United Parcel Service Annual Report 2019
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United Parcel Service Annual Report 2019
Form 10-K (NYSE:UPS)
Published: February 21st, 2019
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United Parcel Service (UPS) Historical Annual Reports 2002-2024
Year
Report
Size
2024
United Parcel Service (UPS) 10-K Annual Report - Feb 20th, 2024
1.0mb
2023
United Parcel Service (UPS) 10-K Annual Report - Feb 21st, 2023
1.0mb
2022
United Parcel Service (UPS) 10-K Annual Report - Feb 22nd, 2022
169kb
2021
United Parcel Service (UPS) 10-K Annual Report - Feb 22nd, 2021
172kb
2020
United Parcel Service (UPS) 10-K Annual Report - Feb 20th, 2020
185kb
2018
United Parcel Service (UPS) 10-K Annual Report - Feb 21st, 2018
208kb
2017
United Parcel Service (UPS) 10-K Annual Report - Feb 21st, 2017
1.5mb
2016
United Parcel Service (UPS) 10-K Annual Report - Feb 25th, 2016
168kb
2015
United Parcel Service (UPS) 10-K Annual Report - Feb 27th, 2015
168kb
2014
United Parcel Service (UPS) 10-K Annual Report - Feb 28th, 2014
168kb
2013
United Parcel Service (UPS) 10-K Annual Report - Feb 28th, 2013
169kb
2012
United Parcel Service (UPS) 10-K Annual Report - Feb 27th, 2012
797kb
2011
United Parcel Service (UPS) 10-K Annual Report - Feb 28th, 2011
720kb
2010
United Parcel Service (UPS) 10-K Annual Report - Feb 26th, 2010
688kb
2009
United Parcel Service (UPS) 10-K Annual Report - Feb 27th, 2009
631kb
2008
United Parcel Service (UPS) 10-K Annual Report - Feb 29th, 2008
575kb
2007
United Parcel Service (UPS) 10-K Annual Report - Mar 1st, 2007
597kb
2006
United Parcel Service (UPS) 10-K Annual Report - Mar 14th, 2006
587kb
2005
United Parcel Service (UPS) 10-K Annual Report - Mar 14th, 2005
533kb
2004
United Parcel Service (UPS) 10-K Annual Report - Mar 5th, 2004
535kb
2003
United Parcel Service (UPS) 10-K Annual Report - Mar 6th, 2003
519kb
2002
United Parcel Service (UPS) 10-K Annual Report - Mar 29th, 2002
511kb
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
x
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2018
or
¡§
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission file number 001-15451
____________________________________
United Parcel Service, Inc.
Delaware
58-2480149
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
55 Glenlake Parkway, N.E. Atlanta, Georgia
30328
(Address of Principal Executive Offices)
(Zip Code)
(404) 828-6000
(Registrant¡¯s telephone number, including area code)
_______________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Name of Each Exchange on Which Registered
Class B common stock, par value $.01 per share
New York Stock Exchange
Floating-Rate Senior Notes due 2020
New York Stock Exchange
1.625% Senior Notes due 2025
New York Stock Exchange
1% Senior Notes due 2028
New York Stock Exchange
0.375% Senior Notes due 2023
New York Stock Exchange
1.500% Senior Notes due 2032
New York Stock Exchange
_________________________________
Securities registered pursuant to Section 12(g) of the Act:
Class A common stock, par value $.01 per share
(Title of Class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
x
No ¡§
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes
¡§
No x
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¡§
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such
shorter period that the registrant was required to submit such files). Yes x No ¡§
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant¡¯s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company or an emerging growth company. See definition of ¡°accelerated filer¡±,
¡°large accelerated filer¡±, ¡°smaller reporting company¡± and "emerging growth company" in Rule 12b-2 of the Exchange Act. Check one:
Large accelerated filer x
Accelerated filer ¡§
Non-accelerated filer ¡§
Smaller reporting company ¡§
Emerging growth company ¡§
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ¡§
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
¡§
No x
The aggregate market value of the class B common stock held by non-affiliates of the registrant was $73,643,493,685 as of June 30, 2018 . The registrant¡¯s class A common stock is not listed on a national securities
exchange or traded in an organized over-the-counter market, but each share of the registrant¡¯s class A common stock is convertible into one share of the registrant¡¯s class B common stock.
As of February 6, 2019, there were 164,239,863 outstanding shares of class A common stock and 695,989,113 outstanding shares of class B common stock.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant¡¯s definitive proxy statement for its annual meeting of shareowners scheduled for
May 9, 2019 are incorporated by reference into Part III of this report.
UNITED PARCEL SERVICE, INC.
ANNUAL REPORT ON FORM 10-K
TABLE OF CONTENTS
PART I
Item 1.
Business
1
Overview
1
Strategy
1
Reporting Segments and Products & Services
2
Our People
6
Competition
6
Competitive Strengths
6
Government Regulation
7
Where You Can Find More Information
Item 1A.
Item 1B.
Item 2.
8
10
18
18
Risk Factors
Unresolved Staff Comments
Properties
Operating Facilities
18
Fleet
19
19
Item 3.
Legal Proceedings
Item 4.
Mine Safety Disclosures
19
PART II
Item 5.
Market for Registrant¡¯s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Shareowner Return Performance Graph
20
Item 6.
Selected Financial Data
21
22
Item 7.
Management¡¯s Discussion and Analysis of Financial Condition and Results of Operations
23
Overview
23
Items Affecting Comparability
24
U.S. Domestic Package Operations
28
International Package Operations
33
Supply Chain & Freight Operations
37
Consolidated Operating Expenses
41
Other Income and (Expense)
45
Income Tax Expense
47
Liquidity and Capital Resources
49
Collective Bargaining Agreements
55
New Accounting Pronouncements
Rate Adjustments
55
Critical Accounting Policies and Estimates
56
55
Item 7A.
Item 8.
Quantitative and Qualitative Disclosures about Market Risk
Financial Statements and Supplementary Data
62
64
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
136
Item 9A.
Item 9B.
Controls and Procedures
Other Information
136
137
Item 10.
Directors, Executive Officers and Corporate Governance
139
Item 11.
Item 12.
Executive Compensation
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
140
140
Item 13.
Item 14.
Certain Relationships and Related Transactions, and Director Independence
Principal Accounting Fees and Services
140
140
Item 15.
Exhibits and Financial Statement Schedules
141
Item 16.
Form 10-K Summary
141
PART III
PART IV
PART I
Cautionary Statement About Forward-Looking Statements
This report, our Annual Report to Shareowners and our other filings with the Securities and Exchange Commission (¡°SEC¡±) contain certain ¡°forwardlooking statements¡± within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in the future tense, and all statements
accompanied by terms such as ¡°believe,¡± ¡°project,¡± ¡°expect,¡± ¡°estimate,¡± ¡°assume,¡± ¡°intend,¡± ¡°anticipate,¡± ¡°target,¡± ¡°plan¡± and variations thereof and similar
terms, are intended to be forward-looking statements. Forward-looking statements are made subject to the safe harbor protections of the federal securities
laws pursuant to Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
From time to time, we also include written or oral forward-looking statements in other publicly disclosed materials. Such statements relate to our
intent, belief and current expectations about our strategic direction prospects and future results, and give our current expectations or forecasts of future
events; they do not relate strictly to historical or current facts. Management believes that these forward-looking statements are reasonable as and when
made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of
the date when made.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical
experience and our present expectations or anticipated results. These risks and uncertainties are described in Part I, ¡°Item 1A. Risk Factors¡± and may also
be described from time to time in our future reports filed with the SEC. You should consider the limitations on, and risks associated with, forward-looking
statements and not unduly rely on the accuracy of predictions contained in such forward-looking statements. We do not undertake any obligation to
update forward-looking statements to reflect events, circumstances, changes in expectations or the occurrence of unanticipated events after the date of
those statements.
Item 1. Business
Overview
United Parcel Service, Inc. (¡°UPS¡±) was founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we are the
world¡¯s largest package delivery company, a leader in the U.S. less-than-truckload industry and a premier provider of global supply chain management
solutions. We operate one of the largest airlines in the world, as well as the world¡¯s largest fleet of alternative-powered vehicles. We deliver packages
each business day for 1.5 million shipping customers to 9.1 million receivers ("consignees") in over 220 countries and territories. In 2018, we delivered an
average of 20.7 million pieces per day, or a total of 5.2 billion packages. Total revenue in 2018 was $71.861 billion.
We serve the global market for logistics services, which includes transportation, distribution, contract logistics, ground freight, ocean freight, air
freight, customs brokerage, insurance and financing. We have three reporting segments: U.S. Domestic Package and International Package, which
together we refer to as our global small package operations, and Supply Chain & Freight, all of which are described below.
Strategy
Our market strategy is to provide customers with advanced logistics solutions made possible by a broad portfolio of differentiated services and
capabilities expertly assembled and integrated into our customers¡¯ businesses. This approach, supported by our efficient and globally balanced multimodal
network, enables us to deliver value to our customers and thereby build lasting partnerships with them.
Customers are able to leverage our broad portfolio of logistics capabilities comprised of: our balanced global presence in North America, Europe,
Middle East, Africa, Asia Pacific and Latin America; reliability; and industry-leading technologies and solutions expertise for competitive advantage in
markets where they choose to compete.
We continue to invest in the expansion of the UPS business to serve our existing and prospective customers with a full range of advanced
logistics products, services and capabilities across an ever-increasing geographical and industry footprint. Achieving our objectives has required new
methods and innovative approaches to logistics services, including the acquisition and creation of platform-based businesses, specialized healthcare
services such as Marken¡¯s clinical trial capabilities, a full range of brokerage and transportation insurance services, retail offerings such as UPS My
Choice and more.
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