When UPS released its earnings numbers today, the company reported a one-time charge on company pension and benefit plans of nearly $2.7 billion.

With the stroke of an accountant’s pen, UPS turned billions in operating profits into multi-million dollar losses on its balance sheet.
Without the pension charge, UPS reported a fourth-quarter profit of 1.43 billion, slightly higher than last year’s $1.41 billion.

For the year, UPS made more than $5 billion in profit after taxes without the pension accounting charge. With the charge, the company reported a loss of $239 million.
UPS Makes Billions, But Reports Brown is in the Red - Teamsters for a Democratic Union