64.7 | % | |||||||||||||||||||||||||||
| Total operating profit | $ | 13,144 | $ | 8,718 | 50.8 | % | $ | (66) | $ | 13,078 | 50.0 | % | |||||||||||||||||||||||
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences
(2) Amounts adjusted for transformation & other
(3) The divestiture of UPS Freight was completed on April 30, 2021.
Reconciliation of Free Cash Flow (Non-GAAP measure)
(in millions):
| Twelve Months Ended December 31, | ||||||||
| 2021 | ||||||||
| Cash flows from operating activities | $ | 15,007 | ||||||
| Capital expenditures | (4,194) | |||||||
| Proceeds from disposals of property, plant and equipment | 24 | |||||||
| Net change in finance receivables | 34 | |||||||
| Other investing activities | 18 | |||||||
| Free Cash Flow (Non-GAAP measure) | $ | 10,889 | ||||||
Reconciliation of Return on Invested Capital (Non-GAAP measure)
(in millions):
| Twelve Months Ended, December 31 | ||||||||
| 2021 | ||||||||
| Net income | $ | 12,890 | ||||||
| Add back (deduct): | ||||||||
| Income tax expense | 3,705 | |||||||
| Interest expense | 694 | |||||||
| Other pension (income) expense | (4,457) | |||||||
| Investment (income) expense and other | (22) | |||||||
| Operating profit | 12,810 | |||||||
| Transformation and other | 334 | |||||||
| Adjusted operating profit | $ | 13,144 | ||||||
| Average debt and finance leases, including current maturities | 23,285 | |||||||
| Average pension and postretirement benefit obligations | 11,932 | |||||||
| Average shareowners' equity | 7,469 | |||||||
| Average Invested Capital | $ | 42,686 | ||||||
| Net income to average invested capital | 30.2 | % | ||||||
| Adjusted Return on Invested Capital | 30.8 | % | ||||||
Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - Fourth Quarter
(unaudited)
| Three Months Ended | ||||||||||||||
| December 31 | ||||||||||||||
| 2021 | 2020 | Change | % Change | |||||||||||
| (amounts in millions, except per share data) | ||||||||||||||
| Statement of Income Data: | ||||||||||||||
| Revenue: | ||||||||||||||
| U.S. Domestic Package | $ | 17,697 | $ | 15,744 | $ | 1,953 | 12.4 | % | ||||||
| International Package | 5,397 | 4,770 | 627 | 13.1 | % | |||||||||
Supply Chain Solutions(2) | 4,677 | 4,382 | 295 | 6.7 | % | |||||||||
| Total revenue | 27,771 | 24,896 | 2,875 | 11.5 | % | |||||||||
| Operating expenses: | ||||||||||||||
| U.S. Domestic Package | 15,594 | 14,497 | 1,097 | 7.6 | % | |||||||||
| International Package | 4,071 | 3,622 | 449 | 12.4 | % | |||||||||
Supply Chain Solutions(2) | 4,215 | 4,740 | (525) | (11.1) | % | |||||||||
| Total operating expenses | 23,880 | 22,859 | 1,021 | 4.5 | % | |||||||||
| Operating profit (loss): | ||||||||||||||
| U.S. Domestic Package | 2,103 | 1,247 | 856 | 68.6 | % | |||||||||
| International Package | 1,326 | 1,148 | 178 | 15.5 | % | |||||||||
Supply Chain Solutions(2) | 462 | (358) | 820 | N/M | ||||||||||
| Total operating profit | 3,891 | 2,037 | 1,854 | 91.0 | % | |||||||||
| Other income (expense): | ||||||||||||||
| Other pension income (expense) | 267 | (6,157) | 6,424 | N/M | ||||||||||
| Investment income (expense) and other | (23) | 7 | (30) | N/M | ||||||||||
| Interest expense | (173) | (175) | 2 | (1.1) | % | |||||||||
| Total other income (expense) | 71 | (6,325) | 6,396 | N/M | ||||||||||
| Income (loss) before income taxes | 3,962 | (4,288) | 8,250 | N/M | ||||||||||
| Income tax expense (benefit) | 869 | (941) | 1,810 | N/M | ||||||||||
| Net income (loss) | $ | 3,093 | $ | (3,347) | $ | 6,440 | N/M | |||||||
| Net income (loss) as a percentage of revenue | 11.1 | % | (13.4) | % | ||||||||||
| Per share amounts: | ||||||||||||||
| Basic earnings (loss) per share | $ | 3.53 | $ | (3.84) | $ | 7.37 | N/M | |||||||
| Diluted earnings (loss) per share | $ | 3.52 | $ | (3.84) | $ | 7.36 | N/M | |||||||
| Weighted-average shares outstanding: | ||||||||||||||
| Basic | 875 | 871 | 4 | 0.5 | % | |||||||||
| Diluted | 879 | 871 | 8 | 0.9 | % | |||||||||
As Adjusted Income Data (1): | ||||||||||||||
| Operating profit: | ||||||||||||||
| U.S. Domestic Package | $ | 2,165 | $ | 1,379 | $ | 786 | 57.0 | % | ||||||
| International Package | 1,331 | 1,160 | 171 | 14.7 | % | |||||||||
Supply Chain Solutions(2) | 456 | 331 | 125 | 37.8 | % | |||||||||
| Total operating profit | 3,952 | 2,870 | 1,082 | 37.7 | % | |||||||||
| Total other income (expense) | $ | 89 | $ | 159 | $ | (70) | (44.0) | % | ||||||
| Income before income taxes | $ | 4,041 | $ | 3,029 | $ | 1,012 | 33.4 | % | ||||||
| Net income | $ | 3,152 | $ | 2,325 | $ | 827 | 35.6 | % | ||||||
| Basic earnings per share | $ | 3.60 | $ | 2.67 | $ | 0.93 | 34.8 | % | ||||||
Diluted earnings per share (3) | $ | 3.59 | $ | 2.66 | $ | 0.93 | 35.0 | % | ||||||
(1) See Non-GAAP schedules for reconciliation of adjustments.
(2) The divestiture of UPS Freight was completed on April 30, 2021.
(3) Fourth quarter 2020 diluted earnings per share is based on weighted-average shares outstanding of 875 million, which includes the effect of 4 million dilutive shares and share equivalents.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Selected Operating Data - Fourth Quarter
(unaudited)
| Three Months Ended | ||||||||||||||
| December 31 | ||||||||||||||
| 2021 | 2020 | Change | % Change | |||||||||||
| Revenue (in millions): | ||||||||||||||
| U.S. Domestic Package: | ||||||||||||||
| Next Day Air | $ | 2,807 | $ | 2,385 | $ | 422 | 17.7 | % | ||||||
| Deferred | 1,969 | 1,792 | 177 | 9.9 | % | |||||||||
| Ground | 12,921 | 11,567 | 1,354 | 11.7 | % | |||||||||
| Total U.S. Domestic Package | 17,697 | 15,744 | 1,953 | 12.4 | % | |||||||||
| International Package: | ||||||||||||||
| Domestic | 974 | 977 | (3) | (0.3) | % | |||||||||
| Export | 4,204 | 3,621 | 583 | 16.1 | % | |||||||||
| Cargo and Other | 219 | 172 | 47 | 27.3 | % | |||||||||
| Total International Package | 5,397 | 4,770 | 627 | 13.1 | % | |||||||||
Supply Chain Solutions(1): | ||||||||||||||
| Forwarding | 2,866 | 2,078 | 788 | 37.9 | % | |||||||||
| Logistics | 1,343 | 1,211 | 132 | 10.9 | % | |||||||||
| Freight | — | 789 | (789) | (100.0) | % | |||||||||
| Other | 468 | 304 | 164 | 53.9 | % | |||||||||
| Total Supply Chain Solutions | 4,677 | 4,382 | 295 | 6.7 | % | |||||||||
| Consolidated | $ | 27,771 | $ | 24,896 | $ | 2,875 | 11.5 | % | ||||||
| Consolidated volume (in millions) | 1,844 | 1,826 | 18 | 1.0 | % | |||||||||
| Operating weekdays | 63 | 62 | 1 | 1.6 | % | |||||||||
| Average Daily Package Volume (in thousands): | ||||||||||||||
| U.S. Domestic Package: | ||||||||||||||
| Next Day Air | 2,341 | 2,295 | 46 | 2.0 | % | |||||||||
| Deferred | 2,304 | 2,299 | 5 | 0.2 | % | |||||||||
| Ground | 20,549 | 20,561 | (12) | (0.1) | % | |||||||||
| Total U.S. Domestic Package | 25,194 | 25,155 | 39 | 0.2 | % | |||||||||
| International Package: | ||||||||||||||
| Domestic | 2,127 | 2,227 | (100) | (4.5) | % | |||||||||
| Export | 1,961 | 2,068 | (107) | (5.2) | % | |||||||||
| Total International Package | 4,088 | 4,295 | (207) | (4.8) | % | |||||||||
| Consolidated | 29,282 | 29,450 | (168) | (0.6) | % | |||||||||
| Average Revenue Per Piece: | ||||||||||||||
| U.S. Domestic Package: | ||||||||||||||
| Next Day Air | $ | 19.03 | $ | 16.76 | $ | 2.27 | 13.5 | % | ||||||
| Deferred | 13.57 | 12.57 | 1.00 | 8.0 | % | |||||||||
| Ground | 9.98 | 9.07 | 0.91 | 10.0 | % | |||||||||
| Total U.S. Domestic Package | 11.15 | 10.09 | 1.06 | 10.5 | % | |||||||||
| International Package: | ||||||||||||||
| Domestic | 7.27 | 7.08 | 0.19 | 2.7 | % | |||||||||
| Export | 34.03 | 28.24 | 5.79 | 20.5 | % | |||||||||
| Total International Package | 20.11 | 17.27 | 2.84 | 16.4 | % | |||||||||
| Consolidated | $ | 12.40 | $ | 11.14 | $ | 1.26 | 11.3 | % | ||||||
(1) The divestiture of UPS Freight was completed on April 30, 2021.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Detail of Operating Expenses - Fourth Quarter
(unaudited)
| Three Months Ended | |||||||||||||||||||||||
| December 31 | |||||||||||||||||||||||
| 2021 | 2020 | Change | % Change | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Compensation and benefits | $ | 12,749 | $ | 12,523 | $ | 226 | 1.8 | % | |||||||||||||||
| Repairs and maintenance | 606 | 672 | (66) | (9.8) | % | ||||||||||||||||||
| Depreciation and amortization | 754 | 712 | 42 | 5.9 | % | ||||||||||||||||||
| Purchased transportation | 5,731 | 5,047 | 684 | 13.6 | % | ||||||||||||||||||
| Fuel | 1,175 | 704 | 471 | 66.9 | % | ||||||||||||||||||
| Other occupancy | 446 | 425 | 21 | 4.9 | % | ||||||||||||||||||
| Other expenses | 2,419 | 2,776 | (357) | (12.9) | % | ||||||||||||||||||
| Total operating expenses | $ | 23,880 | $ | 22,859 | $ | 1,021 | 4.5 | % | |||||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Selected Financial Data - Year to Date
(unaudited)
| Twelve Months Ended | ||||||||||||||
| December 31 | ||||||||||||||
| 2021 | 2020 | Change | % Change | |||||||||||
| (amounts in millions, except per share data) | ||||||||||||||
| Statement of Income Data: | ||||||||||||||
| Revenue: | ||||||||||||||
| U.S. Domestic Package | $ | 60,317 | $ | 53,499 | $ | 6,818 | 12.7 | % | ||||||
| International Package | 19,541 | 15,945 | 3,596 | 22.6 | % | |||||||||
Supply Chain Solutions(2) | 17,429 | 15,184 | 2,245 | 14.8 | % | |||||||||
| Total revenue | 97,287 | 84,628 | 12,659 | 15.0 | % | |||||||||
| Operating expenses: | ||||||||||||||
| U.S. Domestic Package | 53,881 | 49,608 | 4,273 | 8.6 | % | |||||||||
| International Package | 14,895 | 12,509 | 2,386 | 19.1 | % | |||||||||
Supply Chain Solutions(2) | 15,701 | 14,827 | 874 | 5.9 | % | |||||||||
| Total operating expenses | 84,477 | 76,944 | 7,533 | 9.8 | % | |||||||||
| Operating profit: | ||||||||||||||
| U.S. Domestic Package | 6,436 | 3,891 | 2,545 | 65.4 | % | |||||||||
| International Package | 4,646 | 3,436 | 1,210 | 35.2 | % | |||||||||
Supply Chain Solutions(2) | 1,728 | 357 | 1,371 | 384.0 | % | |||||||||
| Total operating profit | 12,810 | 7,684 | 5,126 | 66.7 | % | |||||||||
| Other income (expense): | ||||||||||||||
| Other pension income (expense) | 4,457 | (5,176) | 9,633 | N/M | ||||||||||
| Investment income (expense) and other | 22 | 37 | (15) | (40.5) | % | |||||||||
| Interest expense | (694) | (701) | 7 | (1.0) | % | |||||||||
| Total other income (expense) | 3,785 | (5,840) | 9,625 | N/M | ||||||||||
| Income before income taxes | 16,595 | 1,844 | 14,751 | N/M | ||||||||||
| Income tax expense | 3,705 | 501 | 3,204 | N/M | ||||||||||
| Net income | $ | 12,890 | $ | 1,343 | $ | 11,547 | N/M | |||||||
| Net income as a percentage of revenue | 13.2 | % | 1.6 | % | ||||||||||
| Per share amounts: | ||||||||||||||
| Basic earnings per share | $ | 14.75 | $ | 1.55 | $ | 13.20 | N/M | |||||||
| Diluted earnings per share | $ | 14.68 | $ | 1.54 | $ | 13.14 | N/M | |||||||
| Weighted-average shares outstanding: | ||||||||||||||
| Basic | 874 | 867 | 7 | 0.8 | % | |||||||||
| Diluted | 878 | 871 | 7 | 0.8 | % | |||||||||
As Adjusted Income Data (1): | ||||||||||||||
| Operating profit: | ||||||||||||||
| U.S. Domestic Package | $ | 6,717 | $ | 4,128 | $ | 2,589 | 62.7 | % | ||||||
| International Package | 4,720 | 3,532 | 1,188 | 33.6 | % | |||||||||
Supply Chain Solutions(2) | 1,707 | 1,058 | 649 | 61.3 | % | |||||||||
| Total operating profit | 13,144 | 8,718 | 4,426 | 50.8 | % | |||||||||
| Total other income (expense) | $ | 513 | $ | 644 | $ | (131) | (20.3) | % | ||||||
| Income before income taxes | $ | 13,657 | $ | 9,362 | $ | 4,295 | 45.9 | % | ||||||
| Net income | $ | 10,652 | $ | 7,166 | $ | 3,486 | 48.6 | % | ||||||
| Basic earnings per share | $ | 12.19 | $ | 8.27 | $ | 3.92 | 47.4 | % | ||||||
| Diluted earnings per share | $ | 12.13 | $ | 8.23 | $ | 3.90 | 47.4 | % | ||||||
(1) See Non-GAAP schedules for reconciliation of adjustments.
(2) The divestiture of UPS Freight was completed on April 30, 2021.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Selected Operating Data - Year to Date
(unaudited)
| Twelve Months Ended | ||||||||||||||
| December 31 | ||||||||||||||
| 2021 | 2020 | Change | % Change | |||||||||||
| Revenue (in millions): | ||||||||||||||
| U.S. Domestic Package: | ||||||||||||||
| Next Day Air | $ | 10,009 | $ | 8,522 | $ | 1,487 | 17.4 | % | ||||||
| Deferred | 5,846 | 5,665 | 181 | 3.2 | % | |||||||||
| Ground | 44,462 | 39,312 | 5,150 | 13.1 | % | |||||||||
| Total U.S. Domestic Package | 60,317 | 53,499 | 6,818 | 12.7 | % | |||||||||
| International Package: | ||||||||||||||
| Domestic | 3,690 | 3,160 | 530 | 16.8 | % | |||||||||
| Export | 15,012 | 12,159 | 2,853 | 23.5 | % | |||||||||
| Cargo and Other | 839 | 626 | 213 | 34.0 | % | |||||||||
| Total International Package | 19,541 | 15,945 | 3,596 | 22.6 | % | |||||||||
Supply Chain Solutions(1): | ||||||||||||||
| Forwarding | 9,872 | 6,975 | 2,897 | 41.5 | % | |||||||||
| Logistics | 4,767 | 4,073 | 694 | 17.0 | % | |||||||||
| Freight | 1,064 | 3,149 | (2,085) | (66.2) | % | |||||||||
| Other | 1,726 | 987 | 739 | 74.9 | % | |||||||||
| Total Supply Chain Solutions | 17,429 | 15,184 | 2,245 | 14.8 | % | |||||||||
| Consolidated | $ | 97,287 | $ | 84,628 | $ | 12,659 | 15.0 | % | ||||||
| Consolidated volume (in millions) | 6,413 | 6,292 | 121 | 1.9 | % | |||||||||
| Operating weekdays | 254 | 255 | (1) | (0.4) | % | |||||||||
| Average Daily Package Volume (in thousands): | ||||||||||||||
| U.S. Domestic Package: | ||||||||||||||
| Next Day Air | 2,093 | 1,987 | 106 | 5.3 | % | |||||||||
| Deferred | 1,723 | 1,783 | (60) | (3.4) | % | |||||||||
| Ground | 17,646 | 17,371 | 275 | 1.6 | % | |||||||||
| Total U.S. Domestic Package | 21,462 | 21,141 | 321 | 1.5 | % | |||||||||
| International Package: | ||||||||||||||
| Domestic | 1,988 | 1,863 | 125 | 6.7 | % | |||||||||
| Export | 1,800 | 1,672 | 128 | 7.7 | % | |||||||||
| Total International Package | 3,788 | 3,535 | 253 | 7.2 | % | |||||||||
| Consolidated | 25,250 | 24,676 | 574 | 2.3 | % | |||||||||
| Average Revenue Per Piece: | ||||||||||||||
| U.S. Domestic Package: | ||||||||||||||
| Next Day Air | $ | 18.83 | $ | 16.82 | $ | 2.01 | 12.0 | % | ||||||
| Deferred | 13.36 | 12.46 | 0.90 | 7.2 | % | |||||||||
| Ground | 9.92 | 8.87 | 1.05 | 11.8 | % | |||||||||
| Total U.S. Domestic Package | 11.06 | 9.92 | 1.14 | 11.5 | % | |||||||||
| International Package: | ||||||||||||||
| Domestic | 7.31 | 6.65 | 0.66 | 9.9 | % | |||||||||
| Export | 32.83 | 28.52 | 4.31 | 15.1 | % | |||||||||
| Total International Package | 19.44 | 16.99 | 2.45 | 14.4 | % | |||||||||
| Consolidated | $ | 12.32 | $ | 10.94 | $ | 1.38 | 12.6 | % | ||||||
(1) The divestiture of UPS Freight was completed on April 30, 2021.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Detail of Operating Expenses - Year to Date
(unaudited)
| Twelve Months Ended | |||||||||||||||||||||||
| December 31 | |||||||||||||||||||||||
| 2021 | 2020 | Change | % Change | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Compensation and benefits | $ | 46,707 | $ | 44,529 | $ | 2,178 | 4.9 | % | |||||||||||||||
| Repairs and maintenance | 2,443 | 2,365 | 78 | 3.3 | % | ||||||||||||||||||
| Depreciation and amortization | 2,953 | 2,698 | 255 | 9.5 | % | ||||||||||||||||||
| Purchased transportation | 19,058 | 15,631 | 3,427 | 21.9 | % | ||||||||||||||||||
| Fuel | 3,847 | 2,582 | 1,265 | 49.0 | % | ||||||||||||||||||
| Other occupancy | 1,698 | 1,539 | 159 | 10.3 | % | ||||||||||||||||||
| Other expenses | 7,771 | 7,600 | 171 | 2.3 | % | ||||||||||||||||||
| Total operating expenses | $ | 84,477 | $ | 76,944 | $ | 7,533 | 9.8 | % | |||||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Consolidated Balance Sheets
December 31, 2021 (unaudited) and December 31, 2020
| December 31, 2021 | December 31, 2020 | ||||||||||
| (amounts in millions) | |||||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 10,255 | $ | 5,910 | |||||||
| Marketable securities | 338 | 406 | |||||||||
| Accounts receivables | 12,669 | 10,888 | |||||||||
| Less: Allowance for credit losses | (128) | (138) | |||||||||
| Accounts receivable, net | 12,541 | 10,750 | |||||||||
| Assets held for sale | — | 1,197 | |||||||||
| Other current assets | 1,800 | 1,953 | |||||||||
| Total Current Assets | 24,934 | 20,216 | |||||||||
| Property, Plant and Equipment, Net | 33,475 | 32,254 | |||||||||
| Operating Lease Right-Of-Use Assets | 3,562 | 3,073 | |||||||||
| Goodwill | 3,692 | 3,367 | |||||||||
| Intangible Assets, Net | 2,486 | 2,274 | |||||||||
| Investments and Restricted Cash | 26 | 25 | |||||||||
| Deferred Income Tax Assets | 176 | 527 | |||||||||
| Other Non-Current Assets | 1,054 | 672 | |||||||||
| Total Assets | $ | 69,405 | $ | 62,408 | |||||||
| LIABILITIES AND SHAREOWNERS' EQUITY | |||||||||||
| Current Liabilities: | |||||||||||
| Current maturities of long-term debt, commercial paper and finance leases | $ | 2,131 | $ | 2,623 | |||||||
| Current maturities of operating leases | 580 | 560 | |||||||||
| Accounts payable | 7,523 | 6,455 | |||||||||
| Accrued wage and withholdings | 3,819 | 3,569 | |||||||||
| Self-insurance reserves | 1,048 | 1,085 | |||||||||
| Accrued group welfare and retirement plan contributions | 1,038 | 927 | |||||||||
| Liabilities to be disposed of | — | 347 | |||||||||
| Other current liabilities | 1,430 | 1,450 | |||||||||
| Total Current Liabilities | 17,569 | 17,016 | |||||||||
| Long-Term Debt and Finance Leases | 19,784 | 22,031 | |||||||||
| Non-Current Operating Leases | 3,033 | 2,540 | |||||||||
| Pension and Postretirement Benefit Obligations | 8,047 | 15,817 | |||||||||
| Deferred Income Tax Liabilities | 3,125 | 488 | |||||||||
| Other Non-Current Liabilities | 3,578 | 3,847 | |||||||||
| Shareowners' Equity: | |||||||||||
| Class A common stock | 2 | 2 | |||||||||
| Class B common stock | 7 | 7 | |||||||||
| Additional paid-in capital | 1,343 | 865 | |||||||||
| Retained earnings | 16,179 | 6,896 | |||||||||
| Accumulated other comprehensive loss | (3,278) | (7,113) | |||||||||
| Deferred compensation obligations | 16 | 20 | |||||||||
| Less: Treasury stock | (16) | (20) | |||||||||
| Total Equity for Controlling Interests | 14,253 | 657 | |||||||||
| Noncontrolling interests | 16 | 12 | |||||||||
| Total Shareowners' Equity | 14,269 | 669 | |||||||||
| Total Liabilities and Sharewoners' Equity | $ | 69,405 | $ | 62,408 | |||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Statements of Consolidated Cash Flows
(unaudited)
| (amounts in millions) | Twelve Months Ended | ||||||||||||||||
| December 31 | |||||||||||||||||
| 2021 | 2020 | ||||||||||||||||
| Cash Flows From Operating Activities: | |||||||||||||||||
| Net income | $ | 12,890 | $ | 1,343 | |||||||||||||
| Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
| Depreciation and amortization | 2,953 | 2,698 | |||||||||||||||
| Pension and postretirement benefit expense | (2,456) | 7,125 | |||||||||||||||
| Pension and postretirement benefit contributions | (576) | (3,125) | |||||||||||||||
| Self-insurance reserves | 178 | 503 | |||||||||||||||
| Deferred tax (benefit) expense | 1,645 | (858) | |||||||||||||||
| Stock compensation expense | 878 | 796 | |||||||||||||||
| Other (gains) losses | 137 | 917 | |||||||||||||||
| Changes in assets and liabilities, net of effects of business acquisitions: | |||||||||||||||||
| Accounts receivable | (2,147) | (1,562) | |||||||||||||||
| Other assets | 312 | 218 | |||||||||||||||
| Accounts payable | 1,265 | 904 | |||||||||||||||
| Accrued wages and withholdings | (245) | 1,631 | |||||||||||||||
| Other liabilities | 151 | (110) | |||||||||||||||
| Other operating activities | 22 | (21) | |||||||||||||||
| Net cash from operating activities | 15,007 | 10,459 | |||||||||||||||
| Cash Flow From Investing Activities: | |||||||||||||||||
| Capital expenditures | (4,194) | (5,412) | |||||||||||||||
| Proceeds from disposal of businesses, property, plant and equipment | 872 | 40 | |||||||||||||||
| Purchases of marketable securities | (312) | (254) | |||||||||||||||
| Sales and maturities of marketable securities | 366 | 360 | |||||||||||||||
| Net change in finance receivables | 34 | 44 | |||||||||||||||
| Cash paid for business acquisitions, net of cash and cash equivalents acquired | (602) | (20) | |||||||||||||||
| Other investing activities | 18 | (41) | |||||||||||||||
| Net cash used in investing activities | (3,818) | (5,283) | |||||||||||||||
| Cash Flow From Financing Activities: | |||||||||||||||||
| Net change in short-term debt | — | (2,462) | |||||||||||||||
| Proceeds from long-term borrowings | — | 5,003 | |||||||||||||||
| Repayments of long-term borrowings | (2,773) | (3,392) | |||||||||||||||
| Purchases of common stock | (500) | (224) | |||||||||||||||
| Issuances of common stock | 251 | 285 | |||||||||||||||
| Dividends | (3,437) | (3,374) | |||||||||||||||
| Other financing activities | (364) | (353) | |||||||||||||||
| Net cash used in financing activities | (6,823) | (4,517) | |||||||||||||||
| Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (21) | 13 | |||||||||||||||
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 4,345 | 672 | |||||||||||||||
| Cash, Cash Equivalents and Restricted Cash: | |||||||||||||||||
| Beginning of period | 5,910 | 5,238 | |||||||||||||||
| End of period | $ | 10,255 | $ | 5,910 | |||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of Free Cash Flow (Non-GAAP measure)
(unaudited)
| (amounts in millions) | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
| December 31 | |||||||||||||||||||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||||||||||||||||||
| Cash flows from operating activities | $ | 15,007 | $ | 10,459 | |||||||||||||||||||||||||||||||
| Capital expenditures | (4,194) | (5,412) | |||||||||||||||||||||||||||||||||
| Proceeds from disposals of property, plant and equipment | 24 | 40 | |||||||||||||||||||||||||||||||||
| Net change in finance receivables | 34 | 44 | |||||||||||||||||||||||||||||||||
| Other investing activities | 18 | (41) | |||||||||||||||||||||||||||||||||
| Free Cash Flow (Non-GAAP measure) | $ | 10,889 | $ | 5,090 | |||||||||||||||||||||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)
(unaudited)
| (amounts in millions) | ||||||||||||||
| December 31, 2021 | December 31, 2020 | |||||||||||||
| Net Income | $ | 12,890 | $ | 1,343 | ||||||||||
| Add back: | ||||||||||||||
| Income tax expense | 3,705 | 501 | ||||||||||||
| Interest expense | 694 | 701 | ||||||||||||
| Depreciation and amortization | 2,953 | 2,698 | ||||||||||||
| EBITDA | 20,242 | 5,243 | ||||||||||||
| Add back (deduct): | ||||||||||||||
| Transformation and other | 334 | 1,034 | ||||||||||||
| Defined benefit plans mark-to-market (gain) loss | (3,272) | 6,484 | ||||||||||||
| Investment income and other | (1,207) | (1,345) | ||||||||||||
| Adjusted EBITDA | $ | 16,097 | $ | 11,416 | ||||||||||
| Debt and finance leases, including current maturities | $ | 21,915 | $ | 24,654 | ||||||||||
| Add back: | ||||||||||||||
| Non-current pension and postretirement benefit obligations | 8,047 | 15,817 | ||||||||||||
| Adjusted total debt | $ | 29,962 | $ | 40,471 | ||||||||||
| Adjusted total adjusted debt/adjusted EBITDA | 1.86 | 3.55 | ||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of Return of Invested Capital (Non-GAAP measure)
(unaudited)
| (amounts in millions) | ||||||||||||||
| December 31, 2021 | December 31, 2020 | |||||||||||||
| Net Income | $ | 12,890 | $ | 1,343 | ||||||||||
| Add back (deduct): | ||||||||||||||
| Income tax expense | 3,705 | 501 | ||||||||||||
| Interest expense | 694 | 701 | ||||||||||||
| Other pension (income) expense | (4,457) | 5,176 | ||||||||||||
| Investment (income) expenses and other | (22) | (37) | ||||||||||||
| Operating profit | 12,810 | 7,684 | ||||||||||||
| Transformation and other | $ | 334 | $ | 1,034 | ||||||||||
| Adjusted operating profit | $ | 13,144 | $ | 8,718 | ||||||||||
| Average debt and finance leases, including current maturities | $ | 23,285 | $ | 24,946 | ||||||||||
| Average pension and postretirement benefit maturities | 11,932 | 13,209 | ||||||||||||
| Average shareowners' equity | 7,469 | 1,976 | ||||||||||||
| Average Invested Capital | $ | 42,686 | $ | 40,131 | ||||||||||
| Net income to average invested capital | 30.2 | % | 3.3 | % | ||||||||||
| Adjusted Return on Invested Capital | 30.8 | % | 21.7 | % | ||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
| Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As Reported (GAAP) | Pension MTM Adj.(1) | Transformation & Other Adj.(2) | As Adjusted (Non-GAAP) | As Reported (GAAP) | Pension MTM Adj.(1) | Transformation & Other Adj.(3) | As Adjusted (Non-GAAP) | % Change As reported (GAAP) | % Change As adjusted (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 15,594 | $ | — | 62 | $ | 15,532 | $ | 14,497 | $ | — | 132 | $ | 14,365 | 7.6 | % | 8.1 | % | ||||||||||||||||||||||||||||||||||||||
| International Package | 4,071 | — | 5 | 4,066 | 3,622 | — | 12 | 3,610 | 12.4 | % | 12.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions(4) | 4,215 | — | (6) | 4,221 | 4,740 | — | 689 | 4,051 | (11.1) | % | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating expense | 23,880 | — | 61 | 23,819 | 22,859 | — | 833 | 22,026 | 4.5 | % | 8.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 2,103 | $ | — | 62 | $ | 2,165 | $ | 1,247 | $ | — | 132 | $ | 1,379 | 68.6 | % | 57.0 | % | ||||||||||||||||||||||||||||||||||||||
| International Package | 1,326 | — | 5 | 1,331 | 1,148 | — | 12 | 1,160 | 15.5 | % | 14.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions(4) | 462 | — | (6) | 456 | (358) | — | 689 | 331 | N/M | 37.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Operating profit | 3,891 | — | 61 | 3,952 | 2,037 | — | 833 | 2,870 | 91.0 | % | 37.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Other Income and (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other pension income (expense) | 267 | 18 | — | 285 | (6,157) | 6,484 | — | 327 | N/M | (12.8) | % | |||||||||||||||||||||||||||||||||||||||||||||
| Investment income (expense) and other | (23) | — | — | (23) | 7 | — | — | 7 | N/M | N/M | ||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (173) | — | — | (173) | (175) | — | — | (175) | (1.1) | % | (1.1) | % | ||||||||||||||||||||||||||||||||||||||||||||
| Total Other Income (Expense) | $ | 71 | $ | 18 | $ | — | $ | 89 | $ | (6,325) | $ | 6,484 | $ | — | $ | 159 | N/M | (44.0) | % | |||||||||||||||||||||||||||||||||||||
| Income Before Income Taxes | 3,962 | 18 | 61 | 4,041 | (4,288) | 6,484 | 833 | 3,029 | N/M | 33.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Expense | 869 | 4 | 16 | 889 | (941) | 1,555 | 90 | 704 | N/M | 26.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Net Income | $ | 3,093 | $ | 14 | $ | 45 | $ | 3,152 | $ | (3,347) | $ | 4,929 | $ | 743 | $ | 2,325 | N/M | 35.6 | % | |||||||||||||||||||||||||||||||||||||
| Basic Earnings Per Share | $ | 3.53 | $ | 0.02 | $ | 0.05 | $ | 3.60 | $ | (3.84) | $ | 5.66 | $ | 0.85 | $ | 2.67 | N/M | 34.8 | % | |||||||||||||||||||||||||||||||||||||
Diluted Earnings Per Share(5) | $ | 3.52 | $ | 0.02 | $ | 0.05 | $ | 3.59 | $ | (3.84) | $ | 5.63 | $ | 0.85 | $ | 2.66 | N/M | 35.0 | % | |||||||||||||||||||||||||||||||||||||
| Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 875 | 871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diluted | 879 | 871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Represents mark-to-market losses recognized outside of a 10% corridor on company-sponsored pension and postretirement plans.
(2) Transformation & other of $61 million reflects other employee benefits costs of $42 million, other costs of $30 million and an $11 million gain related to the divestiture of UPS Freight.
(3) Transformation & other of $833 million reflects goodwill and other assets impairment charges of $686 million related to the divestiture of UPS Freight, other employee benefits costs of $100 million and other costs of $47 million.
(4) The divestiture of UPS Freight was completed on April 30, 2021
(5) May not total due to difference in weighted-average shares outstanding used to calculate diluted earnings per share
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
| Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As Reported (GAAP) | Pension MTM Adj.(1) | Transformation & Other Adj.(2) | As Adjusted (Non-GAAP) | As Reported (GAAP) | Pension MTM Adj.(1) | Transformation & Other Adj.(3) | As Adjusted (Non-GAAP) | % Change As reported (GAAP) | % Change As adjusted (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 53,881 | $ | — | 281 | $ | 53,600 | $ | 49,608 | $ | — | 237 | $ | 49,371 | 8.6 | % | 8.6 | % | ||||||||||||||||||||||||||||||||||||||
| International Package | 14,895 | — | 74 | 14,821 | 12,509 | — | 96 | 12,413 | 19.1 | % | 19.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions(4) | 15,701 | — | (21) | 15,722 | 14,827 | — | 701 | 14,126 | 5.9 | % | 11.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating expense | 84,477 | — | 334 | 84,143 | 76,944 | — | 1,034 | 75,910 | 9.8 | % | 10.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 6,436 | $ | — | 281 | $ | 6,717 | $ | 3,891 | $ | — | 237 | $ | 4,128 | 65.4 | % | 62.7 | % | ||||||||||||||||||||||||||||||||||||||
| International Package | 4,646 | — | 74 | 4,720 | 3,436 | — | 96 | 3,532 | 35.2 | % | 33.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions(4) | 1,728 | — | (21) | 1,707 | 357 | — | 701 | 1,058 | 384.0 | % | 61.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Operating profit | 12,810 | — | 334 | 13,144 | 7,684 | — | 1,034 | 8,718 | 66.7 | % | 50.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Other Income and (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other pension income (expense) | 4,457 | (3,272) | — | 1,185 | (5,176) | 6,484 | — | 1,308 | N/M | (9.4) | % | |||||||||||||||||||||||||||||||||||||||||||||
| Investment income (expense) and other | 22 | — | — | 22 | 37 | — | — | 37 | (40.5) | % | (40.5) | % | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (694) | — | — | (694) | (701) | — | — | (701) | (1.0) | % | (1.0) | % | ||||||||||||||||||||||||||||||||||||||||||||
| Total Other Income (Expense) | $ | 3,785 | $ | (3,272) | $ | — | $ | 513 | $ | (5,840) | $ | 6,484 | $ | — | $ | 644 | N/M | (20.3) | % | |||||||||||||||||||||||||||||||||||||
| Income Before Income Taxes | 16,595 | (3,272) | 334 | 13,657 | 1,844 | 6,484 | 1,034 | 9,362 | N/M | 45.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Expense | 3,705 | (784) | 84 | 3,005 | 501 | 1,555 | 140 | 2,196 | N/M | 36.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Net Income | $ | 12,890 | $ | (2,488) | $ | 250 | $ | 10,652 | $ | 1,343 | $ | 4,929 | $ | 894 | $ | 7,166 | N/M | 48.6 | % | |||||||||||||||||||||||||||||||||||||
| Basic Earnings Per Share | $ | 14.75 | $ | (2.85) | $ | 0.29 | $ | 12.19 | $ | 1.55 | $ | 5.69 | $ | 1.03 | $ | 8.27 | N/M | 47.4 | % | |||||||||||||||||||||||||||||||||||||
| Diluted Earnings Per Share | $ | 14.68 | $ | (2.83) | $ | 0.28 | $ | 12.13 | $ | 1.54 | $ | 5.66 | $ | 1.03 | $ | 8.23 | N/M | 47.4 | % | |||||||||||||||||||||||||||||||||||||
| Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 874 | 867 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diluted | 878 | 871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Represents mark-to-market (gains) losses recognized outside of a 10% corridor on company-sponsored pension and postretirement plans.
(2) Transformation & other of $334 million reflects a gain on the divestiture of UPS Freight of $112 million, net of a previously-recognized valuation allowance of $66 million, other employee benefits costs of $206 million and other costs of $174 million.
(3) Transformation & other of $1,034 million reflects goodwill and other asset impairment charges of $686 million related to the divestiture of UPS Freight, other employee benefits costs of $211 million and other costs of $137 million.
(4) The divestiture of UPS Freight was completed on April 30, 2021.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Supplemental Analysis of Currency - Fourth Quarter
(unaudited)
| Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit | |||||||||||||||||||||||||||||||||||
| Three Months Ended | Currency | ||||||||||||||||||||||||||||||||||
| December 31 | Neutral | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | % Change | Currency | 2021 (1) | % Change | ||||||||||||||||||||||||||||||
| Average Revenue Per Piece: | |||||||||||||||||||||||||||||||||||
| International Package: | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 7.27 | $ | 7.08 | 2.7 | % | $ | 0.12 | $ | 7.39 | 4.4 | % | |||||||||||||||||||||||
| Export | 34.03 | 28.24 | 20.5 | % | 0.26 | 34.29 | 21.4 | % | |||||||||||||||||||||||||||
| Total International Package | $ | 20.11 | $ | 17.27 | 16.4 | % | $ | 0.18 | $ | 20.29 | 17.5 | % | |||||||||||||||||||||||
| Consolidated | $ | 12.40 | $ | 11.14 | 11.3 | % | $ | 0.03 | $ | 12.43 | 11.6 | % | |||||||||||||||||||||||
| Three Months Ended | Currency | ||||||||||||||||||||||||||||||||||
| December 31 | Neutral | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | % Change | Currency | 2021(1) | % Change | ||||||||||||||||||||||||||||||
| Revenue (in millions): | |||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 17,697 | $ | 15,744 | 12.4 | % | $ | — | $ | 17,697 | 12.4 | % | |||||||||||||||||||||||
| International Package | 5,397 | 4,770 | 13.1 | % | 50 | 5,447 | 14.2 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(3) | 4,677 | 4,382 | 6.7 | % | 25 | 4,702 | 7.3 | % | |||||||||||||||||||||||||||
| Total revenue | $ | 27,771 | $ | 24,896 | 11.5 | % | $ | 75 | $ | 27,846 | 11.8 | % | |||||||||||||||||||||||
| Three Months Ended | Currency | ||||||||||||||||||||||||||||||||||
| December 31 | Neutral | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | % Change | Currency | 2021(1) | % Change | ||||||||||||||||||||||||||||||
As-Adjusted Operating Profit (in millions)(2): | |||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 2,165 | $ | 1,379 | 57.0 | % | $ | — | $ | 2,165 | 57.0 | % | |||||||||||||||||||||||
| International Package | 1,331 | 1,160 | 14.7 | % | (1) | 1,330 | 14.7 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(3) | 456 | 331 | 37.8 | % | 11 | 467 | 41.1 | % | |||||||||||||||||||||||||||
| Total operating profit | $ | 3,952 | $ | 2,870 | 37.7 | % | $ | 10 | $ | 3,962 | 38.0 | % | |||||||||||||||||||||||
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) Amounts adjusted for transformation & other.
(3) The divestiture of UPS Freight was completed on April 30, 2021.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Supplemental Analysis of Currency - Year to Date
(unaudited)
| Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit | |||||||||||||||||||||||||||||||||||
| Twelve Months Ended | Currency | ||||||||||||||||||||||||||||||||||
| December 31 | Neutral | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | % Change | Currency | 2021 (1) | % Change | ||||||||||||||||||||||||||||||
| Average Revenue Per Piece: | |||||||||||||||||||||||||||||||||||
| International Package: | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 7.31 | $ | 6.65 | 9.9 | % | $ | (0.29) | $ | 7.02 | 5.6 | % | |||||||||||||||||||||||
| Export | 32.83 | 28.52 | 15.1 | % | (0.55) | 32.28 | 13.2 | % | |||||||||||||||||||||||||||
| Total International Package | $ | 19.44 | $ | 16.99 | 14.4 | % | $ | (0.41) | $ | 19.03 | 12.0 | % | |||||||||||||||||||||||
| Consolidated | $ | 12.32 | $ | 10.94 | 12.6 | % | $ | (0.06) | $ | 12.26 | 12.1 | % | |||||||||||||||||||||||
| Twelve Months Ended | Currency | ||||||||||||||||||||||||||||||||||
| December 31 | Neutral | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | % Change | Currency | 2021(1) | % Change | ||||||||||||||||||||||||||||||
| Revenue (in millions): | |||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 60,317 | $ | 53,499 | 12.7 | % | $ | — | $ | 60,317 | 12.7 | % | |||||||||||||||||||||||
| International Package | 19,541 | 15,945 | 22.6 | % | (402) | 19,139 | 20.0 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(3) | 17,429 | 15,184 | 14.8 | % | (96) | 17,333 | 14.2 | % | |||||||||||||||||||||||||||
| Total revenue | $ | 97,287 | $ | 84,628 | 15.0 | % | $ | (498) | $ | 96,789 | 14.4 | % | |||||||||||||||||||||||
| Twelve Months Ended | Currency | ||||||||||||||||||||||||||||||||||
| December 31 | Neutral | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | % Change | Currency | 2021(1) | % Change | ||||||||||||||||||||||||||||||
As-Adjusted Operating Profit (in millions)(2): | |||||||||||||||||||||||||||||||||||
| U.S. Domestic Package | $ | 6,717 | $ | 4,128 | 62.7 | % | $ | — | $ | 6,717 | 62.7 | % | |||||||||||||||||||||||
| International Package | 4,720 | 3,532 | 33.6 | % | (102) | 4,618 | 30.7 | % | |||||||||||||||||||||||||||
Supply Chain Solutions(3) | 1,707 | 1,058 | 61.3 | % | 36 | 1,743 | 64.7 | % | |||||||||||||||||||||||||||
| Total operating profit | $ | 13,144 | $ | 8,718 | 50.8 | % | $ | (66) | $ | 13,078 | 50.0 | % | |||||||||||||||||||||||
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) Amounts adjusted for transformation & other.
(3) The divestiture of UPS Freight was completed on April 30, 2021.
Certain prior year amounts have been reclassified to conform to the current year presentation.
United Parcel Service, Inc.
Aircraft Fleet - As of December 31, 2021
(unaudited)
| Description | Owned and Finance Leases | Operating Leases & Charters from Others | On Order | Under Option | ||||||||||
| Operating: | ||||||||||||||
| Boeing 757-200 | 75 | — | — | — | ||||||||||
| Boeing 767-300 | 72 | — | 19 | 8 | ||||||||||
| Boeing 767-300BCF | 4 | — | — | — | ||||||||||
| Boeing 767-300BDSF | 4 | — | — | — | ||||||||||
| Airbus A300-600 | 52 | — | — | — | ||||||||||
| Boeing MD-11 | 42 | — | — | — | ||||||||||
| Boeing 747-400F | 11 | — | — | — | ||||||||||
| Boeing 747-400BCF | 2 | — | — | — | ||||||||||
| Boeing 747-8F | 26 | — | 2 | — | ||||||||||
| Other | — | 307 | — | — | ||||||||||
| Total | 288 | 307 | 21 | 8 | ||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation.