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QUARTERLY INFORMATION (unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Information | Our revenue, segment operating profit, other income and (expense), 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
| 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Domestic Package | $ | 10,480 |  |  | $ | 10,227 |  |  | $ | 11,150 |  |  | $ | 10,354 |  |  | $ | 11,455 |  |  | $ | 10,437 |  |  | $ | 13,408 |  |  | $ | 12,575 |
International Package | 3,459 |  |  | 3,533 |  |  | 3,505 |  |  | 3,602 |  |  | 3,494 |  |  | 3,478 |  |  | 3,762 |  |  | 3,829 |
Supply Chain & Freight | 3,221 |  |  | 3,353 |  |  | 3,393 |  |  | 3,500 |  |  | 3,369 |  |  | 3,529 |  |  | 3,398 |  |  | 3,444 |
Total revenue | 17,160 |  |  | 17,113 |  |  | 18,048 |  |  | 17,456 |  |  | 18,318 |  |  | 17,444 |  |  | 20,568 |  |  | 19,848 |
Operating Profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Domestic Package | 666 |  |  | 756 |  |  | 1,208 |  |  | 939 |  |  | 1,216 |  |  | 949 |  |  | 1,074 |  |  | 999 |
International Package | 528 |  |  | 594 |  |  | 663 |  |  | 618 |  |  | 667 |  |  | 536 |  |  | 799 |  |  | 781 |
Supply Chain & Freight | 200 |  |  | 170 |  |  | 272 |  |  | 216 |  |  | 245 |  |  | 242 |  |  | 260 |  |  | 224 |
Total operating profit | 1,394 |  |  | 1,520 |  |  | 2,143 |  |  | 1,773 |  |  | 2,128 |  |  | 1,727 |  |  | 2,133 |  |  | 2,004 |
Total Other Income and (Expense) | $ | 46 |  |  | $ | 141 |  |  | $ | 61 |  |  | $ | 153 |  |  | $ | 78 |  |  | $ | 162 |  |  | $ | (2,331 | ) |  | $ | (1,461 | )
Net Income | $ | 1,111 |  |  | $ | 1,345 |  |  | $ | 1,685 |  |  | $ | 1,485 |  |  | $ | 1,750 |  |  | $ | 1,508 |  |  | $ | (106 | ) |  | $ | 453 |
Net Income Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.28 |  |  | $ | 1.55 |  |  | $ | 1.95 |  |  | $ | 1.71 |  |  | $ | 2.03 |  |  | $ | 1.74 |  |  | $ | (0.12 | ) |  | $ | 0.52 |
Diluted | $ | 1.28 |  |  | $ | 1.55 |  |  | $ | 1.94 |  |  | $ | 1.71 |  |  | $ | 2.01 |  |  | $ | 1.73 |  |  | $ | (0.12 | ) |  | $ | 0.52 |
Our quarterly results were impacted by transformation strategy costs, legal contingencies and expenses and defined benefit plan mark-to-market charges. The table below presents the impact on operating profit and other income and (expense) for each period.
(in millions, except per share amounts) | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
| 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Impact to Operating Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transformation Strategy - Employee Benefits | $ | 106 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 192 |  |  | $ | 41 |  |  | $ | 70 |  |  | $ | 17 |  |  | $ | — |
Transformation Strategy - Other Costs | 17 |  |  | — |  |  | 19 |  |  | 71 |  |  | 22 |  |  | 27 |  |  | 31 |  |  | — |
Legal Contingencies and Expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97 |  |  | — |
Allocation of Matters Impacting Operating Profit to Segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Domestic Package | $ | 28 |  |  | — |  |  | 18 |  |  | 196 |  |  | 26 |  |  | 39 |  |  | 133 |  |  | — |
International Package | 84 |  |  | — |  |  | 2 |  |  | 36 |  |  | 26 |  |  | 40 |  |  | 10 |  |  | — |
Supply Chain & Freight | 11 |  |  | — |  |  | 1 |  |  | 31 |  |  | 11 |  |  | 18 |  |  | 2 |  |  | — |
Impact to Other Income and (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined Benefit Plan Mark-to-Market Charges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,387 |  |  | $ | 1,627 |

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