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
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8-K 2021-01-19
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8-K 2015-01-06

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 5. Other Information
Item 6. Exhibits
EX-10.1 d128910dex101.htm
EX-10.2 d128910dex102.htm
EX-10.3 d128910dex103.htm
EX-10.4 d128910dex104.htm
EX-10.5 d128910dex105.htm
EX-10.6 d128910dex106.htm
EX-10.7 d128910dex107.htm
EX-10.8 d128910dex108.htm
EX-15.1 fdx-ex151_7.htm
EX-22 fdx-ex22_8.htm
EX-31.1 fdx-ex311_10.htm
EX-31.2 fdx-ex312_19.htm
EX-32.1 fdx-ex321_12.htm
EX-32.2 fdx-ex322_6.htm

FedEx Earnings 2021-02-28

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_20210228.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 28, 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

0.700% 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 16, 2021

Common Stock, par value $0.10 per share

 

265,342,075

 

 

 

 

 


 

 

FEDEX CORPORATION

INDEX

 

 

 

PAGE

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

ITEM 1. Financial Statements

 

 

Condensed Consolidated Balance Sheets February 28, 2021 and May 31, 2020

 

3

Condensed Consolidated Statements of Income
Three and Nine Months Ended February 28, 2021 and February 29, 2020

 

5

Condensed Consolidated Statements of Comprehensive Income
Three and Nine Months Ended February 28, 2021 and February 29, 2020

 

6

Condensed Consolidated Statements of Cash Flows
Nine Months Ended February 28, 2021 and February 29, 2020

 

7

Condensed Consolidated Statements of Changes In Common Stockholders’ Investment
Three and Nine Months Ended February 28, 2021 and February 29, 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

 

46

ITEM 4. Controls and Procedures

 

46

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

ITEM 1. Legal Proceedings

 

47

ITEM 1A. Risk Factors

 

47

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

 

50

ITEM 5. Other Information

 

50

ITEM 6. Exhibits

 

52

Signature

 

53

 

 

 

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 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)

 

 

 

February 28,

2021

(Unaudited)

 

 

May 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,856

 

 

$

4,881

 

Receivables, less allowances of $697 and $390

 

 

11,481

 

 

 

10,102

 

Spare parts, supplies and fuel, less allowances of $345 and $335

 

 

583

 

 

 

572

 

Prepaid expenses and other

 

 

790

 

 

 

828

 

Total current assets

 

 

21,710

 

 

 

16,383

 

PROPERTY AND EQUIPMENT, AT COST

 

 

68,703

 

 

 

65,024

 

Less accumulated depreciation and amortization

 

 

33,713

 

 

 

31,416

 

Net property and equipment

 

 

34,990

 

 

 

33,608

 

OTHER LONG-TERM ASSETS

 

 

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

 

14,964

 

 

 

13,917

 

Goodwill

 

 

6,977

 

 

 

6,372

 

Other assets

 

 

4,152

 

 

 

3,257

 

Total other long-term assets

 

 

26,093

 

 

 

23,546

 

 

 

$

82,793

 

 

$

73,537

 

 

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 28,

2021

(Unaudited)

 

 

May 31,

2020

 

LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

646

 

 

$

51

 

Accrued salaries and employee benefits

 

 

2,321

 

 

 

1,569

 

Accounts payable

 

 

3,990

 

 

 

3,269

 

Operating lease liabilities

 

 

2,133

 

 

 

1,923

 

Accrued expenses

 

 

4,476

 

 

 

3,532

 

Total current liabilities

 

 

13,566

 

 

 

10,344

 

LONG-TERM DEBT, LESS CURRENT PORTION

 

 

22,797

 

 

 

21,952

 

OTHER LONG-TERM LIABILITIES

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

3,563

 

 

 

3,162

 

Pension, postretirement healthcare and other benefit obligations

 

 

4,773

 

 

 

5,019

 

Self-insurance accruals

 

 

2,314

 

 

 

2,104

 

Operating lease liabilities

 

 

12,990

 

 

 

12,195

 

Other liabilities

 

 

809

 

 

 

466

 

Total other long-term liabilities

 

 

24,449

 

 

 

22,946

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

COMMON STOCKHOLDERS’ INVESTMENT

 

 

 

 

 

 

 

 

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

   issued as of February 28, 2021 and May 31, 2020

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

3,445

 

 

 

3,356

 

Retained earnings

 

 

27,924

 

 

 

25,216

 

Accumulated other comprehensive loss

 

 

(764

)

 

 

(1,147

)

Treasury stock, at cost

 

 

(8,656

)

 

 

(9,162

)

Total common stockholders’ investment

 

 

21,981

 

 

 

18,295

 

 

 

$

82,793

 

 

$

73,537

 

 

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 28, 2021

 

 

February 29, 2020

 

 

February 28, 2021

 

 

February 29, 2020

 

REVENUE

 

$

21,510

 

 

$

17,487

 

 

$

61,394

 

 

$

51,859

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

8,010

 

 

 

6,382

 

 

 

22,305

 

 

 

18,704

 

Purchased transportation

 

 

5,660

 

 

 

4,558

 

 

 

16,044

 

 

 

12,914

 

Rentals and landing fees

 

 

1,131

 

 

 

964

 

 

 

3,073

 

 

 

2,808

 

Depreciation and amortization

 

 

956

 

 

 

908

 

 

 

2,818

 

 

 

2,688

 

Fuel

 

 

756

 

 

 

879

 

 

 

1,946

 

 

 

2,639

 

Maintenance and repairs

 

 

822

 

 

 

684

 

 

 

2,443

 

 

 

2,226

 

Business realignment costs

 

 

10

 

 

 

 

 

 

10

 

 

 

 

Asset impairment charges

 

 

 

 

 

 

 

 

 

 

 

66

 

Other

 

 

3,160

 

 

 

2,701

 

 

 

8,695

 

 

 

7,872

 

 

 

 

20,505

 

 

 

17,076

 

 

 

57,334

 

 

 

49,917

 

OPERATING INCOME

 

 

1,005

 

 

 

411

 

 

 

4,060

 

 

 

1,942

 

OTHER (EXPENSE) INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net

 

 

(187

)

 

 

(155

)

 

 

(555

)

 

 

(443

)

Other retirement plans income

 

 

202

 

 

 

168

 

 

 

553

 

 

 

504

 

Other, net

 

 

29

 

 

 

(4

)

 

 

3

 

 

 

(15

)

 

 

 

44

 

 

 

9

 

 

 

1

 

 

 

46

 

INCOME BEFORE INCOME TAXES

 

 

1,049

 

 

 

420

 

 

 

4,061

 

 

 

1,988

 

PROVISION FOR INCOME TAXES

 

 

157

 

 

 

105

 

 

 

698

 

 

 

368

 

NET INCOME

 

$

892

 

 

$

315

 

 

$

3,363

 

 

$

1,620

 

EARNINGS PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

3.36

 

 

$

1.21

 

 

$

12.75

 

 

$

6.21

 

Diluted

 

$

3.30

 

 

$

1.20

 

 

$

12.55

 

 

$

6.17

 

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 28, 2021

 

 

February 29, 2020

 

 

February 28, 2021

 

 

February 29, 2020

 

NET INCOME

 

$

892

 

 

$

315

 

 

$

3,363

 

 

$

1,620

 

OTHER COMPREHENSIVE INCOME (LOSS):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax expense of $1 and $5 in 2021 and tax benefit of $6 and $3 in 2020

 

 

136

 

 

 

(1

)

 

 

389

 

 

 

(12

)

Amortization of prior service credit, net of tax benefit of $0 and $1 in 2021 and $7 and $19 in 2020

 

 

(2

)

 

 

(20

)

 

 

(6

)

 

 

(61

)

 

 

 

134

 

 

 

(21

)

 

 

383

 

 

 

(73

)

COMPREHENSIVE INCOME

 

$

1,026

 

 

$

294

 

 

$

3,746

 

 

$

1,547

 

 

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 28, 2021

 

 

February 29, 2020

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

3,363

 

 

$

1,620

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,818

 

 

 

2,688

 

Asset impairment charges

 

 

 

 

 

66

 

Provision for uncollectible accounts

 

 

428

 

 

 

295

 

Stock-based compensation

 

 

161

 

 

 

137

 

Retirement plan mark-to-market adjustment

 

 

52

 

 

 

 

Other noncash items and deferred income taxes

 

 

2,020

 

 

 

1,758

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

(1,187

)

 

 

(504

)

Other assets

 

 

(165

)

 

 

(149

)

Accounts payable and other liabilities

 

 

63

 

 

 

(2,612

)

Other, net

 

 

(161

)

 

 

(21

)

Cash provided by operating activities

 

 

7,392

 

 

 

3,278

 

Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(4,202

)

 

 

(4,705

)

Business acquisitions, net of cash acquired

 

 

(225

)

 

 

 

Proceeds from asset dispositions and other

 

 

88

 

 

 

15

 

Cash used in investing activities

 

 

(4,339

)

 

 

(4,690

)

Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from short-term borrowings, net

 

 

 

 

 

298

 

Principal payments on debt

 

 

(105

)

 

 

(1,045

)

Proceeds from debt issuances

 

 

970

 

 

 

2,093

 

Proceeds from stock issuances

 

 

482

 

 

 

38

 

Dividends paid

 

 

(513

)

 

 

(509

)

Purchase of treasury stock

 

 

 

 

 

(3

)

Other, net

 

 

(13

)

 

 

(5

)

Cash provided by financing activities

 

 

821

 

 

 

867

 

Effect of exchange rate changes on cash

 

 

101

 

 

 

(8

)

Net increase (decrease) in cash and cash equivalents

 

 

3,975

 

 

 

(553

)

Cash and cash equivalents at beginning of period

 

 

4,881

 

 

 

2,319

 

Cash and cash equivalents at end of period

 

$

8,856

 

 

$

1,766

 

 

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 28, 2021

 

 

February 29, 2020

 

 

February 28, 2021

 

 

February 29, 2020

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

$

32

 

 

$

32

 

 

$

32

 

 

$

32

 

Ending Balance

 

 

32

 

 

 

32

 

 

 

32

 

 

 

32

 

Additional Paid-in Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

3,400

 

 

 

3,287

 

 

 

3,356

 

 

 

3,231

 

Employee incentive plans and other

 

 

45

 

 

 

37

 

 

 

89

 

 

 

93

 

Ending Balance

 

 

3,445

 

 

 

3,324

 

 

 

3,445

 

 

 

3,324

 

Retained Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

27,208