$FDX
FEDEX CORP

2017 Q1 Form 10-Q Financial Statement

#000156459017005037 Filed on March 22, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q2 2016 Q1
Revenue $15.00B $12.98B $12.65B
YoY Change 18.52% 7.14% 8.01%
Cost Of Revenue $4.233B $2.996B $3.160B
YoY Change 33.96% 6.35% 6.22%
Gross Profit $10.76B $9.983B $9.494B
YoY Change 13.38% 7.38% 8.61%
Gross Profit Margin 71.77% 76.92% 75.03%
Selling, General & Admin $6.817B $6.034B $5.960B
YoY Change 14.38% 12.28% 7.85%
% of Gross Profit 63.33% 60.44% 62.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $762.0M $667.0M $663.0M
YoY Change 14.93% 1.52% 1.69%
% of Gross Profit 7.08% 6.68% 6.98%
Operating Expenses $9.739B $10.05B $11.79B
YoY Change -17.4% -0.64% 10.41%
Operating Profit $1.025B -$68.00M $864.0M
YoY Change 18.63% -94.85% -16.76%
Interest Expense -$122.0M -$97.00M -$81.00M
YoY Change 50.62% 42.65% 39.66%
% of Operating Profit -11.9% -9.38%
Other Income/Expense, Net -$126.0M -$16.00M -$82.00M
YoY Change 53.66% -40.74% 54.72%
Pretax Income $899.0M -$181.0M $782.0M
YoY Change 14.96% -84.79% -20.61%
Income Tax $337.0M -$111.0M $275.0M
% Of Pretax Income 37.49% 35.17%
Net Earnings $562.0M -$70.00M $507.0M
YoY Change 10.85% -92.18% -19.27%
Net Earnings / Revenue 3.75% -0.54% 4.01%
Basic Earnings Per Share $2.11 -$0.26 $1.86
Diluted Earnings Per Share $2.07 -$0.26 $1.84
COMMON SHARES
Basic Shares Outstanding 266.0M 272.0M
Diluted Shares Outstanding 271.0M 275.0M

Balance Sheet

Concept 2017 Q1 2016 Q2 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.173B $3.534B $2.841B
YoY Change 11.69% -6.09% -18.32%
Cash & Equivalents $3.173B $3.534B $2.841B
Short-Term Investments
Other Short-Term Assets $820.0M $707.0M $1.286B
YoY Change -36.24% 99.15% 37.98%
Inventory $527.0M $496.0M $476.0M
Prepaid Expenses
Receivables $7.418B $7.252B $5.634B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.94B $11.99B $10.24B
YoY Change 16.62% 9.58% -2.34%
LONG-TERM ASSETS
Property, Plant & Equipment $25.61B $24.28B $22.55B
YoY Change 13.57% 16.33% 10.41%
Goodwill $7.000B $6.747B
YoY Change 77.09%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.230B $2.939B $1.266B
YoY Change 76.15% 103.67% -9.31%
Total Long-Term Assets $34.84B $33.97B $27.58B
YoY Change 26.33% 29.98% 7.63%
TOTAL ASSETS
Total Short-Term Assets $11.94B $11.99B $10.24B
Total Long-Term Assets $34.84B $33.97B $27.58B
Total Assets $46.78B $45.96B $37.82B
YoY Change 23.7% 26.02% 4.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.707B $2.944B $2.024B
YoY Change 33.75% 42.5% -1.27%
Accrued Expenses $3.008B $3.063B $3.904B
YoY Change -22.95% 25.79% 22.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $45.00M $29.00M $11.00M
YoY Change 309.09% 52.63%
Total Short-Term Liabilities $7.450B $8.008B $5.939B
YoY Change 25.44% 34.45% 13.27%
LONG-TERM LIABILITIES
Long-Term Debt $14.71B $13.73B $8.477B
YoY Change 73.56% 89.45% 17.28%
Other Long-Term Liabilities $491.0M $771.0M $7.030B
YoY Change -93.02% 253.67% 37.09%
Total Long-Term Liabilities $491.0M $771.0M $15.51B
YoY Change -96.83% 253.67% 25.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.450B $8.008B $5.939B
Total Long-Term Liabilities $491.0M $771.0M $15.51B
Total Liabilities $7.941B $8.779B $23.49B
YoY Change -66.2% 42.19% 16.9%
SHAREHOLDERS EQUITY
Retained Earnings $19.83B $18.37B
YoY Change 8.7%
Common Stock $3.008B $2.924B $2.869B
YoY Change 4.84% 3.76%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.320B $7.342B
YoY Change 49.93%
Treasury Stock Shares
Shareholders Equity $15.18B $13.78B $14.33B
YoY Change
Total Liabilities & Shareholders Equity $46.78B $45.96B $37.82B
YoY Change 23.7% 25.81% 4.74%

Cashflow Statement

Concept 2017 Q1 2016 Q2 2016 Q1
OPERATING ACTIVITIES
Net Income $562.0M -$70.00M $507.0M
YoY Change 10.85% -92.18% -19.27%
Depreciation, Depletion And Amortization $762.0M $667.0M $663.0M
YoY Change 14.93% 1.52% 1.69%
Cash From Operating Activities $10.00M $1.912B $1.342B
YoY Change -99.25% 1.0% 1.51%
INVESTING ACTIVITIES
Capital Expenditures -$1.109B -$1.249B -$1.017B
YoY Change 9.05% -9.36% -5.75%
Acquisitions
YoY Change
Other Investing Activities $23.00M -$4.618B -$12.00M
YoY Change -291.67% -57825.0% -99.15%
Cash From Investing Activities -$1.086B -$5.867B -$1.029B
YoY Change 5.54% 328.25% -58.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $24.00M $1.000B
YoY Change -97.6% 1349.28%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.162B 4.672B -1.094B
YoY Change -206.22% -2096.58% -144.97%
NET CHANGE
Cash From Operating Activities 10.00M 1.912B 1.342B
Cash From Investing Activities -1.086B -5.867B -1.029B
Cash From Financing Activities 1.162B 4.672B -1.094B
Net Change In Cash 86.00M 717.0M -781.0M
YoY Change -111.01% 148.1% -162.18%
FREE CASH FLOW
Cash From Operating Activities $10.00M $1.912B $1.342B
Capital Expenditures -$1.109B -$1.249B -$1.017B
Free Cash Flow $1.119B $3.161B $2.359B
YoY Change -52.56% -3.36% -1.75%

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8) <font style="text-decoration:underline;">Contingencies</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Independent Contractor &#8212; Lawsuits and State Administrative Proceedings.<font style="font-style:normal;"> FedEx Ground is involved in class-action lawsuits (including 21 that have been certified as class actions), individual lawsuits and state tax and other administrative proceedings that claim that the company&#8217;s owner-operators under a contractor model no longer in use should have been treated as employees, rather than independent contractors.</font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Most of the class-action lawsuits were consolidated for administration of the pre-trial proceedings by a single federal court, the U.S. District Court for the Northern District of Indiana. The multidistrict litigation court granted class certification in 28 cases and denied it in 14 cases. On December&#160;13, 2010, the court entered an opinion and order addressing all outstanding motions for summary judgment on the status of the owner-operators (i.e., independent contractor vs. employee). In sum, the court ruled on our summary judgment motions and entered judgment in favor of FedEx Ground on all claims in 20 of the 28 multidistrict litigation cases that had been certified as class actions, finding that the owner-operators in those cases were contractors as a matter of the law of 20 states. The plaintiffs filed notices of appeal in all of these 20 cases. The Seventh Circuit heard the appeal in the Kansas case in January 2012 and, in July 2012, issued an opinion that did not make a determination with respect to the correctness of the district court&#8217;s decision and, instead, certified two questions to the Kansas Supreme Court related to the classification of the plaintiffs as independent contractors under the Kansas Wage Payment Act. The other 19 cases that are before the Seventh Circuit were stayed.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October&#160;3, 2014, the Kansas Supreme Court determined that a 20 factor right to control test applies to claims under the Kansas Wage Payment Act and concluded that under that test, the class members were employees, not independent contractors. The case was subsequently transferred back to the Seventh Circuit, where both parties made filings requesting the action necessary to complete the resolution of the appeals. The parties also made recommendations to the court regarding next steps for the other 19 cases that are before the Seventh Circuit. FedEx Ground requested that each of those cases be separately briefed given the potential differences in the applicable state law from that in Kansas. On July&#160;8, 2015, the Seventh Circuit issued an order and opinion confirming the decision of the Kansas Supreme Court, concluding that the class members were employees, not independent contractors. Additionally, the Seventh Circuit referred the other 19 cases to a representative of the court for purposes of setting a case management conference to address briefing and argument for those cases.&nbsp;&nbsp;</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the second quarter of 2015, we established an accrual for the estimated probable loss in the Kansas case. In the second quarter of 2016 the Kansas case settled, and we increased the accrual to the amount of the settlement. The settlement requires court approval.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the third quarter of 2016, we reached agreements in principle to settle all of the 19 cases on appeal in the multidistrict independent contractor litigation. All of these settlements require court approval. We recognized a liability for the expected loss (net of recognized insurance recovery) related to these cases and certain other pending independent-contractor-related proceedings of $204&#160;million.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Kansas case was remanded to the multidistrict litigation court, and the other 19 cases remain at the Seventh Circuit; however, approval proceedings will be conducted primarily by the multidistrict litigation court. Plaintiffs filed motions for preliminary approval between June&#160;15 and June&#160;30, 2016, and on August&#160;3 and 4, 2016, the multidistrict litigation court issued orders indicating that it would grant preliminary approval if the Seventh Circuit would remand the cases on appeal for the purpose of entering approval orders. Upon the parties&#8217; joint motion, the Seventh Circuit remanded the cases for this purpose on August&#160;10, 2016, and the multidistrict litigation court entered orders preliminarily approving the settlements on August&#160;17, 2016. Fairness hearings were previously scheduled for January 23 and 24, 2017, but were held on March 13 and 14, 2017. On March 15, 2017, the court issued orders indicating that it would grant final approval of each settlement if the Seventh Circuit remands the cases on appeal for the purpose of considering and granting final approval.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The multidistrict litigation court remanded the other eight certified class actions back to the district courts where they were originally filed because its summary judgment ruling did not completely dispose of all of the claims in those lawsuits. Seven of these matters settled for immaterial amounts and have received court approval.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The case in Arkansas settled in the second quarter of 2016, and we established an accrual for the amount of the settlement. The court held a final approval hearing on March 1, 2017, and granted final approval on March 6, 2017.&nbsp;&nbsp;</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The case in California was appealed to the Ninth Circuit Court of Appeals, where the court reversed the district court decisions and held that the plaintiffs in California were employees as a matter of law and remanded the cases to the district court for further proceedings. In the first quarter of 2015, we recognized an accrual for the then-estimated probable loss in this case.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2015, the parties in the California case reached an agreement to settle the matter for $228&#160;million, and in the fourth quarter of 2015 we increased the accrual to that amount. The court entered final judgment on June&#160;20, 2016, and two objectors to the settlement filed appeals with the Ninth Circuit. One objector has settled with plaintiffs&#8217; counsel, and we expect the appeal by the second objector to be briefed by the end of the fourth quarter of 2017 and arguments to be scheduled thereafter. The settlement is not effective until all appeals have been resolved without affecting the court&#8217;s approval of the settlement.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, we are defending contractor-model cases that are not or are no longer part of the multidistrict litigation. These cases are in varying stages of litigation. We do not expect to incur a material loss in these matters; however, it is reasonably possible that potential loss in some of these lawsuits or changes to the independent contractor status of FedEx Ground&#8217;s owner-operators could be material. In these cases, we continue to evaluate what facts may arise in the course of discovery and what legal rulings the courts may render and how these facts and rulings might impact the loss. For a number of reasons, we are not currently able to estimate a range of reasonably possible loss in these cases. The number and identities of plaintiffs in these lawsuits are uncertain, as they are dependent on how the class of drivers is defined and how many individuals will qualify based on whatever criteria may be established. In addition, the parties have conducted only very limited discovery into damages in certain of these cases, which could vary considerably from plaintiff to plaintiff and be dependent on evidence pertaining to individual plaintiffs, which has yet to be produced in the cases. Further, the range of potential loss could be impacted substantially by future rulings by the court, including on the merits of the claims, on FedEx Ground&#8217;s defenses, and on evidentiary issues. As a consequence of these factors, as well as others that are specific to these cases, we are not currently able to estimate a range of reasonably possible loss. We do not believe that a material loss is probable in these matters.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adverse determinations in matters related to FedEx Ground&#8217;s independent contractors could, among other things, entitle certain owner-operators and their drivers to the reimbursement of certain expenses and to the benefit of wage-and-hour laws and result in employment and withholding tax and benefit liability for FedEx Ground. We believe that FedEx Ground&#8217;s owner-operators are properly classified as independent contractors and that FedEx Ground is not an employer of the drivers of the company&#8217;s independent contractors.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">City and State of New York Cigarette Suit.<font style="font-style:normal;"> The City of New York and the State of New York filed two related lawsuits against FedEx Ground in December 2013 and November 2014 arising from FedEx Ground&#8217;s alleged shipments of cigarettes to New York residents in contravention of several statutes, including the Racketeer Influenced and Corrupt Organizations Act (&#8220;RICO&#8221;) and New York&#8217;s Public Health Law, as well as common law nuisance claims. In April 2016, the two lawsuits were consolidated and will now proceed as one lawsuit.&#160;The first-filed lawsuit alleges that FedEx Ground provided delivery services on behalf of four shippers, and the second-filed lawsuit alleges that FedEx Ground provided delivery services on behalf of six additional shippers; none of these shippers continue to ship in our network. Pursuant to motions to dismiss filed in both lawsuits, some of the claims have been dismissed entirely or limited. In the first-filed lawsuit, the New York Public Health Law and common law nuisance claims were dismissed and the plaintiffs voluntarily dismissed another claim. In the second-filed lawsuit, the common law nuisance claim has been dismissed entirely and the New York Public Health Law claim has been limited to claims arising after September 27, 2013, when an amendment to that law provided enforcement authority to the City of New York and State of New York. Other claims, including the RICO claims, remain in both lawsuits. The likelihood of loss is reasonably possible, but the amount of loss cannot be estimated at this stage of the litigation and we expect the amount of any loss to be immaterial.</font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Environmental Matters<font style="font-style:normal;">. SEC regulations require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions that management reasonably believes could exceed $100,000.</font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 9, 2016, FedEx Supply Chain received a written offer from several District Attorneys&#8217; Offices in California to settle a civil action that the District Attorneys intend to file against FedEx Supply Chain for alleged violations of the state&#8217;s hazardous waste regulations. Specifically, the District Attorneys&#8217; Offices allege FedEx Supply Chain unlawfully disposed of hazardous waste at one of its California facilities and caused the illegal transportation and disposal of hazardous waste from the retail stores of a FedEx Supply Chain customer at this same facility. The District Attorneys allege these violations began in 2006 and continued until the facility closed in the spring of 2015. We believe an immaterial loss in this matter is probable. The District Attorneys are also investigating FedEx Supply Chain&#8217;s hazardous waste activities at eight additional facilities within California. We will pursue all available remedies against the sellers of GENCO to recover any losses in these matters.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Other Matter. <font style="font-style:normal;">During the third quarter of 2017, FedEx Trade Networks informed U.S. Customs and Border Protection that in connection with certain customs entries it may have made improper claims for (i) reduced-duty treatment and (ii) duty-free treatment. FedEx Trade Networks is continuing to review these matters. Loss in these matters is probable, but given the early stage of these matters we cannot yet determine the amount or range of potential loss, but a material loss is reasonably possible</font>.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 &#8220;off the clock,&#8221; were not paid overtime or were not provided work breaks or other benefits. 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.<font style="font-size:11pt;"> </font></p></div>
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4000000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
271000000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
275000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
270000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
281000000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4000000
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4800000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4000000
CY2017Q1 fdx Pension Plan Net Periodic Benefit Cost
PensionPlanNetPeriodicBenefitCost
57000000
CY2016Q1 fdx Pension Plan Net Periodic Benefit Cost
PensionPlanNetPeriodicBenefitCost
53000000
fdx Pension Plan Net Periodic Benefit Cost
PensionPlanNetPeriodicBenefitCost
173000000
fdx Pension Plan Net Periodic Benefit Cost
PensionPlanNetPeriodicBenefitCost
160000000
CY2017Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
117000000
CY2016Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
104000000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
348000000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
304000000
CY2017Q1 fdx Postretirement Healthcare Plans Net Periodic Benefit Cost
PostretirementHealthcarePlansNetPeriodicBenefitCost
19000000
CY2016Q1 fdx Postretirement Healthcare Plans Net Periodic Benefit Cost
PostretirementHealthcarePlansNetPeriodicBenefitCost
20000000
fdx Postretirement Healthcare Plans Net Periodic Benefit Cost
PostretirementHealthcarePlansNetPeriodicBenefitCost
57000000
fdx Postretirement Healthcare Plans Net Periodic Benefit Cost
PostretirementHealthcarePlansNetPeriodicBenefitCost
61000000
CY2017Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
193000000
CY2016Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
177000000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
578000000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
525000000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1750000000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
495000000
CY2017Q1 us-gaap Unrecorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear
437000000
fdx Conditional Aircraft Commitments Boeing777
ConditionalAircraftCommitmentsBoeing777
6
CY2017Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
2504000000
CY2017Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
2105000000
CY2017Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
2193000000
CY2017Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
1531000000
CY2017Q1 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
4457000000
CY2017Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
13227000000
fdx Conditional Aircraft Commitments Boeing767
ConditionalAircraftCommitmentsBoeing767
4
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
17789000000
us-gaap Interest Paid Net
InterestPaidNet
400000000
us-gaap Interest Paid Net
InterestPaidNet
284000000
us-gaap Income Taxes Paid
IncomeTaxesPaid
294000000
us-gaap Income Taxes Paid
IncomeTaxesPaid
919000000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
16000000
fdx Conditional Aircraft Commitments Accelerate Delivery Of Boeing767
ConditionalAircraftCommitmentsAccelerateDeliveryOfBoeing767
1
fdx Conditional Aircraft Commitments Accelerate Delivery Of Boeing777
ConditionalAircraftCommitmentsAccelerateDeliveryOfBoeing777
2
CY2017Q1 fdx Deposit And Progress Payments
DepositAndProgressPayments
488000000
fdx Aircraft Purchase Obligation With Delivery Within Remainder Of Fiscal Year
AircraftPurchaseObligationWithDeliveryWithinRemainderOfFiscalYear
1
fdx Aircraft Purchase Obligation With Delivery Due In Second Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInSecondFiscalYear
19
fdx Aircraft Purchase Obligation With Delivery Due In Third Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInThirdFiscalYear
17
fdx Aircraft Purchase Obligation With Delivery Due In Fourth Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInFourthFiscalYear
19
fdx Aircraft Purchase Obligation With Delivery Due In Fifth Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInFifthFiscalYear
13
fdx Aircraft Purchase Obligation With Delivery Due After Fifth Fiscal Year
AircraftPurchaseObligationWithDeliveryDueAfterFifthFiscalYear
20
fdx Aircraft Purchase Obligation
AircraftPurchaseObligation
89
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
617000000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2390000000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2142000000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1856000000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1644000000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
9140000000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
3000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
278000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
916000000
CY2017Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
14600000000
CY2017Q1 fdx Spare Parts Supplies Fuel Prepaid Expenses And Other Net
SparePartsSuppliesFuelPrepaidExpensesAndOtherNet
1347000000
CY2017Q1 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
7135000000
CY2016Q2 fdx Spare Parts Supplies Fuel Prepaid Expenses And Other Net
SparePartsSuppliesFuelPrepaidExpensesAndOtherNet
1203000000
CY2016Q2 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
8867000000

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