United Parcel Service Inc., adjusted current assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current assets	19,310)	19,413)	22,217)	24,934)	20,216)
Adjustments
Add: Allowance for credit losses	136)	126)	146)	128)	138)
After Adjustment
Adjusted current assets	19,446)	19,539)	22,363)	25,062)	20,354)

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United Parcel Service Inc., adjusted total assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total assets	70,070)	70,857)	71,124)	69,405)	62,408)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for credit losses	136)	126)	146)	128)	138)
Less: Deferred tax assets²	112)	126)	139)	176)	527)
After Adjustment
Adjusted total assets	70,094)	70,857)	71,131)	69,357)	62,019)

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

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United Parcel Service Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total liabilities	53,327)	53,543)	51,321)	55,136)	61,739)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	3,595)	3,772)	4,302)	3,125)	488)
After Adjustment
Adjusted total liabilities	49,732)	49,771)	47,019)	52,011)	61,251)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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United Parcel Service Inc., adjusted equity for controlling interests

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Equity for controlling interests	16,718)	17,306)	19,786)	14,253)	657)
Adjustments
Less: Net deferred tax asset (liability)¹	(3,483)	(3,646)	(4,163)	(2,949)	39)
Add: Allowance for credit losses	136)	126)	146)	128)	138)
Add: Noncontrolling interests	25)	8)	17)	16)	12)
After Adjustment
Adjusted total shareowners’ equity	20,362)	21,086)	24,112)	17,346)	768)

¹ Net deferred tax asset (liability). See details »

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United Parcel Service Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current maturities of long-term debt, commercial paper and finance leases	1,838)	3,348)	2,341)	2,131)	2,623)
Long-term debt and finance leases, excluding current maturities	19,446)	18,916)	17,321)	19,784)	22,031)
Total reported debt	21,284)	22,264)	19,662)	21,915)	24,654)
Equity for controlling interests	16,718)	17,306)	19,786)	14,253)	657)
Total reported capital	38,002)	39,570)	39,448)	36,168)	25,311)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current maturities of operating leases²	733)	709)	621)	580)	560)
Add: Non-current operating leases³	3,635)	3,756)	3,238)	3,033)	2,540)
Adjusted total debt	25,652)	26,729)	23,521)	25,528)	27,754)
Adjustments to Equity
Less: Net deferred tax asset (liability)⁴	(3,483)	(3,646)	(4,163)	(2,949)	39)
Add: Allowance for credit losses	136)	126)	146)	128)	138)
Add: Noncontrolling interests	25)	8)	17)	16)	12)
Adjusted total shareowners’ equity	20,362)	21,086)	24,112)	17,346)	768)
After Adjustment
Adjusted total capital	46,014)	47,815)	47,633)	42,874)	28,522)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current maturities of operating leases. See details »

³ Non-current operating leases. See details »

⁴ Net deferred tax asset (liability). See details »

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United Parcel Service Inc., adjusted net income

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Net income	5,782)	6,708)	11,548)	12,890)	1,343)
Adjustments
Add: Deferred income tax expense (benefit)¹	(15)	199)	531)	1,645)	(858)
Add: Increase (decrease) in allowance for credit losses	10)	(20)	18)	(10)	45)
Add: Other comprehensive income (loss)	(551)	(2,209)	1,729)	3,835)	(1,116)
After Adjustment
Adjusted net income	5,226)	4,678)	13,826)	18,360)	(586)

¹ Deferred income tax expense (benefit). See details »

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United Parcel Service Inc. (NYSE:UPS)

Adjustments to Financial Statements