UPS will pay $45 million to settle charges that it improperly valued its freight division, the Securities and Exchange Commission announced Friday.
The regulator agency said that UPS materially misrepresented its earnings because it failed to follow generally accepted accounting principles in valuing its freight unit.The SEC order said that in 2019, UPS determined that its freight division was likely to sell for no more than about $650 million. UPS 's own analysis indicated that nearly $500 million of goodwill it had associated with the unit was impaired.
Had UPS properly valued the division, its earnings and other reported items would have been materially lower.The SEC's order also alleges that in 2020, UPS entered into a non-binding term sheet to sell the freight unit for $800 million with adjustments to be made later that were likely to reduce the final price.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
7-Eleven owner considers going privateSeven & i Holdings is eyeing the move as a countermeasure to Circle K owner Alimentation Couche-Tard's 7-trillion-yen ($45-billion) takeover proposal, the Nikkei business daily said.
Read more »
Bangladesh ups military's powersDHAKA — Bangladesh's interim government has extended the judicial powers of the armed forces granted after the August revolution that toppled ex-leader Sheikh Hasina.
Read more »
SM Mall of Asia Hosts Exclusive BTS and Pop Mart Pop-Ups This Holiday SeasonSM Mall of Asia is bringing holiday cheer to fans with two exciting pop-up experiences: a Space of BTS pop-up offering exclusive BTS merchandise and a first-ever Pop Mart pop-up featuring limited-edition collectible figures.
Read more »
Reyes ups ante in blooming basketball careerOnly 14, five-foot-11 and growing, Reyes has sports running in her veins—her dad is 6-foot-7 Jay-R Reyes who played a significant 14 seasons in the Philippine Basketball Association after dominating the shade for Letran and University of the Philippines, while her mom, Jen or Jennifer, donned the national volleyball team colors.
Read more »
The Hyundai Weekend Hangout is coming to the SM MOA Concert Grounds this weekendHMPH is offering free vehicle check-ups for all who come to the Weekend Hangout
Read more »
Win Gatchalian's brod is president of firm that owns SUV on EDSA busway —SEC paperLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »