10-Q 1 fdx-10q_20211130.htm 10-Q fdx-10q_20211130.htm
false 2022 Q2 0001048911 --05-31 P5Y 0001048911 2021-06-01 2021-11-30 xbrli:shares 0001048911 2021-12-14 0001048911 fdx:CommonStockParValueZeroPointOneZeroPerShareMember 2021-06-01 2021-11-30 0001048911 fdx:ZeroPointFourFiveZeroPercentageNotesDueTwoThousandTwentyFiveMember 2021-06-01 2021-11-30 0001048911 fdx:OnePointSixTwoFivePercentageNotesDueTwoThousandTwentySevenMember 2021-06-01 2021-11-30 0001048911 fdx:ZeroPointFourFiveZeroPercentageNotesDueTwoThousandTwentyNineMember 2021-06-01 2021-11-30 0001048911 fdx:OnePointThreeZeroZeroPercentageNotesDueTwoThousandThirtyOneMember 2021-06-01 2021-11-30 0001048911 fdx:ZeroPointNineFiveZeroPercentageNotesDueTwoThousandThirtyThreeMember 2021-06-01 2021-11-30 iso4217:USD 0001048911 2021-11-30 0001048911 2021-05-31 iso4217:USD xbrli:shares 0001048911 2021-09-01 2021-11-30 0001048911 2020-09-01 2020-11-30 0001048911 2020-06-01 2020-11-30 0001048911 2020-05-31 0001048911 2020-11-30 0001048911 us-gaap:CommonStockMember 2021-08-31 0001048911 us-gaap:CommonStockMember 2020-08-31 0001048911 us-gaap:CommonStockMember 2021-05-31 0001048911 us-gaap:CommonStockMember 2020-05-31 0001048911 us-gaap:CommonStockMember 2021-11-30 0001048911 us-gaap:CommonStockMember 2020-11-30 0001048911 us-gaap:AdditionalPaidInCapitalMember 2021-08-31 0001048911 us-gaap:AdditionalPaidInCapitalMember 2020-08-31 0001048911 us-gaap:AdditionalPaidInCapitalMember 2021-05-31 0001048911 us-gaap:AdditionalPaidInCapitalMember 2020-05-31 0001048911 us-gaap:AdditionalPaidInCapitalMember 2021-09-01 2021-11-30 0001048911 us-gaap:AdditionalPaidInCapitalMember 2020-09-01 2020-11-30 0001048911 us-gaap:AdditionalPaidInCapitalMember 2021-06-01 2021-11-30 0001048911 us-gaap:AdditionalPaidInCapitalMember 2020-06-01 2020-11-30 0001048911 us-gaap:AdditionalPaidInCapitalMember 2021-11-30 0001048911 us-gaap:AdditionalPaidInCapitalMember 2020-11-30 0001048911 us-gaap:RetainedEarningsMember 2021-08-31 0001048911 us-gaap:RetainedEarningsMember 2020-08-31 0001048911 us-gaap:RetainedEarningsMember 2021-05-31 0001048911 us-gaap:RetainedEarningsMember 2020-05-31 0001048911 us-gaap:RetainedEarningsMember 2021-09-01 2021-11-30 0001048911 us-gaap:RetainedEarningsMember 2020-09-01 2020-11-30 0001048911 us-gaap:RetainedEarningsMember 2021-06-01 2021-11-30 0001048911 us-gaap:RetainedEarningsMember 2020-06-01 2020-11-30 0001048911 us-gaap:RetainedEarningsMember 2021-11-30 0001048911 us-gaap:RetainedEarningsMember 2020-11-30 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-08-31 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-08-31 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-05-31 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-05-31 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-01 2021-11-30 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-01 2020-11-30 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-01 2021-11-30 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-01 2020-11-30 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-11-30 0001048911 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-11-30 0001048911 us-gaap:TreasuryStockMember 2021-08-31 0001048911 us-gaap:TreasuryStockMember 2020-08-31 0001048911 us-gaap:TreasuryStockMember 2021-05-31 0001048911 us-gaap:TreasuryStockMember 2020-05-31 0001048911 us-gaap:TreasuryStockMember 2021-09-01 2021-11-30 0001048911 us-gaap:TreasuryStockMember 2021-06-01 2021-11-30 0001048911 us-gaap:TreasuryStockMember 2020-09-01 2020-11-30 0001048911 us-gaap:TreasuryStockMember 2020-06-01 2020-11-30 0001048911 us-gaap:TreasuryStockMember 2021-11-30 0001048911 us-gaap:TreasuryStockMember 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesOvernightBoxMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesOvernightBoxMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesOvernightBoxMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesOvernightBoxMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesOvernightEnvelopeMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesOvernightEnvelopeMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesOvernightEnvelopeMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesOvernightEnvelopeMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesDeferredMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesDeferredMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesDeferredMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesDeferredMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesDomesticPackageRevenueMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesDomesticPackageRevenueMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesDomesticPackageRevenueMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesDomesticPackageRevenueMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalPriorityMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalPriorityMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalPriorityMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalPriorityMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalEconomyMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalEconomyMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalEconomyMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalEconomyMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalExportPackageRevenueMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalExportPackageRevenueMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalExportPackageRevenueMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalExportPackageRevenueMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalDomesticMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalDomesticMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalDomesticMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalDomesticMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:PackageRevenueMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:PackageRevenueMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:PackageRevenueMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:PackageRevenueMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesFreightMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesFreightMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesFreightMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:UnitedStatesFreightMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalPriorityFreightMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalPriorityFreightMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalPriorityFreightMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalPriorityFreightMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalEconomyFreightMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalEconomyFreightMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalEconomyFreightMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalEconomyFreightMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalAirfreightMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalAirfreightMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalAirfreightMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:InternationalAirfreightMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:FreightRevenueMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:FreightRevenueMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:FreightRevenueMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:FreightRevenueMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:OtherMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:OtherMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:OtherMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember fdx:OtherMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexExpressSegmentMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexGroundSegmentMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexGroundSegmentMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexGroundSegmentMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexGroundSegmentMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexFreightSegmentMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexFreightSegmentMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexFreightSegmentMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexFreightSegmentMember 2020-06-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexServicesSegmentMember 2021-09-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexServicesSegmentMember 2020-09-01 2020-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexServicesSegmentMember 2021-06-01 2021-11-30 0001048911 us-gaap:OperatingSegmentsMember fdx:FedexServicesSegmentMember 2020-06-01 2020-11-30 0001048911 us-gaap:IntersegmentEliminationMember 2021-09-01 2021-11-30 0001048911 us-gaap:IntersegmentEliminationMember 2020-09-01 2020-11-30 0001048911 us-gaap:IntersegmentEliminationMember 2021-06-01 2021-11-30 0001048911 us-gaap:IntersegmentEliminationMember 2020-06-01 2020-11-30 0001048911 fdx:EquityAndCommercialAgreementsMember fdx:FedExExpressAndDelhiveryPrivateLtdMember us-gaap:SubsequentEventMember 2021-12-08 fdx:Employee 0001048911 srt:MinimumMember 2020-06-01 2021-05-31 0001048911 srt:MaximumMember 2020-06-01 2021-05-31 0001048911 2020-06-01 2021-05-31 0001048911 2020-12-01 2021-05-31 0001048911 srt:ScenarioForecastMember srt:MinimumMember 2022-06-01 2023-05-31 0001048911 srt:ScenarioForecastMember srt:MaximumMember 2022-06-01 2023-05-31 iso4217:EUR 0001048911 2016-01-26 0001048911 us-gaap:SubsequentEventMember 2021-12-16 0001048911 us-gaap:SubsequentEventMember fdx:AcceleratedShareRepurchaseAgreementMember 2021-12-16 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2021-08-31 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2020-08-31 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2021-05-31 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2020-05-31 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2021-09-01 2021-11-30 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2020-09-01 2020-11-30 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2021-06-01 2021-11-30 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2020-06-01 2020-11-30 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2021-11-30 0001048911 us-gaap:AccumulatedTranslationAdjustmentMember 2020-11-30 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-08-31 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-08-31 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-05-31 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-05-31 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-09-01 2021-11-30 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-09-01 2020-11-30 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-06-01 2021-11-30 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-06-01 2020-11-30 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-11-30 0001048911 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-11-30 0001048911 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2021-09-01 2021-11-30 0001048911 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-09-01 2020-11-30 0001048911 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2021-06-01 2021-11-30 0001048911 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-06-01 2020-11-30 0001048911 fdx:OnePointEightSevenFiveZeroPercentDueInFebruaryTwoThousandThirtyFourMember 2021-11-30 xbrli:pure 0001048911 fdx:OnePointEightSevenFiveZeroPercentDueInFebruaryTwoThousandThirtyFourMember 2021-06-01 2021-11-30 fdx:air-craft 0001048911 fdx:FiveYearCreditAgreementMember 2021-06-01 2021-11-30 0001048911 fdx:FiveYearCreditAgreementMember 2021-11-30 0001048911 fdx:ThreeHundredSixtyFourDayCreditAgreementMember 2021-06-01 2021-11-30 0001048911 fdx:ThreeHundredSixtyFourDayCreditAgreementMember 2021-11-30 0001048911 fdx:CreditAgreementMember 2021-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember country:US 2021-09-01 2021-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember country:US 2020-09-01 2020-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember us-gaap:ForeignPlanMember 2021-09-01 2021-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember us-gaap:ForeignPlanMember 2020-09-01 2020-11-30 0001048911 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2021-09-01 2021-11-30 0001048911 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2020-09-01 2020-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember country:US 2021-06-01 2021-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember country:US 2020-06-01 2020-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember us-gaap:ForeignPlanMember 2021-06-01 2021-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember us-gaap:ForeignPlanMember 2020-06-01 2020-11-30 0001048911 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2021-06-01 2021-11-30 0001048911 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2020-06-01 2020-11-30 0001048911 country:US fdx:VoluntaryContributionMember 2021-06-01 2021-11-30 0001048911 country:US us-gaap:PensionPlansDefinedBenefitMember srt:ScenarioForecastMember 2021-06-01 2022-05-31 0001048911 us-gaap:PensionPlansDefinedBenefitMember country:NL 2020-09-01 2020-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember country:NL 2021-09-01 2021-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember srt:NorthAmericaMember 2021-09-01 2021-11-30 0001048911 us-gaap:PensionPlansDefinedBenefitMember country:NL 2020-12-31 2020-12-31 0001048911 srt:MaximumMember fdx:FuturePlanStructureMember 2021-06-01 2021-11-30 0001048911 srt:MaximumMember fdx:CurrentPlanStructureMember 2021-06-01 2021-11-30 0001048911 fdx:CorporateReconcilingItemsAndEliminationsMember 2021-09-01 2021-11-30 0001048911 fdx:CorporateReconcilingItemsAndEliminationsMember 2020-09-01 2020-11-30 0001048911 fdx:CorporateReconcilingItemsAndEliminationsMember 2021-06-01 2021-11-30 0001048911 fdx:CorporateReconcilingItemsAndEliminationsMember 2020-06-01 2020-11-30 0001048911 fdx:AircraftAndRelatedEquipmentCommitmentsMember 2021-11-30 0001048911 fdx:OtherCommitmentsMember 2021-11-30 0001048911 fdx:Boeing777FreighterMember 2021-06-01 2021-11-30 0001048911 fdx:Boeing767FreighterMember 2021-06-01 2021-11-30 0001048911 fdx:Boeing767FreighterMember 2021-08-31 0001048911 fdx:Boeing767FreighterAgreementOneMember 2021-08-31 0001048911 fdx:Boeing767FreighterAgreementOneMember 2021-06-01 2021-08-31 0001048911 fdx:Boeing767FreighterAgreementTwoMember 2021-08-31 0001048911 fdx:Boeing767FreighterAgreementTwoMember 2021-06-01 2021-08-31 0001048911 fdx:CessnaCE408AircraftMember 2021-06-01 2021-11-30 0001048911 fdx:ATR72600FreighterMember 2021-06-01 2021-11-30 0001048911 fdx:AircraftAndRelatedEquipmentMember 2021-11-30 0001048911 fdx:FacilitiesAndOtherMember 2021-11-30 0001048911 srt:MinimumMember 2021-06-01 2021-11-30 0001048911 srt:MaximumMember 2021-06-01 2021-11-30

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED November 30, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                     

Commission File Number: 1-15829

 

FedEx Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

62-1721435

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

942 South Shady Grove Road, Memphis, Tennessee

38120

(Address of principal executive offices)

(ZIP Code)

 

Registrant’s telephone number, including area code: (901) 818-7500

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $0.10 per share

 

FDX

 

New York Stock Exchange

0.450% Notes due 2025

 

FDX 25A

 

New York Stock Exchange

1.625% Notes due 2027

 

FDX 27

 

New York Stock Exchange

0.450% Notes due 2029

 

FDX 29A

 

New York Stock Exchange

1.300% Notes due 2031

 

FDX 31

 

New York Stock Exchange

0.950% Notes due 2033

 

FDX 33

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No    

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer             

Non-accelerated filer

Smaller reporting company 

Emerging growth company 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No    

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Common Stock

 

Outstanding Shares at December 14, 2021

Common Stock, par value $0.10 per share

 

264,969,342

 

 

 

 

 


 

 

FEDEX CORPORATION

INDEX

 

 

 

PAGE

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

ITEM 1. Financial Statements

 

 

Condensed Consolidated Balance Sheets
November 30, 2021 and May 31, 2021

 

3

Condensed Consolidated Statements of Income
Three and Six Months Ended November 30, 2021 and 2020

 

5

Condensed Consolidated Statements of Comprehensive Income
Three and Six Months Ended November 30, 2021 and 2020

 

6

Condensed Consolidated Statements of Cash Flows
Six Months Ended November 30, 2021 and 2020

 

7

Condensed Consolidated Statements of Changes In Common Stockholders’ Investment
Three and Six Months Ended November 30, 2021 and 2020

 

8

Notes to Condensed Consolidated Financial Statements

 

9

Report of Independent Registered Public Accounting Firm

 

20

ITEM 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition

 

21

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

 

45

ITEM 4. Controls and Procedures

 

45

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

ITEM 1. Legal Proceedings

 

46

ITEM 1A. Risk Factors

 

46

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

47

ITEM 5. Other Information

 

47

ITEM 6. Exhibits

 

48

Signature

 

49

 

 

 

Exhibit 10.1

 

 

Exhibit 10.2

 

 

Exhibit 10.3

 

 

Exhibit 15.1

 

 

Exhibit 22

 

 

Exhibit 31.1

 

 

Exhibit 31.2

 

 

Exhibit 32.1

 

 

Exhibit 32.2

 

 

Exhibit 101.1 Interactive Data Files

Exhibit 104.1 Cover Page Interactive Data File

 

 

- 2 -


 

 

FEDEX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN MILLIONS)

 

 

 

November 30,

2021

(Unaudited)

 

 

May 31,

2021

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,833

 

 

$

7,087

 

Receivables, less allowances of $792 and $742

 

 

12,197

 

 

 

12,069

 

Spare parts, supplies, and fuel, less allowances of $351 and $349

 

 

594

 

 

 

587

 

Prepaid expenses and other

 

 

1,123

 

 

 

837

 

Total current assets

 

 

20,747

 

 

 

20,580

 

PROPERTY AND EQUIPMENT, AT COST

 

 

72,974

 

 

 

70,077

 

Less accumulated depreciation and amortization

 

 

35,821

 

 

 

34,325

 

Net property and equipment

 

 

37,153

 

 

 

35,752

 

OTHER LONG-TERM ASSETS

 

 

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

 

16,018

 

 

 

15,383

 

Goodwill

 

 

6,702

 

 

 

6,992

 

Other assets

 

 

3,627

 

 

 

4,070

 

Total other long-term assets

 

 

26,347

 

 

 

26,445

 

 

 

$

84,247

 

 

$

82,777

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 3 -


 

FEDEX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN MILLIONS, EXCEPT SHARE DATA)

 

 

 

November 30,

2021

(Unaudited)

 

 

May 31,

2021

 

LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

117

 

 

$

146

 

Accrued salaries and employee benefits

 

 

2,537

 

 

 

2,903

 

Accounts payable

 

 

4,190

 

 

 

3,841

 

Operating lease liabilities

 

 

2,371

 

 

 

2,208

 

Accrued expenses

 

 

4,669

 

 

 

4,562

 

Total current liabilities

 

 

13,884

 

 

 

13,660

 

LONG-TERM DEBT, LESS CURRENT PORTION

 

 

20,386

 

 

 

20,733

 

OTHER LONG-TERM LIABILITIES

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

4,162

 

 

 

3,927

 

Pension, postretirement healthcare, and other benefit obligations

 

 

3,353

 

 

 

3,501

 

Self-insurance accruals

 

 

2,594

 

 

 

2,430

 

Operating lease liabilities

 

 

13,955

 

 

 

13,375

 

Other liabilities

 

 

973

 

 

 

983

 

Total other long-term liabilities

 

 

25,037

 

 

 

24,216

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

COMMON STOCKHOLDERS’ INVESTMENT

 

 

 

 

 

 

 

 

Common stock, $0.10 par value; 800 million shares authorized; 318 million shares

   issued as of November 30, 2021 and May 31, 2021

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

3,653

 

 

 

3,481

 

Retained earnings

 

 

31,307

 

 

 

29,817

 

Accumulated other comprehensive loss

 

 

(977

)

 

 

(732

)

Treasury stock, at cost

 

 

(9,075

)

 

 

(8,430

)

Total common stockholders’ investment

 

 

24,940

 

 

 

24,168

 

 

 

$

84,247

 

 

$

82,777

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 4 -


 

FEDEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

 

 

 

Three Months Ended

November 30,

 

 

Six Months Ended

November 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE

 

$

23,474

 

 

$

20,563

 

 

$

45,477

 

 

$

39,884

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

8,135

 

 

 

7,443

 

 

 

15,911

 

 

 

14,295

 

Purchased transportation

 

 

6,241

 

 

 

5,407

 

 

 

11,900

 

 

 

10,384

 

Rentals and landing fees

 

 

1,177

 

 

 

1,006

 

 

 

2,310

 

 

 

1,942

 

Depreciation and amortization

 

 

995

 

 

 

936

 

 

 

1,966

 

 

 

1,862

 

Fuel

 

 

1,145

 

 

 

625

 

 

 

2,154

 

 

 

1,190

 

Maintenance and repairs

 

 

839

 

 

 

815

 

 

 

1,708

 

 

 

1,621

 

Business realignment costs

 

 

44

 

 

 

 

 

 

111

 

 

 

 

Other

 

 

3,301

 

 

 

2,866

 

 

 

6,422

 

 

 

5,535

 

 

 

 

21,877

 

 

 

19,098

 

 

 

42,482

 

 

 

36,829

 

OPERATING INCOME

 

 

1,597

 

 

 

1,465

 

 

 

2,995

 

 

 

3,055

 

OTHER (EXPENSE) INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net

 

 

(155

)

 

 

(184

)

 

 

(315

)

 

 

(368

)

Other retirement plans (expense) income

 

 

(47

)

 

 

150

 

 

 

169

 

 

 

351

 

Other, net

 

 

(15

)

 

 

(25

)

 

 

(12

)

 

 

(26

)

 

 

 

(217

)

 

 

(59

)

 

 

(158

)

 

 

(43

)

INCOME BEFORE INCOME TAXES

 

 

1,380

 

 

 

1,406

 

 

 

2,837

 

 

 

3,012

 

PROVISION FOR INCOME TAXES

 

 

336

 

 

 

180

 

 

 

681

 

 

 

541

 

NET INCOME

 

$

1,044

 

 

$

1,226

 

 

$

2,156

 

 

$

2,471

 

EARNINGS PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

3.94

 

 

$

4.64

 

 

$

8.11

 

 

$

9.40

 

Diluted

 

$

3.88

 

 

$

4.55

 

 

$

7.97

 

 

$

9.26

 

DIVIDENDS DECLARED PER COMMON SHARE

 

$

0.75

 

 

$

0.65

 

 

$

2.25

 

 

$

1.95

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 5 -


 

FEDEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(IN MILLIONS)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NET INCOME

 

$

1,044

 

 

$

1,226

 

 

$

2,156

 

 

$

2,471

 

OTHER COMPREHENSIVE INCOME (LOSS):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax benefit of $4 and $4 in 2021 and tax expense of $6 and $4 in 2020

 

 

(94

)

 

 

124

 

 

 

(241

)

 

 

253

 

Amortization of prior service credit, net of tax benefit of $1 and $1 in 2021 and $0 and $1 in 2020

 

 

(2

)

 

 

(2

)

 

 

(4

)

 

 

(4

)

 

 

 

(96

)

 

 

122

 

 

 

(245

)

 

 

249

 

COMPREHENSIVE INCOME

 

$

948

 

 

$

1,348

 

 

$

1,911

 

 

$

2,720

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 6 -


 

FEDEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(IN MILLIONS)

 

 

 

Six Months Ended

November 30,

 

 

 

2021

 

 

2020

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

2,156

 

 

$

2,471

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,966

 

 

 

1,862

 

Provision for uncollectible accounts

 

 

211

 

 

 

291

 

Stock-based compensation

 

 

112

 

 

 

121

 

Retirement plans mark-to-market adjustments

 

 

260

 

 

 

52

 

Other noncash items including leases and deferred income taxes

 

 

1,713

 

 

 

1,482

 

Business realignment costs

 

 

55

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

(519

)

 

 

(1,100

)

Other assets

 

 

(236

)

 

 

(56

)

Accounts payable and other liabilities

 

 

(1,582

)

 

 

241

 

Other, net

 

 

(54

)

 

 

(134

)

Cash provided by operating activities

 

 

4,082

 

 

 

5,230

 

Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(3,143

)

 

 

(2,826

)

Proceeds from asset dispositions and other

 

 

31

 

 

 

14

 

Cash used in investing activities

 

 

(3,112

)

 

 

(2,812

)

Financing Activities:

 

 

 

 

 

 

 

 

Principal payments on debt

 

 

(72

)

 

 

(75

)

Proceeds from debt issuances

 

 

 

 

 

970

 

Proceeds from stock issuances

 

 

111

 

 

 

431

 

Dividends paid

 

 

(400

)

 

 

(341

)

Purchase of treasury stock

 

 

(748

)

 

 

 

Other, net

 

 

 

 

 

(12

)

Cash (used in) provided by financing activities

 

 

(1,109

)

 

 

973

 

Effect of exchange rate changes on cash

 

 

(115

)

 

 

67

 

Net (decrease) increase in cash and cash equivalents

 

 

(254

)

 

 

3,458

 

Cash and cash equivalents at beginning of period

 

 

7,087

 

 

 

4,881

 

Cash and cash equivalents at end of period

 

$

6,833

 

 

$

8,339

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

- 7 -


 

FEDEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCKHOLDERS’ INVESTMENT

(UNAUDITED)

(IN MILLIONS, EXCEPT SHARE DATA)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

$

32

 

 

$

32

 

 

$

32

 

 

$

32

 

Ending Balance

 

 

32

 

 

 

32

 

 

 

32

 

 

 

32

 

Additional Paid-in Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

3,610

 

 

 

3,375

 

 

 

3,481

 

 

 

3,356

 

Employee incentive plans and other

 

 

43

 

 

 

25

 

 

 

172

 

 

 

44

 

Ending Balance

 

 

3,653

 

 

 

3,400

 

 

 

3,653

 

 

 

3,400

 

Retained Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

30,462

 

 

 

26,108

 

 

 

29,817

 

 

 

25,216

 

Net Income

 

 

1,044

 

 

 

1,226

 

 

 

2,156

 

 

 

2,471

 

Cash dividends declared ($0.75, $0.65, $2.25, and $1.95 per share)

 

 

(198

)

 

 

(172

)

 

 

(598

)

 

 

(513

)

Employee incentive plans and other

 

 

(1

)

 

 

46

 

 

 

(68

)

 

 

34

 

Ending Balance

 

 

31,307

 

 

 

27,208

 

 

 

31,307

 

 

 

27,208

 

Accumulated Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

(881

)

 

 

(1,020

)

 

 

(732

)

 

 

(1,147

)

Other comprehensive income, net of tax benefit/(expense) of $5, ($6), $5, and ($3)

 

 

(96

)

 

 

122

 

 

 

(245

)

 

 

249

 

Ending Balance

 

 

(977

)

 

 

(898

)

 

 

(977

)

 

 

(898

)

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

(8,902

)

 

 

(9,033

)

 

 

(8,430

)

 

 

(9,162

)

Purchase of treasury stock (0.9, 0.0, 2.8, and 0.0 million shares)

 

 

(199

)

 

 

 

 

 

(748

)

 

 

 

Employee incentive plans and other (0.2, 2.4, 0.8, and 3.4 million shares)

 

 

26

 

 

 

330

 

 

 

103

 

 

 

459

 

Ending Balance

 

 

(9,075

)

 

 

(8,703

)

 

 

(9,075

)

 

 

(8,703

)

Total Common Stockholders’ Investment Balance

 

$

24,940

 

 

$

21,039

 

 

$

24,940

 

 

$

21,039

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

- 8 -


 

FEDEX CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(1) General

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of FedEx Corporation (“FedEx”) have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10-K for the year ended May 31, 2021 (“Annual Report”). Significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of November 30, 2021, and the results of our operations for the three- and six-month periods ended November 30, 2021 and 2020, cash flows for the six-month periods ended November 30, 2021 and 2020, and changes in common stockholders’ investment for the three- and six-month periods ended November 30, 2021 and 2020. Operating results for the three- and six-month periods ended November 30, 2021 are not necessarily indicative of the results that may be expected for the year ending May 31, 2022.

Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2022 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year.

REVENUE RECOGNITION

Contract Assets and Liabilities

Contract assets include billed and unbilled amounts resulting from in-transit shipments, as we have an unconditional right to payment only once all performance obligations have been completed (e.g., packages have been delivered). Contract assets are generally classified as current and the full balance is converted each quarter based on the short-term nature of the transactions. Our contract liabilities consist of advance payments and billings in excess of revenue. The full balance of deferred revenue is converted each quarter based on the short-term nature of the transactions.

Gross contract assets related to in-transit shipments totaled $926 million and $715 million at November 30, 2021 and May 31, 2021, respectively. Contract assets net of deferred unearned revenue were $683 million and $572 million at November 30, 2021 and May 31, 2021, respectively. Contract assets are included within current assets in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities related to advance payments from customers were $9 million at both November 30, 2021 and May 31, 2021. Contract liabilities are included within current liabilities in the accompanying unaudited condensed consolidated balance sheets.

- 9 -


 

Disaggregation of Revenue

The following table provides revenue by service type (in millions) for the periods ended November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance.

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE BY SERVICE TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FedEx Express segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Package:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. overnight box

 

$

2,249

 

 

$

2,012

 

 

$

4,419