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United Parcel Service Inc (UPS) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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United Parcel Service Inc

HISTORY TOOLS
CIK: 1090727 Ticker: UPS

Exhibit 99.1
UPS RELEASES 4Q 2022 EARNINGS

•Consolidated Revenues of $27.0B, Down 2.7% from Last Year
•Consolidated Operating Margin of 11.8%; Adjusted Consolidated Operating Margin of 14.1%
•Diluted EPS of $3.96; Adjusted Diluted EPS Up 0.8% Over Last Year to $3.62
•Declares a Quarterly Dividend of $1.62, a Per Share Increase of 6.6%, and Authorizes a New $5B Share Repurchase Program, Replacing the Existing Authorization

ATLANTA – January 31, 2023 – UPS (NYSE:UPS) today announced fourth-quarter 2022 consolidated revenues of $27.0 billion, a 2.7% decrease from the fourth quarter of 2021. Consolidated operating profit was $3.2 billion, down 17.9% compared to the fourth quarter of 2021, and down 3.3% on an adjusted basis. Diluted earnings per share were $3.96 for the quarter; adjusted diluted earnings per share of $3.62 were 0.8% above the same period in 2021.

For the fourth quarter of 2022, GAAP results include a net benefit of $299 million, or $.34 per diluted share, comprised of a non-cash, after-tax mark-to-market (MTM) pension gain of $782 million, a one-time, non-cash, after-tax charge of $384 million resulting from accelerated vesting of restricted performance units in connection with a change in incentive compensation program design, a non-cash, after-tax charge of $58 million due to a reduction in the residual value of the company’s MD-11 aircraft and after-tax transformation and other charges of $41 million.

“I want to thank all UPSers for delivering what matters throughout the holiday season, including industry-leading service to our customers for the fifth consecutive year,” said Carol Tomé, UPS chief executive officer. “For the year, we reached our targeted consolidated operating margin and return on invested capital goals one year earlier than originally anticipated. Our results in 2022 demonstrate our strategy is working.”
U.S. Domestic Segment

4Q 2022
Adjusted
4Q 2022

4Q 2021
Adjusted
4Q 2021
Revenue
$18,252 M$17,697 M
Operating profit
$1,840 M$2,328 M$2,103 M$2,165 M

•Revenue grew 3.1%, driven by a 7.2% increase in revenue per piece.
•Operating margin was 10.1%; adjusted operating margin was 12.8%.

International Segment

4Q 2022
Adjusted
4Q 2022

4Q 2021
Adjusted
4Q 2021
Revenue
$4,950 M$5,397 M
Operating profit
$1,020 M$1,091 M$1,326 M$1,331 M

•Revenue decreased 8.3%, driven by an 8.6% reduction in average daily volume due to lower domestic volume and softness in China trade lanes.
•Operating margin was 20.6%; adjusted operating margin was 22.0%.

The following information was filed by United Parcel Service Inc (UPS) on Tuesday, January 31, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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United Parcel Service Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside United Parcel Service Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Income
Business Acquisitions
Business Acquisitions (Tables)
Business Acquisitions - Fair Value Of Assets And Liabilities Acquired (Details)
Business Acquisitions - Narrative (Details)
Company-Sponsored Employee Benefit Plans
Company-Sponsored Employee Benefit Plans (Tables)
Company-Sponsored Employee Benefit Plans - Additional Information (Detail)
Company-Sponsored Employee Benefit Plans - Expected Cash Flows For Pension And Postretirement Benefit Plans (Detail)
Company-Sponsored Employee Benefit Plans - Fair Value Measurement Of Plan Assets Using Unobservable Inputs (Detail)
Company-Sponsored Employee Benefit Plans - Fair Values Of U.S. Pension And Postretirement Benefit Plan Assets By Asset Category As Well As The Percentage That Each Category Comprises Of Total Plan Assets And The Respective Target Allocations (Detail)
Company-Sponsored Employee Benefit Plans - Funded Status As Of The Respective Measurement Dates In Each Year And The Amounts Recognized In Balance Sheet (Detail)
Company-Sponsored Employee Benefit Plans - Net Periodic Benefit Cost For Company Sponsored Pension And Postretirement Benefit Plans (Detail)
Company-Sponsored Employee Benefit Plans - Projected Benefit Obligation, Accumulated Benefit Obligation, And Fair Value Of Plan Assets For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets (Detail)
Company-Sponsored Employee Benefit Plans - Reconciliation Of The Changes In The Plans' Benefit Obligations And Fair Value Of Plan Assets (Detail)
Company-Sponsored Employee Benefit Plans - Weighted Average Actuarial Assumptions Used To Determine The Benefit Obligations (Detail)
Company-Sponsored Employee Benefit Plans - Weighted Average Actuarial Assumptions Used To Determine The Net Periodic Benefit Cost (Detail)
Company-Sponsored Employee Benefit Plans Company-Sponsored Employee Benefit Plans - Effects Of One Basis Point Change On Projected Benefit Obligation (Details)
Compensation Related Costs, Postemployment Benefits
Debt And Financing Arrangements
Debt And Financing Arrangements (Tables)
Debt And Financing Arrangements - Additional Information (Details)
Debt And Financing Arrangements - Aggregate Minimum Lease Payments, Annual Principal Payments And Amounts Expected To Be Spent For Purchase Commitments (Details)
Debt And Financing Arrangements - Average Interest Rate (Details)
Debt And Financing Arrangements - Carrying Value Of Debt Obligations (Details)
Derivative Instruments And Risk Management
Derivative Instruments And Risk Management (Tables)
Derivative Instruments And Risk Management - Additional Information (Detail)
Derivative Instruments And Risk Management - Amount And Location In The Income Statement For Derivatives Designated As Fair Value Hedges (Detail)
Derivative Instruments And Risk Management - Amount And Location In The Income Statement For Derivatives Designed As Cash Flow Hedges (Detail)
Derivative Instruments And Risk Management - Amount Recorded In Income Statements For Foreign Currency Forward Contracts Not Designated As Hedges (Detail)
Derivative Instruments And Risk Management - Balance Sheet Location Of Derivative Assets And Liabilities And Their Related Fair Values (Detail)
Derivative Instruments And Risk Management - Notional Amounts Of Outstanding Derivative Positions (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Allocation Of Goodwill By Reportable Segment (Detail)
Goodwill And Intangible Assets - Summary Of Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Deferred Tax Liabilities And Assets (Details)
Income Taxes - Income Before Income Taxes (Details)
Income Taxes - Income Tax Expense Benefit (Details)
Income Taxes - Reconciliation Of Statutory Federal Income Tax Rate To Effective Income Tax Rate (Details)
Income Taxes - Summarized Activity Related To Unrecognized Tax Benefits (Details)
Income Taxes - U.S. State And Local Operating Loss And Credit Carryforwards (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Maturity Schedule After Adoption (Details)
Leases - Narratives (Details)
Leases - Supplemental Balance Sheet (Details)
Leases - Supplemental Cash Flow Disclosures (Details)
Legal Proceedings And Contingencies
Legal Proceedings And Contingencies Legal Proceedings And Contingencies (Details)
Marketable Securities And Long-Term Investments
Marketable Securities And Long-Term Investments (Tables)
Marketable Securities And Long-Term Investments - Additional Information (Details)
Marketable Securities And Long-Term Investments - Age Of Gross Unrealized Losses And Fair Value By Investment Category (Details)
Marketable Securities And Long-Term Investments - Amortized Cost And Estimated Fair Value Of Marketable Securities By Contractual Maturity (Details)
Marketable Securities And Long-Term Investments - Summary Of Marketable Securities (Details)
Multiemployer Employee Benefit Plans (Tables)
Multiemployer Employee Benefit Plans - Multi-Employer Health And Welfare Plans (Detail)
Multiemployer Employee Benefit Plans - Ups's Participation In Multiemployer Plans (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Narrative (Details)
Property, Plant And Equipment - Schedule Of Property, Plant, And Equipment (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Revenue Recognition - Narratives (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Additional Information (Detail)
Segment And Geographic Information - Geographic Information (Detail)
Segment And Geographic Information - Revenue By Product Type (Detail)
Segment And Geographic Information - Segment Information (Detail)
Shareowners' Equity
Shareowners' Equity (Tables)
Shareowners' Equity - Activity In Accumulated Other Comprehensive Income (Loss) (Detail)
Shareowners' Equity - Activity In Accumulated Other Comprehensive Income (Loss) (Phantom) (Detail)
Shareowners' Equity - Activity In Deferred Compensation Program (Detail)
Shareowners' Equity - Additional Information (Detail)
Shareowners' Equity - Reclassification From Aoci (Details)
Shareowners' Equity - Roll-Forward Of Common Stock, Additional Paid-In Capital, And Retained Earnings Accounts (Detail)
Shareowners' Equity - Roll-Forward Of Common Stock, Additional Paid-In Capital, And Retained Earnings Accounts (Phantom) (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Fair Value Of Employee Stock Options Granted As Determined By Black-Scholes Valuation Model Assumptions (Detail)
Stock-Based Compensation - Options To Purchase Shares Of Class A Common Stock Issued And Outstanding (Detail)
Stock-Based Compensation - Restricted Stock Units Outstanding, Including Reinvested Dividends (Detail)
Summary Of Accounting Policies
Summary Of Accounting Policies (Policies)
Summary Of Accounting Policies - Additional Information (Details)
Transformation Strategy
Transformation Strategy Costs (Tables)
Transformation Strategy Transformation Strategy Costs (Details)
Ticker: UPS
CIK: 1090727
Form Type: 10-K Annual Report
Accession Number: 0001090727-23-000006
Submitted to the SEC: Tue Feb 21 2023 6:16:30 AM EST
Accepted by the SEC: Tue Feb 21 2023
Period: Saturday, December 31, 2022
Industry: Trucking And Courier Services No Air

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