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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
87
NOTE 7. DEBT AND FINANCING ARRANGEMENTS
The following table sets forth the principal amount, maturity or range of maturities, as well as the carrying value of our
debt obligations, as of December 31, 2013 and 2012 (in millions). The carrying value of these debt obligations can differ from
the principal amount due to the impact of unamortized discounts or premiums and valuation adjustments resulting from interest
rate swap hedging relationships.
Principal Carrying Value
Amount Maturity 2013 2012
Commercial paper $ — $ — $ —
Fixed-rate senior notes:
4.50% senior notes 1,750 2013 — 1,751
3.875% senior notes 1,000 2014 1,007 1,033
1.125% senior notes 375 2017 367 373
5.50% senior notes 750 2018 821 851
5.125% senior notes 1,000 2019 1,079 1,140
3.125% senior notes 1,500 2021 1,579 1,655
2.45% senior notes 1,000 2022 913 996
6.20% senior notes 1,500 2038 1,481 1,480
4.875% senior notes 500 2040 489 489
3.625% senior notes 375 2042 367 367
8.375% Debentures:
8.375% debentures 424 2020 479 512
8.375% debentures 276 2030 283 284
Pound Sterling Notes:
5.50% notes 110 2031 105 103
5.125% notes 750 2050 714 699
Floating rate senior notes 374 2049 – 2053 370 374
Capital lease obligations 473 2014 – 3004 473 440
Facility notes and bonds 320 2015 – 2036 320 320
Other debt 25 2014 - 2022 25 3
Total debt $ 12,502 10,872 12,870
Less: current maturities (48)(1,781)
Long-term debt $ 10,824 $ 11,089
Commercial Paper
We are authorized to borrow up to $10.0 billion under our U.S. commercial paper program. We also maintain a European
commercial paper program under which we are authorized to borrow up to €5.0 billion in a variety of currencies. No amounts
were outstanding under these programs as of December 31, 2013. The amount of commercial paper outstanding under these
programs in 2014 is expected to fluctuate.