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QUARTERLY INFORMATION (unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY INFORMATION (unaudited) | QUARTERLY INFORMATION (UNAUDITED) Our revenue, segment operating profit, net income, basic and diluted earnings per share on a quarterly basis are presented below (in millions, except per share amounts):
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
| 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Domestic Package | $ | 10,227 |  |  | $ | 9,536 |  |  | $ | 10,354 |  |  | $ | 9,741 |  |  | $ | 10,437 |  |  | $ | 9,651 |  |  | $ | 12,575 |  |  | $ | 11,833 |
International Package | 3,533 |  |  | 3,074 |  |  | 3,602 |  |  | 3,171 |  |  | 3,478 |  |  | 3,376 |  |  | 3,829 |  |  | 3,721 |
Supply Chain & Freight | 3,353 |  |  | 2,900 |  |  | 3,500 |  |  | 3,015 |  |  | 3,529 |  |  | 3,146 |  |  | 3,444 |  |  | 3,421 |
Total revenue | 17,113 |  |  | 15,510 |  |  | 17,456 |  |  | 15,927 |  |  | 17,444 |  |  | 16,173 |  |  | 19,848 |  |  | 18,975 |
Operating Profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Domestic Package | 756 |  |  | 950 |  |  | 939 |  |  | 1,255 |  |  | 949 |  |  | 1,011 |  |  | 999 |  |  | 1,087 |
International Package | 594 |  |  | 518 |  |  | 618 |  |  | 570 |  |  | 536 |  |  | 606 |  |  | 781 |  |  | 735 |
Supply Chain & Freight | 170 |  |  | 149 |  |  | 216 |  |  | 212 |  |  | 242 |  |  | 195 |  |  | 224 |  |  | 241 |
Total operating profit | 1,520 |  |  | 1,617 |  |  | 1,773 |  |  | 2,037 |  |  | 1,727 |  |  | 1,812 |  |  | 2,004 |  |  | 2,063 |
Total Other Income and (Expense) | $ | 141 |  |  | $ | 93 |  |  | $ | 153 |  |  | $ | 82 |  |  | $ | 162 |  |  | $ | 125 |  |  | $ | (1,461 | ) |  | $ | (692 | )
Net Income | $ | 1,345 |  |  | $ | 1,166 |  |  | $ | 1,485 |  |  | $ | 1,384 |  |  | $ | 1,508 |  |  | $ | 1,259 |  |  | $ | 453 |  |  | $ | 1,096 |
Net Income Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.55 |  |  | $ | 1.33 |  |  | $ | 1.71 |  |  | $ | 1.59 |  |  | $ | 1.74 |  |  | $ | 1.45 |  |  | $ | 0.52 |  |  | $ | 1.26 |
Diluted | $ | 1.55 |  |  | $ | 1.33 |  |  | $ | 1.71 |  |  | $ | 1.58 |  |  | $ | 1.73 |  |  | $ | 1.44 |  |  | $ | 0.52 |  |  | $ | 1.26 |
This table reflects the impact of the adoption of new accounting standards in 2018. Refer to note 1 to the audited consolidated financial statements. Operating profit for the quarter ended June 30, 2018 was impacted by $263 million of transformation strategy costs, which includes voluntary retirement plan severance costs of $192 million and other costs of $71 million. These costs were allocated between the U.S. Domestic Package segment ($196 million), International Package segment ($36 million) and Supply Chain & Freight segment ($31 million). The transformation strategy costs reduced second quarter net income by $200 million, and basic and diluted earnings per share by $0.24 and $0.23, respectively. Operating profit for the quarter ended September 30, 2018 was impacted by $97 million of transformation strategy costs. These costs were allocated between the U.S. Domestic Package segment ($39 million), International Package segment ($40 million) and Supply Chain & Freight segment ($18 million). The transformation strategy costs reduced third quarter net income by $73 million, and basic and diluted earnings per share by $0.09. Other income and (expense) for the quarter ended December 31, 2018 was impacted by a mark-to-market loss of $1.627 billion on our pension and postretirement benefit plans related to the remeasurement of plan assets and liabilities recognized outside of a 10% corridor. This loss reduced net income by $1.237 billion and basic and diluted earnings per share by $1.43 and $1.42, respectively. Other income and (expense) for the quarter ended December 31, 2017 was impacted by a mark-to-market loss of $800 million on our pension and postretirement benefit plans related to the remeasurement of plan assets and liabilities recognized outside of a 10% corridor. Net income for the quarter ended December 31, 2017 includes an income tax benefit of $258 million attributable to the 2017 Tax Act. These items reduced fourth quarter net income by $349 million and basic and diluted earnings per share by $0.41 and $0.40, respectively.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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