2023 Q3 Form 10-K Financial Statement

#000095017023033201 Filed on July 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $21.68B $21.93B $90.16B
YoY Change -6.72% -10.1% -3.59%
Cost Of Revenue $6.137B $6.100B $27.70B
YoY Change -19.13% -20.84% -5.25%
Gross Profit $15.54B $15.83B $62.46B
YoY Change -0.7% -5.14% -2.84%
Gross Profit Margin 71.69% 72.18% 69.28%
Selling, General & Admin $9.760B $9.512B $39.55B
YoY Change -1.63% -4.13% -2.62%
% of Gross Profit 62.79% 60.09% 63.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.071B $1.075B $4.176B
YoY Change 4.59% 5.6% 5.19%
% of Gross Profit 6.89% 6.79% 6.69%
Operating Expenses $13.95B $14.06B $57.08B
YoY Change -3.26% -4.36% -1.17%
Operating Profit $1.485B $1.767B $5.373B
YoY Change 24.69% -10.94% -13.96%
Interest Expense -$91.00M -$105.0M -$496.0M
YoY Change -35.92% -33.54% -171.99%
% of Operating Profit -6.13% -5.94% -9.23%
Other Income/Expense, Net -$62.00M $730.0M $947.0M
YoY Change 67.57% -167.47% -170.2%
Pretax Income $1.423B $2.128B $5.363B
YoY Change 23.31% 211.11% 9.54%
Income Tax $345.0M $590.0M $1.391B
% Of Pretax Income 24.24% 27.73% 25.94%
Net Earnings $1.078B $1.536B $3.966B
YoY Change 23.2% 175.27% 3.66%
Net Earnings / Revenue 4.97% 7.0% 4.4%
Basic Earnings Per Share $4.28 $15.60
Diluted Earnings Per Share $4.23 $6.07 $15.49
COMMON SHARES
Basic Shares Outstanding 251.2M 254.0M
Diluted Shares Outstanding 254.0M 256.0M

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.055B $6.856B $6.856B
YoY Change 2.99% -0.59% -0.59%
Cash & Equivalents $7.055B $6.856B $6.856B
Short-Term Investments
Other Short-Term Assets $994.0M $962.0M $962.0M
YoY Change -5.69% -0.62% -0.62%
Inventory $631.0M $604.0M $604.0M
Prepaid Expenses
Receivables $10.21B $10.19B $10.19B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.89B $18.61B $18.61B
YoY Change -3.67% -8.62% -8.62%
LONG-TERM ASSETS
Property, Plant & Equipment $41.17B $58.05B $58.05B
YoY Change 6.1% 52.39% 6.11%
Goodwill $6.422B $6.435B
YoY Change 1.68% -1.67%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.766B $4.053B $3.819B
YoY Change -2.91% -7.49% -6.4%
Total Long-Term Assets $68.69B $68.53B $68.53B
YoY Change 3.73% 4.42% 4.42%
TOTAL ASSETS
Total Short-Term Assets $18.89B $18.61B $18.61B
Total Long-Term Assets $68.69B $68.53B $68.53B
Total Assets $87.58B $87.14B $87.14B
YoY Change 2.04% 1.34% 1.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.794B $3.848B $3.848B
YoY Change -8.95% -4.52% -4.52%
Accrued Expenses $4.919B $9.612B $9.612B
YoY Change 4.08% 85.27% -5.41%
Deferred Revenue $21.00M $19.00M
YoY Change 50.0% 137.5%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $351.0M $126.0M $126.0M
YoY Change 152.52% 53.66% 53.66%
Total Short-Term Liabilities $13.81B $13.59B $13.59B
YoY Change 0.33% -4.82% -4.82%
LONG-TERM LIABILITIES
Long-Term Debt $20.15B $20.45B $20.45B
YoY Change 1.14% 1.34% 1.34%
Other Long-Term Liabilities $694.0M $22.53B $22.53B
YoY Change 6.12% 3203.08% 0.09%
Total Long-Term Liabilities $694.0M $42.98B $42.98B
YoY Change 6.12% 6202.05% 0.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.81B $13.59B $13.59B
Total Long-Term Liabilities $694.0M $42.98B $42.98B
Total Liabilities $14.51B $61.06B $61.06B
YoY Change 0.6% 308.23% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings $36.02B $35.26B
YoY Change 8.96% 7.56%
Common Stock $3.832B $3.801B
YoY Change 1.3% 1.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.96B $11.65B
YoY Change 15.15% 11.07%
Treasury Stock Shares
Shareholders Equity $26.53B $26.09B $26.09B
YoY Change
Total Liabilities & Shareholders Equity $87.58B $87.14B $87.14B
YoY Change 2.04% 1.34% 1.34%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income $1.078B $1.536B $3.966B
YoY Change 23.2% 175.27% 3.66%
Depreciation, Depletion And Amortization $1.071B $1.075B $4.176B
YoY Change 4.59% 5.6% 5.19%
Cash From Operating Activities $2.230B $3.447B $8.848B
YoY Change 38.77% -1.57% -10.01%
INVESTING ACTIVITIES
Capital Expenditures $1.290B $1.754B $6.174B
YoY Change -200.47% -173.57% -191.29%
Acquisitions
YoY Change
Other Investing Activities $10.00M $10.00M $0.00
YoY Change -140.0% -52.38% -100.0%
Cash From Investing Activities -$1.280B -$1.744B -$6.174B
YoY Change -2.22% -26.2% -9.42%
FINANCING ACTIVITIES
Cash Dividend Paid $318.0M $1.177B
YoY Change 6.35% 48.42%
Common Stock Issuance & Retirement, Net $117.0M -$1.269B
YoY Change -157.68%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -727.0M -201.0M -2.597B
YoY Change 194.33% -4.74% -13.98%
NET CHANGE
Cash From Operating Activities 2.230B 3.447B 8.848B
Cash From Investing Activities -1.280B -1.744B -6.174B
Cash From Financing Activities -727.0M -201.0M -2.597B
Net Change In Cash 199.0M 1.502B 77.00M
YoY Change -523.4% 61.85% -140.53%
FREE CASH FLOW
Cash From Operating Activities $2.230B $3.447B $8.848B
Capital Expenditures $1.290B $1.754B $6.174B
Free Cash Flow $940.0M $1.693B $2.674B
YoY Change -67.49% -71.24% -83.89%

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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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. Except as otherwise specified, references to years indicate our fiscal year ended May 31, 2023</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> 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.
CY2023 us-gaap Concentration Risk Credit Risk
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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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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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CY2023Q2 fdx Number Of Idle Aircraft
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11
CY2023 fdx Aircrafts Idle Term
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CY2022 us-gaap Treasury Stock Shares Acquired
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CY2023Q2 us-gaap Dividends Payable Date Declared Day Month And Year
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CY2022 fdx Business Realignment Costs
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CY2023 us-gaap Payments For Postemployment Benefits
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CY2022 us-gaap Payments For Postemployment Benefits
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fdx Business Realignment Costs
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UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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>
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
696000000
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
403000000
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
577000000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
472000000
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
340000000
CY2021Q2 us-gaap Goodwill Gross
GoodwillGross
9034000000
CY2021Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2042000000
CY2021Q2 us-gaap Goodwill
Goodwill
6992000000
CY2022 us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
-448000000
CY2022Q2 us-gaap Goodwill
Goodwill
6544000000
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
36000000
CY2023 us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
-73000000
CY2023Q2 us-gaap Goodwill
Goodwill
6435000000
CY2023Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2078000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
646000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
412000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
234000000
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
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
52000000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
52000000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
49000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
47000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
46000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
46000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
44000000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
42000000
CY2023Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
828000000
CY2022Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
751000000
CY2023Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
689000000
CY2022Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
834000000
CY2023Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
958000000
CY2022Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
946000000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2475000000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2531000000
CY2023Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
1730000000
CY2022Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
1646000000
CY2023Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
305000000
CY2022Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
532000000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2712000000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3010000000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4747000000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5188000000
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
800000000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
468000000
CY2023Q2 fdx Debt And Finance Lease Obligations
DebtAndFinanceLeaseObligations
20579000000
CY2022Q2 fdx Debt And Finance Lease Obligations
DebtAndFinanceLeaseObligations
20264000000
CY2023Q2 fdx Long Term Debt And Finance Lease Obligations Current
LongTermDebtAndFinanceLeaseObligationsCurrent
126000000
CY2022Q2 fdx Long Term Debt And Finance Lease Obligations Current
LongTermDebtAndFinanceLeaseObligationsCurrent
82000000
CY2023Q2 fdx Long Term Debt And Finance Lease Obligations
LongTermDebtAndFinanceLeaseObligations
20453000000
CY2022Q2 fdx Long Term Debt And Finance Lease Obligations
LongTermDebtAndFinanceLeaseObligations
20182000000
CY2023Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.035
CY2023Q2 fdx Long Term Debt Including Current Maturities Fair Value
LongTermDebtIncludingCurrentMaturitiesFairValue
17500000000
CY2022Q2 fdx Long Term Debt Including Current Maturities Fair Value
LongTermDebtIncludingCurrentMaturitiesFairValue
18800000000
CY2023Q2 fdx Number Of Boeing Aircraft
NumberOfBoeingAircraft
19
CY2023Q2 fdx Net Book Valve Of Collateralized Boeing Aircraft
NetBookValveOfCollateralizedBoeingAircraft
1700000000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
52000000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
52000000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1340000000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1398000000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
552000000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
16606000000
CY2023Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
20000000000
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
221000000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
19779000000
CY2023Q2 fdx Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio Maximum
DebtToEarningsBeforeInterestTaxDepreciationAndAmortizationRatioMaximum
3.5
CY2023Q2 fdx Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio
DebtToEarningsBeforeInterestTaxDepreciationAndAmortizationRatio
2.08
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
3300000000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
3100000000
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
36000000
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
26000000
CY2023 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
18000000
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
16000000
CY2023 fdx Finance Lease Cost
FinanceLeaseCost
54000000
CY2022 fdx Finance Lease Cost
FinanceLeaseCost
42000000
CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
531000000
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
556000000
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
1435000000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1368000000
CY2023 us-gaap Lease Cost
LeaseCost
5320000000
CY2022 us-gaap Lease Cost
LeaseCost
5066000000
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
3207000000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
2981000000
CY2023 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
15000000
CY2022 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
15000000
CY2023 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
94000000
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
99000000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3317000000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3489000000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
414000000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
56000000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17347000000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
16613000000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2390000000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2443000000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
15363000000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14487000000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
17753000000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
16930000000
CY2023Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
821000000
CY2022Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
455000000
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
75000000
CY2022Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
32000000
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
725000000
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
436000000
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
800000000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
468000000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y6M
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y9M18D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P27Y6M
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P30Y9M18D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0342
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0285
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0422
CY2022Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0345
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15328425
CY2023 fdx Finance And Operating Leases Expiration Term
FinanceAndOperatingLeasesExpirationTerm
various dates through 2060
CY2023Q2 fdx Percentage Of Aircraft Fleet Leased Under Operating Leases
PercentageOfAircraftFleetLeasedUnderOperatingLeases
0.01
CY2022Q2 fdx Percentage Of Aircraft Fleet Leased Under Operating Leases
PercentageOfAircraftFleetLeasedUnderOperatingLeases
0.02
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2893000000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
104000000
CY2023Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Due Next Twelve Months
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueDueNextTwelveMonths
2997000000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2792000000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
52000000
CY2023Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Two
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearTwo
2844000000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2501000000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
46000000
CY2023Q2 fdx Lessee Operating Lease And Finance Liability Payments Due Year Three
LesseeOperatingLeaseAndFinanceLiabilityPaymentsDueYearThree
2547000000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2218000000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
37000000
CY2023Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Four
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearFour
2255000000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1917000000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
37000000
CY2023Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Five
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearFive
1954000000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
8501000000
CY2023Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
1207000000
CY2023Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due After Year Five
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueAfterYearFive
9708000000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
20822000000
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1483000000
CY2023Q2 fdx Lessee Operating Lease And Finance Lease Liability Payments Due
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDue
22305000000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3069000000
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
683000000
CY2023Q2 fdx Lessee Operating Lease And Finance Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseAndFinanceLeaseLiabilityUndiscountedExcessAmount
3752000000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
17753000000
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
800000000
CY2023Q2 fdx Operating Lease And Finance Lease Liability
OperatingLeaseAndFinanceLeaseLiability
18553000000
CY2023Q2 fdx Lessee Operating And Finance Lease Lease Not Yet Commenced Undiscounted Future Payments
LesseeOperatingAndFinanceLeaseLeaseNotYetCommencedUndiscountedFuturePayments
1800000000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
190.01
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
2404617
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
215.75
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1752518
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
130.05
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
182000000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
190000000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000000
CY2023 fdx Stock Options Vesting Period Range
StockOptionsVestingPeriodRange
one to four years
CY2023 fdx Restricted Stocks Expiration Period
RestrictedStocksExpirationPeriod
ratably over four years
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
Black-Scholes
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
63.44
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
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
160000000
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
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M24D
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
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.34
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
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0168
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
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.01694
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
CY2023 fdx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Maximum Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedMaximumTerm
P10Y
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
789335
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
210.79
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15191189
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
199.89
CY2023 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P6Y1M6D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
520000000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
9585480
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
195.96
CY2023 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P4Y10M24D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
350000000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023 us-gaap Loss Contingency Disclosures
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">NOTE 18: CONTINGENCIES</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">FedEx Services Employment 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. In May 2021, FedEx Services was named as a defendant in a lawsuit filed in the U.S. District Court for the Southern District of Texas related to the termination of a former FedEx Services employee. The complaint alleged race discrimination and retaliation for complaints of discrimination under Section 1981 of the Civil Rights Act of 1866 and Title VII of the Civil Rights Act of 1964. After trial, in October 2022, the jury found in favor of FedEx Services on the race discrimination claims but awarded the plaintiff compensatory damages of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1.16</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million for emotional distress and punitive damages of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">365</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million for the retaliation claims. The court entered final judgment in the amount of the jury verdict. FedEx Services has appealed the verdict to the U.S. Court of Appeals for the Fifth Circuit. FedEx Services argues on appeal that FedEx Services is entitled to judgment as a matter of law on the retaliation claims, plaintiff’s claims were not timely filed, punitive damages are not available as a matter of law and, if allowed, must be reduced to no greater than a single-digit multiple of the award for compensatory damages based on the United States Supreme Court’s ruling in </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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">State Farm v. Campbell</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, and the compensatory damages award must be reduced to conform with the evidence and the Fifth Circuit’s maximum recovery rule. FedEx Services argues in the alternative that a new trial should be granted.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">FedEx believes ultimate compensatory and punitive damages and pre- and post-judgment interest up to $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">75</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million will be covered by insurance, subject to a retention of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million. An immaterial loss accrual below the retention has been recorded in FedEx’s consolidated financial statements.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">FedEx Ground Negligence 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> In December 2022, FedEx Ground was named as a defendant in a lawsuit filed in Texas state court related to the alleged kidnapping and first-degree murder of a minor by a driver employed by a service provider engaged by FedEx Ground. The complaint alleges compensatory and punitive damages against FedEx Ground for negligent and gross negligent hiring and retention, as well as negligent entrustment. The service provider and driver are also named as defendants in the lawsuit. An immaterial loss accrual has been recorded in FedEx’s consolidated financial statements. It is reasonably possible that an additional material loss could be incurred. Given the early stage of the litigation, we cannot estimate the amount or range of such additional loss, if any.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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>
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LossContingencySelfInsuredRetentionAndInsuranceDeductible
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