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MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

The following is a summary of marketable securities classified as trading and available-for-sale as of December 31, 2024 and 2023 (in millions):

			Cost						Unrealized Gains						Unrealized Losses						Estimated Fair Value
2024
Current trading marketable securities:
Equity securities			$	3					$	—					$	—					$	3
Total trading marketable securities			3						—						—						3
Current available-for-sale marketable securities:
U.S. government and agency debt securities			165						—						(1)						164
Mortgage and asset-backed debt securities			—						—						—						—
Corporate debt securities			39						—						—						39
Non-U.S. government debt securities			—						—						—						—
Total available-for-sale marketable securities			204						—						(1)						203
Total current marketable securities			$	207					$	—					$	(1)					$	206
			Cost						Unrealized Gains						Unrealized Losses						Estimated Fair Value
2023
Current trading marketable securities:
Equity securities			$	4					$	—					$	—					$	4
Total trading marketable securities			4						—						—						4
Current available-for-sale marketable securities:
U.S. government and agency debt securities			963						2						(4)						961
Mortgage and asset-backed debt securities			3						—						—						3
Corporate debt securities			1,891						4						(4)						1,891
Non-U.S. government debt securities			7						—						—						7
Total available-for-sale marketable securities			2,864						6						(8)						2,862
Total current marketable securities			$	2,868					$	6					$	(8)					$	2,866

Schedule of Unrealized Loss on Marketable Securities

The following table presents the age of gross unrealized losses and fair value by investment category for all securities in a loss position as of December 31, 2024 (in millions):

			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
U.S. government and agency debt securities			$	—					$	—					$	162					$	(1)					$	162					$	(1)
Total marketable securities			$	—					$	—					$	162					$	(1)					$	162					$	(1)

Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity

The amortized cost and estimated fair value of marketable securities as of December 31, 2024 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			$	161					$	161
Due after one year through three years			43						42
Due after three years through five years			—						—
Due after five years			—						—
			204						203
Equity securities			3						3
			$	207					$	206

Investments Measured at Fair Value on a Recurring Basis

The following table presents information about our investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, 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
2024
Marketable Securities:
U.S. government and agency debt securities			$	164					$	—					$	—					$	164
Mortgage and asset-backed debt securities			—						—						—						—
Corporate debt securities			25						14						—						39
U.S. state and local municipal debt securities			—						—						—						—
Equity securities			—						3						—						3
Non-U.S. government debt securities			—						—						—						—
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.
			Quoted Prices in Active Markets  for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
2023
Marketable Securities:
U.S. government and agency debt securities			$	961					$	—					$	—					$	961
Mortgage and asset-backed debt securities			—						3						—						3
Corporate debt securities			—						1,891						—						1,891
U.S. state and local municipal debt securities			—						—						—						—
Equity securities			—						4						—						4
Non-U.S. government debt securities			—						7						—						7
Total marketable securities			961						1,905						—						2,866
Other non-current investments(1)			—						19						—						19
Total			$	961					$	1,924					$	—					$	2,885
(1)Represents a variable life insurance policy funding benefits for the UPS Excess Coordinating Benefit Plan.

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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