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Total revenue in 2023 was $91.0 billion.
−Removed: Our well-defined strategy focuses on growing in the parts of our market that value our end-to-end network, including small- and medium-sized businesses ("SMBs"), healthcare, international and certain large enterprise accounts.
+Added: Our well-defined strategy focuses on growing in the parts of our market that value our end-to-end network.
We are continuing on the journey to execute our Customer First, People Led, Innovation Driven strategy as we evolve our business to be better and bolder.
−Removed: Customer First is about solving for the needs of our customers.
+Added: Customer First is about anticipating and solving for the needs of our customers.
We strive to help our customers seize new opportunities, better compete and succeed by delivering the capabilities that they tell us matter the most:
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People Led specifically focuses on how likely an employee is to recommend UPS employment to a friend or family member.
−Removed: We know successful outcomes are built from a strong culture, so we are striving to make UPS a great place to work.
−Removed: We believe that when we take care of our people, they take care of our customers.
+Added: We know successful outcomes are built from a strong culture and we believe that when we take care of our people, they take care of our customers.
Innovation Driven is designed to optimize the volume that flows through our network to focus on increasing value share and to drive business growth from higher-yielding opportunities in our target markets.
−Removed: We continue to leverage technology and automation to deliver improvements to our network and unlock value for our customers through innovation.
+Added: We continue to leverage data and automation to deliver improvements to our network and unlock additional value for our customers through innovation.
Competitive Strengths
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We provide all types of package services (air, ground, domestic, international, commercial and residential) through a single pickup and delivery network.
−Removed: Our sophisticated engineering systems allow us to optimize network efficiency and asset utilization.
+Added: Our sophisticated systems, including our RFID-enabled Smart Package, Smart Facility technology, allow us to optimize network efficiency and asset utilization, and enhance end-to-end shipment visibility.
Global Presence .
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Cutting-Edge Technologies .
−Removed: We are a global leader in developing technologies that help our customers enhance their shipping and logistics business processes to lower costs, improve service and increase efficiency.
−Removed: We offer a variety of digital tools that enable our customers to integrate UPS functionality into their distribution channels, deepening our customer relationships.
−Removed: These tools allow our customers to send, manage and track their shipments, and also provide their customers with value-added data.
+Added: We are a global leader in developing technologies that help customers enhance their shipping and logistics business processes to lower costs, improve service and increase efficiency.
+Added: We offer a variety of digital tools and capabilities that enable customers to integrate UPS functionality into their distribution channels, deepening customer relationships.
+Added: These tools allow customers to send, manage and track their shipments, and also provide their customers with value-added data.
Broad Portfolio of Services .
−Removed: Our portfolio of services allows customers to choose their most appropriate delivery option.
+Added: Our service portfolio allows customers to choose their most appropriate delivery option.
Increasingly, our customers benefit from UPS business solutions that integrate our services beyond package delivery.
−Removed: For example, supply chain services – such as global freight forwarding, truckload brokerage, customs brokerage, order fulfillment and returns management – are designed to help improve the efficiency and resilience of our customers’ entire supply chain management process.
+Added: For example, our supply chain services are designed to improve the efficiency and resilience of customers’ entire supply chain management process.
Customer Relationships .
We focus on building and maintaining long-term customer relationships.
−Removed: Value-added services beyond package delivery, and connecting our small package, supply chain and digital services across our customer base, are important to our customer retention and growth.
+Added: Value-added services beyond package delivery, and connecting our small package, supply chain and digital services across our customer base, are important to customer retention and growth.
Brand Equity .
−Removed: We have built a leading and trusted brand that stands for quality, reliability and service innovation.
+Added: We have built a leading and trusted brand that stands for service quality, reliability and product innovation.
Our vehicles and the professional courtesy of our drivers are major contributors to our brand equity.
Distinctive Culture .
−Removed: We believe that the dedication of our employees comes in large part from our purpose driven culture that fosters trust, appreciation and empowerment.
−Removed: We value the contribution of all of our people, encouraging everyone to bring their unique perspective, background, talents and skills to work every day.
+Added: We believe that the dedication of our employees comes in large part from our purpose-driven culture that fosters trust, partnership and empowerment.
+Added: We encourage our people to bring their unique perspectives, background, talents and skills to work every day.
Our legacy of fairness and equity is the bedrock of our culture and of our relationships with those we serve.
Financial Strength .
−Removed: Our financial strength allows us to continue investing in digital technology, transportation equipment, facilities and employee development to generate value for shareholders.
−Removed: We pursue strategic opportunities that facilitate our growth and seek to maintain a strong credit rating to give us flexibility in running the business.
+Added: Our financial strength allows us to continue to pursue strategic opportunities that facilitate our growth.
+Added: This includes investing in digital technology, acquisitions, transportation equipment, facilities and employee development to generate value for shareholders.
+Added: We seek to maintain a strong credit rating to give us additional flexibility in running the business.
Products and Services;
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Our global small package operations provide time-definite delivery services for express letters, documents, packages and palletized freight via air and ground services.
−Removed: These services are supported by numerous shipping, visibility and billing technologies.
−Removed: These include our Digital Access Program, which embeds our shipping solutions directly into leading e-commerce platforms, enabling us to more broadly reach SMB customers and e-commerce markets.
−Removed: All of our services (air, ground, domestic, international, commercial and residential) are managed through a single, global smart logistics network.
+Added: These services are supported by numerous shipping, visibility and billing technologies including our Digital Access Program, which embeds our shipping solutions directly into leading e-commerce platforms, enabling us to more broadly reach small- and medium-sized businesses and e-commerce markets.
+Added: All of our services are managed through a single, global smart logistics network.
We combine all packages within this single network, unless dictated by specific service commitments.
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This portfolio provides a range of cost-effective label and digital returns options and a broad network of consumer drop points.
−Removed: We also offer a selection of returns technologies, such as UPS Returns Manager, that promote systems integration, increase customer ease of use and visibility of inbound merchandise.
−Removed: These technologies help reduce costs and improve efficiency in our customers' reverse logistics processes.
+Added: To accelerate growth of this portfolio, in the fourth quarter of 2023 we acquired Happy Returns, a technology-focused company that is managed and reported within Supply Chain Solutions, to provide innovative end-to-end return services and a consolidated returns solution for our enterprise retail customers.
Our global air operations hub is located in Louisville, Kentucky, and is supported by air hubs across the United States ("U.S.") and internationally.
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We offer a full spectrum of U.S.
−Removed: domestic guaranteed air and ground package transportation services.
+Added: domestic air and ground package transportation services.
ground fleet serves all business and residential zip codes in the contiguous United States.
• Our air portfolio offers time-definite, same-day, next-day, two-day and three-day delivery alternatives.
−Removed: • Our ground network enables customers to ship using our day-definite guaranteed ground service.
−Removed: We deliver more than 17 million ground packages per day, most within one to three business days.
+Added: • Our ground network enables customers to ship using our day-definite ground service.
+Added: We deliver approximately 16 million ground packages per day, most within one to three business days.
• UPS SurePost provides residential ground service for customers with non-urgent, lightweight residential shipments.
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International Package
−Removed: International Package consists of our small package operations in Europe, Asia, the Indian sub-continent, the Middle East, Africa, Canada and Latin America.
−Removed: International markets are one of our identified growth opportunities.
+Added: International Package consists of our small package operations in Europe, the Indian sub-continent, Middle East and Africa (together "EMEA"), Canada and Latin America (together "Americas") and Asia.
We offer a wide selection of guaranteed day- and time-definite international shipping services, including more guaranteed time-definite express options than any other carrier.
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UPS Worldwide Express Freight is a premium international service for urgent, palletized shipments over 150 pounds.
−Removed: Europe is our largest region outside of the U.S.
−Removed: by both revenue and package volume.
−Removed: We continue to make major European infrastructure investments to meet demand for our services and to improve transit times across the region.
−Removed: We have recently expanded hubs and gateways in France, Germany and Italy to increase efficiency for cross-border ground shipments and provide capacity for future growth.
−Removed: We serve more than 40 countries and territories in Asia through alliances with local delivery companies and our owned operations.
Supply Chain Solutions
−Removed: Supply Chain Solutions consists of our forwarding, truckload brokerage, logistics and distribution and other businesses.
−Removed: Supply chain complexity creates demand for a global service offering that incorporates transportation, distribution and international trade and brokerage services, with complementary financial and information services.
−Removed: Many companies see value in outsourcing certain logistics activity.
−Removed: With increased competition and growth opportunities in new markets, businesses require flexible and responsive supply chains to support their strategies.
−Removed: We aim to meet this demand by offering a broad array of supply chain services in more than 200 countries and territories.
+Added: Supply Chain Solutions consists of our forwarding, logistics, digital and other businesses.
+Added: Serving more than 200 countries and territories, we strategically seek to provide integration across increasingly complex, specialized and fragmented supply chains.
We are one of the largest U.S.
−Removed: domestic airfreight carriers and among the top airfreight forwarders globally.
+Added: domestic airfreight carriers and airfreight forwarders globally.
We offer a portfolio of guaranteed and non-guaranteed global airfreight services.
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In addition to customs clearance services, we provide product classification, trade management, duty drawback and consulting services.
−Removed: Truckload Brokerage
−Removed: We provide truckload brokerage services in North America and Europe through our Coyote-branded subsidiaries.
−Removed: Access to the UPS fleet, combined with a broad third-party carrier network, creates customized capacity solutions for all markets and customers.
−Removed: Coyote customers can also access UPS services such as airfreight, customs brokerage and global freight forwarding.
−Removed: Logistics & Distribution
+Added: We provide brokerage services that coordinate a fleet of less-than-truckload and truckload vehicles for shipments requiring ground freight transportation in North America and Europe.
+Added: Access to the UPS fleet, combined with a broad third-party carrier network, enables us to create capacity solutions for customers of all sizes across industries, delivered through a combination of people and technology.
+Added: Customers can also access UPS services such as airfreight, customs brokerage and global freight forwarding.
Our global logistics and distribution business provides value-added fulfillment and transportation management services.
We leverage a network of facilities in over 120 countries to seek to ensure products and parts are in the right place at the right time.
−Removed: We operate both multi-client and dedicated facilities across our network, many of which are strategically located near UPS air and ground transportation hubs to support rapid delivery to consumer and business markets.
+Added: We operate both multi-client and dedicated facilities across our network, many of which are strategically located near UPS air and ground transportation hubs to support rapid delivery to business and consumer markets.
We continue to invest in the automation of our facilities to meet customer demand.
−Removed: Healthcare logistics is one of our targeted growth areas.
−Removed: We offer world-class technology, deep expertise and a highly sophisticated suite of services.
−Removed: With a strategic focus on serving the unique, priority-handling needs of healthcare and life sciences customers, we continue to increase our cold-chain logistics capabilities both in the U.S.
+Added: We offer world-class technology, deep expertise and a highly sophisticated suite of healthcare logistics services.
+Added: With a strategic focus on serving the unique, priority-handling needs of healthcare and life sciences customers, we continue to increase our complex cold-chain logistics capabilities both in the U.S.
and internationally.
−Removed: During 2022, we acquired Bomi Group to accelerate our growth by expanding our international presence and increasing our cold chain capabilities in major European and Latin American markets.
−Removed: With the addition of Bomi Group, our network provides customers access to specialized healthcare distribution space in more than 30 countries and territories.
−Removed: Other Supply Chain Solutions businesses
−Removed: Our other Supply Chain Solutions businesses provide a broad portfolio of services to meet customer needs.
−Removed: Technology-driven solutions, such as our Roadie same-day delivery business, provide flexibility and visibility for our customers.
−Removed: We also offer integrated supply chain and high-value shipment insurance solutions to both small and large businesses through UPS Capital.
−Removed: We believe these services are important to meeting our customers' needs and deepening our customer relationships.
+Added: In furtherance of this strategy and to broaden our reach and services, we recently acquired Bomi Group and MNX Global Logistics.
+Added: Digital and other Supply Chain Solutions businesses
+Added: Our digital businesses leverage technology to enable a range of on-demand services.
+Added: Roadie offers customers the convenience of same-day delivery, while Happy Returns offers innovative end-to-end return services that leverage The UPS Store network.
+Added: We also offer integrated supply chain and high-value shipment insurance solutions to both small and large businesses through UPS Capital, as well as a range of services through our other Supply Chain Solutions businesses.
+Added: We believe these services are important to meeting customers' needs and deepening customer relationships.
Human Capital
Our success is dependent upon our people, working together with a common purpose.
+Added: As we seek to capture new opportunities and pursue growth, we believe that transforming the UPS employee experience is foundational to our success.
+Added: This requires a thoughtful balance between the culture we have cultivated over the years and the new perspectives we need to take the business into the future.
+Added: We believe that UPS employees are among the most motivated and highest performing in the industry and provide us a competitive advantage.
+Added: To assist with employee recruitment and retention, we continue to review the competitiveness of our employee value proposition, including benefits and pay, training, talent development and promotion opportunities.
+Added: For additional information on the importance of our human capital efforts, see "Risk Factors - Business and Operating Risks - Failure to attract or retain qualified employees could materially adversely affect us" and "- Strikes, work stoppages or slowdowns by our employees could materially adversely affect us".
We have approximately 500,000 employees (excluding temporary seasonal employees), of which 414,000 are in the U.S.
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employees are represented by unions, primarily those employees handling or transporting packages.
−Removed: Many of these employees are employed under a national master agreement and various supplemental agreements with local unions affiliated with the International Brotherhood of Teamsters which run through July 31, 2023.
+Added: Many of these employees are employed under a national master agreement and various supplemental agreements with local unions affiliated with the International Brotherhood of Teamsters ("Teamsters").
+Added: In the third quarter of 2023, the Teamsters fully ratified a new national master agreement that expires July 31, 2028.
In addition, approximately 3,300 of our pilots are represented by the Independent Pilots Association ("IPA").
−Removed: During 2022, we extended our contract with the IPA for an additional two years beginning at the end of the current contract on September 1, 2023.
−Removed: We believe that UPS employees are among the most motivated, highest-performing people in the industry and provide us with a meaningful competitive advantage.
−Removed: To assist with employee recruitment and retention, we continue to review the competitiveness of our employee value proposition, including benefits and pay, the range of continuous training, talent development and promotional opportunities.
−Removed: For additional information on the importance of our human capital efforts, see "Risk Factors - Business and Operating Risks - Failure to attract or retain qualified employees could materially adversely affect us" and “Strikes, work stoppages or slowdowns by our employees could materially adversely affect us.”
+Added: Our agreement with the IPA becomes amendable September 1, 2025.
Oversight and management
−Removed: We believe in creating an inclusive and equitable environment that represents a broad spectrum of diverse backgrounds, cultures and stakeholders.
−Removed: By leveraging diversity with respect to gender, age, ethnicity, skills and other factors, and creating inclusive environments, we believe we can improve organizational effectiveness, cultivate innovation and drive growth.
−Removed: Our Board of Directors, directly and through the Board’s Compensation and Human Capital Committee, is responsible for oversight of human capital matters.
+Added: We seek to create an inclusive and equitable environment that brings together a broad spectrum of backgrounds, cultures and stakeholders.
+Added: We believe leveraging diverse perspectives and creating inclusive environments improves our organizational effectiveness, cultivates innovation, and drives growth.
+Added: Our board, directly and through the Compensation and Human Capital Committee, is responsible for oversight of human capital matters.
Effective oversight is accomplished through a variety of methods and processes including regular updates and discussions around human capital transformation efforts, technology initiatives impacting the workforce, health and safety matters, employee survey results related to culture and other matters, hiring and retention, employee demographics, labor relations and contract negotiations, compensation and benefits, succession planning and employee training initiatives.
−Removed: In addition, the Compensation and Human Capital Committee charter was recently expanded to include oversight of performance and talent management, diversity, equity and inclusion, work culture and employee development and retention.
+Added: In addition, the Compensation and Human Capital Committee charter has been expanded to include oversight responsibility for performance and talent management, diversity, equity and inclusion, work culture and employee development and retention.
We believe the board’s oversight of these matters helps identify and mitigate exposure to labor and human capital management risks and is part of the broader framework that guides how we attract, retain and develop a workforce that aligns with our values and strategies.
−Removed: Transformation
−Removed: As we expand and enter new markets, and seek to capture new opportunities and pursue growth, we need employees to grow and innovate along with us.
−Removed: We believe that transforming the UPS employee experience is foundational to our success.
−Removed: This requires a thoughtful balance between the culture we have cultivated over the years and new approaches to lead our business into the future.
−Removed: We are investing in capabilities that we believe will transform our business, including investments in employee opportunities to support growth.
−Removed: We provide training for management employees on professionalism and performance, as well as unconscious bias and diversity and inclusion, to seek to ensure our actions align with our values.
Additional information on our human capital efforts is contained in our annual sustainability report, which describes our activities that support our commitment to acting responsibly and contributing to society.
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We frequently engage union leaders at the national level and at local chapters throughout the United States.
−Removed: We participate in works councils and associations outside the U.S., which allows us to respond to emerging regional issues.
+Added: We participate in works councils and associations outside the U.S., which allows us to respond to emerging issues abroad.
This work helps our operations to build and maintain productive relationships with our employees.
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Employee health and safety
−Removed: We seek to provide industry-leading employee health, safety and wellness programs across our growing workforce.
−Removed: We develop a culture of health and safety by:
−Removed: • investing in safety training and audits;
−Removed: • promoting wellness practices which mitigate risk;
−Removed: • offering benefits designed to keep employees safe in the workplace and beyond.
−Removed: Our local health and safety committees coach employees on UPS’s safety processes and are able to share best practices across work groups.
−Removed: Our safety methods and procedures are increasingly focused on the variables associated with residential delivery environments, which have become more common with the growth in e-commerce.
−Removed: We monitor our performance in this area through various measurable targets including lost time injury frequency and the number of recorded auto accidents.
−Removed: Building and maintaining long-term customer relationships is a competitive strength of UPS.
+Added: We seek to provide industry-leading employee health, safety and wellness programs across our workforce.
+Added: UPS's Comprehensive Health and Safety Program ("CHSP") is an occupational health and safety system tailored to our varied operational environments.
+Added: Our CHSP covers a wide array of roles, from package handling to administration, and spans geographical boundaries to include sorting facilities, mobile logistics, administrative offices, and other locations worldwide.
+Added: UPS conducts audits to assess specific risks and hazards, including equipment safety, workplace environment, and emergency response protocols.
+Added: We monitor our safety performance through various measurable targets, including lost time injury frequency and the number of recorded auto accidents.
+Added: Building and maintaining long-term customer relationships through superior service is a competitive strength of UPS.
In 2023, we served 1.6 million shipping customers and more than 10.2 million delivery recipients daily.
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customs regulation.
−Removed: UPS's aircraft maintenance programs and procedures, including aircraft inspection and repair at periodic intervals, are approved for all aircraft under FAA regulations.
−Removed: The future cost of repairs pursuant to these programs may fluctuate according to aircraft condition, age and the enactment of additional FAA regulatory requirements.
+Added: UPS's aircrew, dispatch and aircraft maintenance certification, training, programs and procedures, including aircraft inspection and repair at periodic intervals, are approved for all aircraft and carrier operations under FAA regulations.
+Added: The future cost of changes and repairs pursuant to these programs and procedures may fluctuate according to aircraft condition, age and the enactment of additional FAA regulatory requirements.
The TSA regulates various security aspects of air cargo transportation.
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Postal Service, including postal rates, product offerings and service standards.
−Removed: We sometimes participate in proceedings before the Postal Regulatory Commission in an attempt to secure fair postal rates for competitive services.
+Added: We sometimes participate in proceedings before the Postal Regulatory Commission in an attempt to facilitate compliance with fair competition requirements for competitive services.
Our ground operations are also subject to compliance with various cargo-security and transportation regulations issued by the U.S.
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Our international operations are subject to similar regulatory structures in their respective jurisdictions.
−Removed: For additional information, see “Risk Factors – Business and Operating Risks – Increased security requirements impose substantial costs on us and we could be the target of an attack or have a security breach, which could materially adversely affect us”.
+Added: For additional information, see "Risk Factors – Business and Operating Risks – We maintain significant physical operations.
+Added: Increases in operational security requirements impose substantial costs on us and we could be the target of an attack or have a security breach, which could materially adversely affect us".
Environmental
12 unchanged sentences
Our international operations are also subject to noise regulations in certain other countries in which we operate.
−Removed: For additional information, see “Risk Factors – Regulatory and Legal Risks – Increasingly stringent regulations related to climate change could materially increase our operating costs”.
+Added: For additional information, see "Risk Factors – Regulatory and Legal Risks – Increasingly stringent regulations related to climate change, including reporting obligations, could materially increase our operating costs".
Communications and Data Protection
1 unchanged sentence
In addition, the Federal Communications Commission regulates and licenses our activities pertaining to satellite communications.
−Removed: We are also subject to similar regulation, such as the European Union General Data Protection Regulation, internationally.
+Added: We are subject to a variety of evolving laws and regulations in the U.S.
+Added: and abroad regarding privacy, cybersecurity, data protection and data security, including the European Union General Data Protection Regulation and China's Personal Information Protection Law.
There has recently been increased regulatory and enforcement focus on data protection in the U.S.
(at both the state and federal level) and in other countries.
−Removed: For additional information, see “Risk Factors – Business and Operating Risks – A significant data breach or information technology system disruption could materially adversely affect us”.
+Added: For additional information, see "Risk Factors – Business and Operating Risks – A significant cybersecurity incident, or increased data protection regulations, could materially adversely affect us".
Health and Safety
−Removed: We are subject to numerous federal, state and local laws and regulations governing employee health and safety, both in the U.S and in other countries.
+Added: We are subject to numerous federal, state and local laws and regulations governing employee health and safety, both in the U.S.
+Added: and in other countries.
Compliance with changing laws and regulations from time to time, including those promulgated by the U.S.
−Removed: Occupational Safety and Health Administration, could result in materially increased operating costs and capital expenditures, and negatively impact our ability to attract and retain employees.
+Added: Occupational Safety and Health Administration and state agencies, could result in materially increased operating costs and capital expenditures, and negatively impact our ability to attract and retain employees.
For additional information on governmental regulations and their potential impact on us generally, see "Risk Factors – Regulatory and Legal Risks".
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We maintain websites for business and customer matters at www.ups.com , and for investor relations matters at www.investors.ups.com .
−Removed: Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed with or furnished to the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available free of charge through our investor relations website under the heading "SEC Filings" as soon as reasonably practical after we electronically file or furnish the reports to the SEC.
−Removed: We have a written Code of Business Conduct that applies to all of our directors, officers and employees, including our principal executive and financial officers.
−Removed: It is available under the heading "ESG" on the Governance Documents page of our investor relations website.
+Added: Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed with or furnished to the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available free of charge on our investor relations website under the heading "Investors - SEC Filings" as soon as reasonably practical after we electronically file or furnish the reports to the SEC.
+Added: Our Code of Business Conduct, which applies to all of our directors, officers and employees, including our principal executive and financial officers, our Corporate Governance Guidelines and the charters for our Audit, Compensation and Human Capital, Risk, and Nominating and Corporate Governance Committees are also available on our investor relations website under the heading "Investors – Sustainability – Governance Documents".
In the event that we make changes in, or provide waivers from, the provisions of the Code of Business Conduct that the SEC requires us to disclose, we intend to disclose these events within four business days following the date of the amendment or waiver under that heading on our investor relations website.
−Removed: Our Corporate Governance Guidelines and the charters for our Audit, Compensation and Human Capital, Risk, and Nominating and Corporate Governance Committees are also available under the heading "ESG" on the Governance Documents page of our investor relations website.
Our sustainability reporting, which describes our activities that support our commitment to acting responsibly and contributing to society, is available under the heading "Social Impact" at www.about.ups.com .
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We do not intend for any addresses to be active links or to otherwise incorporate the contents of any website into this or any other report we file with the SEC.
+Added: Disclosures Required Pursuant to Section 13(r) of the Securities Exchange Act of 1934
+Added: We maintain robust economic sanctions compliance procedures designed to promote compliance with applicable sanctions laws.
+Added: However, it is possible that from time to time we may inadvertently pick up packages from, or deliver packages to, individuals or entities that result in required disclosure under Section 13(r).
+Added: As a component of our compliance procedures, from time to time we undertake additional reviews of historical transactions.
+Added: Based on our most recent review, from August 2018 to the date of this filing, in addition to previously disclosed deliveries we inadvertently delivered to:
+Added: Bank Melli – 2 shipments (revenue of $18.84, loss of $3.98);
+Added: the E mbassy of Iran (revenue of $7.81, loss of $0.65);
+Added: Syrian Airlines (revenue of $7.70, profit of $0.72);
+Added: Irasco SRL – 2 shipments (revenue of $11.59, loss of $1.08);
+Added: Stark 1 (revenue of $7.33, profit of $2.02);
+Added: Fanreach (revenue of $9.74, profit of $2.76);
+Added: and Wael Bazzi (revenue of $4.74, loss of $2.29).
+Added: The information provided pursuant to Section 13(r) of the Exchange Act in Item 5 of Part II of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 is incorporated by reference herein.
+Added: We do not intend to further pick up from or deliver to these parties, and we intend to continue to implement process improvements designed to better identify and prevent potential shipments to or from restricted parties.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.