$FDX
FEDEX CORP

2021 Q3 Form 10-Q Financial Statement

#000156459021048468 Filed on September 21, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $22.00B $19.32B
YoY Change 13.88% 13.33%
Cost Of Revenue $6.668B $5.542B
YoY Change 20.32% 37.59%
Gross Profit $15.34B $13.78B
YoY Change 11.29% 5.83%
Gross Profit Margin 69.7% 71.32%
Selling, General & Admin $9.778B $8.594B
YoY Change 13.78% 10.53%
% of Gross Profit 63.76% 62.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $971.0M $926.0M
YoY Change 4.86% 5.35%
% of Gross Profit 6.33% 6.72%
Operating Expenses $13.87B $12.19B
YoY Change 13.79% 9.09%
Operating Profit $1.398B $1.590B
YoY Change -12.08% 62.74%
Interest Expense -$160.0M -$184.0M
YoY Change -13.04% 34.31%
% of Operating Profit -11.44% -11.57%
Other Income/Expense, Net $219.0M $200.0M
YoY Change 9.5% 952.63%
Pretax Income $1.457B $1.606B
YoY Change -9.28% 61.24%
Income Tax $345.0M $361.0M
% Of Pretax Income 23.68% 22.48%
Net Earnings $1.112B $1.245B
YoY Change -10.68% 67.11%
Net Earnings / Revenue 5.05% 6.44%
Basic Earnings Per Share $4.17 $4.75
Diluted Earnings Per Share $4.180M $4.72
COMMON SHARES
Basic Shares Outstanding 266.0M 262.0M
Diluted Shares Outstanding 271.0M 263.0M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.853B $6.954B
YoY Change -1.45% 191.08%
Cash & Equivalents $6.853B $6.954B
Short-Term Investments
Other Short-Term Assets $991.0M $848.0M
YoY Change 16.86% 14.29%
Inventory $577.0M $593.0M
Prepaid Expenses
Receivables $11.13B $10.51B
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.55B $18.90B
YoY Change 3.4% 45.22%
LONG-TERM ASSETS
Property, Plant & Equipment $51.90B $48.76B
YoY Change 6.43% 54.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.764B $3.354B
YoY Change 12.22% 5.31%
Total Long-Term Assets $62.50B $58.75B
YoY Change 6.4% 5.97%
TOTAL ASSETS
Total Short-Term Assets $19.55B $18.90B
Total Long-Term Assets $62.50B $58.75B
Total Assets $82.05B $77.65B
YoY Change 5.67% 13.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.822B $3.339B
YoY Change 14.47% 5.03%
Accrued Expenses $8.963B $7.769B
YoY Change 15.37% 135.21%
Deferred Revenue $11.00M $9.000M
YoY Change 22.22% -10.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $125.0M $87.00M
YoY Change 43.68% 148.57%
Total Short-Term Liabilities $12.91B $11.20B
YoY Change 15.32% 12.68%
LONG-TERM LIABILITIES
Long-Term Debt $20.55B $23.20B
YoY Change -11.42% 23.91%
Other Long-Term Liabilities $20.29B $20.62B
YoY Change -1.56% 4203.97%
Total Long-Term Liabilities $40.85B $43.82B
YoY Change -6.78% 9048.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.91B $11.20B
Total Long-Term Liabilities $40.85B $43.82B
Total Liabilities $57.73B $58.19B
YoY Change -0.79% 458.73%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.32B $19.46B
YoY Change
Total Liabilities & Shareholders Equity $82.05B $77.65B
YoY Change 5.67% 13.43%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $1.112B $1.245B
YoY Change -10.68% 67.11%
Depreciation, Depletion And Amortization $971.0M $926.0M
YoY Change 4.86% 5.35%
Cash From Operating Activities $2.084B $2.651B
YoY Change -21.39% 369.2%
INVESTING ACTIVITIES
Capital Expenditures -$1.570B -$1.424B
YoY Change 10.25% 0.35%
Acquisitions
YoY Change
Other Investing Activities $20.00M $6.000M
YoY Change 233.33%
Cash From Investing Activities -$1.550B -$1.418B
YoY Change 9.31% -0.07%
FINANCING ACTIVITIES
Cash Dividend Paid $200.0M $170.0M
YoY Change 17.65% 0.0%
Common Stock Issuance & Retirement, Net $549.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -730.0M 825.0M
YoY Change -188.48% -12.42%
NET CHANGE
Cash From Operating Activities 2.084B 2.651B
Cash From Investing Activities -1.550B -1.418B
Cash From Financing Activities -730.0M 825.0M
Net Change In Cash -234.0M 2.073B
YoY Change -111.29% 2255.68%
FREE CASH FLOW
Cash From Operating Activities $2.084B $2.651B
Capital Expenditures -$1.570B -$1.424B
Free Cash Flow $3.654B $4.075B
YoY Change -10.33% 105.39%

Facts In Submission

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CY2021Q3 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<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;">(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;">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. On June 28, 2021, the stockholder derivative lawsuit was dismissed with prejudice. The dismissal was appealed on July 28, 2021. </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="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 $1</span> <span style="font-style:normal;">million or more for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters required to be disclosed for this period.</span></p>
CY2021Q3 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
35000000
CY2021Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
869000000
CY2021Q3 fdx Lessee Operating Lease And Finance Lease Liability Payments Due
LesseeOperatingLeaseAndFinanceLeaseLiabilityPaymentsDue
18961000000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2447000000
CY2021Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
365000000
CY2021Q3 fdx Attorneys Fees Recognized In Connection With Underlying Lawsuits
AttorneysFeesRecognizedInConnectionWithUnderlyingLawsuits
10000000
CY2021Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
1000000
CY2021Q3 us-gaap Interest Paid Net
InterestPaidNet
150000000
CY2020Q3 us-gaap Interest Paid Net
InterestPaidNet
182000000
CY2021Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
92000000
CY2020Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
134000000
CY2021Q3 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
16000000
CY2020Q3 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
11000000
CY2021Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
76000000
CY2020Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
123000000

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