UPS 2012 Annual Report Download - page 106

Download and view the complete annual report

Please find page 106 of the 2012 UPS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 127

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127

UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
94
Geographic information as of, and for the years ended, December 31 is as follows (in millions):
2012 2011 2010
United States:
Revenue $ 40,428 $ 39,347 $ 36,795
Long-lived assets $ 16,262 $ 16,085 $ 16,693
International:
Revenue $ 13,699 $ 13,758 $ 12,750
Long-lived assets $ 5,312 $ 5,220 $ 5,047
Consolidated:
Revenue $ 54,127 $ 53,105 $ 49,545
Long-lived assets $ 21,574 $ 21,305 $ 21,740
Long-lived assets include property, plant and equipment, pension and postretirement benefit assets, long-term
investments, goodwill, and intangible assets.
No countries outside of the United States, nor any individual customers, provided 10% or more of consolidated revenue
for the years ended December 31, 2012, 2011 or 2010.
NOTE 12. INCOME TAXES
The income tax expense (benefit) for the years ended December 31 consists of the following (in millions):
2012 2011 2010
Current:
U.S. Federal $ 1,901 $ 1,371 $ 776
U.S. State and Local 182 121 119
Non-U.S. 167 166 161
Total Current 2,250 1,658 1,056
Deferred:
U.S. Federal (1,871) 262 828
U.S. State and Local (201) 44 98
Non-U.S. (11) 8 (30)
Total Deferred (2,083) 314 896
Total $ 167 $ 1,972 $ 1,952
Income before income taxes includes the following components (in millions):
2012 2011 2010
United States $ 384 $ 5,309 $ 4,586
Non-U.S. 590 467 704
$ 974 $ 5,776 $ 5,290
A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31
consists of the following:
2012 2011 2010
Statutory U.S. federal income tax rate 35.0% 35.0% 35.0%
U.S. state and local income taxes (net of federal benefit) — 2.0 2.4
Non-U.S. tax rate differential (6.1)(0.4)(0.7)
Nondeductible/nontaxable items (0.4)(0.1) 0.3
U.S. federal tax credits (7.4)(1.7)(1.9)
Other (4.0)(0.7) 1.8
Effective income tax rate 17.1% 34.1% 36.9%