$FDX
FEDEX CORP

2020 Q4 Form 10-Q Financial Statement

#000156459020057454 Filed on December 17, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4
Revenue $20.56B $17.32B
YoY Change 18.7% -2.81%
Cost Of Revenue $6.032B $5.218B
YoY Change 15.6% -3.33%
Gross Profit $14.53B $12.11B
YoY Change 20.03% -2.58%
Gross Profit Margin 70.67% 69.88%
Selling, General & Admin $9.264B $7.933B
YoY Change 16.78% 1.1%
% of Gross Profit 63.75% 65.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $936.0M $901.0M
YoY Change 3.88% 8.82%
% of Gross Profit 6.44% 7.44%
Operating Expenses $13.07B $11.49B
YoY Change 13.76% 2.03%
Operating Profit $1.465B $554.0M
YoY Change 164.44% -52.57%
Interest Expense -$184.0M -$151.0M
YoY Change 21.85% 15.27%
% of Operating Profit -12.56% -27.26%
Other Income/Expense, Net $125.0M $18.00M
YoY Change 594.44% 100.0%
Pretax Income $1.406B $572.0M
YoY Change 145.8% -51.4%
Income Tax $180.0M $12.00M
% Of Pretax Income 12.8% 2.1%
Net Earnings $1.226B $560.0M
YoY Change 118.93% -40.11%
Net Earnings / Revenue 5.96% 3.23%
Basic Earnings Per Share $4.64 $2.15
Diluted Earnings Per Share $4.55 $2.13
COMMON SHARES
Basic Shares Outstanding 264.0M 261.0M
Diluted Shares Outstanding 269.0M 262.0M

Balance Sheet

Concept 2020 Q4 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.339B $2.031B
YoY Change 310.59% -4.33%
Cash & Equivalents $8.339B $2.031B
Short-Term Investments
Other Short-Term Assets $922.0M $882.0M
YoY Change 4.54% -27.7%
Inventory $587.0M $576.0M
Prepaid Expenses
Receivables $11.42B $9.709B
Other Receivables $0.00 $0.00
Total Short-Term Assets $21.27B $13.20B
YoY Change 61.12% -1.79%
LONG-TERM ASSETS
Property, Plant & Equipment $49.46B $32.41B
YoY Change 52.6% 10.28%
Goodwill $6.861B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.734B $3.390B
YoY Change 10.15% -4.67%
Total Long-Term Assets $59.89B $56.76B
YoY Change 5.52% 42.42%
TOTAL ASSETS
Total Short-Term Assets $21.27B $13.20B
Total Long-Term Assets $59.89B $56.76B
Total Assets $81.16B $69.95B
YoY Change 16.01% 31.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.733B $3.283B
YoY Change 13.71% -3.44%
Accrued Expenses $8.285B $3.538B
YoY Change 134.17% -32.01%
Deferred Revenue $9.000M $10.00M
YoY Change -10.0% 11.11%
Short-Term Debt $0.00 $150.0M
YoY Change -100.0% -40.0%
Long-Term Debt Due $97.00M $16.00M
YoY Change 506.25% -97.51%
Total Short-Term Liabilities $12.12B $10.55B
YoY Change 14.87% 11.07%
LONG-TERM LIABILITIES
Long-Term Debt $23.22B $18.69B
YoY Change 24.24% 13.98%
Other Long-Term Liabilities $21.31B $476.0M
YoY Change 4376.89% -90.18%
Total Long-Term Liabilities $44.53B $476.0M
YoY Change 9255.25% -97.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.12B $10.55B
Total Long-Term Liabilities $44.53B $476.0M
Total Liabilities $60.12B $11.02B
YoY Change 445.38% -67.57%
SHAREHOLDERS EQUITY
Retained Earnings $25.43B
YoY Change
Common Stock $3.319B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.225B
YoY Change
Treasury Stock Shares
Shareholders Equity $21.04B $18.66B
YoY Change
Total Liabilities & Shareholders Equity $81.16B $69.95B
YoY Change 16.01% 31.27%

Cashflow Statement

Concept 2020 Q4 2019 Q4
OPERATING ACTIVITIES
Net Income $1.226B $560.0M
YoY Change 118.93% -40.11%
Depreciation, Depletion And Amortization $936.0M $901.0M
YoY Change 3.88% 8.82%
Cash From Operating Activities $2.579B $1.509B
YoY Change 70.91% 2.1%
INVESTING ACTIVITIES
Capital Expenditures -$1.402B -$1.847B
YoY Change -24.09% 26.94%
Acquisitions
YoY Change
Other Investing Activities $8.000M $4.000M
YoY Change 100.0% -116.0%
Cash From Investing Activities -$1.394B -$1.843B
YoY Change -24.36% 24.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 148.0M -41.00M
YoY Change -460.98% -82.17%
NET CHANGE
Cash From Operating Activities 2.579B 1.509B
Cash From Investing Activities -1.394B -1.843B
Cash From Financing Activities 148.0M -41.00M
Net Change In Cash 1.333B -375.0M
YoY Change -455.47% 61.64%
FREE CASH FLOW
Cash From Operating Activities $2.579B $1.509B
Capital Expenditures -$1.402B -$1.847B
Free Cash Flow $3.981B $3.356B
YoY Change 18.62% 14.42%

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LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2509000000
CY2020Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
60000000
CY2020Q4 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Due Next Twelve Months
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueDueNextTwelveMonths
2569000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2212000000
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
25000000
CY2020Q4 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Two
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearTwo
2237000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1860000000
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
24000000
CY2020Q4 fdx Lessee Operating Lease And Finance Liability Payments Due Year Three
LesseeOperatingLeaseAndFinanceLiabilityPaymentsDueYearThree
1884000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1608000000
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
24000000
CY2020Q4 fdx Lessee Operating Lease And Finance Lease Liability Payments Due Year Four
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueYearFour
1632000000
CY2020Q4 fdx Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
8030000000
CY2020Q4 fdx Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
707000000
CY2020Q4 fdx Lessee Operating Lease And Finance Lease Liability Payments Due After Year Four
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDueAfterYearFour
8737000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17507000000
CY2020Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
857000000
CY2020Q4 fdx Lessee Operating Lease And Finance Lease Liability Payments Due
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDue
18364000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2375000000
CY2020Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
377000000
CY2020Q4 fdx Lessee Operating Lease And Finance Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseAndFinanceLeaseLiabilityUndiscountedExcessAmount
2752000000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
15132000000
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
480000000
CY2020Q4 fdx Operating Lease And Finance Lease Liability
OperatingLeaseAndFinanceLeaseLiability
15612000000
CY2020Q4 fdx Lessee Operating And Finance Lease Lease Not Yet Commenced Undiscounted Future Payments
LesseeOperatingAndFinanceLeaseLeaseNotYetCommencedUndiscountedFuturePayments
1600000000
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;">(10) <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<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-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;">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. </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;">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> <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="color:#000000;font-style:normal;">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 </span><span style="font-style:normal;color:#000000;">$1</span><span style="color:#000000;"> </span><span style="font-style:normal;color:#000000;">million</span><span style="color:#000000;font-style:normal;"> or more for purposes of determining whether disclosure of any such proceedings is required. </span><span style="font-style:normal;">Applying this threshold, there are no environmental matters required to be disclosed for this period</span>.</p>
us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
35000000
fdx Attorneys Fees Recognized In Connection With Underlying Lawsuits
AttorneysFeesRecognizedInConnectionWithUnderlyingLawsuits
10000000
CY2020Q4 fdx Environmental Contingencies Threshold Amount
EnvironmentalContingenciesThresholdAmount
1000000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
23000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
504000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
139000000
us-gaap Interest Paid Net
InterestPaidNet
377000000
us-gaap Interest Paid Net
InterestPaidNet
279000000
us-gaap Income Taxes Paid
IncomeTaxesPaid
526000000
us-gaap Income Taxes Paid
IncomeTaxesPaid
162000000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
22000000

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