Company Quick10K Filing
Fedex
Price144.98 EPS-1
Shares262 P/E-109
MCap37,985 P/FCF7
Net Debt17,207 EBIT676
TEV55,192 TEV/EBIT82
TTM 2020-02-29, in MM, except price, ratios
10-Q 2020-02-29 Filed 2020-03-17
10-Q 2019-11-30 Filed 2019-12-17
10-Q 2019-08-31 Filed 2019-09-17
10-K 2019-05-31 Filed 2019-07-16
10-Q 2019-02-28 Filed 2019-03-19
10-Q 2018-11-30 Filed 2018-12-18
10-Q 2018-08-31 Filed 2018-09-17
10-K 2018-05-31 Filed 2018-07-16
10-Q 2018-02-28 Filed 2018-03-21
10-Q 2017-11-30 Filed 2017-12-20
10-Q 2017-08-31 Filed 2017-09-20
10-K 2017-05-31 Filed 2017-07-17
10-Q 2017-02-28 Filed 2017-03-22
10-Q 2016-11-30 Filed 2016-12-21
10-Q 2016-08-31 Filed 2016-09-21
10-K 2016-05-31 Filed 2016-07-18
10-Q 2016-02-29 Filed 2016-03-17
10-Q 2015-11-30 Filed 2015-12-17
10-Q 2015-08-31 Filed 2015-09-17
10-K 2015-05-31 Filed 2015-07-14
10-Q 2015-02-28 Filed 2015-03-19
10-Q 2014-11-30 Filed 2014-12-18
10-Q 2014-08-31 Filed 2014-09-18
10-K 2014-05-31 Filed 2014-07-14
10-Q 2014-02-28 Filed 2014-03-20
10-Q 2013-11-30 Filed 2013-12-19
10-Q 2013-08-31 Filed 2013-09-19
10-K 2013-05-31 Filed 2013-07-15
10-Q 2013-02-28 Filed 2013-03-21
10-Q 2012-11-30 Filed 2012-12-20
10-Q 2012-08-31 Filed 2012-09-19
10-K 2012-05-31 Filed 2012-07-16
10-Q 2012-02-29 Filed 2012-03-23
10-Q 2011-11-30 Filed 2011-12-16
10-Q 2011-08-31 Filed 2011-09-23
10-K 2011-05-31 Filed 2011-07-12
10-Q 2011-02-28 Filed 2011-03-18
10-Q 2010-11-30 Filed 2010-12-17
10-Q 2010-08-31 Filed 2010-09-17
10-K 2010-05-31 Filed 2010-07-15
10-Q 2010-02-28 Filed 2010-03-19
8-K 2020-04-07 Other Events, Exhibits
8-K 2020-04-03 Officers, Other Events
8-K 2020-03-17 Earnings, Exhibits
8-K 2020-03-17 Enter Agreement, Leave Agreement, Off-BS Arrangement
8-K 2020-03-09 Officers, Exhibits
8-K 2020-01-27 Officers, Exhibits
8-K 2019-12-17 Earnings, Exhibits
8-K 2019-09-23 Officers, Shareholder Vote, Other Events, Exhibits
8-K 2019-09-17 Earnings, Exhibits
8-K 2019-08-05 Other Events, Exhibits
8-K 2019-07-24 Other Events, Exhibits
8-K 2019-06-25 Earnings, Exhibits
8-K 2019-05-31 Officers
8-K 2019-03-22 Enter Agreement, Leave Agreement, Off-BS Arrangement
8-K 2019-03-19 Earnings, Exhibits
8-K 2019-03-11 Amend Bylaw, Exhibits
8-K 2019-02-14 Officers
8-K 2019-02-13 Officers, Exhibits
8-K 2019-01-28 Officers, Other Events, Exhibits
8-K 2019-01-18 Other Events, Exhibits
8-K 2019-01-18 Exit Costs
8-K 2019-01-16 Other Events, Exhibits
8-K 2018-12-18 Earnings, Exhibits
8-K 2018-12-03 Officers, Exhibits
8-K 2018-10-17 Other Events, Exhibits
8-K 2018-10-10 Other Events
8-K 2018-09-24 Shareholder Vote, Other Events, Exhibits
8-K 2018-09-17 Earnings, Exhibits
8-K 2018-09-06 Earnings, Exhibits
8-K 2018-06-19 Earnings, Exhibits
8-K 2018-06-18 Enter Agreement
8-K 2018-05-31 Officers
8-K 2018-05-24 Impairments
8-K 2018-05-03 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2018-03-20 Earnings, Exhibits
8-K 2018-03-12 Officers, Amend Bylaw, Exhibits
8-K 2018-01-31 Other Events, Exhibits
8-K 2018-01-26 Enter Agreement, Off-BS Arrangement
8-K 2015-09-28 Shareholder Vote, Other Events, Exhibits
8-K 2015-09-16 Earnings, Exhibits
8-K 2015-07-21 Enter Agreement
8-K 2015-07-02 Enter Agreement
8-K 2015-06-17 Earnings, Exhibits
8-K 2015-06-08 Earnings, Officers, Other Events, Exhibits
8-K 2015-05-31 Earnings, Exit Costs, Impairments, Exhibits
8-K 2015-04-06 Enter Agreement, Regulation FD, Exhibits
8-K 2015-03-18 Earnings, Exhibits
8-K 2015-03-09 Amend Bylaw, Exhibits
8-K 2015-01-09 Other Events, Exhibits
8-K 2015-01-06 Other Events, Exhibits

FDX 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 d877381dex101.htm
EX-10.2 d877381dex102.htm
EX-10.3 d877381dex103.htm
EX-10.4 d877381dex104.htm
EX-10.5 d877381dex105.htm
EX-10.6 d877381dex106.htm
EX-10.7 d877381dex107.htm
EX-10.8 d877381dex108.htm
EX-10.9 d877381dex109.htm
EX-10.10 d877381dex1010.htm
EX-10.11 d877381dex1011.htm
EX-10.12 d877381dex1012.htm
EX-10.13 d877381dex1013.htm
EX-10.14 d877381dex1014.htm
EX-15.1 fdx-ex151_12.htm
EX-31.1 fdx-ex311_7.htm
EX-31.2 fdx-ex312_10.htm
EX-32.1 fdx-ex321_11.htm
EX-32.2 fdx-ex322_8.htm

Fedex Earnings 2020-02-29

Balance SheetIncome StatementCash Flow
756045301502011201420172021
Assets, Equity
20151162-22011201420172021
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02011201420172021
Ops, Inv, Fin

fdx-10q_20200229.htm
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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 February 29, 2020

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

0.700% Notes due 2022

 

FDX 22B

 

New York Stock Exchange

1.000% Notes due 2023

 

FDX 23A

 

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

1.300% Notes due 2031

 

FDX 31

 

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 March 13, 2020

Common Stock, par value $0.10 per share

 

261,249,779

 

 

 

 

 


 

FEDEX CORPORATION

INDEX

 

 

 

PAGE

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

ITEM 1. Financial Statements

 

 

Condensed Consolidated Balance Sheets February 29, 2020 and May 31, 2019

 

3

Condensed Consolidated Statements of Income
Three and Nine Months Ended February 29, 2020 and February 28, 2019

 

5

Condensed Consolidated Statements of Comprehensive Income
Three and Nine Months Ended February 29, 2020 and February 28, 2019

 

6

Condensed Consolidated Statements of Cash Flows
Nine Months Ended February 29, 2020 and February 28, 2019

 

7

Condensed Consolidated Statements of Changes In Common Stockholders’ Investment

Three and Nine Months Ended February 29, 2020 and February 28, 2019

 

8

Notes to Condensed Consolidated Financial Statements

 

9

Report of Independent Registered Public Accounting Firm

 

32

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

 

33

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

 

57

ITEM 4. Controls and Procedures

 

57

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

ITEM 1. Legal Proceedings

 

58

ITEM 1A. Risk Factors

 

58

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

 

60

ITEM 6. Exhibits

 

61

Signature

 

63

 

 

 

Exhibit 10.1

 

 

Exhibit 10.2

 

 

Exhibit 10.3

 

 

Exhibit 10.4

 

 

Exhibit 10.5

 

 

Exhibit 10.6

 

 

Exhibit 10.7

 

 

Exhibit 10.8

 

 

Exhibit 10.9

 

 

Exhibit 10.10

 

 

Exhibit 10.11

 

 

Exhibit 10.12

 

 

Exhibit 10.13

 

 

Exhibit 10.14

 

 

Exhibit 15.1

 

 

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)

 

 

 

February 29,

2020

(Unaudited)

 

 

May 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,766

 

 

$

2,319

 

Receivables, less allowances of $307 and $300

 

 

9,323

 

 

 

9,116

 

Spare parts, supplies and fuel, less allowances of $332 and $335

 

 

568

 

 

 

553

 

Prepaid expenses and other

 

 

884

 

 

 

1,098

 

Total current assets

 

 

12,541

 

 

 

13,086

 

PROPERTY AND EQUIPMENT, AT COST

 

 

64,305

 

 

 

59,511

 

Less accumulated depreciation and amortization

 

 

30,999

 

 

 

29,082

 

Net property and equipment

 

 

33,306

 

 

 

30,429

 

OTHER LONG-TERM ASSETS

 

 

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

 

13,981

 

 

 

 

Goodwill

 

 

6,814

 

 

 

6,884

 

Other assets

 

 

3,372

 

 

 

4,004

 

Total other long-term assets

 

 

24,167

 

 

 

10,888

 

 

 

$

70,014

 

 

$

54,403

 

 

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)

 

 

 

February 29,

2020

(Unaudited)

 

 

May 31,

2019

 

LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Short-term borrowings

 

$

300

 

 

$

 

Current portion of long-term debt

 

 

35

 

 

 

964

 

Accrued salaries and employee benefits

 

 

1,472

 

 

 

1,741

 

Accounts payable

 

 

3,193

 

 

 

3,030

 

Operating lease liabilities

 

 

1,902

 

 

 

 

Accrued expenses

 

 

3,423

 

 

 

3,278

 

Total current liabilities

 

 

10,325

 

 

 

9,013

 

LONG-TERM DEBT, LESS CURRENT PORTION

 

 

18,973

 

 

 

16,617

 

OTHER LONG-TERM LIABILITIES

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

3,101

 

 

 

2,821

 

Pension, postretirement healthcare and other benefit obligations

 

 

4,165

 

 

 

5,095

 

Self-insurance accruals

 

 

1,933

 

 

 

1,899

 

Operating lease liabilities

 

 

12,232

 

 

 

 

Deferred lease obligations

 

 

 

 

 

531

 

Other liabilities

 

 

454

 

 

 

670

 

Total other long-term liabilities

 

 

21,885

 

 

 

11,016

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

COMMON STOCKHOLDERS’ INVESTMENT

 

 

 

 

 

 

 

 

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

   issued as of February 29, 2020 and May 31, 2019

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

3,324

 

 

 

3,231

 

Retained earnings

 

 

25,569

 

 

 

24,648

 

Accumulated other comprehensive loss

 

 

(887

)

 

 

(865

)

Treasury stock, at cost

 

 

(9,207

)

 

 

(9,289

)

Total common stockholders’ investment

 

 

18,831

 

 

 

17,757

 

 

 

$

70,014

 

 

$

54,403

 

 

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

 

 

Nine Months Ended

 

 

 

February 29, 2020

 

 

February 28, 2019

 

 

February 29, 2020

 

 

February 28, 2019

 

REVENUE

 

$

17,487

 

 

$

17,010

 

 

$

51,859

 

 

$

51,886

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

6,382

 

 

 

6,069

 

 

 

18,704

 

 

 

18,589

 

Purchased transportation

 

 

4,558

 

 

 

4,253

 

 

 

12,914

 

 

 

12,566

 

Rentals and landing fees

 

 

964

 

 

 

874

 

 

 

2,808

 

 

 

2,533

 

Depreciation and amortization

 

 

908

 

 

 

851

 

 

 

2,688

 

 

 

2,487

 

Fuel

 

 

879

 

 

 

907

 

 

 

2,639

 

 

 

2,945

 

Maintenance and repairs

 

 

684

 

 

 

658

 

 

 

2,226

 

 

 

2,144

 

Asset impairment charges

 

 

 

 

 

 

 

 

66

 

 

 

 

Business realignment costs

 

 

 

 

 

4

 

 

 

 

 

 

4

 

Other

 

 

2,701

 

 

 

2,483

 

 

 

7,872

 

 

 

7,468

 

 

 

 

17,076

 

 

 

16,099

 

 

 

49,917

 

 

 

48,736

 

OPERATING INCOME

 

 

411

 

 

 

911

 

 

 

1,942

 

 

 

3,150

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net

 

 

(155

)

 

 

(135

)

 

 

(443

)

 

 

(393

)

Other retirement plans income

 

 

168

 

 

 

158

 

 

 

504

 

 

 

474

 

Other, net

 

 

(4

)

 

 

(3

)

 

 

(15

)

 

 

(22

)

 

 

 

9

 

 

 

20

 

 

 

46

 

 

 

59

 

INCOME BEFORE INCOME TAXES

 

 

420

 

 

 

931

 

 

 

1,988

 

 

 

3,209

 

PROVISION FOR INCOME TAXES

 

 

105

 

 

 

192

 

 

 

368

 

 

 

700

 

NET INCOME

 

$

315

 

 

$

739

 

 

$

1,620

 

 

$

2,509

 

EARNINGS PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.21

 

 

$

2.83

 

 

$

6.21

 

 

$

9.55

 

Diluted

 

$

1.20

 

 

$

2.80

 

 

$

6.17

 

 

$

9.41

 

DIVIDENDS DECLARED PER COMMON SHARE

 

$

0.65

 

 

$

0.65

 

 

$

2.60

 

 

$

2.60

 

 

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

 

 

Nine Months Ended

 

 

 

February 29, 2020

 

 

February 28, 2019

 

 

February 29, 2020

 

 

February 28, 2019

 

NET INCOME

 

$

315

 

 

$

739

 

 

$

1,620

 

 

$

2,509

 

OTHER COMPREHENSIVE INCOME (LOSS):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax benefit of $6 and $3 in 2020 and tax expense of $9 and tax benefit of $22 in 2019

 

 

(1

)

 

 

103

 

 

 

(12

)

 

 

(90

)

Amortization of prior service credit, net of tax benefit of $7 and $19 in 2020 and tax benefit of $7 and $21 in 2019

 

 

(20

)

 

 

(23

)

 

 

(61

)

 

 

(69

)

 

 

 

(21

)

 

 

80

 

 

 

(73

)

 

 

(159

)

COMPREHENSIVE INCOME

 

$

294

 

 

$

819

 

 

$

1,547

 

 

$

2,350

 

 

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)

 

 

 

Nine Months Ended

 

 

 

February 29, 2020

 

 

February 28, 2019

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

1,620

 

 

$

2,509

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,688

 

 

 

2,487

 

Asset impairment charges

 

 

66

 

 

 

 

Provision for uncollectible accounts

 

 

295

 

 

 

221

 

Stock-based compensation

 

 

137

 

 

 

141

 

Other noncash items and deferred income taxes

 

 

1,758

 

 

 

250

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

(504

)

 

 

(780

)

Other assets

 

 

(149

)

 

 

(96

)

Accounts payable and other liabilities

 

 

(2,612

)

 

 

(1,307

)

Other, net

 

 

(21

)

 

 

(102

)

Cash provided by operating activities

 

 

3,278

 

 

 

3,323

 

Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(4,705

)

 

 

(3,757

)

Proceeds from asset dispositions and other

 

 

15

 

 

 

62

 

Cash used in investing activities

 

 

(4,690

)

 

 

(3,695

)

Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from short-term borrowings, net

 

 

298

 

 

 

220

 

Principal payments on debt

 

 

(1,045

)

 

 

(874

)

Proceeds from debt issuances

 

 

2,093

 

 

 

2,463

 

Proceeds from stock issuances

 

 

38

 

 

 

58

 

Dividends paid

 

 

(509

)

 

 

(514

)

Purchase of treasury stock

 

 

(3

)

 

 

(1,365

)

Other, net

 

 

(5

)

 

 

5

 

Cash provided by (used in) financing activities

 

 

867

 

 

 

(7

)

Effect of exchange rate changes on cash

 

 

(8

)

 

 

(14

)

Net decrease in cash and cash equivalents

 

 

(553

)

 

 

(393

)

Cash and cash equivalents at beginning of period

 

 

2,319

 

 

 

3,265

 

Cash and cash equivalents at end of period

 

$

1,766

 

 

$

2,872

 

 

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

 

 

Nine Months Ended

 

 

 

February 29, 2020

 

 

February 28, 2019

 

 

February 29, 2020

 

 

February 28, 2019

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

$

32

 

 

$

32

 

 

$

32

 

 

$

32

 

Ending Balance

 

 

32