$FDX
FEDEX CORP

2020 Q3 Form 10-Q Financial Statement

#000156459020043606 Filed on September 15, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $19.32B $17.05B $17.81B
YoY Change 13.33% -0.02% 2.85%
Cost Of Revenue $5.542B $4.028B $5.032B
YoY Change 37.59% 1.54% 4.4%
Gross Profit $13.78B $13.02B $12.78B
YoY Change 5.83% -0.5% 2.25%
Gross Profit Margin 71.32% 76.37% 71.74%
Selling, General & Admin $8.594B $7.775B $7.704B
YoY Change 10.53% -0.55% 1.28%
% of Gross Profit 62.37% 59.72% 60.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $926.0M $879.0M $866.0M
YoY Change 5.35% 8.79% 7.98%
% of Gross Profit 6.72% 6.75% 6.78%
Operating Expenses $12.19B $11.17B $11.14B
YoY Change 9.09% 1.31% 3.31%
Operating Profit $1.590B $977.0M $1.316B
YoY Change 62.74% -8.78% -0.9%
Interest Expense -$184.0M -$137.0M -$136.0M
YoY Change 34.31% 7.87% -7.48%
% of Operating Profit -11.57% -14.02% -10.33%
Other Income/Expense, Net $200.0M $19.00M -$3.734B
YoY Change 952.63% -36.67% -2209.6%
Pretax Income $1.606B $996.0M -$2.554B
YoY Change 61.24% -9.54% -288.07%
Income Tax $361.0M $251.0M -$744.0M
% Of Pretax Income 22.48% 25.2%
Net Earnings $1.245B $745.0M -$1.969B
YoY Change 67.11% -10.78% -274.71%
Net Earnings / Revenue 6.44% 4.37% -11.06%
Basic Earnings Per Share $4.75 $2.86 -$7.56
Diluted Earnings Per Share $4.72 $2.84 -$7.56
COMMON SHARES
Basic Shares Outstanding 262.0M 260.0M
Diluted Shares Outstanding 263.0M 262.0M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.954B $2.389B $2.319B
YoY Change 191.08% 0.84% -28.97%
Cash & Equivalents $6.954B $2.389B $2.319B
Short-Term Investments
Other Short-Term Assets $848.0M $742.0M $1.098B
YoY Change 14.29% -28.17% 2.62%
Inventory $593.0M $574.0M $553.0M
Prepaid Expenses
Receivables $10.51B $9.312B $9.116B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.90B $13.02B $13.09B
YoY Change 45.22% 2.97% -1.91%
LONG-TERM ASSETS
Property, Plant & Equipment $48.76B $31.61B $30.43B
YoY Change 54.25% 9.84% 8.08%
Goodwill $6.821B $6.884B
YoY Change -1.28%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.354B $3.185B $4.004B
YoY Change 5.31% -11.82% 3.68%
Total Long-Term Assets $58.75B $55.44B $41.32B
YoY Change 5.97% 41.2% 5.97%
TOTAL ASSETS
Total Short-Term Assets $18.90B $13.02B $13.09B
Total Long-Term Assets $58.75B $55.44B $41.32B
Total Assets $77.65B $68.45B $54.40B
YoY Change 13.43% 31.89% 3.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.339B $3.179B $3.030B
YoY Change 5.03% 3.69% 1.78%
Accrued Expenses $7.769B $3.303B $3.278B
YoY Change 135.21% -31.71% 4.69%
Deferred Revenue $9.000M $10.00M $11.00M
YoY Change -10.0% -33.33% -15.38%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $87.00M $35.00M $964.0M
YoY Change 148.57% -97.51% -28.17%
Total Short-Term Liabilities $11.20B $9.935B $9.013B
YoY Change 12.68% 3.42% -6.38%
LONG-TERM LIABILITIES
Long-Term Debt $23.20B $18.73B $16.62B
YoY Change 23.91% 22.87% 9.01%
Other Long-Term Liabilities $20.62B $479.0M $670.0M
YoY Change 4203.97% -90.29% 25.47%
Total Long-Term Liabilities $43.82B $479.0M $670.0M
YoY Change 9048.23% -97.63% 25.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.20B $9.935B $9.013B
Total Long-Term Liabilities $43.82B $479.0M $670.0M
Total Liabilities $58.19B $10.41B $9.683B
YoY Change 458.73% -68.18% -4.7%
SHAREHOLDERS EQUITY
Retained Earnings $25.05B $24.65B
YoY Change -0.7%
Common Stock $3.289B $3.263B
YoY Change 3.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.253B $9.289B
YoY Change 16.43%
Treasury Stock Shares
Shareholders Equity $19.46B $18.17B $17.76B
YoY Change
Total Liabilities & Shareholders Equity $77.65B $68.45B $54.40B
YoY Change 13.43% 31.89% 3.96%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $1.245B $745.0M -$1.969B
YoY Change 67.11% -10.78% -274.71%
Depreciation, Depletion And Amortization $926.0M $879.0M $866.0M
YoY Change 5.35% 8.79% 7.98%
Cash From Operating Activities $2.651B $565.0M $2.290B
YoY Change 369.2% -19.4% -34.79%
INVESTING ACTIVITIES
Capital Expenditures -$1.424B -$1.419B -$1.733B
YoY Change 0.35% 20.36% 3.83%
Acquisitions
YoY Change
Other Investing Activities $6.000M -$45.00M
YoY Change -600.0%
Cash From Investing Activities -$1.418B -$1.419B -$1.778B
YoY Change -0.07% 28.88% 7.11%
FINANCING ACTIVITIES
Cash Dividend Paid $170.0M $170.0M
YoY Change 0.0% -1.73%
Common Stock Issuance & Retirement, Net $3.000M
YoY Change -99.52%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 825.0M 942.0M -1.032B
YoY Change -12.42% -299.58% -23.56%
NET CHANGE
Cash From Operating Activities 2.651B 565.0M 2.290B
Cash From Investing Activities -1.418B -1.419B -1.778B
Cash From Financing Activities 825.0M 942.0M -1.032B
Net Change In Cash 2.073B 88.00M -520.0M
YoY Change 2255.68% -110.09% -203.59%
FREE CASH FLOW
Cash From Operating Activities $2.651B $565.0M $2.290B
Capital Expenditures -$1.424B -$1.419B -$1.733B
Free Cash Flow $4.075B $1.984B $4.023B
YoY Change 105.39% 5.53% -22.35%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2020Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2020Q2 fdx Self Insurance Accruals Noncurrent
SelfInsuranceAccrualsNoncurrent
2104000000
CY2020Q2 fdx Other Long Term Assets Noncurrent Excluding Property And Equipment
OtherLongTermAssetsNoncurrentExcludingPropertyAndEquipment
23546000000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1923000000
CY2020Q2 us-gaap Liabilities Current
LiabilitiesCurrent
10344000000
CY2020Q3 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
3171000000
CY2020Q2 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
3162000000
CY2020Q2 fdx Allowances For Spare Parts Supplies And Fuel
AllowancesForSparePartsSuppliesAndFuel
335000000
CY2020Q2 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
5019000000
CY2020Q2 us-gaap Goodwill
Goodwill
6372000000
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3257000000
CY2020Q2 us-gaap Assets
Assets
73537000000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13917000000
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
390000000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3532000000
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
21952000000
CY2020Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
6852000000
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
800000000
CY2020Q3 fdx Purchased Transportation Costs
PurchasedTransportationCosts
4977000000
CY2019Q3 fdx Purchased Transportation Costs
PurchasedTransportationCosts
4028000000
CY2020Q3 fdx Rentals And Landing Fees
RentalsAndLandingFees
936000000
CY2019Q3 fdx Rentals And Landing Fees
RentalsAndLandingFees
920000000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
926000000
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
879000000
CY2020Q3 us-gaap Fuel Costs
FuelCosts
565000000
CY2019Q3 us-gaap Fuel Costs
FuelCosts
870000000
CY2020Q3 us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
806000000
CY2019Q3 us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
768000000
CY2019Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
2519000000
CY2019Q3 us-gaap Costs And Expenses
CostsAndExpenses
16071000000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
977000000
CY2019Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-137000000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
251000000
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
466000000
CY2020Q3 fdx Liabilities Other Than Long Term Debt Noncurrent Excluding Operating Lease Liability Noncurrent
LiabilitiesOtherThanLongTermDebtNoncurrentExcludingOperatingLeaseLiabilityNoncurrent
23787000000
CY2020Q2 fdx Liabilities Other Than Long Term Debt Noncurrent Excluding Operating Lease Liability Noncurrent
LiabilitiesOtherThanLongTermDebtNoncurrentExcludingOperatingLeaseLiabilityNoncurrent
22946000000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12714000000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12195000000
CY2020Q2 us-gaap Common Stock Value
CommonStockValue
32000000
CY2020Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
318000000
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
879000000
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
67000000
CY2019Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
12000000
CY2019Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
170000000
CY2019Q3 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-5000000
CY2019Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
942000000
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.30
CY2020Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-3000000
CY2020Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0.0
CY2020Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1000000.0
CY2020Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
9000000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19321000000
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
75000000
CY2020Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
620000000
CY2020Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
450000000
CY2019Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
105000000
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
222000000
CY2020Q3 fdx Aircraft Purchase Obligation With Delivery Due In Fourth Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInFourthFiscalYear
20
CY2020Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
2669000000
CY2020Q3 us-gaap Costs And Expenses
CostsAndExpenses
17731000000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1590000000
CY2020Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-184000000
CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-2000000
CY2020Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
1000000
CY2019Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
6000000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
1245000000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
745000000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
926000000
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
75000000
CY2020Q3 fdx Other Noncash Items And Deferred Income Taxes
OtherNoncashItemsAndDeferredIncomeTaxes
531000000
CY2019Q3 fdx Other Noncash Items And Deferred Income Taxes
OtherNoncashItemsAndDeferredIncomeTaxes
694000000
CY2020Q3 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
387000000
CY2019Q3 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
267000000
CY2020Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
30000000
CY2019Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
118000000
CY2020Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
198000000
CY2019Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1537000000
CY2020Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
50000000
CY2019Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
3000000
CY2020Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2651000000
CY2019Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
565000000
CY2020Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1424000000
CY2019Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1418000000
CY2020Q3 fdx Payments For Proceeds From Asset Dispositions And Other
PaymentsForProceedsFromAssetDispositionsAndOther
-6000000
CY2019Q3 fdx Payments For Proceeds From Asset Dispositions And Other
PaymentsForProceedsFromAssetDispositionsAndOther
1000000
CY2020Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1418000000
CY2019Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1419000000
CY2020Q3 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
45000000
CY2019Q3 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
985000000
CY2020Q3 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
959000000
CY2020Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2073000000
CY2019Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
70000000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4881000000
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2319000000
CY2019Q3 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2093000000
CY2020Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
82000000
CY2020Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
170000000
CY2019Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3000000
CY2020Q3 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1000000
CY2020Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
825000000
CY2020Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
15000000
CY2019Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-18000000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6954000000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2389000000
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.30
CY2019Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-9000000
CY2019Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
300000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
19462000000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
18166000000
CY2020Q2 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
563000000
CY2020Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
456000000
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
10000000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
17048000000
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
67000000
CY2020Q3 us-gaap Derivative Instruments In Hedges At Fair Value Net
DerivativeInstrumentsInHedgesAtFairValueNet
640000000
CY2016Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
25000000
CY2020Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2020Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
5100000
CY2020Q3 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-08-14
CY2020Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.65
CY2020Q3 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2020-10-01
CY2020Q3 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2020-09-04
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
175000000
CY2020Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
143000000
CY2020Q3 fdx Number Of Boeing Aircraft
NumberOfBoeingAircraft
19
CY2020Q3 fdx Net Book Valve Of Collateralized Boeing Aircraft
NetBookValveOfCollateralizedBoeingAircraft
1900000000
CY2020Q3 fdx Letter Of Credit Maximum Sublimit Amount
LetterOfCreditMaximumSublimitAmount
250000000
CY2020Q3 fdx Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio Maximum
DebtToEarningsBeforeInterestTaxDepreciationAndAmortizationRatioMaximum
4.75
CY2020Q3 fdx Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio
DebtToEarningsBeforeInterestTaxDepreciationAndAmortizationRatio
2.9
CY2020Q3 us-gaap Commercial Paper
CommercialPaper
0
CY2020Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
300000
CY2020Q3 fdx Long Term Debt Including Current Maturities
LongTermDebtIncludingCurrentMaturities
22800000000
CY2020Q2 fdx Long Term Debt Including Current Maturities
LongTermDebtIncludingCurrentMaturities
21500000000
CY2020Q3 fdx Long Term Debt Including Current Maturities Fair Value
LongTermDebtIncludingCurrentMaturitiesFairValue
26000000000.0
CY2020Q2 fdx Long Term Debt Including Current Maturities Fair Value
LongTermDebtIncludingCurrentMaturitiesFairValue
22800000000
CY2020Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.035
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1243000000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
744000000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
262000000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
260000000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.75
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.86
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1243000000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
744000000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
262000000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
260000000
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
263000000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
262000000
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.72
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.84
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9000000.0
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10900000
CY2020Q3 fdx Pension Plan Net Periodic Benefit Cost
PensionPlanNetPeriodicBenefitCost
25000000
CY2019Q3 fdx Pension Plan Net Periodic Benefit Cost
PensionPlanNetPeriodicBenefitCost
37000000
CY2020Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
159000000
CY2019Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
142000000
CY2020Q3 fdx Postretirement Healthcare Plans Net Periodic Benefit Cost
PostretirementHealthcarePlansNetPeriodicBenefitCost
21000000
CY2019Q3 fdx Postretirement Healthcare Plans Net Periodic Benefit Cost
PostretirementHealthcarePlansNetPeriodicBenefitCost
22000000
CY2020Q3 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
205000000
CY2019Q3 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
201000000
CY2020Q3 us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
In 2020, we announced the closing of our U.S.-based defined benefit pension plans to new non-union employees hired on or after January 1, 2020. We will introduce an all-401-(k) plan retirement benefit structure for eligible employees with a higher company match of up to 8% across all U.S.-based operating companies in 2022. During calendar 2021, current eligible employees under the Portable Pension Account (“PPA”) pension formula will be given a one-time option to continue to be eligible for pension compensation credits under the existing PPA formula and remain in the existing 401(k) plan with its match of up to 3.5%, or to cease receiving compensation credits under the pension plan and move to the new 401(k) plan with the higher match of up to 8%. Changes to the new 401(k) plan structure become effective beginning January 1, 2022. While this new program will provide employees greater flexibility and reduce our long-term pension costs, it will not have a material impact on current or near-term financial results.
CY2020Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
2836000000
CY2020Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
2883000000
CY2020Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
1317000000
CY2020Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
847000000
CY2020Q3 fdx Unrecorded Unconditional Purchase Obligation To Be Paid After Year Four
UnrecordedUnconditionalPurchaseObligationToBePaidAfterYearFour
3113000000
CY2020Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
12958000000
CY2020Q3 fdx Deposit And Progress Payments
DepositAndProgressPayments
632000000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1590000000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
977000000
CY2020Q3 us-gaap Unrecorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear
1962000000
CY2020Q3 fdx Aircraft Purchase Obligation With Delivery Within Remainder Of Fiscal Year
AircraftPurchaseObligationWithDeliveryWithinRemainderOfFiscalYear
17
CY2020Q3 fdx Aircraft Purchase Obligation With Delivery Due In First Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInFirstFiscalYear
32
CY2020Q3 fdx Aircraft Purchase Obligation With Delivery Due In Second Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInSecondFiscalYear
33
CY2020Q3 fdx Aircraft Purchase Obligation With Delivery Due In Third Fiscal Year
AircraftPurchaseObligationWithDeliveryDueInThirdFiscalYear
26
CY2020Q3 fdx Aircraft Purchase Obligation With Delivery Due After Fourth Fiscal Year
AircraftPurchaseObligationWithDeliveryDueAfterFourthFiscalYear
6
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1861000000
CY2020Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
48000000
CY2020Q3 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Remainder Of Fiscal Year
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueRemainderOfFiscalYear
1909000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2349000000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
27000000
CY2020Q3 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Due Next Twelve Months
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueDueNextTwelveMonths
2376000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2103000000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
25000000
CY2020Q3 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Two
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearTwo
2128000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1774000000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
24000000
CY2020Q3 fdx Lessee Operating Lease And Finance Liability Payments Due Year Three
LesseeOperatingLeaseAndFinanceLiabilityPaymentsDueYearThree
1798000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1535000000
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
24000000
CY2020Q3 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Four
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearFour
1559000000
CY2020Q3 fdx Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
7593000000
CY2020Q3 fdx Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
706000000
CY2020Q3 fdx Lessee Operating Lease And Finance Lease Liability Payments Due After Year Four
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueAfterYearFour
8299000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17215000000
CY2020Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
854000000
CY2020Q3 fdx Lessee Operating Lease And Finance Lease Liability Payments Due
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDue
18069000000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2477000000
CY2020Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
381000000
CY2020Q3 fdx Lessee Operating Lease And Finance Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseAndFinanceLeaseLiabilityUndiscountedExcessAmount
2858000000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
14738000000
CY2020Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
473000000
CY2020Q3 fdx Operating Lease And Finance Lease Liability
OperatingLeaseAndFinanceLeaseLiability
15211000000
CY2020Q3 fdx Lessee Operating And Finance Lease Lease Not Yet Commenced Undiscounted Future Payments
LesseeOperatingAndFinanceLeaseLeaseNotYetCommencedUndiscountedFuturePayments
1100000000
CY2020Q3 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(9) <span style="text-decoration:underline;">Contingencies</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Service Provider Lawsuits<span style="font-style:normal;">. 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="margin-top:9pt;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;">Federal Securities Litigation and Derivative Lawsuits<span style="font-style:normal;">. On June 26, 2019 and July 2, 2019, FedEx and certain present and former officers were named as defendants in two putative class action securities lawsuits filed in the U.S. District Court for the Southern District of New York. The complaints, which have been consolidated, allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder relating to alleged misstatements or omissions in FedEx’s public filings with the SEC and other public statements during the period from September 19, 2017 to December 18, 2018. We are not currently able to estimate the probability of loss or the amount or range of potential loss, if any, at this stage of the litigation.</span></p> <p style="margin-top:9pt;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 17, 2019 and November 6, 2019, FedEx, its Board of Directors and certain present and former directors and officers were named as defendants in two stockholder derivative lawsuits filed in the U.S. District Court for the District of Delaware. The </p> <p style="margin-top:9pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">complaints, which were subsequently consolidated, repeated the allegations in the federal securities litigation complaints, and asserted new claims against the FedEx Board of Directors and certain present and former directors and officers for breach of fiduciary duty, waste of corporate assets, unjust enrichment, insider selling and violations of the federal securities laws. On June 24, 2020, the consolidated lawsuit was dismissed with prejudice. The plaintiff did not appeal the dismissal by the July 24, 2020 deadline.</span></p> <p style="margin-top:9pt;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;">Derivative Lawsuit Related to New York Cigarette Litigation<span style="font-style:normal;">. On October 3, 2019, FedEx and certain present and former FedEx directors and officers were named as defendants in a stockholder derivative lawsuit filed in the Delaware Court of Chancery. The complaint alleges the defendants breached their fiduciary duties in connection with the activities alleged in lawsuits filed by the City of New York and the State of New York against FedEx Ground in December 2013 and November 2014 and against FedEx Ground and FedEx Freight in July 2017. The underlying lawsuits related to the alleged shipment of cigarettes to New York residents in contravention of several statutes, as well as common law nuisance claims, and were dismissed by the court in December 2018 following entry into a final settlement agreement for approximately $35 million. The settlement did not include any admission of liability by FedEx Ground or FedEx Freight. In addition to the settlement amount, we recognized approximately $10 million for certain attorney’s fees in connection with the underlying lawsuits. We are not currently able to estimate the probability of loss or the amount or range of potential loss, if any, at this stage of the lawsuit. On August 14, 2019, a separate stockholder derivative lawsuit alleging similar breaches of fiduciary duty was filed in the Delaware Court of Chancery. The plaintiff voluntarily dismissed this lawsuit on June 25, 2020.</span></p> <p style="margin-top:9pt;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<span 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.</span></p> <p style="margin-top:9pt;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;">Prior to our acquisition of TNT Express, a lawsuit was filed in Simões Filho, Bahia, Brazil against a subsidiary of TNT Express alleging violations of Brazilian environmental laws. Specifically, the lawsuit alleges that in 2012, certain employees unlawfully discarded non-toxic trash on a highway. We could be subject to monetary sanctions and fines related to such activity that exceed $100,000. We believe that the aggregate amount of any such sanctions and fines will be immaterial.</p> <p style="margin-top:9pt;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 Matters<span style="font-style: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 “off the clock,” were not paid overtime or were not provided work breaks or other benefits, as well as 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>
CY2020Q3 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
35000000
CY2020Q3 fdx Attorneys Fees Recognized In Connection With Underlying Lawsuits
AttorneysFeesRecognizedInConnectionWithUnderlyingLawsuits
10000000
CY2020Q3 us-gaap Interest Paid Net
InterestPaidNet
182000000
CY2019Q3 us-gaap Interest Paid Net
InterestPaidNet
164000000
CY2020Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
134000000
CY2019Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
55000000
CY2020Q3 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
11000000
CY2019Q3 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
12000000
CY2020Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
123000000
CY2019Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
43000000

Files In Submission

Name View Source Status
0001564590-20-043606-index-headers.html Edgar Link pending
0001564590-20-043606-index.html Edgar Link pending
0001564590-20-043606.txt Edgar Link pending
0001564590-20-043606-xbrl.zip Edgar Link pending
d86278dex101.htm Edgar Link pending
d86278dex102.htm Edgar Link pending
d86278dex103.htm Edgar Link pending
d86278dex104.htm Edgar Link pending
d86278dex105.htm Edgar Link pending
fdx-10q_20200831.htm Edgar Link pending
fdx-10q_20200831_htm.xml Edgar Link completed
fdx-20200831.xsd Edgar Link pending
fdx-20200831_cal.xml Edgar Link unprocessable
fdx-20200831_def.xml Edgar Link unprocessable
fdx-20200831_lab.xml Edgar Link unprocessable
fdx-20200831_pre.xml Edgar Link unprocessable
fdx-ex151_20.htm Edgar Link pending
fdx-ex311_24.htm Edgar Link pending
fdx-ex312_26.htm Edgar Link pending
fdx-ex321_16.htm Edgar Link pending
fdx-ex322_11.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
g2fnnzy3wshg000001.jpg Edgar Link pending
g2fnnzy3wshg000002.jpg Edgar Link pending
g2fnnzy3wshg000003.jpg Edgar Link pending
g86278ex104.jpg Edgar Link pending
g86278g27a98.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending