0001564590-20-057456.txt : 20201217 0001564590-20-057456.hdr.sgml : 20201217 20201217162029 ACCESSION NUMBER: 0001564590-20-057456 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20201217 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201217 DATE AS OF CHANGE: 20201217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDEX CORP CENTRAL INDEX KEY: 0001048911 STANDARD INDUSTRIAL CLASSIFICATION: AIR COURIER SERVICES [4513] IRS NUMBER: 621721435 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15829 FILM NUMBER: 201396351 BUSINESS ADDRESS: STREET 1: 942 SOUTH SHADY GROVE ROAD CITY: MEMPHIS STATE: TN ZIP: 38120- BUSINESS PHONE: 9018187500 MAIL ADDRESS: STREET 1: 942 SOUTH SHADY GROVE ROAD CITY: MEMPHIS STATE: TN ZIP: 38120- FORMER COMPANY: FORMER CONFORMED NAME: FDX CORP DATE OF NAME CHANGE: 19971103 8-K 1 fdx-8k_20201217.htm 8-K fdx-8k_20201217.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  December 17, 2020

 

FedEx Corporation

(Exact name of registrant as specified in its charter)

 

Commission File Number 1-15829

 

Delaware

 

62-1721435

(State or other jurisdiction of

 

(IRS Employer

incorporation)

 

Identification No.)

 

 

 

942 South Shady Grove Road, Memphis, Tennessee

 

38120

(Address of principal executive offices)

 

(ZIP Code)

 

Registrant’s telephone number, including area code:  (901) 818-7500

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol

 

Name of each exchange

on which registered

Common Stock, par value $0.10 per share

 

FDX

 

New York Stock Exchange

0.700% Notes due 2022

 

FDX 22B

 

New York Stock Exchange

1.000% Notes due 2023

 

FDX 23A

 

New York Stock Exchange

0.450% Notes due 2025

 

FDX 25A

 

New York Stock Exchange

1.625% Notes due 2027

 

FDX 27

 

New York Stock Exchange

1.300% Notes due 2031

 

FDX 31

 

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

 

 

 

 

EXPLANATORY NOTE

The information in this Report, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder. Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

SECTION 2. FINANCIAL INFORMATION.

Item 2.02.

Results of Operations and Financial Condition.

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of FedEx Corporation’s press release, dated December 17, 2020, announcing its financial results for the fiscal quarter ended November 30, 2020.

SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.

Item 9.01.  Financial Statements and Exhibits.

 

(d)

Exhibits.

 

Exhibit

Number

 

Description

 

 

 

99.1

 

Press Release of FedEx Corporation dated December 17, 2020.

 

 

 

104

 

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

 

 

 

1

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

FedEx Corporation

 

 

 

Date:  December 17, 2020

 

By:

 

/s/ John L. Merino

 

 

 

 

John L. Merino

 

 

 

 

Corporate Vice President and

 

 

 

 

Principal Accounting Officer

 

 

2

 

 

EXHIBIT INDEX

 

Exhibit

Number

 

Description

 

 

 

99.1

 

Press Release of FedEx Corporation dated December 17, 2020.

 

 

 

104

 

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

 

E-1

 EX-99.1 2 fdx-ex991_6.htm EX-99.1 fdx-ex991_6.htm

 

Exhibit 99.1

 

 

 

 

 

FedEx Corp. Reports Strong Second Quarter Results

 

MEMPHIS, Tenn., December 17, 2020 ... FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the quarter ended November 30 (adjusted measures exclude the items listed below for the applicable fiscal year):

 

 

 

Fiscal 2021

 

Fiscal 2020

 

 

As Reported

(GAAP)

 

Adjusted

(non-GAAP)

 

As Reported

(GAAP)

 

Adjusted

(non-GAAP)

Revenue

 

$20.6 billion

 

$20.6 billion

 

$17.3 billion

 

$17.3 billion

Operating income

 

$1.47 billion

 

$1.51 billion

 

$554 million

 

$684 million

Operating margin

 

7.1%

 

7.4%

 

3.2%

 

3.9%

Net income

 

$1.23 billion

 

$1.30 billion

 

$560 million

 

$660 million

Diluted EPS

 

$4.55

 

$4.83

 

$2.13

 

$2.51

 

This year’s and last year’s quarterly consolidated results have been adjusted for:

 

Impact per diluted share

 

 

Fiscal 2021

 

 

Fiscal 2020

 

Mark-to-market TNT Express retirement plan

   accounting adjustment

 

 

 

 

$0.15

 

 

 

 

  —

 

TNT Express integration expenses

 

 

 

  0.13

 

 

 

0.19

 

Aircraft impairment charges

 

 

 

     —

 

 

 

0.19

 

 

“My sincere appreciation goes out to our nearly 600,000 team members around the world who go above and beyond to keep the world moving during this ongoing pandemic and unprecedented peak season. Our strong revenue and earnings growth during the quarter is a reflection of their continued hard work and commitment to our customers,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “These results demonstrate the unparalleled strength of our global express network, the breadth of our e-commerce capabilities, and the dedication of our people.”

 

Operating results increased due to volume growth in FedEx International Priority and U.S. domestic residential package services and pricing initiatives across all transportation segments.  These factors were partially offset by costs to support strong demand and to expand services, variable compensation expense, and COVID-19–related costs, including expenses incurred to ensure the safety of FedEx team members and customers as well as the costs of network contingencies, including additional personnel to support operations through the pandemic.

 

- more -

1

 

Net income includes a pretax noncash loss of $52 million ($41 million, net of tax, or $0.15 per diluted share) associated with amending a TNT Express European pension plan to harmonize retirement benefits.  Net income also includes a tax benefit of $191 million ($0.71 per diluted share) primarily related to favorable guidance issued by the Internal Revenue Service during the quarter.  Last year’s results included a tax benefit of $133 million ($0.51 per diluted share) from the recognition of certain foreign tax loss carryforwards.

 

Outlook

 

FedEx is not providing an earnings forecast for fiscal 2021.  The capital spending forecast for the year remains $5.1 billion.

 

“The benefits of the investments across our business over the past several years are reflected in our strong second quarter results,” said Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer.  “While the overall environment remains uncertain, we expect earnings growth in the second half of fiscal 2021 driven by the anticipated heightened demand for our services as we continue to execute on our strategic priorities.”

 

Corporate Overview

 

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services.  With annual revenue of $75 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand.  Consistently ranked among the world's most admired and trusted employers, FedEx inspires its nearly 600,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities.  To learn more about how FedEx connects people and possibilities around the world, please visit about.fedex.com.

 

Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs, Form 8-Ks and Statistical Books.  These materials, as well as a webcast of the earnings release conference call to be held at 5:30 p.m. EST on December 17, are available on the company’s website at investors.fedex.com.  A replay of the conference call webcast will be posted on our website following the call.

 

The Investor Relations page of our website, investors.fedex.com, contains a significant amount of information about FedEx, including our Securities and Exchange Commission (SEC) filings and financial and other information for investors.  The information that we post on our Investor Relations website could be deemed to be material information.  We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted.

 

- more -

2

 

Certain statements in this press release may be considered forward-looking statements, such as statements relating to management’s views with respect to future events and financial performance and underlying assumptions. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends” or similar expressions.  Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the negative impacts of the COVID-19 pandemic; economic conditions in the global markets in which we operate; anti-trade measures and additional changes in international trade policies and relations; a significant data breach or other disruption to our technology infrastructure; our ability to successfully integrate the businesses and operations of FedEx Express and TNT Express in the expected time frame and at the expected cost and to achieve the expected benefits from the combined businesses; our ability to continue to transform and optimize the FedEx Express international business, particularly in Europe; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and achieve the anticipated benefits and associated cost savings of such strategies and actions; damage to our reputation or loss of brand equity; the impact of the United Kingdom’s withdrawal from the European Union and the terms of their future trading relationship beyond December 31, 2020; the timeline for recovery of passenger airline air cargo capacity; changes in fuel prices or currency exchange rates; our ability to match capacity to shifting volume levels; the impact of intense competition; evolving or new U.S. domestic or international government regulation or regulatory actions; future guidance, regulations, interpretations, challenges or judicial decisions related to our tax positions; our ability to successfully complete the acquisition of ShopRunner, Inc.; our ability to effectively operate, integrate, leverage and grow acquired businesses; legal challenges or changes related to service providers engaged by FedEx Ground and the drivers providing services on their behalf; an increase in self-insurance accruals and expenses; disruptions or modifications in service by, or changes in the business or financial soundness of, the U.S. Postal Service; the impact of any international conflicts or terrorist activities; our ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and FedEx Corp.’s filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

Media Contact:  Jenny Robertson 901-434-4829

Investor Contact:  Mickey Foster 901-818-7468

Home Page:  fedex.com

 

 

 

- more -

3

 

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

TO GAAP FINANCIAL MEASURES

 

Second Quarter Fiscal 2021 and Fiscal 2020 Results

 

The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or “reported”). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain non-GAAP (or “adjusted”) financial measures, including our adjusted second quarter fiscal 2021 and 2020 consolidated operating income and margin, net income and diluted earnings per share, and adjusted second quarter fiscal 2021 and 2020 FedEx Express segment operating income and margin. These financial measures have been adjusted to exclude the impact of the following items (as applicable):

 

 

•

The second quarter fiscal 2021 mark-to-market (MTM) TNT Express retirement plan accounting adjustment;

 

•

TNT Express integration expenses incurred in fiscal 2021 and 2020; and

 

•

Fiscal 2020 aircraft impairment charges.

 

The MTM TNT Express retirement plan accounting adjustment and aircraft impairment charges are excluded from our second quarter fiscal 2021 and 2020 consolidated non-GAAP financial measures and FedEx Express segment non-GAAP financial measures, as applicable, because they are unrelated to our core operating performance and/or to assist investors with assessing trends in our underlying businesses.

 

We have incurred and expect to incur significant expenses through fiscal 2022 in connection with our integration of TNT Express. We have adjusted our second quarter fiscal 2021 and 2020 consolidated and FedEx Express segment financial measures to exclude TNT Express integration expenses because we generally would not incur such expenses as part of our continuing operations. The integration expenses are predominantly incremental costs directly associated with the integration of TNT Express, including professional and legal fees, salaries and employee benefits, travel and advertising expenses. Internal salaries and employee benefits are included only to the extent the individuals are assigned full-time to integration activities.

 

We believe these adjusted financial measures facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the company’s and our business segments’ core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. These adjustments are consistent with how management views our businesses. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating the company’s and each business segment’s ongoing performance.

 

- more -

4

 

Our non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these non-GAAP financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. As required by Securities and Exchange Commission rules, the tables below present a reconciliation of our presented non-GAAP financial measures to the most directly comparable GAAP measures.

 

 

Second Quarter Fiscal 2021

 

FedEx Corporation

 

 

 

Operating

 

Income

 

Net

 

Diluted

Earnings

Dollars in millions, except EPS

 

Income

 

Margin1

 

Taxes2

 

Income3

 

Per Share

GAAP measure

 

$1,465

 

7.1%

 

$180

 

$1,226

 

$4.55

Mark-to-market TNT Express

   retirement plan accounting

   adjustment4

 

—

 

—

 

11

 

41

 

0.15

TNT Express integration

   expenses5

 

48

 

0.2%

 

12

 

36

 

0.13

Non-GAAP measure

 

$1,513

 

7.4%

 

$203

 

$1,303

 

$4.83

 

FedEx Express Segment

 

 

 

Operating

Dollars in millions

 

Income

 

Margin

GAAP measure

 

$900

 

8.7%

TNT Express integration expenses

 

43

 

0.4%

Non-GAAP measure

 

$943

 

9.1%

 

 

 

 

 

 

 

 

 

 

 

 

- more -

5

 

Second Quarter Fiscal 2020

 

FedEx Corporation

 

 

 

Operating

 

Income

 

Net

 

Diluted

Earnings

Dollars in millions, except EPS

 

Income

 

Margin1

 

Taxes2

 

Income3

 

Per Share

GAAP measure

 

$554

 

3.2%

 

$12

 

$560

 

$2.13

TNT Express integration

   expenses5

 

64

 

0.4%

 

14

 

50

 

0.19

Aircraft impairment charges

 

66

 

0.4%

 

16

 

50

 

0.19

Non-GAAP measure

 

$684

 

3.9%

 

$42

 

$660

 

$2.51

 

FedEx Express Segment

 

 

 

Operating

Dollars in millions

 

Income

 

Margin1

GAAP measure

 

$236

 

2.6%

TNT Express integration expenses

 

49

 

0.5%

Aircraft impairment charges

 

66

 

0.7%

Non-GAAP measure

 

$351

 

3.9%

 

Notes:

 

1 –

Does not sum to total due to rounding.

2 –

Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

3 –

Effect of “total other (expense) income” on net income amount not shown.

4 –

The MTM TNT Express retirement plan accounting adjustment reflects a noncash loss associated with amending a TNT Express European pension plan to harmonize retirement benefits.

5 –

These expenses were recognized at FedEx Corporate and FedEx Express.

 

 

# # #

 

 

 

 

6

 

 

FEDEX CORP. FINANCIAL HIGHLIGHTS

 

Second Quarter Fiscal 2021

(In millions, except earnings per share)

(Unaudited)

 

 

 

Three Months Ended

November 30,

 

 

Six Months Ended

November 30,

 

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

2020

 

 

 

2019

 

 

%

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FedEx Express segment

 

$

10,368

 

 

$

9,084

 

 

 

14

%

 

$

20,015

 

 

$

18,029

 

 

 

11

%

FedEx Ground segment

 

 

7,344

 

 

 

5,315

 

 

 

38

%

 

 

14,384

 

 

 

10,494

 

 

 

37

%

FedEx Freight segment

 

 

1,936

 

 

 

1,844

 

 

 

5

%

 

 

3,762

 

 

 

3,749

 

 

 

—

 

FedEx Services segment

 

 

8

 

 

 

5

 

 

 

60

%

 

 

16

 

 

 

9

 

 

 

78

%

Other and eliminations

 

 

907

 

 

 

1,076

 

 

 

(16

%)

 

 

1,707

 

 

 

2,091

 

 

 

(18

%)

Total Revenue

 

 

20,563

 

 

 

17,324

 

 

 

19

%

 

 

39,884

 

 

 

34,372

 

 

 

16

%

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,443

 

 

 

6,235

 

 

 

19

%

 

 

14,295

 

 

 

12,322

 

 

 

16

%

Purchased transportation

 

 

5,407

 

 

 

4,328

 

 

 

25

%

 

 

10,384

 

 

 

8,356

 

 

 

24

%

Rentals

 

 

1,006

 

 

 

924

 

 

 

9

%

 

 

1,942

 

 

 

1,844

 

 

 

5

%

Depreciation and amortization

 

 

936

 

 

 

901

 

 

 

4

%

 

 

1,862

 

 

 

1,780

 

 

 

5

%

Fuel

 

 

625

 

 

 

890

 

 

 

(30

%)

 

 

1,190

 

 

 

1,760

 

 

 

(32

%)

Maintenance and repairs

 

 

815

 

 

 

774

 

 

 

5

%

 

 

1,621

 

 

 

1,542

 

 

 

5

%

Asset impairment charges

 

 

—

 

 

 

66

 

 

NM

 

 

 

—

 

 

 

66

 

 

NM

 

Other

 

 

2,866

 

 

 

2,652

 

 

 

8

%

 

 

5,535

 

 

 

5,171

 

 

 

7

%

Total Operating Expenses

 

 

19,098

 

 

 

16,770

 

 

 

14

%

 

 

36,829

 

 

 

32,841

 

 

 

12

%

Operating Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FedEx Express segment

 

 

900

 

 

 

236

 

 

 

281

%

 

 

1,610

 

 

 

521

 

 

 

209

%

FedEx Ground segment

 

 

552

 

 

 

342

 

 

 

61

%

 

 

1,386

 

 

 

986

 

 

 

41

%

FedEx Freight segment

 

 

252

 

 

 

141

 

 

 

79

%

 

 

526

 

 

 

335

 

 

 

57

%

Corporate, eliminations and other1

 

 

(239

)

 

 

(165

)

 

 

45

%

 

 

(467

)

 

 

(311

)

 

 

50

%

Total Operating Income

 

 

1,465

 

 

 

554

 

 

 

164

%

 

 

3,055

 

 

 

1,531

 

 

 

100

%

Other (Expense) Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net

 

 

(184

)

 

 

(151

)

 

 

22

%

 

 

(368

)

 

 

(288

)

 

 

28

%

Other retirement plans income

 

 

150

 

 

 

168

 

 

 

(11

%)

 

 

351

 

 

 

336

 

 

 

4

%

Other, net

 

 

(25

)

 

 

1

 

 

NM

 

 

 

(26

)

 

 

(11

)

 

NM

 

Total Other (Expense) Income

 

 

(59

)

 

 

18

 

 

NM

 

 

 

(43

)

 

 

37

 

 

NM

 

Income Before Income Taxes

 

 

1,406

 

 

 

572

 

 

 

146

%

 

 

3,012

 

 

 

1,568

 

 

 

92

%

Provision for Income Taxes

 

 

180

 

 

 

12

 

 

NM

 

 

 

541

 

 

 

263

 

 

NM

 

Net Income

 

$

1,226

 

 

$

560

 

 

 

119

%

 

$

2,471

 

 

$

1,305

 

 

 

89

%

Diluted Earnings Per Share

 

$

4.55

 

 

$

2.13

 

 

 

114

%

 

$

9.26

 

 

$

4.97

 

 

 

86

%

Weighted Average Common and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Equivalent Shares

 

 

269

 

 

 

262

 

 

 

3

%

 

 

266

 

 

 

262

 

 

 

2

%

Capital Expenditures

 

$

1,402

 

 

$

1,848

 

 

 

(24

%)

 

$

2,826

 

 

$

3,266

 

 

 

(13

%)

 

1 – Includes the FedEx Logistics and FedEx Office operating segments.

 

 

 

7

 

FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS

 

Second Quarter Fiscal 2021

(In millions)

 

 

 

November 30, 2020

 

 

 

 

 

 

 

(Unaudited)

 

 

May 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,339

 

 

$

4,881

 

Receivables, less allowances

 

 

11,417

 

 

 

10,102

 

Spare parts, supplies and fuel, less allowances

 

 

587

 

 

 

572

 

Prepaid expenses and other

 

 

922

 

 

 

828

 

Total current assets

 

 

21,265

 

 

 

16,383

 

Property and Equipment, at Cost

 

 

67,514

 

 

 

65,024

 

Less accumulated depreciation and amortization

 

 

32,904

 

 

 

31,416

 

Net property and equipment

 

 

34,610

 

 

 

33,608

 

Other Long-Term Assets

 

 

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

 

14,845

 

 

 

13,917

 

Goodwill

 

 

6,702

 

 

 

6,372

 

Other assets

 

 

3,734

 

 

 

3,257

 

Total other long-term assets

 

 

25,281

 

 

 

23,546

 

 

 

$

81,156

 

 

$

73,537

 

LIABILITIES AND COMMON STOCKHOLDERS'

   INVESTMENT

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

97

 

 

$

51

 

Accrued salaries and employee benefits

 

 

2,159

 

 

 

1,569

 

Accounts payable

 

 

3,733

 

 

 

3,269

 

Operating lease liabilities

 

 

2,123

 

 

 

1,923

 

Accrued expenses

 

 

4,003

 

 

 

3,532

 

Total current liabilities

 

 

12,115

 

 

 

10,344

 

Long-Term Debt, Less Current Portion

 

 

23,221

 

 

 

21,952

 

Other Long-Term Liabilities

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

3,471

 

 

 

3,162

 

Pension, postretirement healthcare and other benefit obligations

 

 

5,088

 

 

 

5,019

 

Self-insurance accruals

 

 

2,250

 

 

 

2,104

 

Operating lease liabilities

 

 

13,009

 

 

 

12,195

 

Other liabilities

 

 

963

 

 

 

466

 

Total other long-term liabilities

 

 

24,781

 

 

 

22,946

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

Common Stockholders' Investment

 

 

 

 

 

 

 

 

Common stock, $0.10 par value, 800 million shares authorized

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

3,400

 

 

 

3,356

 

Retained earnings

 

 

27,208

 

 

 

25,216

 

Accumulated other comprehensive loss

 

 

(898

)

 

 

(1,147

)

Treasury stock, at cost

 

 

(8,703

)

 

 

(9,162

)

Total common stockholders' investment

 

 

21,039

 

 

 

18,295

 

 

 

$

81,156

 

 

$

73,537

 

8

 

 

FEDEX CORP. CONDENSED CONSOLIDATED

STATEMENTS OF CASH FLOWS

 

Second Quarter Fiscal 2021

(In millions)

(Unaudited)

 

 

 

 

Six Months Ended

November 30,

 

 

 

 

2020

 

 

 

2019

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

2,471

 

 

$

1,305

 

Noncash charges:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,862

 

 

 

1,780

 

Other, net

 

 

1,946

 

 

 

1,542

 

Changes in operating assets and liabilities, net

 

 

(1,049

)

 

 

(2,553

)

Net cash provided by operating activities

 

 

5,230

 

 

 

2,074

 

Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(2,826

)

 

 

(3,266

)

Proceeds from asset dispositions and other

 

 

14

 

 

 

4

 

Net cash used in investing activities

 

 

(2,812

)

 

 

(3,262

)

Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from short-term borrowings, net

 

 

—

 

 

 

150

 

Principal payments on debt

 

 

(75

)

 

 

(1,021

)

Proceeds from debt issuances

 

 

970

 

 

 

2,093

 

Proceeds from stock issuances

 

 

431

 

 

 

26

 

Dividends paid

 

 

(341

)

 

 

(339

)

Purchase of treasury stock

 

 

—

 

 

 

(3

)

Other, net

 

 

(12

)

 

 

(5

)

Cash provided by financing activities

 

 

973

 

 

 

901

 

Effect of exchange rate changes on cash

 

 

67

 

 

 

(1

)

Net increase (decrease) in cash and cash equivalents

 

 

3,458

 

 

 

(288

)

Cash and cash equivalents at beginning of period

 

 

4,881

 

 

 

2,319

 

Cash and cash equivalents at end of period

 

$

8,339

 

 

$

2,031

 

9

 

 

FEDEX EXPRESS SEGMENT FINANCIAL HIGHLIGHTS

 

Second Quarter Fiscal 2021

(Dollars in millions)

(Unaudited)

 

 

 

 

Three Months Ended

November 30,

 

 

Six Months Ended

November 30,

 

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

2020

 

 

 

2019

 

 

%

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Package Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Overnight Box

 

$

2,012

 

 

$

1,864

 

 

 

8

%

 

$

3,873

 

 

$

3,730

 

 

 

4

%

U.S. Overnight Envelope

 

 

435

 

 

 

457

 

 

 

(5

%)

 

 

861

 

 

 

936

 

 

 

(8

%)

Total U.S. Overnight

 

 

2,447

 

 

 

2,321

 

 

 

5

%

 

 

4,734

 

 

 

4,666

 

 

 

1

%

U.S. Deferred

 

 

1,204

 

 

 

980

 

 

 

23

%

 

 

2,300

 

 

 

1,936

 

 

 

19

%

Total U.S. Package Revenue

 

 

3,651

 

 

 

3,301

 

 

 

11

%

 

 

7,034

 

 

 

6,602

 

 

 

7

%

International Priority

 

 

2,510

 

 

 

1,817

 

 

 

38

%

 

 

4,827

 

 

 

3,634

 

 

 

33

%

International Economy

 

 

658

 

 

 

873

 

 

 

(25

%)

 

 

1,274

 

 

 

1,728

 

 

 

(26

%)

Total International Export

   Package

 

 

3,168

 

 

 

2,690

 

 

 

18

%

 

 

6,101

 

 

 

5,362

 

 

 

14

%

International Domestic1

 

 

1,206

 

 

 

1,165

 

 

 

4

%

 

 

2,294

 

 

 

2,241

 

 

 

2

%

Total Package Revenue

 

 

8,025

 

 

 

7,156

 

 

 

12

%

 

 

15,429

 

 

 

14,205

 

 

 

9

%

Freight Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

799

 

 

 

698

 

 

 

14

%

 

 

1,632

 

 

 

1,393

 

 

 

17

%

International Priority

 

 

737

 

 

 

473

 

 

 

56

%

 

 

1,390

 

 

 

937

 

 

 

48

%

International Economy

 

 

408

 

 

 

541

 

 

 

(25

%)

 

 

779

 

 

 

1,057

 

 

 

(26

%)

International Airfreight

 

 

65

 

 

 

70

 

 

 

(7

%)

 

 

140

 

 

 

136

 

 

 

3

%

Total Freight Revenue

 

 

2,009

 

 

 

1,782

 

 

 

13

%

 

 

3,941

 

 

 

3,523

 

 

 

12

%

Other Revenue2

 

 

334

 

 

 

146

 

 

 

129

%

 

 

645

 

 

 

301

 

 

 

114

%

Total Express Revenue

 

$

10,368

 

 

$

9,084

 

 

 

14

%

 

$

20,015

 

 

$

18,029

 

 

 

11

%

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,922

 

 

 

3,405

 

 

 

15

%

 

 

7,664

 

 

 

6,777

 

 

 

13

%

Purchased transportation

 

 

1,449

 

 

 

1,267

 

 

 

14

%

 

 

2,753

 

 

 

2,499

 

 

 

10

%

Rentals and landing fees

 

 

542

 

 

 

505

 

 

 

7

%

 

 

1,046

 

 

 

1,018

 

 

 

3

%

Depreciation and amortization

 

 

482

 

 

 

469

 

 

 

3

%

 

 

959

 

 

 

931

 

 

 

3

%

Fuel

 

 

529

 

 

 

754

 

 

 

(30

%)

 

 

1,025

 

 

 

1,497

 

 

 

(32

%)

Maintenance and repairs

 

 

542

 

 

 

514

 

 

 

5

%

 

 

1,093

 

 

 

1,031

 

 

 

6

%

Asset impairment charges

 

 

—

 

 

 

66

 

 

NM

 

 

 

—

 

 

 

66

 

 

NM

 

Intercompany charges

 

 

486

 

 

 

500

 

 

 

(3

%)

 

 

947

 

 

 

969

 

 

 

(2

%)

Other

 

 

1,516

 

 

 

1,368

 

 

 

11

%

 

 

2,918

 

 

 

2,720

 

 

 

7

%

Total Operating Expenses

 

 

9,468

 

 

 

8,848

 

 

 

7

%

 

 

18,405

 

 

 

17,508

 

 

 

5

%

Operating Income

 

$

900

 

 

$

236

 

 

 

281

%

 

$

1,610

 

 

$

521

 

 

 

209

%

Operating Margin

 

 

8.7

%

 

 

2.6

%

 

6.1 pts

 

 

 

8.0

%

 

 

2.9

%

 

5.1 pts

 

 

1 – International Domestic revenue relates to international intra-country operations.

2 – Includes the operations of FedEx Custom Critical and FedEx Cross Border for the periods ended November 30, 2020.

 

 

 

10

 

FEDEX EXPRESS SEGMENT OPERATING HIGHLIGHTS

 

Second Quarter Fiscal 2021

(Unaudited)

 

 

 

Three Months Ended

November 30,

 

 

Six Months Ended

November 30,

 

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

2020

 

 

 

2019

 

 

%

 

PACKAGE STATISTICS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Daily Package Volume (000s):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Overnight Box

 

 

1,453

 

 

 

1,244

 

 

 

17

%

 

 

1,369

 

 

 

1,231

 

 

 

11

%

U.S. Overnight Envelope

 

 

512

 

 

 

547

 

 

 

(6

%)

 

 

497

 

 

 

554

 

 

 

(10

%)

Total U.S. Overnight Package

 

 

1,965

 

 

 

1,791

 

 

 

10

%

 

 

1,866

 

 

 

1,785

 

 

 

5

%

U.S. Deferred

 

 

1,339

 

 

 

1,012

 

 

 

32

%

 

 

1,272

 

 

 

994

 

 

 

28

%

Total U.S. Domestic Package

 

 

3,304

 

 

 

2,803

 

 

 

18

%

 

 

3,138

 

 

 

2,779

 

 

 

13

%

International Priority

 

 

748

 

 

 

565

 

 

 

32

%

 

 

722

 

 

 

548

 

 

 

32

%

International Economy

 

 

296

 

 

 

315

 

 

 

(6

%)

 

 

277

 

 

 

304

 

 

 

(9

%)

Total International Export Package

 

 

1,044

 

 

 

880

 

 

 

19

%

 

 

999

 

 

 

852

 

 

 

17

%

International Domestic1

 

 

2,635

 

 

 

2,669

 

 

 

(1

%)

 

 

2,464

 

 

 

2,509

 

 

 

(2

%)

Total Average Daily Packages

 

 

6,983

 

 

 

6,352

 

 

 

10

%

 

 

6,601

 

 

 

6,140

 

 

 

8

%

Yield (Revenue Per Package):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Overnight Box

 

$

21.98

 

 

$

23.78

 

 

 

(8

%)

 

$

22.10

 

 

$

23.86

 

 

 

(7

%)

U.S. Overnight Envelope

 

 

13.50

 

 

 

13.26

 

 

 

2

%

 

 

13.53

 

 

 

13.29

 

 

 

2

%

U.S. Overnight Composite

 

 

19.77

 

 

 

20.57

 

 

 

(4

%)

 

 

19.82

 

 

 

20.58

 

 

 

(4

%)

U.S. Deferred

 

 

14.27

 

 

 

15.39

 

 

 

(7

%)

 

 

14.12

 

 

 

15.34

 

 

 

(8

%)

U.S. Domestic Composite

 

 

17.54

 

 

 

18.70

 

 

 

(6

%)

 

 

17.51

 

 

 

18.71

 

 

 

(6

%)

International Priority

 

 

53.26

 

 

 

51.03

 

 

 

4

%

 

 

52.24

 

 

 

52.25

 

 

 

—

 

International Economy

 

 

35.29

 

 

 

43.94

 

 

 

(20

%)

 

 

35.84

 

 

 

44.71

 

 

 

(20

%)

Total International Export Composite

 

 

48.17

 

 

 

48.49

 

 

 

(1

%)

 

 

47.69

 

 

 

49.55

 

 

 

(4

%)

International Domestic1

 

 

7.27

 

 

 

6.92

 

 

 

5

%

 

 

7.27

 

 

 

7.03

 

 

 

3

%

Composite Package Yield

 

$

18.24

 

 

$

17.88

 

 

 

2

%

 

$

18.26

 

 

$

18.21

 

 

 

—

 

FREIGHT STATISTICS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Daily Freight Pounds (000s):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

9,511

 

 

 

8,364

 

 

 

14

%

 

 

9,175

 

 

 

8,188

 

 

 

12

%

International Priority

 

 

6,234

 

 

 

5,230

 

 

 

19

%

 

 

5,862

 

 

 

5,010

 

 

 

17

%

International Economy

 

 

13,560

 

 

 

15,241

 

 

 

(11

%)

 

 

12,581

 

 

 

14,473

 

 

 

(13

%)

International Airfreight

 

 

1,605

 

 

 

1,726

 

 

 

(7

%)

 

 

1,590

 

 

 

1,640

 

 

 

(3

%)

Total Avg Daily Freight Pounds

 

 

30,910

 

 

 

30,561

 

 

 

1

%

 

 

29,208

 

 

 

29,311

 

 

 

—

 

Revenue Per Freight Pound:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1.33

 

 

$

1.32

 

 

 

1

%

 

$

1.39

 

 

$

1.34

 

 

 

4

%

International Priority

 

 

1.88

 

 

 

1.43

 

 

 

31

%

 

 

1.85

 

 

 

1.47

 

 

 

26

%

International Economy

 

 

0.48

 

 

 

0.56

 

 

 

(14

%)

 

 

0.48

 

 

 

0.57

 

 

 

(16

%)

International Airfreight

 

 

0.64

 

 

 

0.65

 

 

 

(2

%)

 

 

0.69

 

 

 

0.65

 

 

 

6

%

Composite Freight Yield

 

$

1.03

 

 

$

0.93

 

 

 

11

%

 

$

1.05

 

 

$

0.95

 

 

 

11

%

Operating Weekdays

 

 

63

 

 

 

63

 

 

 

—

 

 

 

128

 

 

 

127

 

 

 

1

%

1 – International Domestic revenue relates to international intra-country operations.

 

11

 

FEDEX GROUND SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS

 

Second Quarter Fiscal 2021

(Dollars in millions)

(Unaudited)

 

 

 

Three Months Ended

November 30,

 

 

Six Months Ended

November 30,

 

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

2020

 

 

 

2019

 

 

%

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

7,344

 

 

$

5,315

 

 

 

38

%

 

$

14,384

 

 

$

10,494

 

 

 

37

%

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,557

 

 

 

971

 

 

 

60

%

 

 

2,831

 

 

 

1,842

 

 

 

54

%

Purchased transportation

 

 

3,488

 

 

 

2,561

 

 

 

36

%

 

 

6,779

 

 

 

4,864

 

 

 

39

%

Rentals

 

 

289

 

 

 

249

 

 

 

16

%

 

 

553

 

 

 

488

 

 

 

13

%

Depreciation and amortization

 

 

205

 

 

 

195

 

 

 

5

%

 

 

409

 

 

 

388

 

 

 

5

%

Fuel

 

 

5

 

 

 

4

 

 

 

25

%

 

 

9

 

 

 

7

 

 

 

29

%

Maintenance and repairs

 

 

124

 

 

 

98

 

 

 

27

%

 

 

231

 

 

 

185

 

 

 

25

%

Intercompany charges

 

 

446

 

 

 

394

 

 

 

13

%

 

 

878

 

 

 

769

 

 

 

14

%

Other

 

 

678

 

 

 

501

 

 

 

35

%

 

 

1,308

 

 

 

965

 

 

 

36

%

Total Operating Expenses

 

 

6,792

 

 

 

4,973

 

 

 

37

%

 

 

12,998

 

 

 

9,508

 

 

 

37

%

Operating Income

 

$

552

 

 

$

342

 

 

 

61

%

 

$

1,386

 

 

$

986

 

 

 

41

%

Operating Margin

 

 

7.5

%

 

 

6.4

%

 

1.1 pts

 

 

 

9.6

%

 

 

9.4

%

 

0.2 pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING STATISTICS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Weekdays

 

 

63

 

 

 

63

 

 

 

—

 

 

 

128

 

 

 

127

 

 

 

1

%

Average Daily Package Volume (000s)

 

 

12,315

 

 

 

9,556

 

 

 

29

%

 

 

11,931

 

 

 

9,192

 

 

 

30

%

Yield (Revenue Per Package)

 

$

9.42

 

 

$

8.80

 

 

 

7

%

 

$

9.38

 

 

$

8.96

 

 

 

5

%

 

 

 

12

 

FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS

 

Second Quarter Fiscal 2021

(Dollars in millions)

(Unaudited)

 

 

 

Three Months Ended

November 30,

 

 

Six Months Ended

November 30,

 

 

 

 

2020

 

 

 

2019

 

 

%

 

 

 

2020

 

 

 

2019

 

 

%

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,936

 

 

$

1,844

 

 

 

5

%

 

$

3,762

 

 

$

3,749

 

 

 

—

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

915

 

 

 

900

 

 

 

2

%

 

 

1,773

 

 

 

1,819

 

 

 

(3

%)

Purchased transportation

 

 

209

 

 

 

187

 

 

 

12

%

 

 

379

 

 

 

374

 

 

 

1

%

Rentals

 

 

59

 

 

 

52

 

 

 

13

%

 

 

115

 

 

 

104

 

 

 

11

%

Depreciation and amortization

 

 

105

 

 

 

97

 

 

 

8

%

 

 

211

 

 

 

191

 

 

 

10

%

Fuel

 

 

90

 

 

 

132

 

 

 

(32

%)

 

 

155

 

 

 

255

 

 

 

(39

%)

Maintenance and repairs

 

 

57

 

 

 

68

 

 

 

(16

%)

 

 

110

 

 

 

133

 

 

 

(17

%)

Intercompany charges

 

 

122

 

 

 

130

 

 

 

(6

%)

 

 

241

 

 

 

256

 

 

 

(6

%)

Other

 

 

127

 

 

 

137

 

 

 

(7

%)

 

 

252

 

 

 

282

 

 

 

(11

%)

Total Operating Expenses

 

 

1,684

 

 

 

1,703

 

 

 

(1

%)

 

 

3,236

 

 

 

3,414

 

 

 

(5

%)

Operating Income

 

$

252

 

 

$

141

 

 

 

79

%

 

$

526

 

 

$

335

 

 

 

57

%

Operating Margin

 

 

13.0

%

 

 

7.6

%

 

5.4 pts

 

 

 

14.0

%

 

 

8.9

%

 

5.1 pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING STATISTICS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Weekdays

 

 

62

 

 

 

62

 

 

 

—

 

 

 

127

 

 

 

126

 

 

 

1

%

Average Daily Shipments (000s):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Priority

 

 

78.1

 

 

 

77.4

 

 

 

1

%

 

 

74.6

 

 

 

78.0

 

 

 

(4

%)

Economy

 

 

32.9

 

 

 

32.6

 

 

 

1

%

 

 

31.5

 

 

 

32.7

 

 

 

(4

%)

Total Average Daily Shipments

 

 

111.0

 

 

 

110.0

 

 

 

1

%

 

 

106.1

 

 

 

110.7

 

 

 

(4

%)

Weight Per Shipment (lbs):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Priority

 

 

1,106

 

 

 

1,139

 

 

 

(3

%)

 

 

1,101

 

 

 

1,147

 

 

 

(4

%)

Economy

 

 

1,015

 

 

 

983

 

 

 

3

%

 

 

1,006

 

 

 

971

 

 

 

4

%

Composite Weight Per Shipment

 

 

1,079

 

 

 

1,092

 

 

 

(1

%)

 

 

1,073

 

 

 

1,095

 

 

 

(2

%)

Revenue/Shipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Priority

 

$

264.05

 

 

$

258.90

 

 

 

2

%

 

$

262.02

 

 

$

257.14

 

 

 

2

%

Economy

 

 

313.35

 

 

 

295.29

 

 

 

6

%

 

 

308.15

 

 

 

295.53

 

 

 

4

%

Composite Revenue/Shipment

 

$

278.66

 

 

$

270.38

 

 

 

3

%

 

$

275.71

 

 

$

268.83

 

 

 

3

%

Revenue/CWT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Priority

 

$

23.86

 

 

$

22.74

 

 

 

5

%

 

$

23.79

 

 

$

22.41

 

 

 

6

%

Economy

 

 

30.88

 

 

 

30.05

 

 

 

3

%

 

 

30.62

 

 

 

30.43

 

 

 

1

%

Composite Revenue/CWT

 

$

25.82

 

 

$

24.75

 

 

 

4

%

 

$

25.69

 

 

$

24.54

 

 

 

5

%

 

13

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Entity File Number 1-15829
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 62-1721435
Entity Address, Address Line One 942 South Shady Grove Road
Entity Address, City or Town Memphis
Entity Address, State or Province TN
Entity Address, Postal Zip Code 38120
City Area Code (901)
Local Phone Number 818-7500
Written Communications false
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Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.10 per share
Trading Symbol FDX
Security Exchange Name NYSE
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Document Information [Line Items]  
Title of 12(b) Security 0.700% Notes due 2022
Trading Symbol FDX 22B
Security Exchange Name NYSE
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Document Information [Line Items]  
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Trading Symbol FDX 23A
Security Exchange Name NYSE
0.450% Notes Due 2025 [Member]  
Document Information [Line Items]  
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Security Exchange Name NYSE
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Security Exchange Name NYSE
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