Company Quick10K Filing
United Parcel Service
Price118.95 EPS6
Shares870 P/E21
MCap103,486 P/FCF18
Net Debt19,716 EBIT6,790
TEV123,202 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-29
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-21
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-05
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-10 Officers, Regulation FD, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-07-13 Officers, Regulation FD, Exhibits
8-K 2020-05-14
8-K 2020-04-28
8-K 2020-03-26
8-K 2020-03-19
8-K 2020-03-11
8-K 2020-03-02
8-K 2020-01-30
8-K 2019-11-07
8-K 2019-10-22
8-K 2019-10-21
8-K 2019-08-16
8-K 2019-08-12
8-K 2019-07-24
8-K 2019-05-09
8-K 2019-04-25
8-K 2019-03-13
8-K 2019-01-31
8-K 2018-10-24
8-K 2018-09-13
8-K 2018-07-25
8-K 2018-05-10
8-K 2018-04-25
8-K 2018-04-16
8-K 2018-03-06
8-K 2018-02-08
8-K 2018-02-01
8-K 2018-01-30

UPS 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation and Accounting Policies
Note 2. Recent Accounting Pronouncements
Note 3. Revenue Recognition
Note 4. Stock - Based Compensation
Note 5. Cash and Investments
Note 6. Property, Plant and Equipment
Note 7. Employee Benefit Plans
Note 8. Goodwill and Intangible Assets
Note 9. Debt and Financing Arrangements
Note 10. Leases
Note 11. Legal Proceedings and Contingencies
Note 12. Shareowners' Equity
Note 13. Segment Information
Note 14. Earnings per Share
Note 15. Derivative Instruments and Risk Management
Note 16. Income Taxes
Note 17. Transformation Strategy Costs
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 ups-06302020xex311.htm
EX-31.2 ups-06302020xex312.htm
EX-32.1 ups-06302020xex321.htm
EX-32.2 ups-06302020xex322.htm

United Parcel Service Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
554433221102012201420172020
Assets, Equity
20151162-12012201420172020
Rev, G Profit, Net Income
4.32.81.3-0.1-1.6-3.12012201420172020
Ops, Inv, Fin

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Table of Contents
United States
Securities and Exchange Commission
Washington, D.C. 20549
_____________________________________ 
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             
Commission file number 001-15451
_____________________________________ 
ups-20200630_g1.jpg
United Parcel Service, Inc.
(Exact name of registrant as specified in its charter)
Delaware 58-2480149
(State or Other Jurisdiction of
Incorporation or Organization)
 (IRS Employer
Identification No.)
55 Glenlake Parkway N.E. Atlanta, Georgia30328
(Address of Principal Executive Offices) (Zip Code)
(404) 828-6000
(Registrant’s telephone number, including area code)
____________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Class B common stock, par value $0.01 per shareUPSNew York Stock Exchange
0.375% Senior Notes due 2023UPS23ANew York Stock Exchange
1.625% Senior Notes due 2025UPS25New York Stock Exchange
1% Senior Notes due 2028UPS28New York Stock Exchange
1.500% Senior Notes due 2032UPS32New York Stock Exchange
  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
There were 156,294,266 Class A shares, and 707,081,218 Class B shares, with a par value of $0.01 per share, outstanding at July 20, 2020.


Table of Contents
TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II—OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.



Table of Contents
PART I. FINANCIAL INFORMATION

Cautionary Statement About Forward-Looking Statements
This report, our Annual Report on Form 10-K for the year ended December 31, 2019 and our other filings with the Securities and Exchange Commission contain and refer to “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 “believe,” “project,” “expect,” “estimate,” “assume,” “intend,” “anticipate,” “target,” “plan,” and variations thereof, 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 forward-looking statements in other publicly disclosed materials. Such statements may relate to our intent, belief and current expectations about our strategic direction, prospects and future results, and give our current expectations or forecasts of 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.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience, present expectations or anticipated results. These risks and uncertainties, many of which are outside of our control, include, but are not limited to: uncertainties related to the impact of the COVID-19 pandemic on our business and operations, financial condition, financial results and financial position, 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 complex and stringent regulation in the U.S. and internationally (including tax laws and regulations); increased physical or data security requirements that may increase our costs of operations and reduce operating efficiencies; 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 the image of our brand; 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 substantial impairment of our assets; increases in our expenses or funding obligations relating to employee health, retiree health and/or pension benefits; potential additional tax liabilities in the U.S. or internationally; the potential for various claims and 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, 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, 2019, our Quarterly Report on Form 10-Q for the quarter ended March 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 information 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, except as required by law.

1

Table of Contents
Item 1. Financial Statements
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, 2020 (unaudited) and December 31, 2019 (in millions)

June 30,
2020
December 31,
2019
ASSETS
Current Assets:
Cash and cash equivalents$8,813  $5,238  
Marketable securities403  503  
Accounts receivable9,383  9,645  
Less: Allowance for credit losses(153) (93) 
Accounts receivable, net 9,230  9,552  
Other current assets1,780  1,810  
Total Current Assets20,226  17,103  
Property, Plant and Equipment, Net31,439  30,482  
Operating Lease Right-Of-Use Assets2,998  2,856  
Goodwill3,787  3,813  
Intangible Assets, Net2,207  2,167  
Investments and Restricted Cash24  24  
Deferred Income Tax Assets277  330  
Other Non-Current Assets1,099  1,082  
Total Assets$62,057  $57,857  
LIABILITIES AND SHAREOWNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases$3,749  $3,420  
Current maturities of operating leases534  538  
Accounts payable5,271  5,555  
Accrued wages and withholdings2,922  2,552  
Self-insurance reserves1,080  914  
Accrued group welfare and retirement plan contributions794  793  
Other current liabilities1,921  1,641  
Total Current Liabilities16,271  15,413  
Long-Term Debt and Finance Leases23,199  21,818  
Non-Current Operating Leases2,463  2,391  
Pension and Postretirement Benefit Obligations10,554  10,601  
Deferred Income Tax Liabilities1,918  1,632  
Other Non-Current Liabilities3,276  2,719  
Shareowners’ Equity:
Class A common stock (157 and 156 shares issued in 2020 and 2019, respectively)
2  2  
Class B common stock (706 and 701 shares issued in 2020 and 2019, respectively)
7  7  
Additional paid-in capital255  150  
Retained earnings10,032  9,105  
Accumulated other comprehensive loss(5,933) (5,997) 
Deferred compensation obligations20  26  
Less: Treasury stock (0.4 shares in 2020 and 2019)
(20) (26) 
Total Equity for Controlling Interests4,363  3,267  
Noncontrolling interests13  16  
Total Shareowners’ Equity4,376  3,283  
Total Liabilities and Shareowners’ Equity$62,057  $57,857  
See notes to unaudited, consolidated financial statements.
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
(In millions, except per share amounts)
(unaudited)
 
 Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Revenue$20,459  $18,048  $38,494  $35,208  
Operating Expenses:
Compensation and benefits10,843  9,299  20,929  18,616  
Repairs and maintenance554  473  1,117  907  
Depreciation and amortization661  575  1,309  1,143  
Purchased transportation3,716  3,000  6,647  5,966  
Fuel499  857  1,260  1,627  
Other occupancy355  322  738  693  
Other expenses1,619  1,379  3,210  2,719  
Total Operating Expenses18,247  15,905  35,210  31,671  
Operating Profit2,212  2,143  3,284  3,537  
Other Income and (Expense):
Investment income and other328  220  673  435  
Interest expense(183) (159) (350) (328) 
Total Other Income and (Expense)145  61  323  107  
Income Before Income Taxes2,357  2,204  3,607  3,644  
Income Tax Expense589  519  874  848  
Net Income$1,768  $1,685  $2,733  $2,796  
Basic Earnings Per Share$2.04  $1.95  $3.16  $3.23  
Diluted Earnings Per Share$2.03  $1.94  $3.14  $3.22  

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)
(In millions)
(unaudited)
 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Net Income$1,768  $1,685  $2,733  $2,796  
Change in foreign currency translation adjustment, net of tax10  (33) (131) 20  
Change in unrealized gain (loss) on marketable securities, net of tax3  5  5  9  
Change in unrealized gain (loss) on cash flow hedges, net of tax(114) (12) 103  64  
Change in unrecognized pension and postretirement benefit costs, net of tax44  43  87  86  
Comprehensive Income$1,711  $1,688  $2,797  $2,975  
           
See notes to unaudited, consolidated financial statements.
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions)
(unaudited)
 Six Months Ended
June 30,
 20202019
Cash Flows From Operating Activities:
Net income$2,733  $2,796  
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization1,309  1,143  
Pension and postretirement benefit expense321  376  
Pension and postretirement benefit contributions(263) (1,108) 
Self-insurance reserves293  (98) 
Deferred tax (benefit) expense284  275  
Stock compensation expense368  513  
Other (gains) losses97  108  
Changes in assets and liabilities, net of effects of business acquisitions:
Accounts receivable105  817  
Other assets301  398  
Accounts payable(617) (782) 
Accrued wages and withholdings771  (256) 
Other liabilities239  57  
Other operating activities6  (32) 
Net cash from operating activities5,947  4,207  
Cash Flows From Investing Activities:
Capital expenditures(2,065) (2,861) 
Proceeds from disposals of property, plant and equipment2  6  
Purchases of marketable securities(131) (383) 
Sales and maturities of marketable securities241  480  
Net change in finance receivables16  8  
Cash paid for business acquisitions, net of cash and cash equivalents acquired  (1) 
Other investing activities(6) (96) 
Net cash used in investing activities(1,943) (2,847) 
Cash Flows From Financing Activities:
Net change in short-term debt(892) (51) 
Proceeds from long-term borrowings4,436  2,653  
Repayments of long-term borrowings(1,826) (1,988) 
Purchases of common stock(231) (503) 
Issuances of common stock131  129  
Dividends(1,683) (1,599) 
Other financing activities(334) (175) 
Net cash used in financing activities(399) (1,534) 
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(29) 23  
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash3,576  (151) 
Cash, Cash Equivalents and Restricted Cash:
Beginning of period5,238  4,367  
End of period$8,814  $4,216  
           
See notes to unaudited, consolidated financial statements.
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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Principles of Consolidation
In our opinion, the accompanying interim unaudited, consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. These interim unaudited, consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly our financial position as of June 30, 2020, our results of operations for the three and six months ended June 30, 2020 and 2019 and our cash flows for the six months ended June 30, 2020 and 2019. The results reported in these interim, unaudited, consolidated financial statements should not be regarded as indicative of results that may be expected for any other period or the entire year. The interim unaudited, consolidated financial statements should be read in conjunction with the audited, consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019.
Fair Value of Financial Instruments
The carrying amounts of our cash and cash equivalents, accounts receivable, finance receivables and accounts payable approximate fair value as of June 30, 2020 and December 31, 2019. The fair values of our investment securities are disclosed in note 5, our recognized multiemployer pension withdrawal liabilities in note 7, our short- and long-term debt in note 9 and our derivative instruments in note 15. We utilized Level 1 inputs in the fair value hierarchy of valuation techniques to determine the fair value of our cash and cash equivalents, and Level 2 inputs to determine the fair value of our accounts receivable, finance receivables and accounts payable.
Use of Estimates
The preparation of the accompanying interim unaudited, consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of these financial statements, as well as the reported amounts of revenues and expenses during the reporting period.
Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing COVID-19 pandemic. The severity, magnitude and duration of the pandemic, and the resulting economic consequences, remain uncertain, rapidly changing and difficult to predict. As a result, our accounting estimates and assumptions may change over time as a consequence of the effects of COVID-19.
Such changes could result in future impairments of goodwill, intangible assets, long-lived assets and investment securities, incremental credit losses on financial assets, decreases in the carrying amount of our tax assets, increases in our self-insurance liabilities or increases in our net pension and postretirement benefit obligations at the time of a measurement event.
For interim unaudited, consolidated financial statement purposes, we provide for accruals under our various company-sponsored employee benefit plans for each three month period based on one quarter of the estimated annual expense.

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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS
Adoption of New Accounting Standards
In June 2016, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") introducing an expected credit loss methodology for the measurement of financial assets not accounted for at fair value. The methodology replaced the probable, incurred loss model for those assets. We adopted this standard on January 1, 2020. Upon adoption, we updated our process for calculating our allowance for credit losses to include reasonable and supportable forecasts that could affect expected collectability. In the second quarter of 2020, we increased our allowance for credit losses by $27 million based upon our current forecasts that reflect ongoing economic uncertainty resulting from the COVID-19 pandemic.