$FDX
FEDEX CORP

2012 Q1 Form 10-Q Financial Statement

#000119312512129775 Filed on March 23, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $10.56B $9.663B
YoY Change 9.32% 11.06%
Cost Of Revenue $2.852B $2.495B
YoY Change 14.31% 22.91%
Gross Profit $7.712B $7.168B
YoY Change 7.59% 7.45%
Gross Profit Margin 73.0% 74.18%
Selling, General & Admin $5.105B $4.929B
YoY Change 3.57% 8.42%
% of Gross Profit 66.2% 68.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $543.0M $493.0M
YoY Change 10.14% 1.02%
% of Gross Profit 7.04% 6.88%
Operating Expenses $6.899B $6.754B
YoY Change 2.15% 7.98%
Operating Profit $813.0M $393.0M
YoY Change 106.87% -5.53%
Interest Expense -$12.00M -$24.00M
YoY Change -50.0% 26.32%
% of Operating Profit -1.48% -6.11%
Other Income/Expense, Net -$21.00M -$33.00M
YoY Change -36.36% -5.71%
Pretax Income $792.0M $360.0M
YoY Change 120.0% -5.51%
Income Tax $271.0M $129.0M
% Of Pretax Income 34.22% 35.83%
Net Earnings $521.0M $231.0M
YoY Change 125.54% -3.35%
Net Earnings / Revenue 4.93% 2.39%
Basic Earnings Per Share $1.66 $0.73
Diluted Earnings Per Share $1.65 $0.73
COMMON SHARES
Basic Shares Outstanding 314.0M shares 315.0M shares
Diluted Shares Outstanding 316.0M shares 317.0M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.040B $1.359B
YoY Change 50.11% -12.27%
Cash & Equivalents $2.040B $1.359B
Short-Term Investments
Other Short-Term Assets $1.076B $988.0M
YoY Change 8.91% 20.93%
Inventory $447.0M $413.0M
Prepaid Expenses
Receivables $4.635B $4.478B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.198B $7.238B
YoY Change 13.26% 8.3%
LONG-TERM ASSETS
Property, Plant & Equipment $16.84B $15.33B
YoY Change 9.88% 9.46%
Goodwill $2.419B $2.321B
YoY Change 4.22% 4.13%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.292B $1.315B
YoY Change -1.75% -68.62%
Total Long-Term Assets $20.55B $18.96B
YoY Change 8.38% 4.24%
TOTAL ASSETS
Total Short-Term Assets $8.198B $7.238B
Total Long-Term Assets $20.55B $18.96B
Total Assets $28.75B $26.20B
YoY Change 9.73% 5.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.687B $1.590B
YoY Change 6.1% 6.78%
Accrued Expenses $1.602B $1.823B
YoY Change -12.12% 11.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $419.0M $18.00M
YoY Change 2227.78% -93.64%
Total Short-Term Liabilities $5.152B $4.574B
YoY Change 12.64% 4.62%
LONG-TERM LIABILITIES
Long-Term Debt $1.251B $1.667B
YoY Change -24.96% -0.06%
Other Long-Term Liabilities $142.0M $158.0M
YoY Change -10.13% 5.33%
Total Long-Term Liabilities $142.0M $158.0M
YoY Change -10.13% -96.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.152B $4.574B
Total Long-Term Liabilities $142.0M $158.0M
Total Liabilities $5.294B $4.732B
YoY Change 11.88% -46.4%
SHAREHOLDERS EQUITY
Retained Earnings $16.58B $14.71B
YoY Change 12.75% 8.59%
Common Stock $32.00M $31.00M
YoY Change 3.23% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.0M $12.00M
YoY Change 1050.0% 300.0%
Treasury Stock Shares
Shareholders Equity $16.57B $14.88B
YoY Change
Total Liabilities & Shareholders Equity $28.75B $26.20B
YoY Change 9.73% 5.33%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $521.0M $231.0M
YoY Change 125.54% -3.35%
Depreciation, Depletion And Amortization $543.0M $493.0M
YoY Change 10.14% 1.02%
Cash From Operating Activities $849.0M $446.0M
YoY Change 90.36% -19.06%
INVESTING ACTIVITIES
Capital Expenditures -$729.0M -$644.0M
YoY Change 13.2% 49.07%
Acquisitions
YoY Change
Other Investing Activities $5.000M -$88.00M
YoY Change -105.68% 4300.0%
Cash From Investing Activities -$724.0M -$732.0M
YoY Change -1.09% 68.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.000M -241.0M
YoY Change -100.83% 864.0%
NET CHANGE
Cash From Operating Activities 849.0M 446.0M
Cash From Investing Activities -724.0M -732.0M
Cash From Financing Activities 2.000M -241.0M
Net Change In Cash 127.0M -527.0M
YoY Change -124.1% -672.83%
FREE CASH FLOW
Cash From Operating Activities $849.0M $446.0M
Capital Expenditures -$729.0M -$644.0M
Free Cash Flow $1.578B $1.090B
YoY Change 44.77% 10.89%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Registrant Name
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FedEx Corporation
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:0px;">(1) </font><font style="font-family:Times New Roman;font-size:11pt;text-decoration:underline;">General</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;font-style:italic;margin-left:0px;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. </font><font style="font-family:Times New Roman;font-size:11pt;"> These interim financial statements of FedEx Corporation (&#8220;FedEx&#8221;) have been prepared in accordance with accounting principles </font><font style="font-family:Times New Roman;font-size:11pt;">generally</font><font style="font-family:Times New Roman;font-size:11pt;"> accepted in the United States and Securities and Exchange Commission (&#8220;SEC&#8221;) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10</font><font style="font-family:Times New Roman;font-size:11pt;">-</font><font style="font-family:Times New Roman;font-size:11pt;">K for the year ended </font><font style="font-family:Times New Roman;font-size:11pt;">May 31,</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">2011</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">(&#8220;Annual Report&#8221;)</font><font style="font-family:Times New Roman;font-size:11pt;">. 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On July 25, 2011, we completed our acquisition of Servicios Nacionales Mupa, S.A. de C.V. (MultiPack), a Mexican domestic express package delivery company, for $128 million in cash from operations. The financial results of the acquired business are included in the </font><font style="font-family:Times New Roman;font-size:11pt;">Federal Express Corporation (&#8220;</font><font style="font-family:Times New Roman;font-size:11pt;">FedEx Express</font><font style="font-family:Times New Roman;font-size:11pt;">&#8221;)</font><font style="font-family:Times New Roman;font-size:11pt;"> segment from the date of acquisition and were not material to our results of operations or financial condition. Substantially all of the purchase price was allocated to goodwill, which was entirely attributed to our FedEx Express reporting unit.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;font-style:italic;margin-left:0px;">EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. </font><font style="font-family:Times New Roman;font-size:11pt;"> The p</font><font style="font-family:Times New Roman;font-size:11pt;">ilots of FedEx Express</font><font style="font-family:Times New Roman;font-size:11pt;">, which represent a small number of FedEx Express's total employees, are employed under a collective bargaining agreement. 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See our Annual Report for a discussion of the impact of new accounting guidance issued but not yet effective as of May 31, 2011. We believe that no new accounting guidance was adopted or is</font><font style="font-family:Times New Roman;font-size:11pt;">sued during the </font><font style="font-family:Times New Roman;font-size:11pt;">nine months</font><font style="font-family:Times New Roman;font-size:11pt;"> of 2012 that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;font-style:italic;margin-left:0px;">TREASURY SHARES. </font><font style="font-family:Times New Roman;font-size:11pt;"> During the </font><font style="font-family:Times New Roman;font-size:11pt;">second quarter</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">of 201</font><font style="font-family:Times New Roman;font-size:11pt;">2, we repurchased 2.8 million</font><font style="font-family:Times New Roman;font-size:11pt;"> FedEx common shares at an average price of $70 per share for </font><font style="font-family:Times New Roman;font-size:11pt;">a total of</font><font style="font-family:Times New Roman;font-size:11pt;"> $197 m</font><font style="font-family:Times New Roman;font-size:11pt;">illion. 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121000000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
710000000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
380000000 USD
CY2012Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1827000000 USD
CY2012Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1645000000 USD
CY2012Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1497000000 USD
CY2012Q1 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
10564000000 USD
CY2011Q1 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
9663000000 USD
us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
31672000000 USD
us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
28752000000 USD
CY2012Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
359000000 USD
CY2012Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
912000000 USD
CY2012Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
659000000 USD
CY2012Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
808000000 USD
CY2012Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
826000000 USD
CY2012Q1 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
6597000000 USD
CY2012Q1 fdx Required Pensions Contributions Remaining
RequiredPensionsContributionsRemaining
12000000 USD
CY2012Q1 fdx Deposit And Progress Payments
DepositAndProgressPayments
734000000 USD
CY2012Q1 fdx Original Conditional Aircraft Commitments
OriginalConditionalAircraftCommitments
15
CY2012Q1 fdx Aircraft Commitment Conditions Removed
AircraftCommitmentConditionsRemoved
2
CY2012Q1 fdx Remaining Conditional Aircraft Commitments
RemainingConditionalAircraftCommitments
13
CY2012Q1 fdx Aircraft Options Exercised
AircraftOptionsExercised
2
CY2012Q1 fdx Aircraft Commitment Deferrals From2014
AircraftCommitmentDeferralsFrom2014
5
CY2012Q1 fdx Aircraft Commitment Deferrals From2015
AircraftCommitmentDeferralsFrom2015
1
CY2012Q1 fdx Aircraft Commitment Deferrals From2016
AircraftCommitmentDeferralsFrom2016
1
CY2012Q1 fdx Aircraft Commitment Deferrals From2017
AircraftCommitmentDeferralsFrom2017
1
CY2012Q1 fdx Aircraft Commitment Deferrals From2018
AircraftCommitmentDeferralsFrom2018
1
CY2012Q1 fdx Total Aircraft Commitment Deferrals
TotalAircraftCommitmentDeferrals
9
CY2012Q1 fdx Aircraft Commitments For2014
AircraftCommitmentsFor2014
3
CY2012Q1 fdx Aircraft Commitments For2015
AircraftCommitmentsFor2015
6
CY2012Q1 fdx Aircraft Commitments For2016
AircraftCommitmentsFor2016
6
CY2012Q1 fdx Aircraft Commitments For2017
AircraftCommitmentsFor2017
6
CY2012Q1 fdx Aircraft Commitments For2018
AircraftCommitmentsFor2018
6
CY2012Q1 fdx Aicraft Commitments
AicraftCommitments
27
CY2012Q1 fdx Aircraft Purchase Obligation With Delivery Within Fiscal Year
AircraftPurchaseObligationWithDeliveryWithinFiscalYear
7
CY2012Q1 fdx Aircraft Purchase Obligation With Delivery Due In Second Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInSecondFiscalYear
12
CY2012Q1 fdx Aircraft Purchase Obligation With Delivery Due In Third Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInThirdFiscalYear
5
CY2012Q1 fdx Aircraft Purchase Obligation With Delivery Due In Fourth Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInFourthFiscalYear
8
CY2012Q1 fdx Aircraft Purchase Obligation With Delivery Due In Fifth Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInFifthFiscalYear
8
CY2012Q1 fdx Aircraft Purchase Obligation With Delivery Due After Fifth Fiscal Year
AircraftPurchaseObligationWithDeliveryDueAfterFifthFiscalYear
30
CY2012Q1 fdx Aircraft Purchase Obligation
AircraftPurchaseObligation
70
CY2012Q1 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
3000000 USD
CY2012Q1 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
120000000 USD
CY2012Q1 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
2000000 USD
CY2012Q1 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
2000000 USD
CY2012Q1 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
2000000 USD
CY2012Q1 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
13000000 USD
CY2012Q1 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
142000000 USD
CY2012Q1 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
11000000 USD
CY2012Q1 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
131000000 USD
CY2012Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
430000000 USD
CY2012Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1324000000 USD
CY2012Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
7056000000 USD
CY2012Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
13779000000 USD
us-gaap Interest Paid Net
InterestPaidNet
73000000 USD
us-gaap Interest Paid Net
InterestPaidNet
106000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
342000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
417000000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
46000000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
16000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
296000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
401000000 USD
CY2012Q1 fdx Spare Parts Supplies Fuel Prepaid Expenses And Other Net
SparePartsSuppliesFuelPrepaidExpensesAndOtherNet
906000000 USD
CY2012Q1 us-gaap Other Liabilities
OtherLiabilities
3750000000 USD
CY2012Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
1000000000 USD
CY2011Q2 us-gaap Other Liabilities
OtherLiabilities
4280000000 USD
CY2011Q2 fdx Spare Parts Supplies Fuel Prepaid Expenses And Other Net
SparePartsSuppliesFuelPrepaidExpensesAndOtherNet
766000000 USD

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