$FDX
FEDEX CORP

2010 Q4 Form 10-Q Financial Statement

#000095012310114520 Filed on December 17, 2010

View on sec.gov

Income Statement

Concept 2010 Q4 2009 Q4
Revenue $9.632B $8.596B
YoY Change 12.05% -9.88%
Cost Of Revenue $2.328B $1.899B
YoY Change 22.59% -16.97%
Gross Profit $7.304B $6.697B
YoY Change 9.06% -7.64%
Gross Profit Margin 75.83% 77.91%
Selling, General & Admin $4.880B $4.427B
YoY Change 10.23% -4.51%
% of Gross Profit 66.81% 66.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $502.0M $487.0M
YoY Change 3.08% -0.81%
% of Gross Profit 6.87% 7.27%
Operating Expenses $6.768B $6.126B
YoY Change 10.48% -5.27%
Operating Profit $469.0M $571.0M
YoY Change -17.86% -27.17%
Interest Expense -$23.00M -$15.00M
YoY Change 53.33% 50.0%
% of Operating Profit -4.9% -2.63%
Other Income/Expense, Net -$32.00M -$24.00M
YoY Change 33.33%
Pretax Income $437.0M $547.0M
YoY Change -20.11% -29.33%
Income Tax $154.0M $202.0M
% Of Pretax Income 35.24% 36.93%
Net Earnings $283.0M $345.0M
YoY Change -17.97% -30.02%
Net Earnings / Revenue 2.94% 4.01%
Basic Earnings Per Share $0.90 $1.10
Diluted Earnings Per Share $0.89 $1.10
COMMON SHARES
Basic Shares Outstanding 314.0M shares 312.0M shares
Diluted Shares Outstanding 316.0M shares 314.0M shares

Balance Sheet

Concept 2010 Q4 2009 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.877B $1.465B
YoY Change 28.12% -4.99%
Cash & Equivalents $1.877B $1.465B
Short-Term Investments
Other Short-Term Assets $842.0M $807.0M
YoY Change 4.34% 2.93%
Inventory $400.0M $391.0M
Prepaid Expenses
Receivables $4.279B $3.771B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.398B $6.434B
YoY Change 14.98% -5.85%
LONG-TERM ASSETS
Property, Plant & Equipment $15.27B $13.94B
YoY Change 9.54% 2.4%
Goodwill $2.224B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.205B $1.986B
YoY Change -39.33% -29.55%
Total Long-Term Assets $18.70B $18.16B
YoY Change 2.95% -7.11%
TOTAL ASSETS
Total Short-Term Assets $7.398B $6.434B
Total Long-Term Assets $18.70B $18.16B
Total Assets $26.09B $24.59B
YoY Change 6.09% -6.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.561B $1.417B
YoY Change 10.16% -24.55%
Accrued Expenses $1.820B $2.662B
YoY Change -31.63% 4.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $251.0M $40.00M
YoY Change 527.5% -96.33%
Total Short-Term Liabilities $4.863B $4.119B
YoY Change 18.06% -25.42%
LONG-TERM LIABILITIES
Long-Term Debt $1.667B $1.918B
YoY Change -13.09% 108.93%
Other Long-Term Liabilities $156.0M $3.161B
YoY Change -95.06% 7.12%
Total Long-Term Liabilities $156.0M $5.079B
YoY Change -96.93% 31.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.863B $4.119B
Total Long-Term Liabilities $156.0M $5.079B
Total Liabilities $5.019B $10.43B
YoY Change -51.86% -4.37%
SHAREHOLDERS EQUITY
Retained Earnings $14.52B
YoY Change
Common Stock $31.00M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.00M
YoY Change
Treasury Stock Shares
Shareholders Equity $14.56B $14.17B
YoY Change
Total Liabilities & Shareholders Equity $26.09B $24.59B
YoY Change 6.09% -6.78%

Cashflow Statement

Concept 2010 Q4 2009 Q4
OPERATING ACTIVITIES
Net Income $283.0M $345.0M
YoY Change -17.97% -30.02%
Depreciation, Depletion And Amortization $502.0M $487.0M
YoY Change 3.08% -0.81%
Cash From Operating Activities $1.215B $459.0M
YoY Change 164.71% -39.37%
INVESTING ACTIVITIES
Capital Expenditures -$1.047B -$669.0M
YoY Change 56.5% -10.92%
Acquisitions
YoY Change
Other Investing Activities $4.000M $7.000M
YoY Change -42.86% -53.33%
Cash From Investing Activities -$1.043B -$662.0M
YoY Change 57.55% -10.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.00M -131.0M
YoY Change -86.26% 336.67%
NET CHANGE
Cash From Operating Activities 1.215B 459.0M
Cash From Investing Activities -1.043B -662.0M
Cash From Financing Activities -18.00M -131.0M
Net Change In Cash 154.0M -334.0M
YoY Change -146.11% 3611.11%
FREE CASH FLOW
Cash From Operating Activities $1.215B $459.0M
Capital Expenditures -$1.047B -$669.0M
Free Cash Flow $2.262B $1.128B
YoY Change 100.53% -25.2%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
FedEx Corporation
dei Entity Central Index Key
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0001048911
dei Current Fiscal Year End Date
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--05-31
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dei Entity Filer Category
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dei Document Type
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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:0px;">(1) </font><font style="font-family:Times New Roman;font-size:11pt;text-decoration:underline;">General</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;font-style:italic;margin-left:0px;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. </font><font style="font-family:Times New Roman;font-size:11pt;"> These interim financial statements of FedEx Corporation ("FedEx") have been prepared in accordance with accounting principles </font><font style="font-family:Times New Roman;font-size:11pt;">generally</font><font style="font-family:Times New Roman;font-size:11pt;"> accepted in the United States and Securities and Exchange Commission ("SEC") instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10</font><font style="font-family:Times New Roman;font-size:11pt;">-</font><font style="font-family:Times New Roman;font-size:11pt;">K </font><font style="font-family:Times New Roman;font-size:11pt;">("Annual Report") </font><font style="font-family:Times New Roman;font-size:11pt;">for the year ended </font><font style="font-family:Times New Roman;font-size:11pt;">May 31,</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">2010</font><font style="font-family:Times New Roman;font-size:11pt;">. Accordingly, significant accounting policies and other disclosures normally </font><font style="font-family:Times New Roman;font-size:11pt;">provided have been omitted because</font><font style="font-family:Times New Roman;font-size:11pt;"> such items are disclosed therein.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:0px;">In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of </font><font style="font-family:Times New Roman;font-size:11pt;">November 30,</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">2010</font><font style="font-family:Times New Roman;font-size:11pt;">, the results of our operations </font><font style="font-family:Times New Roman;font-size:11pt;">for the three- and six-month periods ended </font><font style="font-family:Times New Roman;font-size:11pt;">November 30, 2010</font><font style="font-family:Times New Roman;font-size:11pt;"> and </font><font style="font-family:Times New Roman;font-size:11pt;">2009</font><font style="font-family:Times New Roman;font-size:11pt;"> and cash flows for the six-month periods ended November 30,</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">2010 and 2009</font><font style="font-family:Times New Roman;font-size:11pt;">. 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Lt</font><font style="font-family:Times New Roman;font-size:11pt;">d.&#160; Additionally, on December 15</font><font style="font-family:Times New Roman;font-size:11pt;">, 2010, FedEx entered into an agreement to acquire </font><font style="font-family:Times New Roman;font-size:11pt;">Servicios N</font><font style="font-family:Times New Roman;font-size:11pt;">acionales Mupa, SA de CV (MultiP</font><font style="font-family:Times New Roman;font-size:11pt;">ack), a Mexican domestic express package delivery company.&#160; Once completed, th</font><font style="font-family:Times New Roman;font-size:11pt;">ese acquisitions will give us</font><font style="font-family:Times New Roman;font-size:11pt;"> more robust domestic transportation and related capabilities in these important global markets. </font><font style="font-family:Times New Roman;font-size:11pt;">These acquisitions will be funded with cash from operations and are expected to be completed during 2011, subject to customary closing conditions. 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Of these costs, $67 million primarily relate to accrued severance expenses and impairment charges on assets to be sold, which were recorded in the "Impairment and other charges" caption of the condensed consolidated income statement. In addition, we recorded $14 million in accelerated depreciation expense due to a change in the estimated useful life of certain assets impacted by the combination of these operations. No amounts recorded related to severance accruals were paid during the quarter and these amounts will be paid during the third quarter of 2011 following the combination of these operations. The cash outlays related to these actions are immaterial and the estimates recorded are not subject to any material risk of change.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;font-style:italic;margin-left:0px;">STOCK-BASED COMPENSATION. </font><font style="font-family:Times New Roman;font-size:11pt;">We have two types of equity-based compensation: stock options and restricted stock. 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OperatingLeasesFutureMinimumPaymentsDueInFourYears
1360000000 USD
CY2010Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1262000000 USD
CY2010Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
4000000 USD
CY2010Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
8000000 USD
CY2010Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
119000000 USD
CY2010Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
2000000 USD
CY2010Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
2000000 USD
CY2010Q4 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
14000000 USD
CY2010Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
149000000 USD
CY2010Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
20000000 USD
CY2010Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
129000000 USD
CY2010Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1052000000 USD
CY2010Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1703000000 USD
CY2010Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
7295000000 USD
CY2010Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
14213000000 USD
us-gaap Interest Paid Net
InterestPaidNet
45000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
340000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
113000000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
11000000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
275000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
329000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-162000000 USD
CY2010Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
1200000000 USD
CY2010Q4 fdx Spare Parts Supplies Fuel Prepaid Expenses And Other Net
SparePartsSuppliesFuelPrepaidExpensesAndOtherNet
702000000 USD
CY2010Q4 us-gaap Other Liabilities
OtherLiabilities
4026000000 USD
CY2010Q2 fdx Spare Parts Supplies Fuel Prepaid Expenses And Other Net
SparePartsSuppliesFuelPrepaidExpensesAndOtherNet
640000000 USD
CY2010Q2 us-gaap Other Liabilities
OtherLiabilities
3887000000 USD

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