United Parcel Service (UPS) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 17, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-15451
Entity Registrant Name	United Parcel Service, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2480149
Entity Address, Street Address	55 Glenlake Parkway N.E. ,
Entity Address, City	Atlanta,
Entity Address, State	GA
Entity Address, Postal Zip Code	30328
City Area Code	404
Local Phone Number	828-6000
Title of 12(b) Security	Class B common stock, par value $0.01 per share
Trading Symbol	UPS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001090727
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
1.625% Senior Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	1.625% Senior Notes due 2025
Trading Symbol	UPS25
Security Exchange Name	NYSE
1% Senior Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	1% Senior Notes due 2028
Trading Symbol	UPS28
Security Exchange Name	NYSE
1.500% Senior Notes due 2032
Document Information [Line Items]
Title of 12(b) Security	1.500% Senior Notes due 2032
Trading Symbol	UPS32
Security Exchange Name	NYSE
Class A common stock (in shares)
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		124,068,795
Class B common stock (in shares)
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		732,509,029

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 6,319	$ 3,206
Marketable securities	213	2,866
Accounts receivable	9,174	11,342
Less: Allowance for credit losses	(126)	(126)
Accounts receivable, net	9,048	11,216
Assets held for sale	1,183	0
Other current assets	2,060	2,125
Total Current Assets	18,823	19,413
Property, Plant and Equipment, Net	37,129	36,945
Operating Lease Right-Of-Use Assets	4,088	4,308
Goodwill	4,350	4,872
Intangible Assets, Net	3,106	3,305
Deferred Income Tax Assets	123	126
Other Non-Current Assets	1,799	1,888
Total Assets	69,418	70,857
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases	2,008	3,348
Current maturities of operating leases	683	709
Accounts payable	5,299	6,340
Accrued wages and withholdings	3,308	3,224
Self-insurance reserves	1,273	1,320
Accrued group welfare and retirement plan contributions	1,202	1,479
Liabilities to be disposed of	373	0
Other current liabilities	939	1,256
Total Current Liabilities	15,085	17,676
Long-Term Debt and Finance Leases	20,197	18,916
Non-Current Operating Leases	3,561	3,756
Pension and Postretirement Benefit Obligations	6,449	6,159
Deferred Income Tax Liabilities	3,841	3,772
Other Non-Current Liabilities	3,232	3,264
Shareowners' Equity:
Additional paid-in capital	136	0
Retained earnings	20,692	21,055
Accumulated other comprehensive loss	(3,807)	(3,758)
Deferred compensation obligations	6	9
Less: Treasury stock (0.1 and 0.2 shares in 2024 and 2023, respectively)	(6)	(9)
Total Equity for Controlling Interests	17,030	17,306
Noncontrolling interests	23	8
Total Shareowners' Equity	17,053	17,314
Total Liabilities and Shareowners' Equity	69,418	70,857
Class A common stock
Shareowners' Equity:
Common stock	2	2
Class B common stock
Shareowners' Equity:
Common stock	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions	Jun. 30, 2024	Dec. 31, 2023
Treasury stock (in shares)	0.1	0.2
Class A common stock (in shares)
Common stock, issued (in shares)	125	127
Class B common stock (in shares)
Common stock, issued (in shares)	732	726

STATEMENTS OF CONSOLIDATED INCO

STATEMENTS OF CONSOLIDATED INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 21,818	$ 22,055	$ 43,524	$ 44,980
Operating Expenses:
Compensation and benefits	11,503	11,196	23,142	22,660
Repairs and maintenance	734	682	1,452	1,407
Depreciation and amortization	887	828	1,785	1,662
Purchased transportation	3,273	3,171	6,519	6,712
Fuel	1,126	1,090	2,186	2,361
Other occupancy	492	458	1,056	1,009
Other expenses	1,859	1,850	3,827	3,848
Total Operating Expenses	19,874	19,275	39,967	39,659
Operating Profit	1,944	2,780	3,557	5,321
Other Income (Expense):
Investment income and other	137	131	255	300
Interest expense	(212)	(191)	(407)	(379)
Total Other Income (Expense)	(75)	(60)	(152)	(79)
Income Before Income Taxes	1,869	2,720	3,405	5,242
Income Tax Expense	460	639	883	1,266
Net Income	$ 1,409	$ 2,081	$ 2,522	$ 3,976
Basic Earnings Per Share (in dollars per share)	$ 1.65	$ 2.42	$ 2.95	$ 4.62
Diluted Earnings Per Share (in dollars per share)	$ 1.65	$ 2.42	$ 2.94	$ 4.61

STATEMENTS OF CONSOLIDATED COMP

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,409	$ 2,081	$ 2,522	$ 3,976
Change in foreign currency translation adjustment, net of tax	(58)	(18)	(183)	100
Change in unrealized gain (loss) on marketable securities, net of tax	0	(16)	(1)	(9)
Change in unrealized gain (loss) on cash flow hedges, net of tax	3	(80)	76	(157)
Change in unrecognized pension and postretirement benefit costs, net of tax	29	21	59	41
Comprehensive Income	$ 1,383	$ 1,988	$ 2,473	$ 3,951

STATEMENTS OF CONSOLIDATED CASH

STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities:
Net Income	$ 2,522	$ 3,976
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	1,785	1,662
Pension and postretirement benefit expense	518	486
Pension and postretirement benefit contributions	(150)	(1,328)
Self-insurance reserves	(39)	64
Deferred tax (benefit) expense	72	168
Stock compensation expense	3	165
Other (gains) losses	166	(19)
Changes in assets and liabilities, net of effects of business acquisitions:
Accounts receivable	1,526	2,898
Other assets	73	187
Accounts payable	(685)	(1,921)
Accrued wages and withholdings	137	(535)
Other liabilities	(619)	(132)
Other operating activities	0	(77)
Net cash from operating activities	5,309	5,594
Cash Flows From Investing Activities:
Capital expenditures	(1,968)	(1,820)
Proceeds from disposal of businesses, property, plant and equipment	28	50
Purchases of marketable securities	(52)	(2,970)
Sales and maturities of marketable securities	2,715	1,903
Acquisitions, net of cash acquired	(66)	(34)
Other investing activities	(4)	12
Net cash (used in) from investing activities	653	(2,859)
Cash Flows From Financing Activities:
Net change in short-term debt	(1,272)	0
Proceeds from long-term borrowings	2,785	2,503
Repayments of long-term borrowings	(1,508)	(1,596)
Purchases of common stock	0	(1,498)
Issuances of common stock	131	119
Dividends	(2,701)	(2,693)
Other financing activities	(202)	(417)
Net cash (used in) from financing activities	(2,767)	(3,582)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(72)	57
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash, including cash classified within current assets held for sale	3,123	(790)
Less: net increase (decrease) in cash classified within current assets held for sale	10	0
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	3,113	(790)
Cash, Cash Equivalents and Restricted Cash:
Beginning of period	3,206	5,602
End of period	$ 6,319	$ 4,812

BASIS OF PRESENTATION AND ACCOU

BASIS OF PRESENTATION AND ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND ACCOUNTING POLICIES	BASIS OF PRESENTATION AND ACCOUNTING POLICIES Principles of Consolidation The accompanying 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 unaudited, consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly our financial position as of June 30, 2024, our results of operations for the three and six months ended June 30, 2024 and 2023, and our cash flows for the six months ended June 30, 2024 and 2023. The results reported in these 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 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, 2023. Fair Value of Financial Instruments The carrying amounts of our cash and cash equivalents, accounts receivable, finance receivables and accounts payable approximated fair value as of June 30, 2024 and December 31, 2023. The fair values of our marketable 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 apply a fair value hierarchy (Levels 1, 2 and 3) when measuring and reporting items at fair value. Fair values are based on listed market prices (Level 1), when such prices are available. To the extent that listed market prices are not available, fair value is determined based on other relevant factors, including dealer price quotations (Level 2). If listed market prices or other relevant factors are not available, inputs are developed from unobservable data reflecting our own assumptions and include situations where there is little or no market activity for the asset or liability (Level 3). Use of Estimates The preparation of the accompanying 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. As a result, our accounting estimates and assumptions may change significantly over time. Supplier Finance Programs As part of our working capital management, certain financial institutions offer a Supply Chain Finance ("SCF") program to certain of our suppliers. We agree to commercial terms with our suppliers, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. Suppliers issue invoices to us based on the agreed-upon contractual terms. If they participate in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, to sell to the financial institutions. Our suppliers' voluntary inclusion of invoices in the SCF program has no bearing on our payment terms. No guarantees are provided by us under the SCF program. We have no economic interest in a supplier's decision to participate, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Amounts due to our suppliers that participate in the SCF program are included in Accounts payable in our consolidated balance sheets. We have been informed by the participating financial institutions that as of June 30, 2024 and December 31, 2023, suppliers sold them $387 and $504 million, respectively, of our outstanding payment obligations. Restricted cash As of June 30, 2024, we did not have any restricted cash. As of December 31, 2023, we had $37 million of restricted cash that was primarily related to cash we agreed to deposit in connection with a challenge by Italian tax authorities to the deductibility of Value Added Tax payments by UPS to certain third-party service providers, a review of which was launched in the fourth quarter of 2023. During the second quarter of 2024 we made a voluntary payment, including interest, of approximately $94 million to address this matter and recorded a corresponding charge against income.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards Accounting pronouncements adopted during the periods covered by the unaudited, consolidated financial statements did not have a material impact on our consolidated financial position, results of operations, cash flows or internal controls. Accounting Standards Issued But Not Yet Effective In November 2023, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") on segment reporting, which will require new disclosures, including significant segment expenses and additional qualitative information about how segment measures are used by management. The standard becomes effective for us beginning with our 2024 annual reporting and for both annual and interim periods thereafter. We are evaluating the impact of this ASU on our disclosures. We will be required to define significant segment expense categories and we anticipate providing additional qualitative and quantitative information in accordance with this ASU. We do not expect this ASU will have a significant impact on our consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued an ASU to enhance tax-related disclosures. This update will require more standardized categories for tax rate reconciliation and additional detail for significant tax items. It will also require a breakdown of income taxes paid by jurisdiction exceeding 5% of total taxes and remove certain disclosure requirements for unremitted foreign earnings and uncertain tax positions. The standard becomes effective for us in the first quarter of 2025. We are evaluating its impact on our financial statements, disclosures and internal controls but do not expect this ASU will have a significant impact on our consolidated financial position, results of operations, cash flows or internal controls. Other accounting pronouncements issued before, but not effective until after, June 30, 2024, are not expected to have a material impact on our consolidated financial position, results of operations, cash flows or internal controls.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Revenue Recognition Substantially all of our revenues are from contracts associated with the pickup, transportation and delivery of packages and freight ("transportation services"). These services may be carried out by or arranged by us and generally occur over a short period of time. Additionally, we provide value-added logistics services to customers through our global network of distribution centers and field stocking locations. The vast majority of our contracts with customers are for transportation services that include only one performance obligation; the transportation services themselves. We generally recognize revenue over time, based on the extent of progress towards completion of the services in the contract. All of our major businesses act as a principal in their revenue arrangements and as such, we report revenue and the associated purchased transportation costs on a gross basis within our statements of consolidated income. Disaggregation of Revenue Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue: Next Day Air $ 2,309 $ 2,407 $ 4,625 $ 4,868 Deferred 1,107 1,169 2,263 2,363 Ground 10,703 10,820 21,465 22,152 U.S. Domestic Package 14,119 14,396 28,353 29,383 Domestic 770 763 1,528 1,557 Export 3,437 3,468 6,787 7,020 Cargo & Other 163 184 311 381 International Package 4,370 4,415 8,626 8,958 Forwarding 1,315 1,376 2,595 2,890 Logistics 1,546 1,431 3,088 2,841 Other 468 437 862 908 Supply Chain Solutions 3,329 3,244 6,545 6,639 Consolidated revenue $ 21,818 $ 22,055 $ 43,524 $ 44,980 Contract Assets and Liabilities Contract assets include billed and unbilled amounts resulting from in-transit shipments, as we have an unconditional right to payment only when services have been completed (i.e. shipments have been delivered). Amounts do not exceed their net realizable value. Contract assets are generally classified as current and the full balance is converted each quarter based on the short-term nature of the transactions. Contract liabilities consist of advance payments and billings in excess of revenue as well as deferred revenue. Advance payments and billings in excess of revenue represent payments received from our customers that will be earned over the contract term. Deferred revenue represents the amount due from customers related to in-transit shipments that has not yet been recognized as revenue based on our selected measure of progress. We classify advance payments and billings in excess of revenue as either current or long-term, depending on the period over which the amount will be earned. We classify deferred revenue as current based on the short-term nature of the transactions. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. In order to determine revenue recognized in the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that deferred revenue balance. Contract assets and liabilities as of June 30, 2024 and December 31, 2023 were as follows (in millions): Balance Sheet Location June 30, 2024 December 31, 2023 Contract Assets: Revenue related to in-transit packages Other current assets $ 246 $ 237 Contract Liabilities: Short-term advance payments from customers Other current liabilities $ 16 $ 20 Long-term advance payments from customers Other non-current liabilities $ 26 $ 25 Accounts Receivable, Net Accounts receivable, net, include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. Losses on accounts receivable are recognized when reasonable and supportable forecasts affect the expected collectability. This requires us to make our best estimate of the current expected losses inherent in our accounts receivable at each balance sheet date. This estimate requires consideration of historical loss experience, adjusted for current conditions, forward looking indicators, trends in customer payment frequency and judgments about the probable effects of relevant observable data, including present and future economic conditions and the financial health of specific customers and market sectors. Our risk management process includes standards and policies for reviewing major account exposures and concentrations of risk. Our allowance for credit losses as of both June 30, 2024 and December 31, 2023 was $126 million. Amounts for credit losses charged to expense, before recoveries, during each of the three months ended June 30, 2024 and 2023 were $63 and $41 million, respectively, and during each of the six months ended June 30, 2024 and 2023 were $136 and $83 million, respectively.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION We issue share-based awards under various incentive compensation plans, including non-qualified and incentive stock options, stock appreciation rights, restricted stock and stock units ("RSUs"), restricted performance shares and performance units ("RPUs", collectively with RSUs, "Restricted Units"). Upon vesting, Restricted Units result in the issuance of the equivalent number of UPS class A common shares after required tax withholdings. Dividends earned on Restricted Units are reinvested in additional Restricted Units at each dividend payable date until conversion to class A shares occurs. Our primary equity compensation programs are the UPS Long-Term Incentive Performance Award program (the "LTIP") and the UPS Stock Option program. We also grant Restricted Units to our Board of Directors (the "Board") as a component of their annual compensation and, from time to time, to individual employees as a retention mechanism. Employees may elect to receive unrestricted shares of class A common stock under the UPS Management Incentive Award Program (the "MIP"), and we also maintain an employee stock purchase plan which allows eligible employees to purchase shares of UPS class A common stock at a discount. Pre-tax compensation expense for stock compensation awards recognized in Compensation and benefits in our statements of consolidated income for the three months ended June 30, 2024 and 2023 was $30 and $39 million, respectively, and for the six months ended June 30, 2024 and 2023 was $3 and $165 million, respectively. Management Incentive Award Program The MIP is an incentive-based compensation program, with awards based on annual Company performance. MIP awards are paid in cash, unless a participant elects to receive all or a portion of the award in unrestricted shares of class A common stock. As of June 30, 2024, the MIP was classified as a compensation obligation within Accrued wages and withholdings in our consolidated balance sheet. Long-Term Incentive Performance Program RPUs issued under the LTIP vest at the end of a three-year performance period, subject to continued employment with the Company (except in the case of death, disability or retirement, in which case immediate vesting occurs on a prorated basis). The actual number of RPUs earned is based on achievement of the performance targets established on the grant date. The performance targets are equally weighted between adjusted earnings per share and cumulative free cash flow. The final number of RPUs earned will then be subject to adjustment based on total shareholder return relative to the Standard & Poor's 500 Index. We determine the grant date fair value of the RPUs using a Monte Carlo model and recognize compensation expense (less estimated forfeitures) ratably over the vesting period, based on the number of awards expected to be earned. Based on the date of the Compensation and Human Capital Committee of the Board's approval of the 2024 LTIP award performance targets, we determined March 20, 2024 to be the award measurement date and each target RPU awarded was valued at $158.16. The weighted-average assumptions used and the weighted-average fair values of the LTIP awards granted in 2024 and 2023 are as follows: 2024 2023 Risk-free interest rate 4.45 % 3.81 % Expected volatility 27.00 % 30.30 % Weighted-average fair value of units granted $ 157.91 $ 199.95 Share payout 102.20 % 107.80 % There is no expected dividend yield as units earn dividend equivalents. Non-Qualified Stock Options We grant non-qualified stock options to a limited group of eligible senior management employees under the UPS Stock Option program. Stock option awards vest over a five-year period with approximately 20% of the award vesting at each anniversary of the grant date (except in the case of death, disability or retirement, in which case immediate vesting occurs). The option grants expire 10 years after the date of the grant. On March 20, 2024, we granted 0.2 million stock options at an exercise price of $154.76, the New York Stock Exchange closing price on that date. The fair value of each option granted is estimated using a Black-Scholes option pricing model. The weighted-average assumptions used and the weighted-average fair values of options granted in 2024 and 2023 are as follows: 2024 2023 Expected dividend yield 3.96 % 3.54 % Risk-free interest rate 4.25 % 3.70 % Expected life (in years) 6.13 5.93 Expected volatility 28.94 % 28.31 % Weighted-average fair value of options granted $ 34.76 $ 41.08

MARKETABLE SECURITIES AND NON-C

MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS	MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS The following is a summary of marketable securities classified as trading and available for sale as of June 30, 2024 and December 31, 2023 (in millions): Cost Unrealized Unrealized Estimated June 30, 2024: Current trading marketable securities: Equity securities $ 3 $ — $ — $ 3 Total trading marketable securities 3 — — 3 Current available-for-sale securities: U.S. government and agency debt securities 182 — (3) 179 Mortgage and asset-backed debt securities — — — — Corporate debt securities 31 — — 31 Non-U.S. government debt securities — — — — Total available-for-sale marketable securities 213 — (3) 210 Total current marketable securities $ 216 $ — $ (3) $ 213 Cost Unrealized Unrealized Estimated December 31, 2023: Current trading marketable securities: Equity securities $ 4 $ — $ — $ 4 Total trading marketable securities 4 — — 4 Current available-for-sale securities: U.S. government and agency debt securities 963 2 (4) 961 Mortgage and asset-backed debt securities 3 — — 3 Corporate debt securities 1,891 4 (4) 1,891 Non-U.S. government debt securities 7 — — 7 Total available-for-sale marketable securities 2,864 6 (8) 2,862 Total current marketable securities $ 2,868 $ 6 $ (8) $ 2,866 Investment Impairments We have concluded that no material impairment losses existed within marketable securities as of June 30, 2024. In making this determination, we considered the financial condition and prospects of each issuer, the magnitude of the losses compared with the cost, the probability that we will be unable to collect all amounts due according to the contractual terms of the security, the credit rating of the security and our ability and intent to hold these investments until the anticipated recovery in market value occurs. Maturity Information The amortized cost and estimated fair value of marketable securities as of June 30, 2024 by contractual maturity are shown below (in millions). Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations with or without prepayment penalties. Cost Estimated Due in one year or less $ 108 $ 106 Due after one year through three years 105 104 Due after three years through five years — — Due after five years — — 213 210 Equity securities 3 3 $ 216 $ 213 Non-Current Investments We hold non-current investments that are reported within Other Non-Current Assets in our consolidated balance sheets. Cash paid for these investments is included in Other investing activities in our statements of consolidated cash flows. • Equity method investments: Equity securities accounted for under the equity method had a carrying value of $284 and $295 million as of June 30, 2024 and December 31, 2023, respectively. • Other equity securities: Certain equity securities that do not have readily determinable fair values are reported in accordance with the measurement alternative in ASC Topic 321 Investments - Equity Securities. Equity securities accounted for under the measurement alternative had a carrying value of $47 million as of both June 30, 2024 and December 31, 2023. • Other investments: We hold an investment in a variable life insurance policy to fund benefits for the UPS Excess Coordinating Benefit Plan. The investment had a fair market value of $19 million as of both June 30, 2024 and December 31, 2023. Fair Value Measurements Marketable securities valued utilizing Level 1 inputs include active exchange-traded equity securities and equity index funds, and most U.S. government debt securities, as these securities all have quoted prices in active markets. Marketable securities valued utilizing Level 2 inputs include asset-backed securities, corporate bonds and municipal bonds. These securities are valued using market corroborated pricing, matrix pricing or other models that utilize observable inputs such as yield curves. The following table presents information about our investments measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in millions): Quoted Prices Significant Other Significant Total June 30, 2024: Marketable Securities: U.S. government and agency debt securities $ 179 $ — $ — $ 179 Mortgage and asset-backed debt securities — — — — Corporate debt securities — 31 — 31 Equity securities — 3 — 3 Non-U.S. government debt securities — — — — Total marketable securities 179 34 — 213 Other non-current investments (1) — 19 — 19 Total $ 179 $ 53 $ — $ 232 (1) Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan. Quoted Prices Significant Other Significant Total December 31, 2023: Marketable Securities: U.S. government and agency debt securities $ 961 $ — $ — $ 961 Mortgage and asset-backed debt securities — 3 — 3 Corporate debt securities — 1,891 — 1,891 Equity securities — 4 — 4 Non-U.S. government debt securities — 7 — 7 Total marketable securities 961 1,905 — 2,866 Other non-current investments (1) — 19 — 19 Total $ 961 $ 1,924 $ — $ 2,885 (1) Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan. There were no transfers of investments into or out of Level 3 during the six months ended June 30, 2024 or 2023.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): 2024 2023 Vehicles $ 11,934 $ 11,768 Aircraft 23,370 22,888 Land 2,122 2,138 Buildings 6,541 6,255 Building and leasehold improvements 5,572 5,241 Plant equipment 18,078 17,322 Technology equipment 2,658 2,656 Construction-in-progress 2,321 3,247 72,596 71,515 Less: Accumulated depreciation and amortization (35,467) (34,570) Property, Plant and Equipment, Net $ 37,129 $ 36,945 Property, plant and equipment purchased on account was $222 and $309 million as of June 30, 2024 and December 31, 2023, respectively. There were no material impairment charges for the three or six months ended June 30, 2024 or 2023.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Company-Sponsored Benefit Plans Information about the net periodic benefit cost for our company-sponsored pension and postretirement benefit plans for the three and six months ended June 30, 2024 and 2023 is as follows (in millions): U.S. Pension Benefits U.S. Postretirement International 2024 2023 2024 2023 2024 2023 Three Months Ended June 30: Service cost $ 310 $ 293 $ 5 $ 5 $ 11 $ 11 Interest cost 644 627 27 29 17 16 Expected return on assets (772) (741) (1) (3) (21) (21) Amortization of prior service cost 39 26 — 1 — — Net periodic benefit cost $ 221 $ 205 $ 31 $ 32 $ 7 $ 6 U.S. Pension Benefits U.S. Postretirement International 2024 2023 2024 2023 2024 2023 Six Months Ended June 30: Service cost $ 620 $ 586 $ 10 $ 10 $ 22 $ 22 Interest cost 1,288 1,254 54 58 34 33 Expected return on assets (1,543) (1,483) (2) (6) (42) (42) Amortization of prior service cost 77 53 — 1 — — Net periodic benefit cost (income) $ 442 $ 410 $ 62 $ 63 $ 14 $ 13 Service cost and the remaining components of net periodic benefit cost are presented within Compensation and benefits and Investment income and other , respectively, in our statements of consolidated income. During the six months ended June 30, 2024, we contributed $33 and $117 million to our company-sponsored pension and U.S. postretirement medical benefit plans, respectively. We expect to contribute approximately $1.2 billion and $50 million over the remainder of the year to our company-sponsored pension and U.S. postretirement medical benefit plans, respectively. Multiemployer Benefit Plans We contribute to a number of multiemployer defined benefit and health and welfare plans under the terms of collective bargaining agreements that cover our union-represented employees. Our current collective bargaining agreements set forth the contribution rates to the plans that we participate in, and we are in compliance with these contribution rates. As of June 30, 2024 and December 31, 2023, we had $809 and $813 million, respectively, recorded in Other Non-Current Liabilities in our consolidated balance sheets and $9 million as of both June 30, 2024 and December 31, 2023 recorded in Other current liabilities in our consolidated balance sheets associated with our previous withdrawal from the New England Teamsters and Trucking Industry Pension Fund. This liability is payable in equal monthly installments over a remaining term of approximately 38 years. Based on the borrowing rates currently available to us for long-term financing of a similar maturity, the fair value of this withdrawal liability as of June 30, 2024 and December 31, 2023 was $665 and $710 million, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability. UPS was a contributing employer to the Central States Pension Fund ("CSPF") until 2007, at which time UPS withdrew from the CSPF. Under a collective bargaining agreement with the International Brotherhood of Teamsters ("IBT"), UPS agreed to provide coordinating benefits in the UPS/IBT Full Time Employee Pension Plan ("UPS/IBT Plan") for UPS participants whose last employer was UPS and who had not retired as of January 1, 2008 ("the UPS Transfer Group") in the event that benefits are reduced by the CSPF consistent with the terms of our withdrawal agreement with the CSPF. Under this agreement, benefits to the UPS Transfer Group cannot be reduced without our consent and can only be reduced in accordance with law. Subsequent to our withdrawal, the CSPF incurred extensive asset losses and indicated that it was projected to become insolvent. In such event, the CSPF benefits would be reduced to the legally permitted Pension Benefit Guaranty Corporation ("PBGC") limits, triggering the coordinating benefits provision in the collective bargaining agreement. In 2021, the American Rescue Plan Act ("ARPA") was enacted into law. The ARPA contains provisions that allow for qualifying multiemployer pension plans to apply for special financial assistance ("SFA") from the PBGC, which will be funded by the U.S. government. Following SFA approval, a qualifying multiemployer pension plan will receive a lump sum payment to enable it to continue paying unreduced pension benefits through 2051. The multiemployer plan is not obligated to repay the SFA. The ARPA is intended to prevent both the PBGC and certain financially distressed multiemployer pension plans, including the CSPF, from becoming insolvent through 2051. The CSPF submitted an application for SFA that was approved in December 2022. In January 2023, $35.8 billion was paid to the CSPF by the PBGC. We account for the potential obligation to pay coordinating benefits under ASC Topic 715, which requires us to provide a best estimate of various actuarial assumptions in measuring our pension benefit obligation at the December 31 measurement date. As of December 31, 2023, our best estimate of coordinating benefits that may be required to be paid by the UPS/IBT Plan after SFA funds have been exhausted was immaterial. The value of our estimate for future coordinating benefits will continue to be influenced by a number of factors, including interpretations of the ARPA, future legislative actions, actuarial assumptions and the ability of the CSPF to sustain its long-term commitments. Actual events may result in a change in our best estimate of the projected benefit obligation. We will continue to assess the impact of these uncertainties in accordance with ASC Topic 715. Collective Bargaining Agreements We have approximately 310,000 employees in the U.S. employed under a national master agreement and various supplemental agreements with local unions affiliated with the Teamsters. These agreements are scheduled to expire on July 31, 2028. We have approximately 10,000 employees in Canada employed under a collective bargaining agreement with the Teamsters which runs through July 31, 2025. We have approximately 3,300 pilots who are employed under a collective bargaining agreement with the Independent Pilots Association. This collective bargaining agreement becomes amendable September 1, 2025. We have approximately 1,900 airline mechanics who are covered by a collective bargaining agreement with Teamsters Local 2727 which becomes amendable November 1, 2026. In addition, approximately 3,000 of our auto and maintenance mechanics who are not represented by the Teamsters are employed under a collective bargaining agreement with the International Association of Machinists and Aerospace Workers ("IAM"). On July 21, 2024, the IAM ratified a new collective bargaining agreement that will expire on July 31, 2029.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The following table indicates the allocation of goodwill as of June 30, 2024 and December 31, 2023 (in millions): U.S. Domestic International Supply Chain Solutions Consolidated December 31, 2023: $ 847 $ 503 $ 3,522 $ 4,872 Acquired — — 21 21 Currency / Other — (11) (532) (543) June 30, 2024: $ 847 $ 492 $ 3,011 $ 4,350 During the six months ended June 30, 2024: • Within Supply Chain Solutions, we reclassified $494 million of goodwill as held for sale in connection with the pending divestiture of our truckload brokerage business, Coyote, as discussed in note 18. Prior to reclassification, we performed an impairment test for our Coyote reporting unit. This analysis did not indicate impairment. • We recorded an increase in goodwill of $15 million as part of purchase accounting allocations for our November 2023 acquisitions of MNX Global Logistics and Happy Returns. Certain areas of purchase accounting, including our estimates of tax positions, remain preliminary as of June 30, 2024. In addition, we recorded $6 million of goodwill related to the acquisition of certain locations of The UPS Store. • The remaining movements are due to the impact of changes in the value of the U.S. Dollar on the translation of non-U.S. Dollar goodwill balances. We complete our annual goodwill impairment evaluation as of July 1 on a reporting unit basis. As of June 30, 2024, none of our reporting units had indications that an impairment was more likely than not. Approximately $1.1 billion of our consolidated goodwill balance of $4.4 billion is represented by our Global Freight Forwarding and Roadie reporting units which, based on our quarterly monitoring, are exhibiting a limited excess of fair value above carrying value and reflect a greater risk of an impairment occurring in future periods. We do not expect any impairment would have a significant impact on our consolidated financial position, results of operations or cash flows. For each of our reporting units, we continue to monitor the impact of macroeconomic conditions and business performance on our estimates of fair value. Actual reporting unit performance, revisions to our forecasts of future performance, market factors, changes in estimates or assumptions in connection with our annual testing, or a combination thereof could result in an impairment charge in one or more of our reporting units during a future period. We continue to monitor business performance and external factors affecting our reporting units. The following is a summary of intangible assets as of June 30, 2024 and December 31, 2023 (in millions): Gross Carrying Accumulated Net Carrying June 30, 2024: Capitalized software $ 5,954 $ (4,061) $ 1,893 Licenses 45 (19) 26 Franchise rights 348 (51) 297 Customer relationships 684 (186) 498 Trade name 112 (23) 89 Trademarks, patents and other 376 (77) 299 Amortizable intangible assets $ 7,519 $ (4,417) $ 3,102 Indefinite-lived intangible assets 4 — 4 Total Intangible Assets, Net $ 7,523 $ (4,417) $ 3,106 December 31, 2023: Capitalized software $ 5,839 $ (3,900) $ 1,939 Licenses 30 (7) 23 Franchise rights 291 (49) 242 Customer relationships 1,115 (516) 599 Trade name 172 (30) 142 Trademarks, patents and other 320 (53) 267 Amortizable intangible assets $ 7,767 $ (4,555) $ 3,212 Indefinite-lived intangible assets 93 — 93 Total Intangible Assets, Net $ 7,860 $ (4,555) $ 3,305 The table above excludes intangible assets associated with our Coyote business that were classified as held for sale as of June 30, 2024. These assets include an indefinite-lived trade name with a carrying value of $89 million and finite-lived intangibles with a carrying value of $104 million. Prior to reclassification, we tested the indefinite-lived trade name for impairment. This analysis did not indicate impairment. For the three months ended June 30, 2024, there were no impairment charges for finite-lived intangible assets. For the six months ended June 30, 2024, we recorded impairment charges of $48 million ($35 million after tax, or $0.04 per diluted share) within Other Expenses in our statement of consolidated income. These charges represented capitalized software license impairments of $7 million and a $41 million charge to write down the value of certain trade names acquired as part of our acquisition of Bomi Group. There were no impairment charges for finite-lived intangible assets for the three or six months ended June 30, 2023.

DEBT AND FINANCING ARRANGEMENTS

DEBT AND FINANCING ARRANGEMENTS	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT AND FINANCING ARRANGEMENTS	DEBT AND FINANCING ARRANGEMENTS The carrying value of our outstanding debt obligations as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): Principal Carrying Value Maturity 2024 2023 Commercial paper $ — $ — $ 2,172 Fixed-rate senior notes: 2.800% senior notes 500 2024 500 499 2.200% senior notes 400 2024 400 400 3.900% senior notes 1,000 2025 999 999 2.400% senior notes 500 2026 499 499 3.050% senior notes 1,000 2027 996 996 3.400% senior notes 750 2029 747 747 2.500% senior notes 400 2029 398 398 4.450% senior notes 750 2030 746 745 4.875% senior notes 900 2033 895 894 5.150% senior notes 900 2034 893 — 6.200% senior notes 1,500 2038 1,486 1,485 5.200% senior notes 500 2040 494 494 4.875% senior notes 500 2040 491 491 3.625% senior notes 375 2042 369 369 3.400% senior notes 500 2046 492 492 3.750% senior notes 1,150 2047 1,138 1,138 4.250% senior notes 750 2049 743 743 3.400% senior notes 700 2049 689 689 5.300% senior notes 1,250 2050 1,232 1,232 5.050% senior notes 1,100 2053 1,083 1,083 5.500% senior notes 1,100 2054 1,087 — 5.600% senior notes 600 2064 590 — Floating-rate senior notes: Floating-rate senior notes 1,775 2049-2074 1,755 1,545 Debentures: 7.620% debentures 276 2030 279 280 Pound Sterling notes: 5.500% notes 84 2031 83 84 5.125% notes 575 2050 547 550 Euro senior notes: 1.625% senior notes 749 2025 748 774 1.000% senior notes 535 2028 533 551 1.500% senior notes 535 2032 533 551 Canadian senior notes: 2.125% senior notes — 2024 — 566 Finance lease obligations (see note 10) 437 2024-2046 437 472 Facility notes and bonds 320 2029-2045 320 320 Other debt 3 2024-2026 3 6 Total debt $ 22,414 22,205 22,264 Less: current maturities (2,008) (3,348) Long-term debt $ 20,197 $ 18,916 Commercial Paper We are authorized to borrow up to $10.0 billion under a U.S. commercial paper program and €5.0 billion (in a variety of currencies) under a European commercial paper program. There was no commercial paper outstanding as of June 30, 2024. The amount of commercial paper outstanding under these programs in 2024 is expected to fluctuate. Debt Classification We have classified certain floating-rate senior notes that are redeemable at the option of the note holder as long-term debt in our consolidated balance sheets, due to our intent and ability to refinance the debt if the put option is exercised. Debt Repayments On May 21, 2024, our 2.125% Canadian Dollar senior notes with a principal balance of C$750 million ($550 million) matured and were repaid in full. Debt Issuances On May 22, 2024 we issued three series of notes in the principal amounts of $900 million, $1.1 billion and $600 million. These notes bear interest at 5.15%, 5.50% and 5.60%, respectively, and mature on May 22, 2034, May 22, 2054 and May 22, 2064, respectively. Interest on the notes is payable semi-annually, beginning November 22, 2024. Each series of notes is callable at our option at a redemption price equal to the greater of 100% of the principal amount, or the sum of the present values of scheduled payments of principal and interest, plus accrued and unpaid interest. On May 28, 2024 we issued floating rate senior notes with a principal balance of $213 million. These notes bear interest at a rate equal to the compounded Secured Overnight Financing Rate ("SOFR") less 0.35% per year and mature on June 1, 2074. These notes are callable at various times after 30 years at a stated percentage of par value and are redeemable at the option of the note holders at various times after one year at a stated percentage of par value. Sources of Credit We maintain two credit agreements with a consortium of banks. The first of these agreements provides revolving credit facilities of $1.0 billion, and expires on December 3, 2024. Amounts outstanding under this agreement bear interest at a periodic fixed rate equal to the term SOFR rate, plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of June 30, 2024 was 0.70%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, may be used at our discretion. The second agreement provides revolving credit facilities of $2.0 billion, and expires on December 7, 2026. Amounts outstanding under this facility bear interest at a periodic fixed rate equal to the term SOFR rate plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of June 30, 2024 was 0.875%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, plus an applicable margin, may be used at our discretion. If the credit ratings established by Standard & Poor's and Moody's differ, the higher rating will be used, except in cases where the lower rating is two or more levels lower. In these circumstances, the rating one step below the higher rating will be used. We are also able to request advances under these facilities based on competitive bids for the applicable interest rate. There were no amounts outstanding under these facilities as of June 30, 2024. Debt Covenants Our existing debt instruments and credit facilities subject us to certain financial covenants. As of June 30, 2024, and for all prior periods presented, we have satisfied these financial covenants. These covenants limit the amount of secured indebtedness that we may incur, and limit the amount of attributable debt in sale-leaseback transactions, to 10% of net tangible assets. As of June 30, 2024, 10% of net tangible assets was equivalent to $4.7 billion and we had no covered sale-leaseback transactions or secured indebtedness outstanding. We do not expect these covenants to have a material impact on our liquidity. Fair Value of Debt Based on the borrowing rates currently available to us for long-term debt with similar terms and maturities, the fair value of long-term debt, including current maturities, was approximately $21.2 and $22.1 billion as of June 30, 2024 and December 31, 2023, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of all of our debt instruments.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
LEASES	LEASES We have finance and operating leases for real estate (primarily package centers, airport facilities and warehouses), aircraft and engines, information technology equipment, vehicles and various other equipment used in operating our business. Certain leases for real estate and aircraft contain options to purchase, extend or terminate the lease. Aircraft In addition to the aircraft that we own, we charter aircraft to handle package and cargo volume on certain international trade lanes and domestic routes. Due to the nature of these agreements, primarily being that either party can cancel the agreement with short notice, we have classified these as short-term leases. A majority of our long-term aircraft operating leases are operated by a third party to handle package and cargo volume in geographic regions where, due to government regulations, we are restricted from operating an airline. Transportation equipment and other equipment We enter into both long-term and short-term leases for transportation equipment to supplement our capacity or meet contractual demands. Some of these assets are leased on a month-to-month basis and the leases can be terminated without penalty. We also enter into equipment leases to increase capacity during periods of high demand. These leases are treated as short-term as the cumulative right of use is less than 12 months over the term of the contract. Some of our transportation and technology equipment leases require us to make additional lease payments based on the underlying usage of the assets. Due to the variable nature of these costs, these are expensed as incurred and are not included in the right of use lease asset and associated lease obligation. The components of lease expense for the three and six months ended June 30, 2024 and 2023 were as follows (in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Operating lease costs $ 231 $ 219 $ 462 $ 426 Finance lease costs: Amortization of assets 31 28 66 57 Interest on lease liabilities 5 5 10 9 Total finance lease costs 36 33 76 66 Variable lease costs 78 68 154 140 Short-term lease costs 192 226 391 503 Total lease costs (1) $ 537 $ 546 $ 1,083 $ 1,135 (1) This table excludes sublease income as it was not material for the three and six months ended June 30, 2024 and 2023. In addition to the lease costs disclosed in the table above, we monitor all lease categories for any indicators that the carrying value of the assets may not be recoverable. There were no material lease impairments recognized during the three or six months ended June 30, 2024 or 2023. Supplemental information related to leases and location within our consolidated balance sheets is as follows (in millions, except lease term and discount rate): June 30, December 31, Operating Leases: Operating lease right-of-use assets $ 4,088 $ 4,308 Current maturities of operating leases $ 683 $ 709 Non-current operating leases 3,561 3,756 Total operating lease obligations $ 4,244 $ 4,465 Finance Leases: Property, plant and equipment, net $ 667 $ 856 Current maturities of long-term debt, commercial paper and finance leases $ 106 $ 104 Long-term debt and finance leases 331 368 Total finance lease obligations $ 437 $ 472 Weighted average remaining lease term (in years): Operating leases 10.7 10.8 Finance leases 7.2 7.4 Weighted average discount rate: Operating leases 3.35 % 3.20 % Finance leases 3.99 % 3.88 % Supplemental cash flow information related to leases is as follows (in millions): Six Months Ended 2024 2023 Cash paid for amounts included in measurement of obligations: Operating cash flows from operating leases $ 448 $ 419 Operating cash flows from finance leases 10 8 Financing cash flows from finance leases 58 79 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 232 $ 826 Finance leases $ 23 $ 106 Maturities of lease obligations as of June 30, 2024 were as follows (in millions): Finance Leases Operating Leases 2024 $ 64 $ 396 2025 105 828 2026 79 721 2027 49 619 2028 42 468 Thereafter 173 2,067 Total lease payments 512 5,099 Less: Imputed interest (75) (855) Total lease obligations 437 4,244 Less: Current obligations (106) (683) Long-term lease obligations $ 331 $ 3,561 As of June 30, 2024, we had $628 million of additional leases which had not commenced. These leases will commence later in 2024 through 2026 when we are granted access to the property, such as when leasehold improvements are completed by the lessor or a certificate of occupancy is obtained.
LEASES	LEASES We have finance and operating leases for real estate (primarily package centers, airport facilities and warehouses), aircraft and engines, information technology equipment, vehicles and various other equipment used in operating our business. Certain leases for real estate and aircraft contain options to purchase, extend or terminate the lease. Aircraft In addition to the aircraft that we own, we charter aircraft to handle package and cargo volume on certain international trade lanes and domestic routes. Due to the nature of these agreements, primarily being that either party can cancel the agreement with short notice, we have classified these as short-term leases. A majority of our long-term aircraft operating leases are operated by a third party to handle package and cargo volume in geographic regions where, due to government regulations, we are restricted from operating an airline. Transportation equipment and other equipment We enter into both long-term and short-term leases for transportation equipment to supplement our capacity or meet contractual demands. Some of these assets are leased on a month-to-month basis and the leases can be terminated without penalty. We also enter into equipment leases to increase capacity during periods of high demand. These leases are treated as short-term as the cumulative right of use is less than 12 months over the term of the contract. Some of our transportation and technology equipment leases require us to make additional lease payments based on the underlying usage of the assets. Due to the variable nature of these costs, these are expensed as incurred and are not included in the right of use lease asset and associated lease obligation. The components of lease expense for the three and six months ended June 30, 2024 and 2023 were as follows (in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Operating lease costs $ 231 $ 219 $ 462 $ 426 Finance lease costs: Amortization of assets 31 28 66 57 Interest on lease liabilities 5 5 10 9 Total finance lease costs 36 33 76 66 Variable lease costs 78 68 154 140 Short-term lease costs 192 226 391 503 Total lease costs (1) $ 537 $ 546 $ 1,083 $ 1,135 (1) This table excludes sublease income as it was not material for the three and six months ended June 30, 2024 and 2023. In addition to the lease costs disclosed in the table above, we monitor all lease categories for any indicators that the carrying value of the assets may not be recoverable. There were no material lease impairments recognized during the three or six months ended June 30, 2024 or 2023. Supplemental information related to leases and location within our consolidated balance sheets is as follows (in millions, except lease term and discount rate): June 30, December 31, Operating Leases: Operating lease right-of-use assets $ 4,088 $ 4,308 Current maturities of operating leases $ 683 $ 709 Non-current operating leases 3,561 3,756 Total operating lease obligations $ 4,244 $ 4,465 Finance Leases: Property, plant and equipment, net $ 667 $ 856 Current maturities of long-term debt, commercial paper and finance leases $ 106 $ 104 Long-term debt and finance leases 331 368 Total finance lease obligations $ 437 $ 472 Weighted average remaining lease term (in years): Operating leases 10.7 10.8 Finance leases 7.2 7.4 Weighted average discount rate: Operating leases 3.35 % 3.20 % Finance leases 3.99 % 3.88 % Supplemental cash flow information related to leases is as follows (in millions): Six Months Ended 2024 2023 Cash paid for amounts included in measurement of obligations: Operating cash flows from operating leases $ 448 $ 419 Operating cash flows from finance leases 10 8 Financing cash flows from finance leases 58 79 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 232 $ 826 Finance leases $ 23 $ 106 Maturities of lease obligations as of June 30, 2024 were as follows (in millions): Finance Leases Operating Leases 2024 $ 64 $ 396 2025 105 828 2026 79 721 2027 49 619 2028 42 468 Thereafter 173 2,067 Total lease payments 512 5,099 Less: Imputed interest (75) (855) Total lease obligations 437 4,244 Less: Current obligations (106) (683) Long-term lease obligations $ 331 $ 3,561 As of June 30, 2024, we had $628 million of additional leases which had not commenced. These leases will commence later in 2024 through 2026 when we are granted access to the property, such as when leasehold improvements are completed by the lessor or a certificate of occupancy is obtained.

LEGAL PROCEEDINGS AND CONTINGEN

LEGAL PROCEEDINGS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS AND CONTINGENCIES	LEGAL PROCEEDINGS AND CONTINGENCIES We are involved in a number of judicial proceedings and other matters arising from the conduct of our business. Although there can be no assurances as to the ultimate outcome, we have generally denied, or believe we have meritorious defenses and will deny, liability in pending matters, including (except as may be otherwise noted herein) the matters described below, and we intend to vigorously defend each matter. We accrue amounts associated with judicial proceedings and other contingencies when and to the extent a loss becomes probable and can be reasonably estimated. The actual costs of resolving legal proceedings may be substantially higher or lower than the amounts accrued on those claims. For matters as to which we are not able to estimate a possible loss or range of losses, we are not able to determine whether any such loss will have a material impact on our operations or financial condition. For these matters, we have described the reasons that we are unable to estimate a possible loss or range of losses. Judicial Proceedings We are a defendant in a number of lawsuits filed in state and federal courts containing various class action allegations under state wage-and-hour laws. We do not believe that any loss associated with any such matter will have a material impact on our financial condition, results of operations or liquidity. In July 2023, Baker v. United Parcel Service, Inc. (DE) and United Parcel Service, Inc. (OH) was certified as a class action in federal court in the Eastern District of Washington. The plaintiff in this matter alleges that UPS violated the Uniformed Services Employment and Reemployment Rights Act. We are vigorously defending ourselves in this matter and believe that we have a number of meritorious defenses, and there are unresolved questions of law and fact that could be important to the ultimate resolution of this matter. Accordingly, we are not able to estimate a possible loss or range of loss that may result from this matter or to determine whether such loss, if any, would have a material adverse effect on our financial condition, results of operations or liquidity. Other Matters In August 2016, Spain’s National Markets and Competition Commission ("CNMC") announced an investigation into 10 companies in the commercial delivery and parcel industry, including UPS, related to alleged nonaggression agreements to allocate customers. In May 2017, we received a Statement of Objections issued by the CNMC. In July 2017, we received a Proposed Decision from the CNMC. In March 2018, the CNMC adopted a final decision, finding an infringement and imposing an immaterial fine on UPS. We appealed the decision. In December 2022, a trial court ruled against us. We have filed an appeal before the Spanish Supreme Court. We are vigorously defending ourselves and believe that we have a number of meritorious defenses. There are also unresolved questions of law that could be important to the ultimate resolution of this matter. We do not believe that any loss from this matter would have a material impact on our financial condition, results of operations or liquidity. As previously disclosed, the Securities and Exchange Commission (the "SEC") has been investigating our controls and practices surrounding impairment analyses in connection with the divestiture of UPS Freight in April 2021. Such analysis led to a non-cash goodwill impairment charge being recorded during the quarter ended December 31, 2020. Since March 2024, when the SEC staff informed the Company that it disagreed with the timing of the impairment, the Company has been discussing with the SEC staff the possibility of reaching a negotiated resolution. Although the Company cannot predict the ultimate outcome of the investigation with certainty, it believes the resolution of the SEC investigation will not have a material effect on the Company's financial condition, results of operations or liquidity. An accrual representing our best estimate of the impact of this regulatory matter is included in our consolidated balance sheets as of June 30, 2024. We are a party to various other matters that arose in the normal course of business. These include disputes with government authorities in various jurisdictions over the imposition of duties, fines, taxes and assessments from time to time. We are vigorously defending ourselves and believe that we have a number of meritorious defenses in these disputes. There are also unresolved questions of law that could be important to the ultimate resolution of these disputes. Accordingly, we are not able to estimate a possible loss or range of losses that may result from these disputes or to determine whether such losses, if any, would have a material impact on our financial condition, results of operations or liquidity. We do not believe that the eventual resolution of any other matters (either individually or in the aggregate), including any reasonably possible losses in excess of current accruals, will have a material impact on our operations or financial condition.

SHAREOWNERS' EQUITY

SHAREOWNERS' EQUITY	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
SHAREOWNERS' EQUITY	SHAREOWNERS' EQUITY Capital Stock, Additional Paid-In Capital, Retained Earnings and Noncontrolling Interests We are authorized to issue two classes of common stock, which are distinguished from each other primarily by their respective voting rights. Class A shares of UPS are entitled to 10 votes per share, whereas class B shares are entitled to one vote per share. Class A shares are primarily held by UPS employees and retirees, as well as trusts and descendants of the Company's founders, and these shares are fully convertible into class B shares at any time. Class B shares are publicly traded on the New York Stock Exchange under the symbol "UPS". Class A and B shares both have a $0.01 par value, and as of June 30, 2024, there were 4.6 billion class A shares and 5.6 billion class B shares authorized to be issued. Additionally, there are 200 million preferred shares authorized to be issued, with a par value of $0.01 per share. As of June 30, 2024, no preferred shares had been issued. The following is a rollforward of our common stock, additional paid-in capital, retained earnings and noncontrolling interests accounts for the three and six months ended June 30, 2024 and 2023 (in millions, except per share amounts): Three Months Ended June 30: 2024 2023 Shares Dollars Shares Dollars Class A Common Stock: Balance at beginning of period 126 $ 2 135 $ 2 Common stock issuances 2 — — — Conversions of class A to class B common stock (3) — (3) — Class A shares issued at end of period 125 $ 2 132 $ 2 Class B Common Stock: Balance at beginning of period 729 $ 7 724 $ 7 Common stock purchases — — (4) — Conversions of class A to class B common stock 3 — 3 — Class B shares issued at end of period 732 $ 7 723 $ 7 Additional Paid-In Capital: Balance at beginning of period $ — $ — Stock award plans 15 32 Common stock purchases — (135) Common stock issuances 121 108 Other (1) — (5) Balance at end of period $ 136 $ — Retained Earnings: Balance at beginning of period $ 20,681 $ 21,510 Net income attributable to controlling interests 1,409 2,081 Dividends ($1.63 and $1.62 per share) (2) (1,398) (1,393) Common stock purchases — (615) Other — 1 Balance at end of period $ 20,692 $ 21,584 Noncontrolling Interests: Balance at beginning of period $ 24 $ 15 Change in noncontrolling interest (1) 3 Balance at end of period $ 23 $ 18 (1) Includes a 1% excise tax applicable to share repurchases. (2) The dividend per share amount is the same for both class A and class B common stock. Dividends include $45 and $48 million as of June 30, 2024 and 2023, respectively, that were settled in shares of class A common stock. Six Months Ended June 30: 2024 2023 Shares Dollars Shares Dollars Class A Common Stock: Balance at beginning of period 127 $ 2 134 $ 2 Stock award plans 2 — 3 — Common stock issuances 2 — 1 — Conversions of class A to class B common stock (6) — (6) — Class A shares issued at end of period 125 $ 2 132 $ 2 Class B Common Stock: Balance at beginning of period 726 $ 7 725 $ 7 Common stock purchases — — (8) — Conversions of class A to class B common stock 6 — 6 — Class B shares issued at end of period 732 $ 7 723 $ 7 Additional Paid-In Capital: Balance at beginning of period $ — $ — Stock award plans (103) 377 Common stock purchases — (627) Common stock issuances 239 255 Other (1) — (5) Balance at end of period $ 136 $ — Retained Earnings: Balance at beginning of period $ 21,055 $ 21,326 Net income attributable to controlling interests 2,522 3,976 Dividends ($3.26 and $3.24 per share) (2) (2,812) (2,846) Common stock purchases — (873) Other (3) (73) 1 Balance at end of period $ 20,692 $ 21,584 Noncontrolling Interests: Balance at beginning of period $ 8 $ 17 Change in noncontrolling interest 15 1 Balance at end of period $ 23 $ 18 (1) Includes a 1% excise tax applicable to share repurchases. (2) The dividend per share amount is the same for both class A and class B common stock. Dividends include $111 and $153 million as of June 30, 2024 and 2023, respectively, that were settled in shares of class A common stock. (3) Includes adjustments related to certain stock-based awards. We did not repurchase any shares under our share repurchase program during the three or six months ended June 30, 2024. We repurchased 4.3 and 8.4 million shares of class B common stock for $750 million and $1.5 billion during the three and six months ended June 30, 2023, respectively. These repurchases were completed as follows: • In August 2021, the Board of Directors authorized the company to repurchase up to $5.0 billion of class A and class B common stock (the "2021 Authorization"). For the six months ended June 30, 2023, we repurchased 0.5 million shares of class B common stock for $82 million under this authorization. • In January 2023, the Board of Directors terminated the 2021 Authorization and approved a new share repurchase authorization for $5.0 billion of class A and class B common stock (the "2023 Authorization"). For the three and six months ended June 30, 2023, we repurchased 4.3 and 7.9 million shares for $750 million and $1.4 billion, respectively, under the 2023 Authorization. As of June 30, 2024, we had $2.8 billion available under the 2023 Authorization. We anticipate our share repurchases will total approximately $500 million in 2024. Share repurchases may be in the form of accelerated share repurchase programs, open market purchases or other methods we deem appropriate. The timing of share repurchases will depend upon market conditions. Unless terminated earlier by the Board of Directors, the authorization will expire when we have purchased all shares authorized for repurchase under the program. Movements in additional paid-in capital in respect of stock award plans comprise accruals for unvested awards, offset by adjustments for awards that vest during the period. Accumulated Other Comprehensive Income (Loss) We recognize activity in other comprehensive income (loss) for foreign currency translation adjustments, unrealized holding gains and losses on available-for-sale securities, unrealized gains and losses from derivatives that qualify as hedges of cash flows and unrecognized pension and postretirement benefit costs. The activity in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023 was as follows (in millions): Three Months Ended June 30: 2024 2023 Foreign Currency Translation Gain (Loss), Net of Tax: Balance at beginning of period $ (1,373) $ (1,328) Translation adjustment (net of tax effect of $(3) and $2) (58) (18) Balance at end of period (1,431) (1,346) Unrealized Gain (Loss) on Marketable Securities, Net of Tax: Balance at beginning of period (3) (4) Current period changes in fair value (net of tax effect of $0 and $(5)) — (16) Balance at end of period (3) (20) Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax: Balance at beginning of period (3) 90 Current period changes in fair value (net of tax effect of $11 and $(14)) 38 (43) Reclassification to earnings (net of tax effect of $(10) and $(12)) (35) (37) Balance at end of period — 10 Unrecognized Pension and Postretirement Benefit Costs, Net of Tax: Balance at beginning of period (2,402) (239) Reclassification to earnings (net of tax effect of $10 and $6) 29 21 Balance at end of period (2,373) (218) Accumulated other comprehensive income (loss) at end of period $ (3,807) $ (1,574) Six Months Ended June 30: 2024 2023 Foreign currency translation gain (loss), net of tax: Balance at beginning of period $ (1,248) $ (1,446) Translation adjustment (net of tax effect of $3 and $(13)) (183) 97 Reclassification to earnings (net of tax effect of $0 and $0) — 3 Balance at end of period (1,431) (1,346) Unrealized gain (loss) on marketable securities, net of tax: Balance at beginning of period (2) (11) Current period changes in fair value (net of tax effect of $0 and $(4)) (1) (11) Reclassification to earnings (net of tax effect of $0 and $1) — 2 Balance at end of period (3) (20) Unrealized gain (loss) on cash flow hedges, net of tax: Balance at beginning of period (76) 167 Current period changes in fair value (net of tax effect of $44 and $(22)) 141 (69) Reclassification to earnings (net of tax effect of $(20) and $(28)) (65) (88) Balance at end of period — 10 Unrecognized pension and postretirement benefit costs, net of tax: Balance at beginning of period (2,432) (259) Reclassification to earnings (net of tax effect of $18 and $13) 59 41 Balance at end of period (2,373) (218) Accumulated other comprehensive income (loss) at end of period $ (3,807) $ (1,574) Detail of the gains (losses) reclassified from accumulated other comprehensive income (loss) to the statements of consolidated income for the three and six months ended June 30, 2024 and 2023 is as follows (in millions): Amount Reclassified from AOCI (1) Affected Line Item in the Income Statement Three Months Ended June 30: 2024 2023 Unrealized Gain (Loss) on Cash Flow Hedges: Interest rate contracts $ (2) $ (2) Interest expense Foreign currency exchange contracts 47 51 Revenue Income tax (expense) benefit (10) (12) Income tax expense Impact on net income 35 37 Net income Unrecognized Pension and Postretirement Benefit Costs: Prior service costs (39) (27) Investment income and other Income tax (expense) benefit 10 6 Income tax expense Impact on net income (29) (21) Net income Total amount reclassified for the period $ 6 $ 16 Net income Amount Reclassified from AOCI (1) Affected Line Item in the Income Statement Six Months Ended June 30: 2024 2023 Unrealized gain (loss) on foreign currency translation: Realized gain (loss) on business wind-down $ — $ (3) Other expenses Impact on net income — (3) Net income Unrealized gain (loss) on marketable securities: Realized gain (loss) on sale of securities — (3) Investment income and other Income tax (expense) benefit — 1 Income tax expense Impact on net income — (2) Net income Unrealized gain (loss) on cash flow hedges: Interest rate contracts (3) (3) Interest expense Foreign currency exchange contracts 88 119 Revenue Income tax (expense) benefit (20) (28) Income tax expense Impact on net income 65 88 Net income Unrecognized pension and postretirement benefit costs: Prior service costs (77) (54) Investment income and other Income tax (expense) benefit 18 13 Income tax expense Impact on net income (59) (41) Net income Total amount reclassified for the period $ 6 $ 42 Net income (1) Accumulated other comprehensive income (loss) Deferred Compensation Obligations and Treasury Stock We maintain a deferred compensation plan whereby certain employees were previously able to elect to defer the gains on stock option exercises by deferring the shares received upon exercise into a rabbi trust. The shares held in this trust are classified as treasury stock, and the liability to participating employees is classified as a deferred compensation obligation within Shareowners' Equity in the consolidated balance sheets. The number of shares needed to settle the liability for deferred compensation obligations is included in the denominator in both the basic and diluted earnings per share calculations. Employees are generally no longer able to defer the gains from stock options exercised. Activity in the deferred compensation program for the three and six months ended June 30, 2024 and 2023 was as follows (in millions): 2024 2023 Three Months Ended June 30: Shares Dollars Shares Dollars Deferred Compensation Obligations: Balance at beginning of period $ 6 $ 9 Reinvested dividends — — Benefit payments — — Balance at end of period $ 6 $ 9 Treasury Stock: Balance at beginning of period — $ (6) — $ (9) Reinvested dividends — — — — Benefit payments — — — — Balance at end of period — $ (6) — $ (9) 2024 2023 Six Months Ended June 30: Shares Dollars Shares Dollars Deferred Compensation Obligations: Balance at beginning of period $ 9 $ 13 Reinvested dividends — — Benefit payments (3) (4) Balance at end of period $ 6 $ 9 Treasury Stock: Balance at beginning of period — $ (9) — $ (13) Reinvested dividends — — — — Benefit payments — 3 — 4 Balance at end of period — $ (6) — $ (9)

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION We have two reportable segments: U.S. Domestic Package and International Package, which are together referred to as our global small package operations. Our remaining businesses are reported as Supply Chain Solutions. Global small package operations represent our most significant business. Supply Chain Solutions comprises the results of non-reportable operating segments that do not meet the quantitative and qualitative criteria of a reportable segment as defined under ASC Topic 280 – Segment Reporting. U.S. Domestic Package U.S. Domestic Package operations include the time-definite delivery of letters, documents and packages throughout the United States. International Package International Package operations include delivery to more than 200 countries and territories worldwide, including shipments wholly outside the United States, as well as shipments with either origin or destination outside the United States. International Package includes our operations in Europe, the Indian sub-continent, Middle East and Africa ("EMEA"), Canada and Latin America (together "Americas") and Asia. Supply Chain Solutions Supply Chain Solutions includes our Forwarding, Logistics, digital and other businesses. Our Forwarding and Logistics businesses provide services in more than 200 countries and territories worldwide and include international air and ocean freight forwarding, truckload brokerage, customs brokerage, mail services, healthcare logistics, distribution and post-sales services. Our digital businesses leverage technology to enable a range of on-demand services such as same-day delivery, end-to-end return services and integrated supply chain and high-value shipment insurance solutions. In evaluating financial performance, we focus on operating profit as a segment's measure of profit or loss. Operating profit is before investment income and other, interest expense and income tax expense. Certain expenses are allocated between the segments using activity-based costing methods. These activity-based costing methods require us to make estimates that impact the amount of each expense category that is attributed to each segment. Changes in these estimates directly impact the amount of expense allocated to each segment, and therefore the operating profit of each reporting segment. Our allocation methodologies are refined periodically, as necessary, to reflect changes in our businesses. There were no significant changes to our allocation methodologies in the second quarter of 2024. Results of operations for the three and six months ended June 30, 2024 and 2023 were as follows (in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue: U.S. Domestic Package $ 14,119 $ 14,396 $ 28,353 $ 29,383 International Package 4,370 4,415 8,626 8,958 Supply Chain Solutions 3,329 3,244 6,545 6,639 Consolidated revenue $ 21,818 $ 22,055 $ 43,524 $ 44,980 Operating Profit: U.S. Domestic Package $ 989 $ 1,602 $ 1,814 $ 3,068 International Package 718 883 1,374 1,711 Supply Chain Solutions 237 295 369 542 Consolidated operating profit $ 1,944 $ 2,780 $ 3,557 $ 5,321

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The earnings per share amounts are the same for class A and class B common shares as the holders of each class are legally entitled to equal per-share distributions whether through dividends or in liquidation. The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (in millions, except per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net income attributable to common shareowners $ 1,409 $ 2,081 $ 2,522 $ 3,976 Denominator: Weighted-average shares 856 857 855 858 Vested portion of restricted shares — 3 1 3 Denominator for basic earnings per share 856 860 856 861 Effect of dilutive securities: Restricted performance units — 1 — 1 Stock options 1 — 1 1 Denominator for diluted earnings per share 857 861 857 863 Basic earnings per share (1) $ 1.65 $ 2.42 $ 2.95 $ 4.62 Diluted earnings per share (1) $ 1.65 $ 2.42 $ 2.94 $ 4.61 (1) Earnings per share is computed using unrounded amounts. Diluted earnings per share for the three and six months ended June 30, 2024 and 2023 excluded the effect of 0.5 and 0.2 million shares of common stock, respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive.

DERIVATIVE INSTRUMENTS AND RISK

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT	DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT Risk Management Policies Changes in fuel prices, interest rates and foreign currency exchange rates impact our results of operations and we actively monitor these exposures. Where deemed appropriate, to manage the impact of these exposures on earnings and/or cash flows, we may enter into a variety of derivative financial instruments. We do not hold or issue derivative financial instruments for trading or speculative purposes. Credit Risk Management The forward contracts, swaps and options discussed below contain an element of risk that the counterparties may be unable to meet the terms of the agreements. We seek to minimize such risk exposures for these instruments by limiting the counterparties to banks and financial institutions that meet established credit guidelines. We may further manage credit risk through the use of bilateral collateral provisions and/or early termination rights utilizing master netting arrangements, whereby cash is exchanged based on the net fair value of derivatives associated with each counterparty when positions exceed $250 million. As of June 30, 2024 we did not hold any cash collateral. As of December 31, 2023, we held cash collateral of $103 million under these agreements. Collateral is included in Cash and cash equivalents in our consolidated balance sheets and is unrestricted. As of June 30, 2024, no collateral was required to be posted with our counterparties. As of December 31, 2023, we were required to post $13 million of collateral with our counterparties. Types of Hedges Commodity Risk Management Currently, the fuel surcharges that we apply in our domestic and international package businesses are the primary means of reducing the risk of adverse fuel price changes on our business. In order to mitigate the impact of fuel surcharges imposed on us by outside carriers, we regularly adjust the rates we charge for our freight brokerage services. Foreign Currency Risk Management To protect against the reduction in value of forecasted foreign currency cash flows from our international package business, we maintain a foreign currency cash flow hedging program. Our most significant foreign currency exposures relate to the Euro, British Pound Sterling, Canadian Dollar, Chinese Renminbi and Hong Kong Dollar. We generally designate and account for these contracts as cash flow hedges of anticipated foreign currency denominated revenue. We may also hedge portions of our anticipated cash settlements of principal and interest on certain foreign currency denominated debt. We generally designate and account for these contracts as cash flow hedges of forecasted foreign currency denominated transactions. We hedge our net investment in certain foreign operations with foreign currency denominated debt instruments. Interest Rate Risk Management We may use a combination of derivative instruments to manage the fixed and floating interest rate mix of our total debt portfolio and related overall cost of borrowing. We generally designate and account for interest rate swaps that convert fixed-rate interest payments into floating-rate interest payments as fair value hedges of the associated debt instruments. We designate and account for interest rate swaps that convert floating-rate interest payments into fixed-rate interest payments as cash flow hedges of the forecasted payment obligations. We may periodically hedge the forecasted fixed-coupon interest payments associated with anticipated debt offerings by using forward starting interest rate swaps, interest rate locks or similar derivatives. Outstanding Positions As of June 30, 2024 and December 31, 2023, the notional amounts of our outstanding derivative positions were as follows (in millions): June 30, December 31, Currency hedges: Euro EUR 4,064 4,408 British Pound Sterling GBP 641 663 Canadian Dollar CAD 1,703 1,550 Hong Kong Dollar HKD 4,652 1,822 As of June 30, 2024 and December 31, 2023, we had no outstanding commodity hedge positions. Balance Sheet Recognition The following table indicates the location in our consolidated balance sheets where our derivative assets and liabilities have been recognized, the fair value hierarchy level applicable to each derivative type and the related fair values of those derivatives. We have master netting arrangements with substantially all of our counterparties giving us the right of offset for our derivative positions. However, we have not elected to offset the fair value positions of our derivative contracts recorded in our consolidated balance sheets. The columns labeled Net Amounts if Right of Offset had been Applied indicate the potential net fair value positions by type of contract and location in our consolidated balance sheets had we elected to apply the right of offset as of June 30, 2024 and December 31, 2023 (in millions): Fair Value Hierarchy Level Gross Amounts Presented in Consolidated Balance Sheets Net Amounts if Right of Asset Derivatives Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives designated as hedges: Foreign currency exchange contracts Other current assets Level 2 $ 121 $ 95 $ 112 $ 73 Foreign currency exchange contracts Other non-current assets Level 2 65 63 51 19 Derivatives not designated as hedges: Foreign currency exchange contracts Other current assets Level 2 — — — — Total Asset Derivatives $ 186 $ 158 $ 163 $ 92 Fair Value Hierarchy Level Gross Amounts Presented in Net Amounts if Right of Liability Derivatives Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives designated as hedges: Foreign currency exchange contracts Other current liabilities Level 2 $ 9 $ 26 $ — $ 4 Foreign currency exchange contracts Other non-current liabilities Level 2 14 65 — 21 Derivatives not designated as hedges: Foreign currency exchange contracts Other non-current liabilities Level 2 — 1 — 1 Total Liability Derivatives $ 23 $ 92 $ — $ 26 Our foreign currency exchange rate derivatives are largely comprised of over-the-counter derivatives, which are primarily valued using pricing models that rely on market observable inputs such as yield curves, foreign currency exchange rates and investment forward prices; therefore, these derivatives are classified as Level 2. Balance Sheet Location of Hedged Item in Fair Value Hedges The following table indicates the amounts that were recorded in our consolidated balance sheets related to cumulative basis adjustments for fair value hedges as of June 30, 2024 and December 31, 2023 (in millions): Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included Carrying Amount Cumulative Amount Carrying Amount Cumulative Amount June 30, 2024 June 30, 2024 December 31, 2023 December 31, 2023 Long-term debt and finance leases $ 279 $ 4 $ 280 $ 4 Income Statement and AOCI Recognition of Designated Hedges The following table indicates the amount of gains (losses) that have been recognized in our statements of consolidated income for fair value and cash flow hedges, as well as the associated gain (loss) for the underlying hedged item for fair value hedges for the three and six months ended June 30, 2024 and 2023 (in millions): Three Months Ended June 30, Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships 2024 2023 Revenue Interest Expense Investment Income and Other Revenue Interest Expense Investment Income and Other Gain or (loss) on cash flow hedging relationships: Interest Contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income — (2) — — (2) — Foreign Currency Exchange Contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income 47 — — 51 — — Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded $ 47 $ (2) $ — $ 51 $ (2) $ — Six Months Ended June 30, 2024 2023 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Revenue Interest Expense Investment Income and Other Revenue Interest Expense Investment Income and Other Gain (loss) on cash flow hedging relationships: Interest Rate Contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income — (3) — — (3) — Foreign Currency Exchange Contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income 88 — — 119 — — Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded $ 88 $ (3) $ — $ 119 $ (3) $ — The following table indicates the amount of gains (losses) that have been recognized in AOCI for the three and six months ended June 30, 2024 and 2023 for those derivatives designated as cash flow hedges (in millions): Three Months Ended June 30: Derivative Instruments in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives 2024 2023 Foreign currency exchange contracts 49 (57) Total $ 49 $ (57) Six Months Ended June 30: Derivative Instruments in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives 2024 2023 Foreign currency exchange contracts 185 (91) Total $ 185 $ (91) As of June 30, 2024, there were $106 million of pre-tax gains related to cash flow hedges deferred in AOCI that are expected to be reclassified to income over the 12-month period ending June 30, 2025. The actual amounts that will be reclassified to income over the next 12 months will vary from this amount as a result of changes in market conditions. The maximum term over which we are hedging exposures to the variability of cash flows is approximately 3 years. The following table indicates the amount of gains (losses) that have been recognized in AOCI within foreign currency translation adjustment for the three and six months ended June 30, 2024 and 2023 for those instruments designated as net investment hedges (in millions): Three Months Ended June 30: Non-derivative Instruments in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Debt 2024 2023 Foreign currency denominated debt $ 18 $ (25) Total $ 18 $ (25) Six Months Ended June 30: Non-derivative Instruments in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Debt 2024 2023 Foreign currency denominated debt $ 84 $ (98) Total $ 84 $ (98) Income Statement Recognition of Non-Designated Derivative Instruments Derivative instruments that are not designated as hedges are recorded at fair value with unrealized gains and losses reported in earnings each period. Cash flows from the settlement of derivative instruments appear in our statements of consolidated cash flows within the same categories as the cash flows of the hedged item. We may periodically terminate interest rate swaps and foreign currency exchange forward contracts or enter into offsetting swap and foreign currency positions with different counterparties. As part of this process, we de-designate our original hedge relationship. Amounts recorded in our statements of consolidated income related to fair value changes and settlements of foreign currency forward contracts not designated as hedges for the three and six months ended June 30, 2024 and 2023 (in millions) were as follows: Derivative Instruments Not Designated in Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income 2024 2023 Three Months Ended June 30: Foreign currency exchange contracts Investment income and other $ 1 $ (1) Total $ 1 $ (1) Six Months Ended June 30: Foreign currency exchange contracts Investment income and other $ (4) $ 3 Total $ (4) $ 3

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate for the quarter increased to 24.6% in 2024 compared to 23.5% in 2023 (25.9% year to date compared to 24.2% in 2023). The year-over-year increase in our effective tax rate was driven by share-based compensation shortfalls, unfavorable changes in uncertain tax positions and non-deductible expenses related to regulatory matters.

TRANSFORMATION COSTS

TRANSFORMATION COSTS	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
TRANSFORMATION COSTS	TRANSFORMATION COSTS We are undertaking an enterprise-wide transformation of our organization that includes initiatives, as well as changes in processes and technology, that impact global direct and indirect operating costs. In 2023, we announced our Fit to Serve initiative, with the aim of right-sizing our business for the future through a workforce reduction. An accrual for separation costs of $31 and $205 million was included in our consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively, all of which we expect to pay during 2024. The table below presents transformation costs for the three and six months ended June 30, 2024 and 2023 (in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Transformation Costs: Compensation and benefits $ 20 $ 109 $ 51 $ 97 Other expenses 7 30 22 45 Total Transformation Costs $ 27 $ 139 $ 73 $ 142 Income Tax Benefit from Transformation Costs (6) (33) (17) (33) After-Tax Transformation Costs $ 21 $ 106 $ 56 $ 109

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE On June 23, 2024, we announced that we have entered into a definitive agreement to divest our truckload brokerage business, Coyote, for $1.025 billion, subject to working capital and other adjustments. We report Coyote within our Forwarding businesses in Supply Chain Solutions. The following table summarizes the carrying values of the assets and liabilities classified as held for sale in our consolidated balance sheets as of June 30, 2024 (in millions): 2024 Assets: Cash and cash equivalents $ 10 Accounts receivable, net 370 Other current assets 95 Goodwill 494 Intangible assets, net 193 Other non-current assets 21 Total assets held for sale $ 1,183 Liabilities: Accounts payable $ 215 Other current liabilities 48 Other non-current liabilities 110 Total liabilities to be disposed of $ 373 Net assets held for sale $ 810 We expect the transaction, which is subject to customary closing conditions and regulatory approval, to close in the second half of 2024.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 22, 2024, we announced that we have entered into an agreement to acquire Estafeta, a leading domestic small package provider in Mexico that is expected to enhance our logistics orchestration capabilities in this market. This acquisition is targeted to close by the end of 2024, subject to regulatory approval, and is not expected to exceed 10% of operating income.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income	$ 1,409	$ 2,081	$ 2,522	$ 3,976

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND ACC_2

BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying 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 unaudited, consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly our financial position as of June 30, 2024, our results of operations for the three and six months ended June 30, 2024 and 2023, and our cash flows for the six months ended June 30, 2024 and 2023. The results reported in these 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 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, 2023.
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Use of Estimates	Use of Estimates The preparation of the accompanying 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. As a result, our accounting estimates and assumptions may change significantly over time.
Supplier Finance Programs	Supplier Finance Programs As part of our working capital management, certain financial institutions offer a Supply Chain Finance ("SCF") program to certain of our suppliers. We agree to commercial terms with our suppliers, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. Suppliers issue invoices to us based on the agreed-upon contractual terms. If they participate in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, to sell to the financial institutions. Our suppliers' voluntary inclusion of invoices in the SCF program has no bearing on our payment terms. No guarantees are provided by us under the SCF program. We have no economic interest in a supplier's decision to participate, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Amounts due to our suppliers that participate in the SCF program are included in Accounts payable in our consolidated balance sheets. We have been informed by the participating financial institutions that as of June 30, 2024 and December 31, 2023, suppliers sold them $387 and $504 million, respectively, of our outstanding payment obligations.
Revenue Recognition, Contract Assets and Liabilities	Revenue Recognition Substantially all of our revenues are from contracts associated with the pickup, transportation and delivery of packages and freight ("transportation services"). These services may be carried out by or arranged by us and generally occur over a short period of time. Additionally, we provide value-added logistics services to customers through our global network of distribution centers and field stocking locations. The vast majority of our contracts with customers are for transportation services that include only one performance obligation; the transportation services themselves. We generally recognize revenue over time, based on the extent of progress towards completion of the services in the contract. All of our major businesses act as a principal in their revenue arrangements and as such, we report revenue and the associated purchased transportation costs on a gross basis within our statements of consolidated income. Contract Assets and Liabilities Contract assets include billed and unbilled amounts resulting from in-transit shipments, as we have an unconditional right to payment only when services have been completed (i.e. shipments have been delivered). Amounts do not exceed their net realizable value. Contract assets are generally classified as current and the full balance is converted each quarter based on the short-term nature of the transactions.
Accounts Receivable, Net	Accounts Receivable, Net
Adoption of New Accounting Standards and Accounting Standards Issued But Not Yet Effective	Adoption of New Accounting Standards Accounting pronouncements adopted during the periods covered by the unaudited, consolidated financial statements did not have a material impact on our consolidated financial position, results of operations, cash flows or internal controls. Accounting Standards Issued But Not Yet Effective In November 2023, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") on segment reporting, which will require new disclosures, including significant segment expenses and additional qualitative information about how segment measures are used by management. The standard becomes effective for us beginning with our 2024 annual reporting and for both annual and interim periods thereafter. We are evaluating the impact of this ASU on our disclosures. We will be required to define significant segment expense categories and we anticipate providing additional qualitative and quantitative information in accordance with this ASU. We do not expect this ASU will have a significant impact on our consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued an ASU to enhance tax-related disclosures. This update will require more standardized categories for tax rate reconciliation and additional detail for significant tax items. It will also require a breakdown of income taxes paid by jurisdiction exceeding 5% of total taxes and remove certain disclosure requirements for unremitted foreign earnings and uncertain tax positions. The standard becomes effective for us in the first quarter of 2025. We are evaluating its impact on our financial statements, disclosures and internal controls but do not expect this ASU will have a significant impact on our consolidated financial position, results of operations, cash flows or internal controls.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue: Next Day Air $ 2,309 $ 2,407 $ 4,625 $ 4,868 Deferred 1,107 1,169 2,263 2,363 Ground 10,703 10,820 21,465 22,152 U.S. Domestic Package 14,119 14,396 28,353 29,383 Domestic 770 763 1,528 1,557 Export 3,437 3,468 6,787 7,020 Cargo & Other 163 184 311 381 International Package 4,370 4,415 8,626 8,958 Forwarding 1,315 1,376 2,595 2,890 Logistics 1,546 1,431 3,088 2,841 Other 468 437 862 908 Supply Chain Solutions 3,329 3,244 6,545 6,639 Consolidated revenue $ 21,818 $ 22,055 $ 43,524 $ 44,980
Schedule of Contract Assets and Liabilities	Contract assets and liabilities as of June 30, 2024 and December 31, 2023 were as follows (in millions): Balance Sheet Location June 30, 2024 December 31, 2023 Contract Assets: Revenue related to in-transit packages Other current assets $ 246 $ 237 Contract Liabilities: Short-term advance payments from customers Other current liabilities $ 16 $ 20 Long-term advance payments from customers Other non-current liabilities $ 26 $ 25

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Weighted-Average Assumptions and Fair Values Used of Performance Units Granted	The weighted-average assumptions used and the weighted-average fair values of the LTIP awards granted in 2024 and 2023 are as follows: 2024 2023 Risk-free interest rate 4.45 % 3.81 % Expected volatility 27.00 % 30.30 % Weighted-average fair value of units granted $ 157.91 $ 199.95 Share payout 102.20 % 107.80 %
Fair Value of Employee Stock Options Granted and Determined by Black-Scholes Valuation Model Assumptions	The fair value of each option granted is estimated using a Black-Scholes option pricing model. The weighted-average assumptions used and the weighted-average fair values of options granted in 2024 and 2023 are as follows: 2024 2023 Expected dividend yield 3.96 % 3.54 % Risk-free interest rate 4.25 % 3.70 % Expected life (in years) 6.13 5.93 Expected volatility 28.94 % 28.31 % Weighted-average fair value of options granted $ 34.76 $ 41.08

MARKETABLE SECURITIES AND NON_2

MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The following is a summary of marketable securities classified as trading and available for sale as of June 30, 2024 and December 31, 2023 (in millions): Cost Unrealized Unrealized Estimated June 30, 2024: Current trading marketable securities: Equity securities $ 3 $ — $ — $ 3 Total trading marketable securities 3 — — 3 Current available-for-sale securities: U.S. government and agency debt securities 182 — (3) 179 Mortgage and asset-backed debt securities — — — — Corporate debt securities 31 — — 31 Non-U.S. government debt securities — — — — Total available-for-sale marketable securities 213 — (3) 210 Total current marketable securities $ 216 $ — $ (3) $ 213 Cost Unrealized Unrealized Estimated December 31, 2023: Current trading marketable securities: Equity securities $ 4 $ — $ — $ 4 Total trading marketable securities 4 — — 4 Current available-for-sale securities: U.S. government and agency debt securities 963 2 (4) 961 Mortgage and asset-backed debt securities 3 — — 3 Corporate debt securities 1,891 4 (4) 1,891 Non-U.S. government debt securities 7 — — 7 Total available-for-sale marketable securities 2,864 6 (8) 2,862 Total current marketable securities $ 2,868 $ 6 $ (8) $ 2,866
Investments Classified by Contractual Maturity Date	The amortized cost and estimated fair value of marketable securities as of June 30, 2024 by contractual maturity are shown below (in millions). Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations with or without prepayment penalties. Cost Estimated Due in one year or less $ 108 $ 106 Due after one year through three years 105 104 Due after three years through five years — — Due after five years — — 213 210 Equity securities 3 3 $ 216 $ 213
Fair Value, Assets Measured on Recurring Basis	The following table presents information about our investments measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in millions): Quoted Prices Significant Other Significant Total June 30, 2024: Marketable Securities: U.S. government and agency debt securities $ 179 $ — $ — $ 179 Mortgage and asset-backed debt securities — — — — Corporate debt securities — 31 — 31 Equity securities — 3 — 3 Non-U.S. government debt securities — — — — Total marketable securities 179 34 — 213 Other non-current investments (1) — 19 — 19 Total $ 179 $ 53 $ — $ 232 (1) Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan. Quoted Prices Significant Other Significant Total December 31, 2023: Marketable Securities: U.S. government and agency debt securities $ 961 $ — $ — $ 961 Mortgage and asset-backed debt securities — 3 — 3 Corporate debt securities — 1,891 — 1,891 Equity securities — 4 — 4 Non-U.S. government debt securities — 7 — 7 Total marketable securities 961 1,905 — 2,866 Other non-current investments (1) — 19 — 19 Total $ 961 $ 1,924 $ — $ 2,885 (1) Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): 2024 2023 Vehicles $ 11,934 $ 11,768 Aircraft 23,370 22,888 Land 2,122 2,138 Buildings 6,541 6,255 Building and leasehold improvements 5,572 5,241 Plant equipment 18,078 17,322 Technology equipment 2,658 2,656 Construction-in-progress 2,321 3,247 72,596 71,515 Less: Accumulated depreciation and amortization (35,467) (34,570) Property, Plant and Equipment, Net $ 37,129 $ 36,945

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures	Information about the net periodic benefit cost for our company-sponsored pension and postretirement benefit plans for the three and six months ended June 30, 2024 and 2023 is as follows (in millions): U.S. Pension Benefits U.S. Postretirement International 2024 2023 2024 2023 2024 2023 Three Months Ended June 30: Service cost $ 310 $ 293 $ 5 $ 5 $ 11 $ 11 Interest cost 644 627 27 29 17 16 Expected return on assets (772) (741) (1) (3) (21) (21) Amortization of prior service cost 39 26 — 1 — — Net periodic benefit cost $ 221 $ 205 $ 31 $ 32 $ 7 $ 6 U.S. Pension Benefits U.S. Postretirement International 2024 2023 2024 2023 2024 2023 Six Months Ended June 30: Service cost $ 620 $ 586 $ 10 $ 10 $ 22 $ 22 Interest cost 1,288 1,254 54 58 34 33 Expected return on assets (1,543) (1,483) (2) (6) (42) (42) Amortization of prior service cost 77 53 — 1 — — Net periodic benefit cost (income) $ 442 $ 410 $ 62 $ 63 $ 14 $ 13

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table indicates the allocation of goodwill as of June 30, 2024 and December 31, 2023 (in millions): U.S. Domestic International Supply Chain Solutions Consolidated December 31, 2023: $ 847 $ 503 $ 3,522 $ 4,872 Acquired — — 21 21 Currency / Other — (11) (532) (543) June 30, 2024: $ 847 $ 492 $ 3,011 $ 4,350
Schedule of Intangible Assets (Excluding Goodwill)	The following is a summary of intangible assets as of June 30, 2024 and December 31, 2023 (in millions): Gross Carrying Accumulated Net Carrying June 30, 2024: Capitalized software $ 5,954 $ (4,061) $ 1,893 Licenses 45 (19) 26 Franchise rights 348 (51) 297 Customer relationships 684 (186) 498 Trade name 112 (23) 89 Trademarks, patents and other 376 (77) 299 Amortizable intangible assets $ 7,519 $ (4,417) $ 3,102 Indefinite-lived intangible assets 4 — 4 Total Intangible Assets, Net $ 7,523 $ (4,417) $ 3,106 December 31, 2023: Capitalized software $ 5,839 $ (3,900) $ 1,939 Licenses 30 (7) 23 Franchise rights 291 (49) 242 Customer relationships 1,115 (516) 599 Trade name 172 (30) 142 Trademarks, patents and other 320 (53) 267 Amortizable intangible assets $ 7,767 $ (4,555) $ 3,212 Indefinite-lived intangible assets 93 — 93 Total Intangible Assets, Net $ 7,860 $ (4,555) $ 3,305

DEBT AND FINANCING ARRANGEMEN_2

DEBT AND FINANCING ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The carrying value of our outstanding debt obligations as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): Principal Carrying Value Maturity 2024 2023 Commercial paper $ — $ — $ 2,172 Fixed-rate senior notes: 2.800% senior notes 500 2024 500 499 2.200% senior notes 400 2024 400 400 3.900% senior notes 1,000 2025 999 999 2.400% senior notes 500 2026 499 499 3.050% senior notes 1,000 2027 996 996 3.400% senior notes 750 2029 747 747 2.500% senior notes 400 2029 398 398 4.450% senior notes 750 2030 746 745 4.875% senior notes 900 2033 895 894 5.150% senior notes 900 2034 893 — 6.200% senior notes 1,500 2038 1,486 1,485 5.200% senior notes 500 2040 494 494 4.875% senior notes 500 2040 491 491 3.625% senior notes 375 2042 369 369 3.400% senior notes 500 2046 492 492 3.750% senior notes 1,150 2047 1,138 1,138 4.250% senior notes 750 2049 743 743 3.400% senior notes 700 2049 689 689 5.300% senior notes 1,250 2050 1,232 1,232 5.050% senior notes 1,100 2053 1,083 1,083 5.500% senior notes 1,100 2054 1,087 — 5.600% senior notes 600 2064 590 — Floating-rate senior notes: Floating-rate senior notes 1,775 2049-2074 1,755 1,545 Debentures: 7.620% debentures 276 2030 279 280 Pound Sterling notes: 5.500% notes 84 2031 83 84 5.125% notes 575 2050 547 550 Euro senior notes: 1.625% senior notes 749 2025 748 774 1.000% senior notes 535 2028 533 551 1.500% senior notes 535 2032 533 551 Canadian senior notes: 2.125% senior notes — 2024 — 566 Finance lease obligations (see note 10) 437 2024-2046 437 472 Facility notes and bonds 320 2029-2045 320 320 Other debt 3 2024-2026 3 6 Total debt $ 22,414 22,205 22,264 Less: current maturities (2,008) (3,348) Long-term debt $ 20,197 $ 18,916

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Lease Cost	The components of lease expense for the three and six months ended June 30, 2024 and 2023 were as follows (in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Operating lease costs $ 231 $ 219 $ 462 $ 426 Finance lease costs: Amortization of assets 31 28 66 57 Interest on lease liabilities 5 5 10 9 Total finance lease costs 36 33 76 66 Variable lease costs 78 68 154 140 Short-term lease costs 192 226 391 503 Total lease costs (1) $ 537 $ 546 $ 1,083 $ 1,135 (1) This table excludes sublease income as it was not material for the three and six months ended June 30, 2024 and 2023. Supplemental cash flow information related to leases is as follows (in millions): Six Months Ended 2024 2023 Cash paid for amounts included in measurement of obligations: Operating cash flows from operating leases $ 448 $ 419 Operating cash flows from finance leases 10 8 Financing cash flows from finance leases 58 79 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 232 $ 826 Finance leases $ 23 $ 106
Supplemental Balance Sheet	Supplemental information related to leases and location within our consolidated balance sheets is as follows (in millions, except lease term and discount rate): June 30, December 31, Operating Leases: Operating lease right-of-use assets $ 4,088 $ 4,308 Current maturities of operating leases $ 683 $ 709 Non-current operating leases 3,561 3,756 Total operating lease obligations $ 4,244 $ 4,465 Finance Leases: Property, plant and equipment, net $ 667 $ 856 Current maturities of long-term debt, commercial paper and finance leases $ 106 $ 104 Long-term debt and finance leases 331 368 Total finance lease obligations $ 437 $ 472 Weighted average remaining lease term (in years): Operating leases 10.7 10.8 Finance leases 7.2 7.4 Weighted average discount rate: Operating leases 3.35 % 3.20 % Finance leases 3.99 % 3.88 %
Operating Leases Maturity Schedule	Maturities of lease obligations as of June 30, 2024 were as follows (in millions): Finance Leases Operating Leases 2024 $ 64 $ 396 2025 105 828 2026 79 721 2027 49 619 2028 42 468 Thereafter 173 2,067 Total lease payments 512 5,099 Less: Imputed interest (75) (855) Total lease obligations 437 4,244 Less: Current obligations (106) (683) Long-term lease obligations $ 331 $ 3,561
Finance Leases Maturity Schedule	Maturities of lease obligations as of June 30, 2024 were as follows (in millions): Finance Leases Operating Leases 2024 $ 64 $ 396 2025 105 828 2026 79 721 2027 49 619 2028 42 468 Thereafter 173 2,067 Total lease payments 512 5,099 Less: Imputed interest (75) (855) Total lease obligations 437 4,244 Less: Current obligations (106) (683) Long-term lease obligations $ 331 $ 3,561

SHAREOWNERS' EQUITY (Tables)

SHAREOWNERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	The following is a rollforward of our common stock, additional paid-in capital, retained earnings and noncontrolling interests accounts for the three and six months ended June 30, 2024 and 2023 (in millions, except per share amounts): Three Months Ended June 30: 2024 2023 Shares Dollars Shares Dollars Class A Common Stock: Balance at beginning of period 126 $ 2 135 $ 2 Common stock issuances 2 — — — Conversions of class A to class B common stock (3) — (3) — Class A shares issued at end of period 125 $ 2 132 $ 2 Class B Common Stock: Balance at beginning of period 729 $ 7 724 $ 7 Common stock purchases — — (4) — Conversions of class A to class B common stock 3 — 3 — Class B shares issued at end of period 732 $ 7 723 $ 7 Additional Paid-In Capital: Balance at beginning of period $ — $ — Stock award plans 15 32 Common stock purchases — (135) Common stock issuances 121 108 Other (1) — (5) Balance at end of period $ 136 $ — Retained Earnings: Balance at beginning of period $ 20,681 $ 21,510 Net income attributable to controlling interests 1,409 2,081 Dividends ($1.63 and $1.62 per share) (2) (1,398) (1,393) Common stock purchases — (615) Other — 1 Balance at end of period $ 20,692 $ 21,584 Noncontrolling Interests: Balance at beginning of period $ 24 $ 15 Change in noncontrolling interest (1) 3 Balance at end of period $ 23 $ 18 (1) Includes a 1% excise tax applicable to share repurchases. (2) The dividend per share amount is the same for both class A and class B common stock. Dividends include $45 and $48 million as of June 30, 2024 and 2023, respectively, that were settled in shares of class A common stock. Six Months Ended June 30: 2024 2023 Shares Dollars Shares Dollars Class A Common Stock: Balance at beginning of period 127 $ 2 134 $ 2 Stock award plans 2 — 3 — Common stock issuances 2 — 1 — Conversions of class A to class B common stock (6) — (6) — Class A shares issued at end of period 125 $ 2 132 $ 2 Class B Common Stock: Balance at beginning of period 726 $ 7 725 $ 7 Common stock purchases — — (8) — Conversions of class A to class B common stock 6 — 6 — Class B shares issued at end of period 732 $ 7 723 $ 7 Additional Paid-In Capital: Balance at beginning of period $ — $ — Stock award plans (103) 377 Common stock purchases — (627) Common stock issuances 239 255 Other (1) — (5) Balance at end of period $ 136 $ — Retained Earnings: Balance at beginning of period $ 21,055 $ 21,326 Net income attributable to controlling interests 2,522 3,976 Dividends ($3.26 and $3.24 per share) (2) (2,812) (2,846) Common stock purchases — (873) Other (3) (73) 1 Balance at end of period $ 20,692 $ 21,584 Noncontrolling Interests: Balance at beginning of period $ 8 $ 17 Change in noncontrolling interest 15 1 Balance at end of period $ 23 $ 18 (1) Includes a 1% excise tax applicable to share repurchases. (2) The dividend per share amount is the same for both class A and class B common stock. Dividends include $111 and $153 million as of June 30, 2024 and 2023, respectively, that were settled in shares of class A common stock. (3) Includes adjustments related to certain stock-based awards.
Schedule of Accumulated Other Comprehensive Income (Loss)	The activity in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023 was as follows (in millions): Three Months Ended June 30: 2024 2023 Foreign Currency Translation Gain (Loss), Net of Tax: Balance at beginning of period $ (1,373) $ (1,328) Translation adjustment (net of tax effect of $(3) and $2) (58) (18) Balance at end of period (1,431) (1,346) Unrealized Gain (Loss) on Marketable Securities, Net of Tax: Balance at beginning of period (3) (4) Current period changes in fair value (net of tax effect of $0 and $(5)) — (16) Balance at end of period (3) (20) Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax: Balance at beginning of period (3) 90 Current period changes in fair value (net of tax effect of $11 and $(14)) 38 (43) Reclassification to earnings (net of tax effect of $(10) and $(12)) (35) (37) Balance at end of period — 10 Unrecognized Pension and Postretirement Benefit Costs, Net of Tax: Balance at beginning of period (2,402) (239) Reclassification to earnings (net of tax effect of $10 and $6) 29 21 Balance at end of period (2,373) (218) Accumulated other comprehensive income (loss) at end of period $ (3,807) $ (1,574) Six Months Ended June 30: 2024 2023 Foreign currency translation gain (loss), net of tax: Balance at beginning of period $ (1,248) $ (1,446) Translation adjustment (net of tax effect of $3 and $(13)) (183) 97 Reclassification to earnings (net of tax effect of $0 and $0) — 3 Balance at end of period (1,431) (1,346) Unrealized gain (loss) on marketable securities, net of tax: Balance at beginning of period (2) (11) Current period changes in fair value (net of tax effect of $0 and $(4)) (1) (11) Reclassification to earnings (net of tax effect of $0 and $1) — 2 Balance at end of period (3) (20) Unrealized gain (loss) on cash flow hedges, net of tax: Balance at beginning of period (76) 167 Current period changes in fair value (net of tax effect of $44 and $(22)) 141 (69) Reclassification to earnings (net of tax effect of $(20) and $(28)) (65) (88) Balance at end of period — 10 Unrecognized pension and postretirement benefit costs, net of tax: Balance at beginning of period (2,432) (259) Reclassification to earnings (net of tax effect of $18 and $13) 59 41 Balance at end of period (2,373) (218) Accumulated other comprehensive income (loss) at end of period $ (3,807) $ (1,574)
Gains (Losses) Reclassified from AOCI	Detail of the gains (losses) reclassified from accumulated other comprehensive income (loss) to the statements of consolidated income for the three and six months ended June 30, 2024 and 2023 is as follows (in millions): Amount Reclassified from AOCI (1) Affected Line Item in the Income Statement Three Months Ended June 30: 2024 2023 Unrealized Gain (Loss) on Cash Flow Hedges: Interest rate contracts $ (2) $ (2) Interest expense Foreign currency exchange contracts 47 51 Revenue Income tax (expense) benefit (10) (12) Income tax expense Impact on net income 35 37 Net income Unrecognized Pension and Postretirement Benefit Costs: Prior service costs (39) (27) Investment income and other Income tax (expense) benefit 10 6 Income tax expense Impact on net income (29) (21) Net income Total amount reclassified for the period $ 6 $ 16 Net income Amount Reclassified from AOCI (1) Affected Line Item in the Income Statement Six Months Ended June 30: 2024 2023 Unrealized gain (loss) on foreign currency translation: Realized gain (loss) on business wind-down $ — $ (3) Other expenses Impact on net income — (3) Net income Unrealized gain (loss) on marketable securities: Realized gain (loss) on sale of securities — (3) Investment income and other Income tax (expense) benefit — 1 Income tax expense Impact on net income — (2) Net income Unrealized gain (loss) on cash flow hedges: Interest rate contracts (3) (3) Interest expense Foreign currency exchange contracts 88 119 Revenue Income tax (expense) benefit (20) (28) Income tax expense Impact on net income 65 88 Net income Unrecognized pension and postretirement benefit costs: Prior service costs (77) (54) Investment income and other Income tax (expense) benefit 18 13 Income tax expense Impact on net income (59) (41) Net income Total amount reclassified for the period $ 6 $ 42 Net income (1) Accumulated other comprehensive income (loss)
Activity in Deferred Compensation Program	Activity in the deferred compensation program for the three and six months ended June 30, 2024 and 2023 was as follows (in millions): 2024 2023 Three Months Ended June 30: Shares Dollars Shares Dollars Deferred Compensation Obligations: Balance at beginning of period $ 6 $ 9 Reinvested dividends — — Benefit payments — — Balance at end of period $ 6 $ 9 Treasury Stock: Balance at beginning of period — $ (6) — $ (9) Reinvested dividends — — — — Benefit payments — — — — Balance at end of period — $ (6) — $ (9) 2024 2023 Six Months Ended June 30: Shares Dollars Shares Dollars Deferred Compensation Obligations: Balance at beginning of period $ 9 $ 13 Reinvested dividends — — Benefit payments (3) (4) Balance at end of period $ 6 $ 9 Treasury Stock: Balance at beginning of period — $ (9) — $ (13) Reinvested dividends — — — — Benefit payments — 3 — 4 Balance at end of period — $ (6) — $ (9)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Results of Operations	Results of operations for the three and six months ended June 30, 2024 and 2023 were as follows (in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue: U.S. Domestic Package $ 14,119 $ 14,396 $ 28,353 $ 29,383 International Package 4,370 4,415 8,626 8,958 Supply Chain Solutions 3,329 3,244 6,545 6,639 Consolidated revenue $ 21,818 $ 22,055 $ 43,524 $ 44,980 Operating Profit: U.S. Domestic Package $ 989 $ 1,602 $ 1,814 $ 3,068 International Package 718 883 1,374 1,711 Supply Chain Solutions 237 295 369 542 Consolidated operating profit $ 1,944 $ 2,780 $ 3,557 $ 5,321

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (in millions, except per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net income attributable to common shareowners $ 1,409 $ 2,081 $ 2,522 $ 3,976 Denominator: Weighted-average shares 856 857 855 858 Vested portion of restricted shares — 3 1 3 Denominator for basic earnings per share 856 860 856 861 Effect of dilutive securities: Restricted performance units — 1 — 1 Stock options 1 — 1 1 Denominator for diluted earnings per share 857 861 857 863 Basic earnings per share (1) $ 1.65 $ 2.42 $ 2.95 $ 4.62 Diluted earnings per share (1) $ 1.65 $ 2.42 $ 2.94 $ 4.61 (1) Earnings per share is computed using unrounded amounts.

DERIVATIVE INSTRUMENTS AND RI_2

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	As of June 30, 2024 and December 31, 2023, the notional amounts of our outstanding derivative positions were as follows (in millions): June 30, December 31, Currency hedges: Euro EUR 4,064 4,408 British Pound Sterling GBP 641 663 Canadian Dollar CAD 1,703 1,550 Hong Kong Dollar HKD 4,652 1,822
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table indicates the location in our consolidated balance sheets where our derivative assets and liabilities have been recognized, the fair value hierarchy level applicable to each derivative type and the related fair values of those derivatives. We have master netting arrangements with substantially all of our counterparties giving us the right of offset for our derivative positions. However, we have not elected to offset the fair value positions of our derivative contracts recorded in our consolidated balance sheets. The columns labeled Net Amounts if Right of Offset had been Applied indicate the potential net fair value positions by type of contract and location in our consolidated balance sheets had we elected to apply the right of offset as of June 30, 2024 and December 31, 2023 (in millions): Fair Value Hierarchy Level Gross Amounts Presented in Consolidated Balance Sheets Net Amounts if Right of Asset Derivatives Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives designated as hedges: Foreign currency exchange contracts Other current assets Level 2 $ 121 $ 95 $ 112 $ 73 Foreign currency exchange contracts Other non-current assets Level 2 65 63 51 19 Derivatives not designated as hedges: Foreign currency exchange contracts Other current assets Level 2 — — — — Total Asset Derivatives $ 186 $ 158 $ 163 $ 92 Fair Value Hierarchy Level Gross Amounts Presented in Net Amounts if Right of Liability Derivatives Balance Sheet Location June 30, December 31, June 30, December 31, Derivatives designated as hedges: Foreign currency exchange contracts Other current liabilities Level 2 $ 9 $ 26 $ — $ 4 Foreign currency exchange contracts Other non-current liabilities Level 2 14 65 — 21 Derivatives not designated as hedges: Foreign currency exchange contracts Other non-current liabilities Level 2 — 1 — 1 Total Liability Derivatives $ 23 $ 92 $ — $ 26 The following table indicates the amounts that were recorded in our consolidated balance sheets related to cumulative basis adjustments for fair value hedges as of June 30, 2024 and December 31, 2023 (in millions): Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included Carrying Amount Cumulative Amount Carrying Amount Cumulative Amount June 30, 2024 June 30, 2024 December 31, 2023 December 31, 2023 Long-term debt and finance leases $ 279 $ 4 $ 280 $ 4
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The following table indicates the amount of gains (losses) that have been recognized in our statements of consolidated income for fair value and cash flow hedges, as well as the associated gain (loss) for the underlying hedged item for fair value hedges for the three and six months ended June 30, 2024 and 2023 (in millions): Three Months Ended June 30, Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships 2024 2023 Revenue Interest Expense Investment Income and Other Revenue Interest Expense Investment Income and Other Gain or (loss) on cash flow hedging relationships: Interest Contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income — (2) — — (2) — Foreign Currency Exchange Contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income 47 — — 51 — — Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded $ 47 $ (2) $ — $ 51 $ (2) $ — Six Months Ended June 30, 2024 2023 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Revenue Interest Expense Investment Income and Other Revenue Interest Expense Investment Income and Other Gain (loss) on cash flow hedging relationships: Interest Rate Contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income — (3) — — (3) — Foreign Currency Exchange Contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income 88 — — 119 — — Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded $ 88 $ (3) $ — $ 119 $ (3) $ —
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table indicates the amount of gains (losses) that have been recognized in AOCI for the three and six months ended June 30, 2024 and 2023 for those derivatives designated as cash flow hedges (in millions): Three Months Ended June 30: Derivative Instruments in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives 2024 2023 Foreign currency exchange contracts 49 (57) Total $ 49 $ (57) Six Months Ended June 30: Derivative Instruments in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives 2024 2023 Foreign currency exchange contracts 185 (91) Total $ 185 $ (91)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)	The following table indicates the amount of gains (losses) that have been recognized in AOCI within foreign currency translation adjustment for the three and six months ended June 30, 2024 and 2023 for those instruments designated as net investment hedges (in millions): Three Months Ended June 30: Non-derivative Instruments in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Debt 2024 2023 Foreign currency denominated debt $ 18 $ (25) Total $ 18 $ (25) Six Months Ended June 30: Non-derivative Instruments in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Debt 2024 2023 Foreign currency denominated debt $ 84 $ (98) Total $ 84 $ (98)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	Amounts recorded in our statements of consolidated income related to fair value changes and settlements of foreign currency forward contracts not designated as hedges for the three and six months ended June 30, 2024 and 2023 (in millions) were as follows: Derivative Instruments Not Designated in Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income 2024 2023 Three Months Ended June 30: Foreign currency exchange contracts Investment income and other $ 1 $ (1) Total $ 1 $ (1) Six Months Ended June 30: Foreign currency exchange contracts Investment income and other $ (4) $ 3 Total $ (4) $ 3

TRANSFORMATION COSTS (Tables)

TRANSFORMATION COSTS (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The table below presents transformation costs for the three and six months ended June 30, 2024 and 2023 (in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Transformation Costs: Compensation and benefits $ 20 $ 109 $ 51 $ 97 Other expenses 7 30 22 45 Total Transformation Costs $ 27 $ 139 $ 73 $ 142 Income Tax Benefit from Transformation Costs (6) (33) (17) (33) After-Tax Transformation Costs $ 21 $ 106 $ 56 $ 109

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Carrying Value of Assets and Liabilities Held for Sale	The following table summarizes the carrying values of the assets and liabilities classified as held for sale in our consolidated balance sheets as of June 30, 2024 (in millions): 2024 Assets: Cash and cash equivalents $ 10 Accounts receivable, net 370 Other current assets 95 Goodwill 494 Intangible assets, net 193 Other non-current assets 21 Total assets held for sale $ 1,183 Liabilities: Accounts payable $ 215 Other current liabilities 48 Other non-current liabilities 110 Total liabilities to be disposed of $ 373 Net assets held for sale $ 810

BASIS OF PRESENTATION AND ACC_3

BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplier finance program, obligation, sold to financial institutions	$ 387	$ 504
Restricted cash	0	37
Income Tax Examination [Line Items]
Restricted cash	0	$ 37
ITALY
Income Tax Examination [Line Items]
Miscellaneous taxes	$ 94

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 21,818	$ 22,055	$ 43,524	$ 44,980
U.S. Domestic Package
Disaggregation of Revenue [Line Items]
Revenue	14,119	14,396	28,353	29,383
International Package
Disaggregation of Revenue [Line Items]
Revenue	4,370	4,415	8,626	8,958
Supply Chain Solutions
Disaggregation of Revenue [Line Items]
Revenue	3,329	3,244	6,545	6,639
Supply Chain Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	3,329	3,244	6,545	6,639
U.S | U.S. Domestic Package | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	14,119	14,396	28,353	29,383
International | International Package | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	4,370	4,415	8,626	8,958
Next Day Air | U.S
Disaggregation of Revenue [Line Items]
Revenue	2,309	2,407	4,625	4,868
Deferred | U.S
Disaggregation of Revenue [Line Items]
Revenue	1,107	1,169	2,263	2,363
Ground | U.S
Disaggregation of Revenue [Line Items]
Revenue	10,703	10,820	21,465	22,152
Domestic | International
Disaggregation of Revenue [Line Items]
Revenue	770	763	1,528	1,557
Export | International
Disaggregation of Revenue [Line Items]
Revenue	3,437	3,468	6,787	7,020
Cargo & Other | International
Disaggregation of Revenue [Line Items]
Revenue	163	184	311	381
Forwarding
Disaggregation of Revenue [Line Items]
Revenue	1,315	1,376	2,595	2,890
Logistics
Disaggregation of Revenue [Line Items]
Revenue	1,546	1,431	3,088	2,841
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 468	$ 437	$ 862	$ 908

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Contract Assets:
Revenue related to in-transit packages	$ 246	$ 237
Contract Liabilities:
Short-term advance payments from customers	16	20
Long-term advance payments from customers	$ 26	$ 25

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Allowance for credit losses	$ 126		$ 126		$ 126
Provisions for doubtful receivables	$ 63	$ 41	$ 136	$ 83

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Mar. 20, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders Equity Note [Line Items]
Stock compensation expense		$ 30	$ 39	$ 3	$ 165
Long-Term Incentive Performance Award
Stockholders Equity Note [Line Items]
Award vesting period				3 years
Long-Term Incentive Performance Award | Restricted performance units
Stockholders Equity Note [Line Items]
Weighted-average fair value of options granted (in shares per share)	$ 158.16
Nonqualified Stock Options
Stockholders Equity Note [Line Items]
Award vesting period				5 years
Weighted-average fair value of options granted (in shares per share)	$ 154.76
Expiration period				10 years
Stock options granted (in shares)	0.2
Nonqualified Stock Options | Tranche One
Stockholders Equity Note [Line Items]
Percentage of the award vesting at each anniversary date of the grant				20%
Nonqualified Stock Options | Tranche Two
Stockholders Equity Note [Line Items]
Percentage of the award vesting at each anniversary date of the grant				20%
Nonqualified Stock Options | Tranche Three
Stockholders Equity Note [Line Items]
Percentage of the award vesting at each anniversary date of the grant				20%
Nonqualified Stock Options | Tranche Four
Stockholders Equity Note [Line Items]
Percentage of the award vesting at each anniversary date of the grant				20%
Nonqualified Stock Options | Tranche Five
Stockholders Equity Note [Line Items]
Percentage of the award vesting at each anniversary date of the grant				20%

STOCK-BASED COMPENSATION - Weig

STOCK-BASED COMPENSATION - Weighted-Average Assumptions and Fair Values Used of Performance Units Granted (Details) - Long-Term Incentive Performance Award - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stockholders Equity Note [Line Items]
Risk-free interest rate	4.45%	3.81%
Expected volatility	27%	30.30%
Weighted-average fair value of units granted (in dollars per share)	$ 157.91	$ 199.95
Share payout	102.20%	107.80%

STOCK-BASED COMPENSATION - Fair

STOCK-BASED COMPENSATION - Fair Value of Employee Stock Options Granted as Determined by Black-Scholes Valuation Model Assumptions (Details) - Nonqualified Stock Options - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stockholders Equity Note [Line Items]
Expected dividend yield	3.96%	3.54%
Risk-free interest rate	4.25%	3.70%
Expected life (in years)	6 years 1 month 17 days	5 years 11 months 4 days
Expected volatility	28.94%	28.31%
Weighted-average fair value of options granted (in shares per share)	$ 34.76	$ 41.08

MARKETABLE SECURITIES AND NON_3

MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS - Summary of Marketable Securities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Trading Marketable Securities
Cost	$ 3	$ 4
Estimated Fair Value	3	4
Available-for-Sale Marketable Securities
Cost	213	2,864
Estimated Fair Value	210	2,862
Current Marketable Securities
Cost	216	2,868
Unrealized Gains	0	6
Unrealized Losses	(3)	(8)
Estimated Fair Value	213	2,866
U.S. government and agency debt securities
Available-for-Sale Marketable Securities
Cost	182	963
Estimated Fair Value	179	961
Current Marketable Securities
Unrealized Gains	0	2
Unrealized Losses	(3)	(4)
Mortgage and asset-backed debt securities
Available-for-Sale Marketable Securities
Cost	0	3
Estimated Fair Value	0	3
Current Marketable Securities
Unrealized Gains	0	0
Unrealized Losses	0	0
Corporate debt securities
Available-for-Sale Marketable Securities
Cost	31	1,891
Estimated Fair Value	31	1,891
Current Marketable Securities
Unrealized Gains	0	4
Unrealized Losses	0	(4)
Non-U.S. government debt securities
Available-for-Sale Marketable Securities
Cost	0	7
Estimated Fair Value	0	7
Current Marketable Securities
Unrealized Gains	0	0
Unrealized Losses	$ 0	$ 0

MARKETABLE SECURITIES AND NON_4

MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS - Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Cost
Due in one year or less	$ 108
Due after one year through three years	105
Due after three years through five years	0
Due after five years	0
Amortized cost	213
Equity securities	3
Cost	216
Estimated Fair Value
Due in one year or less	106
Due after one year through three years	104
Due after three years through five years	0
Due after five years	0
Debt securities	210
Equity securities	3
Marketable securities	$ 213	$ 2,866

MARKETABLE SECURITIES AND NON_5

MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
Equity method investments	$ 284	$ 295
Equity securities without readily determinable fair value, amount	47	47
Variable life insurance policy
Gain (Loss) on Securities [Line Items]
Restricted cash and investments, noncurrent	$ 19	$ 19

MARKETABLE SECURITIES AND NON_6

MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS - Investments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 232	$ 2,885
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	213	2,866
Marketable securities | U.S. government and agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	179	961
Marketable securities | Mortgage and asset-backed debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	3
Marketable securities | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	31	1,891
Marketable securities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3	4
Marketable securities | Non-U.S. government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	7
Other non-current investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	19	19
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	179	961
Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	179	961
Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable securities | U.S. government and agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	179	961
Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable securities | Mortgage and asset-backed debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable securities | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable securities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable securities | Non-U.S. government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other non-current investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	53	1,924
Significant Other Observable Inputs (Level 2) | Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	34	1,905
Significant Other Observable Inputs (Level 2) | Marketable securities | U.S. government and agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Other Observable Inputs (Level 2) | Marketable securities | Mortgage and asset-backed debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	3
Significant Other Observable Inputs (Level 2) | Marketable securities | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	31	1,891
Significant Other Observable Inputs (Level 2) | Marketable securities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3	4
Significant Other Observable Inputs (Level 2) | Marketable securities | Non-U.S. government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	7
Significant Other Observable Inputs (Level 2) | Other non-current investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	19	19
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Marketable securities | U.S. government and agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Marketable securities | Mortgage and asset-backed debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Marketable securities | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Marketable securities | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Marketable securities | Non-U.S. government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Other non-current investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment and finance lease right-of-use asset, gross	$ 72,596	$ 71,515
Less: Accumulated depreciation and amortization	(35,467)	(34,570)
Property, Plant and Equipment, Net	37,129	36,945
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment and finance lease right-of-use asset, gross	11,934	11,768
Aircraft
Property, Plant and Equipment [Line Items]
Property, plant and equipment and finance lease right-of-use asset, gross	23,370	22,888
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment and finance lease right-of-use asset, gross	2,122	2,138
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment and finance lease right-of-use asset, gross	6,541	6,255
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment and finance lease right-of-use asset, gross	5,572	5,241
Plant equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment and finance lease right-of-use asset, gross	18,078	17,322
Technology equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment and finance lease right-of-use asset, gross	2,658	2,656
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment and finance lease right-of-use asset, gross	$ 2,321	$ 3,247

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment purchased on account	$ 222	$ 309

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost for Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Pension Plan | U.S. Pension Benefits
Net Periodic Cost:
Service cost	$ 310	$ 293	$ 620	$ 586
Interest cost	644	627	1,288	1,254
Expected return on assets	(772)	(741)	(1,543)	(1,483)
Amortization of prior service cost	39	26	77	53
Net periodic benefit cost	221	205	442	410
Defined Benefit Pension Plan | International Pension Benefits
Net Periodic Cost:
Service cost	11	11	22	22
Interest cost	17	16	34	33
Expected return on assets	(21)	(21)	(42)	(42)
Amortization of prior service cost	0	0	0	0
Net periodic benefit cost	7	6	14	13
U.S. Postretirement Medical Benefits | U.S. Pension Benefits
Net Periodic Cost:
Service cost	5	5	10	10
Interest cost	27	29	54	58
Expected return on assets	(1)	(3)	(2)	(6)
Amortization of prior service cost	0	1	0	1
Net periodic benefit cost	$ 31	$ 32	$ 62	$ 63

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) employee	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plans, payment term		38 years
Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Multi-employer plans, withdrawal obligation, fair value		$ 665	$ 710
U.S | Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Amount contributed to company- sponsored benefit plans		33
Estimated future employer contributions to defined benefit plan, current fiscal year		1,200
U.S | U.S. Postretirement Medical Benefits
Defined Benefit Plan Disclosure [Line Items]
Amount contributed to company- sponsored benefit plans		117
Estimated future employer contributions to defined benefit plan, current fiscal year		$ 50
Central States Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Government assistance, amount	$ 35,800
National Master Agreement and Various Supplemental Agreements
Defined Benefit Plan Disclosure [Line Items]
Number of employees covered | employee		310,000
Teamsters
Defined Benefit Plan Disclosure [Line Items]
Number of employees covered | employee		10,000
Independent Pilots Association
Defined Benefit Plan Disclosure [Line Items]
Number of employees covered | employee		3,300
Teamsters Local 2727
Defined Benefit Plan Disclosure [Line Items]
Number of employees covered | employee		1,900
International Association Of Machinists And Aerospace Workers
Defined Benefit Plan Disclosure [Line Items]
Number of employees covered | employee		3,000
Long term debt | Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plans, withdrawal obligation, present value		$ 809	813
Other current liabilities | Defined Benefit Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plans, withdrawal obligation, present value		$ 9	$ 9

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Allocation of Goodwill by Reportable Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 4,872
Acquired	21
Currency / Other	(543)
Ending balance	4,350
U.S. Domestic Package
Goodwill [Roll Forward]
Beginning balance	847
Acquired	0
Currency / Other	0
Ending balance	847
International Package
Goodwill [Roll Forward]
Beginning balance	503
Acquired	0
Currency / Other	(11)
Ending balance	492
Supply Chain Solutions
Goodwill [Roll Forward]
Beginning balance	3,522
Acquired	21
Currency / Other	(532)
Ending balance	$ 3,011

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Acquired				$ 21,000,000
Goodwill		$ 4,350,000,000		4,350,000,000		$ 4,872,000,000
Indefinite-lived intangible assets		4,000,000		4,000,000		93,000,000
Carrying value		3,102,000,000		3,102,000,000		3,212,000,000
Impairment of finite lived intangible assets		0	$ 0	48,000,000	$ 0
Impairment of finite lived intangible assets, after tax				$ 35,000,000
Goodwill impairment effect on earnings per share (in dollars per share)				$ 0.04
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Carrying value		1,893,000,000		$ 1,893,000,000		1,939,000,000
Impairment of finite lived intangible assets				7,000,000
Trade name
Finite-Lived Intangible Assets [Line Items]
Carrying value		89,000,000		89,000,000		$ 142,000,000
Impairment of finite lived intangible assets				41,000,000
Global Freight Forwarding, Coyote and Roadie
Finite-Lived Intangible Assets [Line Items]
Goodwill		1,100,000,000		1,100,000,000
UPS Stores
Finite-Lived Intangible Assets [Line Items]
Acquired				6,000,000
MNX Global Logistics and Happy Returns
Finite-Lived Intangible Assets [Line Items]
Acquired	$ 15,000,000
Discontinued Operations, Held-for-Sale | Coyote
Finite-Lived Intangible Assets [Line Items]
Goodwill		494,000,000		494,000,000
Indefinite-lived intangible assets		89,000,000		89,000,000
Carrying value		$ 104,000,000		$ 104,000,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 7,519	$ 7,767
Accumulated Amortization	(4,417)	(4,555)
Net Carrying Value	3,102	3,212
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	4	93
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	7,523	7,860
Accumulated Amortization	(4,417)	(4,555)
Intangible Assets, Net	3,106	3,305
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,954	5,839
Accumulated Amortization	(4,061)	(3,900)
Net Carrying Value	1,893	1,939
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(4,061)	(3,900)
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	45	30
Accumulated Amortization	(19)	(7)
Net Carrying Value	26	23
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(19)	(7)
Franchise rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	348	291
Accumulated Amortization	(51)	(49)
Net Carrying Value	297	242
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(51)	(49)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	684	1,115
Accumulated Amortization	(186)	(516)
Net Carrying Value	498	599
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(186)	(516)
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	112	172
Accumulated Amortization	(23)	(30)
Net Carrying Value	89	142
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(23)	(30)
Trademarks, patents and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	376	320
Accumulated Amortization	(77)	(53)
Net Carrying Value	299	267
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (77)	$ (53)

DEBT AND FINANCING ARRANGEMEN_3

DEBT AND FINANCING ARRANGEMENTS - Carrying Value of Outstanding Debt (Details)	Jun. 30, 2024 USD ($)	May 22, 2024 USD ($)	May 21, 2024 USD ($)	May 21, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 22,414,000,000
Finance lease obligations (see note 10)	437,000,000				$ 472,000,000
Total debt	22,205,000,000				22,264,000,000
Less: current maturities	(2,008,000,000)				(3,348,000,000)
Long-term debt	$ 20,197,000,000				18,916,000,000
Senior notes | 2.800% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	2.80%
Principal amount	$ 500,000,000
Long-term debt	$ 500,000,000				499,000,000
Senior notes | 2.200% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	2.20%
Principal amount	$ 400,000,000
Long-term debt	$ 400,000,000				400,000,000
Senior notes | 3.900% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.90%
Principal amount	$ 1,000,000,000
Long-term debt	$ 999,000,000				999,000,000
Senior notes | 2.400% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	2.40%
Principal amount	$ 500,000,000
Long-term debt	$ 499,000,000				499,000,000
Senior notes | 3.050% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.05%
Principal amount	$ 1,000,000,000
Long-term debt	$ 996,000,000				996,000,000
Senior notes | 3.400% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.40%
Principal amount	$ 750,000,000
Long-term debt	$ 747,000,000				747,000,000
Senior notes | 2.500% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	2.50%
Principal amount	$ 400,000,000
Long-term debt	$ 398,000,000				398,000,000
Senior notes | 4.450% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.45%
Principal amount	$ 750,000,000
Long-term debt	$ 746,000,000				745,000,000
Senior notes | 4.875% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.875%
Principal amount	$ 900,000,000
Long-term debt	$ 895,000,000				894,000,000
Senior notes | 5.150% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.15%	5.15%
Principal amount	$ 900,000,000	$ 900,000,000
Long-term debt	$ 893,000,000				0
Senior notes | 6.200% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.20%
Principal amount	$ 1,500,000,000
Long-term debt	$ 1,486,000,000				1,485,000,000
Senior notes | 5.200% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.20%
Principal amount	$ 500,000,000
Long-term debt	$ 494,000,000				494,000,000
Senior notes | 4.875% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.875%
Principal amount	$ 500,000,000
Long-term debt	$ 491,000,000				491,000,000
Senior notes | 3.625% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.625%
Principal amount	$ 375,000,000
Long-term debt	$ 369,000,000				369,000,000
Senior notes | 3.400% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.40%
Principal amount	$ 500,000,000
Long-term debt	$ 492,000,000				492,000,000
Senior notes | 3.750% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.75%
Principal amount	$ 1,150,000,000
Long-term debt	$ 1,138,000,000				1,138,000,000
Senior notes | 4.250% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.25%
Principal amount	$ 750,000,000		$ 550,000,000	$ 750,000,000
Long-term debt	$ 743,000,000				743,000,000
Senior notes | 3.400% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.40%
Principal amount	$ 700,000,000
Long-term debt	$ 689,000,000				689,000,000
Senior notes | 5.300% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.30%
Principal amount	$ 1,250,000,000
Long-term debt	$ 1,232,000,000				1,232,000,000
Senior notes | 5.050% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.05%
Principal amount	$ 1,100,000,000
Long-term debt	$ 1,083,000,000				1,083,000,000
Senior notes | 5.500% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.50%	5.50%
Principal amount	$ 1,100,000,000	$ 1,100,000,000
Long-term debt	$ 1,087,000,000				0
Senior notes | 5.600% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.60%	5.60%
Principal amount	$ 600,000,000	$ 600,000,000
Long-term debt	590,000,000				0
Senior notes | Floating-rate senior notes
Debt Instrument [Line Items]
Principal amount	1,775,000,000
Long-term debt	$ 1,755,000,000				1,545,000,000
Senior notes | 7.620% debentures
Debt Instrument [Line Items]
Debt instrument, stated interest rate	7.62%
Principal amount	$ 276,000,000
Long-term debt	$ 279,000,000				280,000,000
Pound Sterling notes | 5.500% notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.50%
Principal amount	$ 84,000,000
Long-term debt	$ 83,000,000				84,000,000
Pound Sterling notes | 5.125% notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.125%
Principal amount	$ 575,000,000
Long-term debt	$ 547,000,000				550,000,000
Euro Senior Notes | 1.625% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	1.625%
Principal amount	$ 749,000,000
Long-term debt	$ 748,000,000				774,000,000
Euro Senior Notes | 1.000% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	1%
Principal amount	$ 535,000,000
Long-term debt	$ 533,000,000				551,000,000
Euro Senior Notes | 1.500% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	1.50%
Principal amount	$ 535,000,000
Long-term debt	$ 533,000,000				551,000,000
Canadian Senior Notes | 2.125% senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	2.125%		2.125%	2.125%
Principal amount	$ 0
Long-term debt	0				566,000,000
Facility notes and bonds
Debt Instrument [Line Items]
Principal amount	320,000,000
Long-term debt	320,000,000				320,000,000
Other debt
Debt Instrument [Line Items]
Principal amount	3,000,000
Long-term debt	3,000,000				6,000,000
Commercial Paper
Debt Instrument [Line Items]
Principal amount	0
Short-term debt	$ 0				$ 2,172,000,000

DEBT AND FINANCING ARRANGEMEN_4

DEBT AND FINANCING ARRANGEMENTS - Additional Information (Details) € in Billions			6 Months Ended
	May 28, 2024 USD ($)	May 22, 2024 USD ($)	Jun. 30, 2024 USD ($) credit_agreement	Jun. 30, 2024 EUR (€) credit_agreement	May 21, 2024 USD ($)	May 21, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount			$ 22,414,000,000
Number of credit agreements | credit_agreement			2	2
Covenants limit, amount of secured indebtedness and debt in sale-leaseback transactions, percentage of net tangible assets			10%	10%
Tangible capital, actual			$ 4,700,000,000
Secured debt outstanding			0
Sale-lease back outstanding			0
Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Long-term debt fair value			21,200,000,000				$ 22,100,000,000
Senior notes
Debt Instrument [Line Items]
Redemption price percent		100%
Callable debt noncallable period	30 years
Commercial Paper
Debt Instrument [Line Items]
Short-term debt			0				$ 2,172,000,000
Principal amount			0
U.S. Commercial Paper Program | Commercial Paper
Debt Instrument [Line Items]
Commercial paper program, authorized to borrow			10,000,000,000
Short-term debt			$ 0
Foreign Commercial Paper Program | Commercial Paper
Debt Instrument [Line Items]
Commercial paper program, authorized to borrow | €				€ 5
2.125% senior notes | Canadian Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate			2.125%	2.125%	2.125%	2.125%
Principal amount			$ 0
4.250% senior notes | Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate			4.25%	4.25%
Principal amount			$ 750,000,000		$ 550,000,000	$ 750,000,000
5.150% senior notes | Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate		5.15%	5.15%	5.15%
Principal amount		$ 900,000,000	$ 900,000,000
5.500% senior notes | Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate		5.50%	5.50%	5.50%
Principal amount		$ 1,100,000,000	$ 1,100,000,000
5.600% senior notes | Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate		5.60%	5.60%	5.60%
Principal amount		$ 600,000,000	$ 600,000,000
Floating Rate Senior Notes 4 Due 2074 | Senior notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	0.35%
Principal amount	$ 213,000,000
Revolving Credit Facility Expiring In 2023
Debt Instrument [Line Items]
Revolving credit facilities			1,000,000,000
Amounts outstanding			$ 0
Revolving Credit Facility Expiring In 2023 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Revolving Credit Facility Expiring In 2023 | Aplicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
Revolving Credit Facility Expiring In 2023 | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Revolving Credit Facility Expiring In 2023 | Adjusted Term Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Revolving Credit Facility Expiring In 2026
Debt Instrument [Line Items]
Revolving credit facilities			$ 2,000,000,000
Amounts outstanding			$ 0
Revolving Credit Facility Expiring In 2026 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Revolving Credit Facility Expiring In 2026 | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Revolving Credit Facility Expiring In 2026 | Adjusted Term Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Revolving Credit Facility Expiring In 2026 | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.875%

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease costs	$ 231,000,000	$ 219,000,000	$ 462,000,000	$ 426,000,000
Finance lease costs:
Amortization of assets	31,000,000	28,000,000	66,000,000	57,000,000
Interest on lease liabilities	5,000,000	5,000,000	10,000,000	9,000,000
Total finance lease costs	36,000,000	33,000,000	76,000,000	66,000,000
Variable lease costs	78,000,000	68,000,000	154,000,000	140,000,000
Short-term lease costs	192,000,000	226,000,000	391,000,000	503,000,000
Total lease costs	537,000,000	546,000,000	1,083,000,000	1,135,000,000
Operating lease, impairment loss	0	0	0	0
Finance lease, impairment loss	$ 0	$ 0	$ 0	$ 0

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease, impairment loss	$ 0	$ 0	$ 0	$ 0
Finance lease, impairment loss	0	$ 0	0	$ 0
Lessee, finance lease and operating lease, lease not yet commenced, amount	$ 628,000,000		$ 628,000,000

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Operating Leases:
Operating lease right-of-use assets	$ 4,088	$ 4,308
Current maturities of operating leases	683	709
Non-current operating leases	3,561	3,756
Total lease obligations	4,244	4,465
Finance Leases:
Property, plant and equipment, net	667	856
Current maturities of long-term debt, commercial paper and finance leases	$ 106	$ 104
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt, commercial paper and finance leases	Current maturities of long-term debt, commercial paper and finance leases
Long-term debt and finance leases	$ 331	$ 368
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
Total lease obligations	$ 437	$ 472
Weighted average remaining lease term (in years):
Operating leases	10 years 8 months 12 days	10 years 9 months 18 days
Finance leases	7 years 2 months 12 days	7 years 4 months 24 days
Weighted average discount rate:
Operating leases	3.35%	3.20%
Finance leases	3.99%	3.88%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in measurement of obligations:
Operating cash flows from operating leases	$ 448	$ 419
Operating cash flows from finance leases	10	8
Financing cash flows from finance leases	58	79
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	232	826
Finance leases	$ 23	$ 106

LEASES - Maturity Schedule Afte

LEASES - Maturity Schedule After Adoption (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finance Leases
2024	$ 64
2025	105
2026	79
2027	49
2028	42
Thereafter	173
Total lease payments	512
Less: Imputed interest	(75)
Total lease obligations	437	$ 472
Less: Current obligations	(106)	(104)
Long-term lease obligations	331	368
Operating Leases
2024	396
2025	828
2026	721
2027	619
2028	468
Thereafter	2,067
Total lease payments	5,099
Less: Imputed interest	(855)
Total lease obligations	4,244	4,465
Less: Current obligations	(683)	(709)
Long-term lease obligations	$ 3,561	$ 3,756

LEGAL PROCEEDINGS AND CONTING_2

LEGAL PROCEEDINGS AND CONTINGENCIES (Details)	1 Months Ended
	Aug. 31, 2016 defendant
CNMC
Loss Contingencies
Number of defendants	10

SHAREOWNERS' EQUITY - Additiona

SHAREOWNERS' EQUITY - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) class vote $ / shares shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) class vote $ / shares shares	Jun. 30, 2023 USD ($) shares	Jan. 31, 2023 USD ($)	Aug. 31, 2021 USD ($)
Stockholders Equity Note [Line Items]
Classes of common stock | class	2		2
Preferred stock, authorized (in shares) | shares	200,000,000		200,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Preferred stock, issued (in shares) | shares	0		0
Common stock purchases (in shares) | shares	0	(4,300,000)	0	(8,400,000)
Common stock, repurchased, value | $		$ (750,000,000)		$ (1,500,000,000)
August 2021 Share Repurchase Program
Stockholders Equity Note [Line Items]
Common stock purchases (in shares) | shares				(500,000)
Common stock, repurchased, value | $				$ (82,000,000)
Common stock authorized for purchase, amount | $						$ 5,000,000,000
January 2023 Share Repurchase Program
Stockholders Equity Note [Line Items]
Common stock purchases (in shares) | shares		(4,300,000)		(7,900,000)
Common stock, repurchased, value | $		$ (750,000,000)		$ (1,400,000,000)
Common stock authorized for purchase, amount | $					$ 5,000,000,000
Share repurchase authorization available | $	$ 2,800,000,000		$ 2,800,000,000
Amount to be repurchased in the next twelve months | $	$ 500,000,000		$ 500,000,000
Class A common stock (in shares)
Stockholders Equity Note [Line Items]
Votes per common share | vote	10		10
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Common stock, authorized (in shares) | shares	4,600,000,000		4,600,000,000
Class B common stock (in shares)
Stockholders Equity Note [Line Items]
Votes per common share | vote	1		1
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Common stock, authorized (in shares) | shares	5,600,000,000		5,600,000,000

SHAREOWNERS' EQUITY - Roll-forw

SHAREOWNERS' EQUITY - Roll-forward of Common Stock, Additional Paid-in Capital, Retained Earnings Accounts and Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders Equity Note [Roll Forward]
Balance at beginning of period			$ 17,314
Common stock purchases (in shares)	0	(4,300,000)	0	(8,400,000)
Common stock purchases		$ (750)		$ (1,500)
Net income attributable to common shareowners	$ 1,409	$ 2,081	$ 2,522	$ 3,976
Balance at end of period	$ 17,053		$ 17,053
Common stock, cash paid for dividends (in dollars per share)	$ 1.63	$ 1.62	$ 3.26	$ 3.24
Dividends, common stock	$ 45	$ 48	$ 111	$ 153
Class A common stock (in shares)
Stockholders Equity Note [Roll Forward]
Balance at beginning of period (in shares)			127,000,000
Balance at end of period (in shares)	125,000,000		125,000,000
Class B common stock (in shares)
Stockholders Equity Note [Roll Forward]
Balance at beginning of period (in shares)			726,000,000
Balance at end of period (in shares)	732,000,000		732,000,000
Common Stock | Class A common stock (in shares)
Stockholders Equity Note [Roll Forward]
Balance at beginning of period (in shares)	126,000,000	135,000,000	127,000,000	134,000,000
Balance at beginning of period	$ 2	$ 2	$ 2	$ 2
Stock award plans (in shares)			2,000,000	3,000,000
Stock award plans			$ 0	$ 0
Common stock issuances (in shares)	2,000,000	0	2,000,000	1,000,000
Common stock issuances	$ 0	$ 0	$ 0	$ 0
Conversions of Class A to Class B common stock (in shares)	(3,000,000)	(3,000,000)	(6,000,000)	(6,000,000)
Conversions of class A to class B common stock	$ 0	$ 0	$ 0	$ 0
Balance at end of period (in shares)	125,000,000	132,000,000	125,000,000	132,000,000
Balance at end of period	$ 2	$ 2	$ 2	$ 2
Common Stock | Class B common stock (in shares)
Stockholders Equity Note [Roll Forward]
Balance at beginning of period (in shares)	729,000,000	724,000,000	726,000,000	725,000,000
Balance at beginning of period	$ 7	$ 7	$ 7	$ 7
Common stock purchases (in shares)	0	(4,000,000)	0	(8,000,000)
Common stock purchases	$ 0	$ 0	$ 0	$ 0
Conversions of Class A to Class B common stock (in shares)	3,000,000	3,000,000	6,000,000	6,000,000
Conversions of class A to class B common stock	$ 0	$ 0	$ 0	$ 0
Balance at end of period (in shares)	732,000,000	723,000,000	732,000,000	723,000,000
Balance at end of period	$ 7	$ 7	$ 7	$ 7
Additional Paid-In Capital
Stockholders Equity Note [Roll Forward]
Balance at beginning of period	0	0	0	0
Stock award plans	15	32	(103)	377
Common stock issuances	121	108	239	255
Common stock purchases	0	(135)	0	(627)
Other (3)	0	(5)	0	(5)
Balance at end of period	136	0	136	0
Retained Earnings
Stockholders Equity Note [Roll Forward]
Balance at beginning of period	20,681	21,510	21,055	21,326
Common stock purchases	0	(615)	0	(873)
Net income attributable to common shareowners	1,409	2,081	2,522	3,976
Dividends	(1,398)	(1,393)	(2,812)	(2,846)
Other (3)	0	1	(73)	1
Balance at end of period	20,692	21,584	20,692	21,584
Noncontrolling Interests
Stockholders Equity Note [Roll Forward]
Balance at beginning of period	24	15	8	17
Change in noncontrolling interest	(1)	3	15	1
Balance at end of period	$ 23	$ 18	$ 23	$ 18

SHAREOWNERS' EQUITY - Activity

SHAREOWNERS' EQUITY - Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			$ 17,314
Balance at end of period	$ 17,053		17,053
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at end of period	(3,807)	$ (1,574)	(3,807)	$ (1,574)
Unrealized gain (loss) on foreign currency translation
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(1,373)	(1,328)	(1,248)	(1,446)
Translation adjustment	(58)	(18)	(183)	97
Reclassification to earnings			0	3
Balance at end of period	(1,431)	(1,346)	(1,431)	(1,346)
Translation adjustment, tax effect	(3)	2	3	(13)
Reclassification to earnings, tax effect			0	0
Unrealized gain (loss) on marketable securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(3)	(4)	(2)	(11)
Current period changes in fair value	0	(16)	(1)	(11)
Reclassification to earnings			0	2
Balance at end of period	(3)	(20)	(3)	(20)
Current period changes in fair value, tax effect	0	(5)	0	(4)
Reclassification to earnings, tax effect			0	1
Unrealized gain (loss) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(3)	90	(76)	167
Current period changes in fair value	38	(43)	141	(69)
Reclassification to earnings	(35)	(37)	(65)	(88)
Balance at end of period	0	10	0	10
Current period changes in fair value, tax effect	11	(14)	44	(22)
Reclassification to earnings, tax effect	(10)	(12)	(20)	(28)
Unrecognized pension and postretirement benefit costs
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(2,402)	(239)	(2,432)	(259)
Reclassification to earnings	29	21	59	41
Balance at end of period	(2,373)	(218)	(2,373)	(218)
Reclassification to earnings, tax effect	$ 10	$ 6	$ 18	$ 13

SHAREOWNERS' EQUITY - Gains (Lo

SHAREOWNERS' EQUITY - Gains (Losses) Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (212)	$ (191)	$ (407)	$ (379)
Revenue	21,818	22,055	43,524	44,980
Income tax expense	(460)	(639)	(883)	(1,266)
Net Income	1,409	2,081	2,522	3,976
Investment income and other	137	131	255	300
Other expenses	(1,859)	(1,850)	(3,827)	(3,848)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income	6	16	6	42
Unrealized gain (loss) on foreign currency translation | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net Income			0	(3)
Other expenses			0	(3)
Unrealized gain (loss) on marketable securities | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense			0	1
Net Income			0	(2)
Investment income and other			0	(3)
Unrealized gain (loss) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(2)	(2)	(3)	(3)
Revenue	47	51	88	119
Income tax expense	(10)	(12)	(20)	(28)
Net Income	35	37	65	88
Unrecognized pension and postretirement benefit costs | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	10	6	18	13
Net Income	(29)	(21)	(59)	(41)
Prior service costs | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment income and other	$ (39)	$ (27)	$ (77)	$ (54)

SHAREOWNERS' EQUITY - Activit_2

SHAREOWNERS' EQUITY - Activity in Deferred Compensation Program (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders Equity Note [Roll Forward]
Balance at beginning of period (in shares)			0.2
Balance at beginning of period			$ 17,306
Balance at end of period (in shares)	0.1		0.1
Balance at end of period	$ 17,030		$ 17,030
Deferred Compensation Obligations
Stockholders Equity Note [Roll Forward]
Balance at beginning of period	6	$ 9	9	$ 13
Reinvested dividends	0	0	0	0
Benefit payments	0	0	(3)	(4)
Balance at end of period	$ 6	$ 9	$ 6	$ 9
Treasury Stock
Stockholders Equity Note [Roll Forward]
Balance at beginning of period (in shares)	0	0	0	0
Balance at beginning of period	$ (6)	$ (9)	$ (9)	$ (13)
Reinvested dividends (in shares)	0	0	0	0
Reinvested dividends	$ 0	$ 0	$ 0	$ 0
Benefit payments (in shares)	0	0	0	0
Benefit payments	$ 0	$ 0	$ 3	$ 4
Balance at end of period (in shares)	0	0	0	0
Balance at end of period	$ (6)	$ (9)	$ (6)	$ (9)

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 country_and_territory segment
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Minimum | International Package
Segment Reporting Information [Line Items]
Number of countries and territories in which service is rendered	200
Minimum | Supply Chain Solutions
Segment Reporting Information [Line Items]
Number of countries and territories in which service is rendered	200

SEGMENT INFORMATION - Results o

SEGMENT INFORMATION - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 21,818	$ 22,055	$ 43,524	$ 44,980
Operating profit	1,944	2,780	3,557	5,321
U.S. Domestic Package
Segment Reporting Information [Line Items]
Revenue	14,119	14,396	28,353	29,383
Operating profit	989	1,602	1,814	3,068
International Package
Segment Reporting Information [Line Items]
Revenue	4,370	4,415	8,626	8,958
Operating profit	718	883	1,374	1,711
Supply Chain Solutions
Segment Reporting Information [Line Items]
Revenue	3,329	3,244	6,545	6,639
Operating profit	$ 237	$ 295	$ 369	$ 542

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to common shareowners	$ 1,409	$ 2,081	$ 2,522	$ 3,976
Denominator:
Weighted average shares (in shares)	856	857	855	858
Vested portion of restricted shares (in shares)	0	3	1	3
Denominator for basic earnings per share (in shares)	856	860	856	861
Effect of dilutive securities:
Denominator for diluted earnings per share (in shares)	857	861	857	863
Basic earnings per share (in dollars per share)	$ 1.65	$ 2.42	$ 2.95	$ 4.62
Diluted earnings per share (in dollars per share)	$ 1.65	$ 2.42	$ 2.94	$ 4.61
Restricted performance units
Effect of dilutive securities:
Effect of dilutive shares (in shares)	0	1	0	1
Stock options
Effect of dilutive securities:
Effect of dilutive shares (in shares)	1	0	1	1

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from diluted earnings per share that may be issued upon the exercise of employee stock options because such effect would be antidilutive (in shares)	0.5	0.2	0.5	0.2

DERIVATIVE INSTRUMENTS AND RI_3

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, position minimum threshold for collateral requirement	$ 250,000,000
Derivative, collateral, obligation to return cash	0	$ 103,000,000
Collateral securities repledged, delivered, or used	0	$ 13,000,000
Pre-tax gains related to cash flow hedges that are currently deferred in AOCI and are expected to be reclassified to income within twelve months	$ 106,000,000
Maximum term over hedging exposures to the variability of cash flow	3 years

DERIVATIVE INSTRUMENTS AND RI_4

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - Foreign exchange contracts € in Millions, £ in Millions, $ in Millions, $ in Millions	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 GBP (£)	Jun. 30, 2024 CAD ($)	Jun. 30, 2024 HKD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 HKD ($)
Euro
Derivative [Line Items]
Derivative, notional amount | €	€ 4,064				€ 4,408
British Pound Sterling
Derivative [Line Items]
Derivative, notional amount | £		£ 641				£ 663
Canadian Dollar
Derivative [Line Items]
Derivative, notional amount			$ 1,703				$ 1,550
Hong Kong Dollar
Derivative [Line Items]
Derivative, notional amount				$ 4,652				$ 1,822

DERIVATIVE INSTRUMENTS AND RI_5

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Location on the Balance Sheet of Derivative Assets and Liabilities (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Asset Derivatives
Gross Amounts Presented in Consolidated Balance Sheets	$ 186	$ 158
Net Amounts if Right of Offset had been Applied	163	92
Liability Derivatives
Gross Amounts Presented in Consolidated Balance Sheets	23	92
Net Amounts if Right of Offset had been Applied	0	26
Designated as Hedging Instrument | Foreign currency exchange contracts | Other current assets
Asset Derivatives
Gross Amounts Presented in Consolidated Balance Sheets	121	95
Net Amounts if Right of Offset had been Applied	112	73
Designated as Hedging Instrument | Foreign currency exchange contracts | Other non-current assets
Asset Derivatives
Gross Amounts Presented in Consolidated Balance Sheets	65	63
Net Amounts if Right of Offset had been Applied	51	19
Designated as Hedging Instrument | Foreign currency exchange contracts | Other current liabilities
Liability Derivatives
Gross Amounts Presented in Consolidated Balance Sheets	9	26
Net Amounts if Right of Offset had been Applied	0	4
Designated as Hedging Instrument | Foreign currency exchange contracts | Other non-current liabilities
Liability Derivatives
Gross Amounts Presented in Consolidated Balance Sheets	14	65
Net Amounts if Right of Offset had been Applied	0	21
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other current assets
Asset Derivatives
Gross Amounts Presented in Consolidated Balance Sheets	0	0
Net Amounts if Right of Offset had been Applied	0	0
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other non-current liabilities
Liability Derivatives
Gross Amounts Presented in Consolidated Balance Sheets	0	1
Net Amounts if Right of Offset had been Applied	$ 0	$ 1

DERIVATIVE INSTRUMENTS AND RI_6

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Fair Value Derivative Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Amount of Hedged Liabilities	$ 279	$ 280
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
Cumulative Amount of Fair Value Hedge Adjustments	$ 4	$ 4

DERIVATIVE INSTRUMENTS AND RI_7

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Income Statement and AOCI Recognition of Designated Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded	$ 47	$ 51	$ 88	$ 119
Revenue | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded	0	0	0	0
Revenue | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded	47	51	88	119
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded	(2)	(2)	(3)	(3)
Interest expense | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded	(2)	(2)	(3)	(3)
Interest expense | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded	0	0	0	0
Investment income and other
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded	0	0	0	0
Investment income and other | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded	0	0	0	0
Investment income and other | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of income in which the effects of fair value or cash flow hedges are recorded	$ 0	$ 0	$ 0	$ 0

DERIVATIVE INSTRUMENTS AND RI_8

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Amount and Location in the Income Statement for Derivatives Designed as Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	$ 49	$ (57)	$ 185	$ (91)
Derivative Instruments in Cash Flow Hedging Relationships | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	49	(57)	185	(91)
Non-derivative Instruments in Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	18	(25)	84	(98)
Non-derivative Instruments in Net Investment Hedging Relationships | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in AOCI	$ 18	$ (25)	$ 84	$ (98)

DERIVATIVE INSTRUMENTS AND RI_9

DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Amount Recorded in Income Statements for Foreign Currency Forward Contracts Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 1	$ (1)	$ (4)	$ 3
Foreign currency exchange contracts | Investment income and other
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 1	$ (1)	$ (4)	$ 3

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	24.60%	23.50%	25.90%	24.20%

TRANSFORMATION COSTS (Details)

TRANSFORMATION COSTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Separation costs	$ 31		$ 31		$ 205
Transformation Costs:
Compensation and benefits	20	$ 109	51	$ 97
Other expenses	7	30	22	45
Total Transformation Costs	27	139	73	142
Income Tax Benefit from Transformation Costs	(6)	(33)	(17)	(33)
After-Tax Transformation Costs	$ 21	$ 106	$ 56	$ 109

ASSETS HELD FOR SALE - Addition

ASSETS HELD FOR SALE - Additional Information (Details) $ in Millions	Jun. 23, 2024 USD ($)
Coyote | Discontinued Operations, Held-for-Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture consideration	$ 1,025

ASSETS HELD FOR SALE - Schedule

ASSETS HELD FOR SALE - Schedule of Assets and Liabilities Disposed Of (Details) - Discontinued Operations, Held-for-Sale - Coyote $ in Millions	Jun. 30, 2024 USD ($)
Assets:
Cash and cash equivalents	$ 10
Accounts receivable, net	370
Other current assets	95
Goodwill	494
Intangible assets, net	193
Other non-current assets	21
Total assets held for sale	1,183
Liabilities:
Accounts payable	215
Other current liabilities	48
Other non-current liabilities	110
Total liabilities to be disposed of	373
Net assets held for sale	$ 810

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	6 Months Ended
	Dec. 31, 2024
Forecast | Estafeta | Subsequent Event
Subsequent Event [Line Items]
Operating income threshold (less than)	10%