2022 Q3 Form 10-K Financial Statement

#000095017022012762 Filed on July 18, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $23.24B $24.39B $93.51B
YoY Change 5.63% 8.11% 11.38%
Cost Of Revenue $7.589B $7.706B $29.23B
YoY Change 13.81% 17.36% 19.05%
Gross Profit $15.65B $16.69B $64.28B
YoY Change 2.07% 4.31% 8.21%
Gross Profit Margin 67.35% 68.41% 68.74%
Selling, General & Admin $9.922B $9.922B $40.61B
YoY Change 1.47% 0.88% 6.64%
% of Gross Profit 63.39% 59.46% 63.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.024B $1.018B $3.970B
YoY Change 5.46% 4.41% 4.67%
% of Gross Profit 6.54% 6.1% 6.18%
Operating Expenses $14.42B $14.70B $57.76B
YoY Change 3.99% 4.31% 8.1%
Operating Profit $1.191B $1.984B $6.245B
YoY Change -14.81% 4.26% 6.62%
Interest Expense -$142.0M -$158.0M $689.0M
YoY Change -11.25% -15.05% -13.11%
% of Operating Profit -11.92% -7.96% 11.03%
Other Income/Expense, Net -$37.00M -$1.082B -$1.349B
YoY Change -116.89% -177.56% -265.12%
Pretax Income $1.154B $684.0M $4.896B
YoY Change -20.8% -73.82% -26.64%
Income Tax $279.0M $126.0M $1.070B
% Of Pretax Income 24.18% 18.42% 21.85%
Net Earnings $875.0M $558.0M $3.826B
YoY Change -21.31% -70.13% -26.86%
Net Earnings / Revenue 3.76% 2.29% 4.09%
Basic Earnings Per Share $3.37 $14.54
Diluted Earnings Per Share $3.33 $2.146M $14.33
COMMON SHARES
Basic Shares Outstanding 259.8M 263.0M
Diluted Shares Outstanding 262.0M 266.0M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.850B $6.897B $6.897B
YoY Change -0.04% -2.68% -2.68%
Cash & Equivalents $6.850B $6.897B $6.897B
Short-Term Investments
Other Short-Term Assets $1.054B $968.0M $968.0M
YoY Change 6.36% 15.65% 15.65%
Inventory $647.0M $637.0M $637.0M
Prepaid Expenses
Receivables $11.06B $11.86B $11.86B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.61B $20.37B $20.37B
YoY Change 0.31% -1.04% -1.04%
LONG-TERM ASSETS
Property, Plant & Equipment $38.81B $38.09B $54.70B
YoY Change -25.22% 6.54% 6.98%
Goodwill $6.316B $6.544B
YoY Change -6.41%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.879B $4.381B $4.080B
YoY Change 3.06% 7.64% 8.86%
Total Long-Term Assets $66.22B $65.63B $65.63B
YoY Change 5.95% 5.52% 5.52%
TOTAL ASSETS
Total Short-Term Assets $19.61B $20.37B $20.37B
Total Long-Term Assets $66.22B $65.63B $65.63B
Total Assets $85.83B $85.99B $85.99B
YoY Change 4.6% 3.89% 3.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.167B $4.030B $4.030B
YoY Change 9.03% 4.92% 4.92%
Accrued Expenses $4.726B $5.188B $10.16B
YoY Change -47.27% 13.72% 5.06%
Deferred Revenue $14.00M $8.000M
YoY Change 27.27% -11.11%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $139.0M $82.00M $82.00M
YoY Change 11.2% -43.84% -43.84%
Total Short-Term Liabilities $13.77B $14.27B $14.27B
YoY Change 6.62% 4.49% 4.49%
LONG-TERM LIABILITIES
Long-Term Debt $19.92B $20.18B $20.18B
YoY Change -3.09% -2.66% -2.66%
Other Long-Term Liabilities $654.0M $682.0M $22.51B
YoY Change -96.78% -30.62% 10.93%
Total Long-Term Liabilities $654.0M $682.0M $42.69B
YoY Change -98.4% -30.62% 4.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.77B $14.27B $14.27B
Total Long-Term Liabilities $654.0M $682.0M $42.69B
Total Liabilities $14.42B $14.96B $61.06B
YoY Change -75.02% 2.14% 4.17%
SHAREHOLDERS EQUITY
Retained Earnings $33.06B $32.78B
YoY Change 9.94%
Common Stock $3.783B $3.744B
YoY Change 6.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.39B $10.48B
YoY Change 24.37%
Treasury Stock Shares
Shareholders Equity $25.14B $24.94B $24.94B
YoY Change
Total Liabilities & Shareholders Equity $85.83B $85.99B $85.99B
YoY Change 4.6% 3.89% 3.89%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income $875.0M $558.0M $3.826B
YoY Change -21.31% -70.13% -26.86%
Depreciation, Depletion And Amortization $1.024B $1.018B $3.970B
YoY Change 5.46% 4.41% 4.67%
Cash From Operating Activities $1.607B $3.502B $9.832B
YoY Change -22.89% 27.67% -2.99%
INVESTING ACTIVITIES
Capital Expenditures -$1.284B -$2.384B -$6.763B
YoY Change -18.22% 41.74% 14.94%
Acquisitions
YoY Change
Other Investing Activities -$25.00M $21.00M -$53.00M
YoY Change -225.0% 90.91% -57.94%
Cash From Investing Activities -$1.309B -$2.363B -$6.816B
YoY Change -15.55% 41.41% 13.41%
FINANCING ACTIVITIES
Cash Dividend Paid $299.0M $793.0M
YoY Change 49.5% 15.6%
Common Stock Issuance & Retirement, Net $2.200B
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -247.0M -211.0M -3.019B
YoY Change -66.16% -92.75% 44.45%
NET CHANGE
Cash From Operating Activities 1.607B 3.502B 9.832B
Cash From Investing Activities -1.309B -2.363B -6.816B
Cash From Financing Activities -247.0M -211.0M -3.019B
Net Change In Cash -47.00M 928.0M -190.0M
YoY Change -79.91% -150.46% -108.61%
FREE CASH FLOW
Cash From Operating Activities $1.607B $3.502B $9.832B
Capital Expenditures -$1.284B -$2.384B -$6.763B
Free Cash Flow $2.891B $5.886B $16.60B
YoY Change -20.88% 33.02% 3.6%

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CY2020 us-gaap Payments To Acquire Productive Assets
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<span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">FISCAL YEARS</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. Except as otherwise specified, references to years indicate our fiscal year ended May 31, 2022 or ended May 31 of the year referenced.</span>
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Under the typical payment terms of our customer contracts, the customer pays at periodic intervals (e.g., every 15 days, 30 days, 45 days, etc.) for shipments included on invoices received. It is not customary business practice to extend payment terms past 90 days, and as such, we do not have a practice of including a significant financing component within our revenue contracts with customers.
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<span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">CREDIT RISK.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> We routinely grant credit to many of our customers for transportation and business services without collateral. The risk of credit loss in our trade receivables is substantially mitigated by our credit evaluation process, short collection terms, and sales to a large number of customers, as well as the low revenue per transaction for most of our services. Allowances for potential credit losses are determined based on historical experience and the impact of current economic conditions. Historically, credit losses have been within management’s expectations.</span>
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">USE OF ESTIMATES</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. The preparation of our consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenue and expenses, and the disclosure of contingent liabilities. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include: self-insurance accruals; retirement plan obligations; long-term incentive accruals; tax liabilities; loss contingencies; litigation claims; impairment assessments on long-lived assets (including goodwill) that rely on projections of future cash flows; and purchase price allocations.</span></p>
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CY2022Q2 us-gaap Goodwill
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6544000000
CY2022Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2042000000
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
682000000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
381000000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
301000000
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
657000000
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
335000000
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
322000000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
52000000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
52000000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
51000000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
50000000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
50000000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
48000000
CY2022Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
751000000
CY2021Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
626000000
CY2022Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
834000000
CY2021Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1350000000
CY2022Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
946000000
CY2021Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
927000000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2531000000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2903000000
CY2022Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
1646000000
CY2021Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
1193000000
CY2022Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
532000000
CY2021Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
637000000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3010000000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2732000000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5188000000
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4562000000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
468000000
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
199000000
CY2022Q2 fdx Long Term Debt Including Current Maturities Fair Value
LongTermDebtIncludingCurrentMaturitiesFairValue
18800000000
CY2021Q2 fdx Long Term Debt Including Current Maturities Fair Value
LongTermDebtIncludingCurrentMaturitiesFairValue
23100000000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1998000000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
22000000
CY2021Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
525000000
CY2022Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Four
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearFour
2020000000
CY2022Q2 fdx Number Of Boeing Aircraft
NumberOfBoeingAircraft
19
CY2022Q2 fdx Net Book Valve Of Collateralized Boeing Aircraft
NetBookValveOfCollateralizedBoeingAircraft
1800000000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1754000000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
21000000
CY2022Q2 fdx Debt And Finance Lease Obligations
DebtAndFinanceLeaseObligations
20264000000
CY2021Q2 fdx Debt And Finance Lease Obligations
DebtAndFinanceLeaseObligations
20879000000
CY2022Q2 fdx Long Term Debt And Finance Lease Obligations Current
LongTermDebtAndFinanceLeaseObligationsCurrent
82000000
CY2021Q2 fdx Long Term Debt And Finance Lease Obligations Current
LongTermDebtAndFinanceLeaseObligationsCurrent
146000000
CY2022Q2 fdx Long Term Debt And Finance Lease Obligations
LongTermDebtAndFinanceLeaseObligations
20182000000
CY2021Q2 fdx Long Term Debt And Finance Lease Obligations
LongTermDebtAndFinanceLeaseObligations
20733000000
CY2022Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.035
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2819000000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
47000000
CY2022 fdx Finance And Operating Leases Expiration Term
FinanceAndOperatingLeasesExpirationTerm
various dates through 2060
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
52000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
52000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
52000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1337000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1391000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
17147000000
CY2022Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
20031000000
CY2022Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
235000000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
19796000000
CY2022Q2 fdx Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio Maximum
DebtToEarningsBeforeInterestTaxDepreciationAndAmortizationRatioMaximum
3.5
CY2022Q2 fdx Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio
DebtToEarningsBeforeInterestTaxDepreciationAndAmortizationRatio
1.82
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-393000000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
3100000000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
2848000000
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
26000000
CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
23000000
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
16000000
CY2021 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
17000000
CY2022 fdx Finance Lease Cost
FinanceLeaseCost
42000000
CY2021 fdx Finance Lease Cost
FinanceLeaseCost
40000000
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
556000000
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
387000000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1368000000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
1318000000
CY2022 us-gaap Lease Cost
LeaseCost
5066000000
CY2021 us-gaap Lease Cost
LeaseCost
4593000000
CY2022Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Due Next Twelve Months
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueDueNextTwelveMonths
2866000000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2562000000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
35000000
CY2022Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Two
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearTwo
2597000000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2265000000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
2981000000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
2750000000
CY2022 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
15000000
CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
16000000
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
99000000
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
75000000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3489000000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3703000000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
56000000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
126000000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
16613000000
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15383000000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2443000000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2208000000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14487000000
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13375000000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
16930000000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
15583000000
CY2022Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
455000000
CY2021Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
504000000
CY2022Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
32000000
CY2021Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
96000000
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
436000000
CY2021Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
429000000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
468000000
CY2021Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
525000000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y9M18D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y10M24D
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P30Y9M18D
CY2021Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P30Y1M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0285
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0294
CY2022Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0345
CY2021Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0343
CY2022Q2 fdx Percentage Of Aircraft Fleet Leased Under Operating Leases
PercentageOfAircraftFleetLeasedUnderOperatingLeases
0.02
CY2021Q2 fdx Percentage Of Aircraft Fleet Leased Under Operating Leases
PercentageOfAircraftFleetLeasedUnderOperatingLeases
0.03
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
27000000
CY2022Q2 fdx Lessee Operating Lease And Finance Liability Payments Due Year Three
LesseeOperatingLeaseAndFinanceLiabilityPaymentsDueYearThree
2292000000
CY2022Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Five
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearFive
1775000000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
7995000000
CY2022Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
669000000
CY2022Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due After Year Five
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueAfterYearFive
8664000000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19393000000
CY2022Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
821000000
CY2022Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDue
20214000000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2463000000
CY2022Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
353000000
CY2022Q2 fdx Lessee Operating Lease And Finance Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseAndFinanceLeaseLiabilityUndiscountedExcessAmount
2816000000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
16930000000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
468000000
CY2022Q2 fdx Operating Lease And Finance Lease Liability
OperatingLeaseAndFinanceLeaseLiability
17398000000
CY2022Q2 fdx Lessee Operating And Finance Lease Lease Not Yet Commenced Undiscounted Future Payments
LesseeOperatingAndFinanceLeaseLeaseNotYetCommencedUndiscountedFuturePayments
3400000000
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
8725648
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
182.46
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
197.05
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15328425
CY2022 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P5Y
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
438000000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6084501
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
190000000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
168000000
CY2022 fdx Stock Options Vesting Period Range
StockOptionsVestingPeriodRange
one to four years
CY2022 fdx Restricted Stocks Expiration Period
RestrictedStocksExpirationPeriod
ratably over four years
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
Black-Scholes
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
80.21
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
44.11
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
33.97
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
150000000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
593000000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
44000000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M24D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M24D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M24D
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.32
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.30
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.23
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0065
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0132
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0191
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00983
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.01710
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.01630
CY2022 fdx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Maximum Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedMaximumTerm
P10Y
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15325497
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
175.19
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1812623
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
282.12
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1299961
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
140.97
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
509734
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
190.01
CY2022 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P6Y3M18D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
748000000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
199.98
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y1M6D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
286000000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
10824217
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
537281
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
170.16
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
115172
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
276.26
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
209402
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
181.62
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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CY2022 us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
In 2020, we announced the closing of our U.S.-based defined benefit pension plans to new non-union employees hired on or after January 1, 2020. We introduced an all-401(k) plan retirement benefit structure for eligible employees with a higher company match of up to 8% across all U.S.-based operating companies in 2022. During calendar 2021, current eligible employees under the PPA pension formula were given a one-time option to continue to be eligible for pension compensation credits under the existing PPA formula and remain in the existing 401(k) plan with its company match of up to 3.5%, or to cease receiving compensation credits under the PPA and move to the new 401(k) plan with the higher match of up to 8%. Changes to the new 401(k) plan structure became effective January 1, 2022. While this new program will provide employees greater flexibility and reduce our long-term pension costs, it will not have a material impact on current or near-term financial results.
CY2022 fdx Defined Benefit Plan Assets Actual Rate Of Return For Fifteen Year Period
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CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2022Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
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CY2022Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
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CY2022Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
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CY2022Q2 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
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CY2022Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
10829000000
CY2022Q2 fdx Deposit And Progress Payments
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CY2022 fdx Aircraft Purchase Obligation With Delivery Due In First Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInFirstFiscalYear
38
CY2022 fdx Aircraft Purchase Obligation With Delivery Due In Second Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInSecondFiscalYear
36
CY2022 fdx Aircraft Purchase Obligation With Delivery Due In Third Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInThirdFiscalYear
30
CY2022 fdx Aircraft Purchase Obligation With Delivery Due In Fourth Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInFourthFiscalYear
15
CY2022 fdx Aircraft Purchase Obligation
AircraftPurchaseObligation
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CY2022 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1164583333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">NOTE 19: CONTINGENCIES</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Service Provider Lawsuits</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. FedEx Ground is defending lawsuits in which it is alleged that FedEx Ground should be treated as a joint employer of drivers employed by service providers engaged by FedEx Ground. These cases are in varying stages of litigation, and we are not currently able to estimate an amount or range of potential loss in all of these matters. However, we do not expect to incur, individually or in the aggregate, a material loss in these matters. Nevertheless, adverse determinations in these matters could, among other things, entitle service providers’ drivers to certain wage payments from the service providers and FedEx Ground and result in employment and withholding tax and benefit liability for FedEx Ground. We continue to believe that FedEx Ground is not an employer or joint employer of the drivers of these independent businesses.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">FedEx Ground Vehicle Accident Lawsuit</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. In July 2012, FedEx Ground was named as a defendant in a lawsuit filed in New Mexico state court related to a vehicle accident involving a driver employed by a service provider engaged by FedEx Ground that resulted in three fatalities, including the driver employed by the service provider. The complaint alleged personal injury and wrongful death. After trial, in January 2015, the jury awarded the plaintiffs compensatory damages of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">160</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million. Following the trial judge’s recusal, this award was affirmed by the substitute judge in July 2015 and by the New Mexico Court of Appeals in February 2018, respectively. FedEx Ground subsequently sought a discretionary appeal to the New Mexico Supreme Court to address what FedEx Ground believed to be an excessive verdict. The New Mexico Supreme Court granted FedEx Ground’s appeal in June 2018. In May 2022, the New Mexico Supreme Court affirmed the decision of the New Mexico Court of Appeals.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">A loss reserve in the amount of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">370</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million was recorded in FedEx’s consolidated financial statements for the year ended May 31, 2022, representing the approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">160</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million base amount of the judgment and accrued pre- and post-judgment interest, with a corresponding insurance receivable recorded for the base amount of the judgment in excess of FedEx Ground’s $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">7.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million self-insured retention and insurance deductible. In July 2022 we paid approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">370</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million to plaintiffs and their counsel. Our insurance carriers funded the base amount of the judgment in excess of FedEx Ground’s self-insured retention and insurance deductible, and we intend to vigorously pursue all insurance coverages for reimbursement of our payment of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">210</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million of pre- and post-judgment interest.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Other Matters</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. FedEx and its subsidiaries are subject to other legal proceedings that arise in the ordinary course of business, including certain lawsuits containing various class-action allegations of wage-and-hour violations in which plaintiffs claim, among other things, that they were forced to work “off the clock,” were not paid overtime, or were not provided work breaks or other benefits, as well as other lawsuits containing allegations that FedEx and its subsidiaries are responsible for third-party losses related to vehicle accidents that could exceed our insurance coverage for such losses. In the opinion of management, the aggregate liability, if any, with respect to these other actions will not have a material adverse effect on our financial position, results of operations, or cash flows.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Environmental Matters</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. SEC regulations require us to disclose certain information about proceedings arising under federal, state, or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, FedEx uses a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters required to be disclosed for this period.</span></p>
CY2015Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
160000000
CY2022Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
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CY2022 fdx Loss Contingency Base Amount
LossContingencyBaseAmount
160000000
CY2022 fdx Loss Contingency Self Insured Retention And Insurance Deductible
LossContingencySelfInsuredRetentionAndInsuranceDeductible
7500000

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