MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

The following is a summary of marketable securities classified as trading and available for sale as of June 30, 2025 and December 31, 2024 (in millions):


	Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
June 30, 2025:
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	88		—		—		88

Corporate debt securities	1		—		—		1





Total available-for-sale marketable securities	89		—		—		89

Total current marketable securities	$	92	$	—	$	—	$	92

	Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
December 31, 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	165		—		(1)		164

Corporate debt securities	39		—		—		39





Total available-for-sale marketable securities	204		—		(1)		203

Total current marketable securities	$	207	$	—	$	(1)	$	206

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of marketable securities as of June 30, 2025 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 Fair Value
Due in one year or less	$	89	$	89
Due after one year through three years	—		—
Due after three years through five years	—		—
Due after five years	—		—
	89		89
Equity securities	3		3
	$	92	$	92

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, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in millions):


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
June 30, 2025:
Marketable Securities:
U.S. government and agency debt securities	$	88	$	—	$	—	$	88

Corporate debt securities	—		1		—		1

Equity securities	—		3		—		3



Total marketable securities	88		4		—		92
Other non-current investments(1)	—		20		—		20
Total	$	88	$	24	$	—	$	112

(1) Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
December 31, 2024:
Marketable Securities:
U.S. government and agency debt securities	$	164	$	—	$	—	$	164

Corporate debt securities	25		14		—		39

Equity securities	—		3		—		3



Total marketable securities	189		17		—		206
Other non-current investments(1)	—		19		—		19
Total	$	189	$	36	$	—	$	225

(1) Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.