Quarterly Report (10-q)
16 Março 2023 - 05:19PM
Edgar (US Regulatory)
falseQ30001048911--05-310001048911us-gaap:TreasuryStockMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesFreightMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalEconomyFreightMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesOvernightBoxMember2022-06-012023-02-280001048911us-gaap:TreasuryStockMember2021-05-3100010489112023-02-280001048911us-gaap:RetainedEarningsMember2022-11-300001048911us-gaap:TreasuryStockMember2022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalEconomyMember2021-12-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesOvernightEnvelopeMember2022-12-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMember2022-12-012023-02-280001048911us-gaap:AdditionalPaidInCapitalMember2021-05-310001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalAirfreightMember2021-12-012022-02-280001048911fdx:CorporateReconcilingItemsAndEliminationsMember2022-12-012023-02-280001048911us-gaap:AdditionalPaidInCapitalMember2022-12-012023-02-280001048911fdx:OnePointThreeZeroZeroPercentageNotesDueTwoThousandThirtyOneMember2022-06-012023-02-280001048911us-gaap:AccumulatedTranslationAdjustmentMember2023-02-280001048911us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesOvernightEnvelopeMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesOvernightEnvelopeMember2021-12-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesOvernightBoxMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:PackageRevenueMember2021-06-012022-02-2800010489112021-05-310001048911us-gaap:CommonStockMember2022-11-300001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalPriorityMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalPriorityMember2022-12-012023-02-280001048911us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-02-280001048911fdx:ThreeYearCreditAgreementMember2022-06-012023-02-280001048911fdx:CorporateReconcilingItemsAndEliminationsMember2022-06-012023-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexGroundSegmentMember2022-12-012023-02-280001048911fdx:FacilitiesAndOtherMember2023-02-280001048911us-gaap:RetainedEarningsMember2022-06-012023-02-280001048911fdx:ZeroPointFourFiveZeroPercentageNotesDueTwoThousandTwentyNineMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalEconomyFreightMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:OtherMember2021-12-012022-02-280001048911us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-06-012022-02-280001048911us-gaap:TreasuryStockMember2022-06-012023-02-280001048911us-gaap:AccumulatedTranslationAdjustmentMember2022-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexGroundSegmentMember2022-06-012023-02-280001048911fdx:FiveYearCreditAgreementMember2022-06-012023-02-280001048911us-gaap:AccumulatedTranslationAdjustmentMember2021-05-310001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:PackageRevenueMember2022-06-012023-02-280001048911us-gaap:CommonStockMember2021-11-300001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:FreightRevenueMember2021-12-012022-02-280001048911us-gaap:AccumulatedTranslationAdjustmentMember2021-12-012022-02-2800010489112023-02-172023-02-170001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalDomesticMember2022-12-012023-02-280001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-11-3000010489112021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesDomesticPackageRevenueMember2021-12-012022-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexServicesSegmentMember2022-12-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:FreightRevenueMember2022-06-012023-02-280001048911us-gaap:PensionPlansDefinedBenefitMembercountry:NL2021-09-012021-11-300001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-012022-02-280001048911us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-12-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMember2022-06-012023-02-280001048911fdx:AcceleratedShareRepurchaseAgreementMember2022-06-012023-02-280001048911us-gaap:TreasuryStockMember2021-12-012022-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexFreightSegmentMember2021-06-012022-02-280001048911us-gaap:TreasuryStockMember2022-12-012023-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexFreightSegmentMember2022-12-012023-02-280001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-05-310001048911us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-12-012022-02-280001048911us-gaap:RetainedEarningsMember2023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesDeferredMember2022-06-012023-02-280001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalAirfreightMember2022-06-012023-02-280001048911us-gaap:IntersegmentEliminationMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalEconomyFreightMember2022-12-012023-02-2800010489112022-12-012023-02-280001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-11-300001048911fdx:OnePointSixTwoFivePercentageNotesDueTwoThousandTwentySevenMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalAirfreightMember2021-06-012022-02-280001048911us-gaap:AdditionalPaidInCapitalMember2021-06-012022-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexGroundSegmentMember2021-06-012022-02-280001048911us-gaap:TreasuryStockMember2023-02-280001048911us-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-12-012022-02-280001048911us-gaap:RetainedEarningsMember2022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalPriorityMember2022-06-012023-02-280001048911us-gaap:RetainedEarningsMember2021-11-300001048911us-gaap:OperatingSegmentsMemberfdx:FedexServicesSegmentMember2022-06-012023-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexGroundSegmentMember2021-12-012022-02-2800010489112022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesDomesticPackageRevenueMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesDeferredMember2021-06-012022-02-280001048911fdx:AcceleratedShareRepurchaseAgreementMember2022-10-310001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-05-310001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalExportPackageRevenueMember2022-12-012023-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexServicesSegmentMember2021-12-012022-02-280001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-11-300001048911fdx:CorporateReconcilingItemsAndEliminationsMember2021-12-012022-02-280001048911us-gaap:RetainedEarningsMember2021-06-012022-02-280001048911us-gaap:IntersegmentEliminationMember2021-12-012022-02-280001048911fdx:AircraftAndRelatedEquipmentCommitmentsMember2023-02-2800010489112022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMember2021-06-012022-02-280001048911us-gaap:AccumulatedTranslationAdjustmentMember2022-05-310001048911fdx:OnePointEightSevenFiveZeroPercentDueInFebruaryTwoThousandThirtyFourMember2022-06-012023-02-280001048911us-gaap:AccumulatedTranslationAdjustmentMember2022-11-300001048911us-gaap:AdditionalPaidInCapitalMember2022-06-012023-02-280001048911us-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-06-012022-02-280001048911us-gaap:AccumulatedTranslationAdjustmentMember2022-06-012023-02-280001048911srt:MinimumMember2022-06-012023-02-280001048911fdx:AircraftAndRelatedEquipmentMember2023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalPriorityFreightMember2021-12-012022-02-280001048911srt:ScenarioForecastMember2021-01-012023-05-310001048911srt:MaximumMember2022-06-012023-02-280001048911us-gaap:AccumulatedTranslationAdjustmentMember2021-11-300001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesDomesticPackageRevenueMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:OtherMember2022-06-012023-02-2800010489112023-02-170001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalDomesticMember2022-06-012023-02-280001048911us-gaap:AdditionalPaidInCapitalMember2022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesDeferredMember2021-12-012022-02-280001048911fdx:CommonStockParValueZeroPointOneZeroPerShareMember2022-06-012023-02-280001048911us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-06-012023-02-280001048911us-gaap:RetainedEarningsMember2021-05-310001048911us-gaap:TreasuryStockMember2021-11-300001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesOvernightBoxMember2021-12-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalEconomyMember2021-06-012022-02-280001048911fdx:ThreeYearCreditAgreementMember2023-02-280001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-012023-02-280001048911us-gaap:RetainedEarningsMember2022-12-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:OtherMember2022-12-012023-02-280001048911us-gaap:AdditionalPaidInCapitalMember2021-12-012022-02-280001048911us-gaap:DefinedBenefitPostretirementHealthCoverageMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalDomesticMember2021-12-012022-02-280001048911fdx:Boeing777FreighterMember2022-06-012023-02-280001048911fdx:ATR72600FreighterMember2022-06-012023-02-280001048911fdx:CreditAgreementMember2023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalPriorityFreightMember2021-06-012022-02-280001048911fdx:OnePointEightSevenFiveZeroPercentDueInFebruaryTwoThousandThirtyFourMember2023-02-280001048911us-gaap:CommonStockMember2022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:OtherMember2021-06-012022-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexFreightSegmentMember2021-12-012022-02-280001048911us-gaap:AccumulatedTranslationAdjustmentMember2022-12-012023-02-280001048911fdx:ZeroPointFourFiveZeroPercentageNotesDueTwoThousandTwentyFiveMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMember2021-12-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesFreightMember2022-06-012023-02-280001048911fdx:OtherCommitmentsMember2023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesOvernightBoxMember2022-12-012023-02-280001048911fdx:AcceleratedShareRepurchaseAgreementMember2022-12-012023-02-2800010489112022-10-252022-10-250001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-02-280001048911us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-06-012023-02-2800010489112020-06-012021-05-310001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesDeferredMember2022-12-012023-02-280001048911us-gaap:TreasuryStockMember2022-11-300001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalPriorityFreightMember2022-06-012023-02-2800010489112023-03-140001048911us-gaap:AdditionalPaidInCapitalMember2023-02-280001048911us-gaap:RetainedEarningsMember2022-05-310001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:PackageRevenueMember2021-12-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalExportPackageRevenueMember2021-12-012022-02-280001048911us-gaap:CommonStockMember2023-02-280001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-11-300001048911fdx:CorporateReconcilingItemsAndEliminationsMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesFreightMember2022-12-012023-02-280001048911us-gaap:CommonStockMember2021-05-310001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalExportPackageRevenueMember2021-06-012022-02-280001048911fdx:CessnaCE408AircraftMember2022-06-012023-02-2800010489112021-12-160001048911us-gaap:CommonStockMember2022-05-310001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalEconomyFreightMember2021-12-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesOvernightEnvelopeMember2021-06-012022-02-280001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-02-280001048911us-gaap:DefinedBenefitPostretirementHealthCoverageMember2022-12-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesDomesticPackageRevenueMember2022-12-012023-02-280001048911us-gaap:IntersegmentEliminationMember2022-06-012023-02-280001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-02-280001048911us-gaap:IntersegmentEliminationMember2022-12-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalEconomyMember2022-06-012023-02-280001048911us-gaap:PensionPlansDefinedBenefitMembersrt:NorthAmericaMember2021-09-012021-11-3000010489112021-12-012022-02-280001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-02-280001048911us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-12-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalDomesticMember2021-06-012022-02-280001048911us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-06-012022-02-280001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-012022-02-280001048911fdx:ZeroPointNineFiveZeroPercentageNotesDueTwoThousandThirtyThreeMember2022-06-012023-02-2800010489112022-05-310001048911us-gaap:AccumulatedTranslationAdjustmentMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:FreightRevenueMember2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalPriorityFreightMember2022-12-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:PackageRevenueMember2022-12-012023-02-280001048911us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-12-012023-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexFreightSegmentMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalEconomyMember2022-12-012023-02-280001048911us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-06-012022-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:FreightRevenueMember2022-12-012023-02-280001048911us-gaap:AdditionalPaidInCapitalMember2022-11-300001048911us-gaap:RetainedEarningsMember2021-12-012022-02-280001048911us-gaap:TreasuryStockMember2022-05-310001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:UnitedStatesFreightMember2021-12-012022-02-280001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-012023-02-280001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-012022-02-280001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-05-310001048911fdx:FiveYearCreditAgreementMember2023-02-280001048911us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalAirfreightMember2022-12-012023-02-280001048911fdx:Boeing767FreighterMember2022-06-012023-02-280001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalExportPackageRevenueMember2022-06-012023-02-280001048911us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-310001048911us-gaap:AdditionalPaidInCapitalMember2022-05-310001048911fdx:FedexExpressSegmentMemberus-gaap:OperatingSegmentsMemberfdx:InternationalPriorityMember2021-12-012022-02-280001048911us-gaap:AdditionalPaidInCapitalMember2021-11-300001048911us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-12-012022-02-280001048911us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-12-012023-02-280001048911us-gaap:OperatingSegmentsMemberfdx:FedexServicesSegmentMember2021-06-012022-02-28iso4217:EURxbrli:purexbrli:sharesfdx:AirCraftiso4217:USDxbrli:sharesfdx:Employeeiso4217:USD
l
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,
2023
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 March 14, 2023
|
|
Common Stock, par value $0.10 per share
|
|
251,351,937
|
FEDEX CORPORATION
INDEX
-
2
-
FEDEX CORPORATION
CONDENSED CONSOLIDATED
BALANCE SHEETS
(IN MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
February 28,
2023
(Unaudited)
|
|
|
May 31,
2022
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
5,373
|
|
|
$
|
6,897
|
|
|
Receivables, less allowances of $784 and
$692
|
|
|
10,721
|
|
|
|
11,863
|
|
|
Spare parts, supplies, and fuel, less allowances of
$275 and
$360
|
|
|
631
|
|
|
|
637
|
|
|
Prepaid expenses and other
|
|
|
1,219
|
|
|
|
968
|
|
|
Total current assets
|
|
|
17,944
|
|
|
|
20,365
|
|
|
PROPERTY AND EQUIPMENT, AT COST
|
|
|
79,335
|
|
|
|
75,275
|
|
|
Less accumulated depreciation and amortization
|
|
|
39,486
|
|
|
|
37,184
|
|
|
Net property and equipment
|
|
|
39,849
|
|
|
|
38,091
|
|
|
OTHER LONG-TERM ASSETS
|
|
|
|
|
|
|
|
Operating lease right-of-use assets, net
|
|
|
17,410
|
|
|
|
16,613
|
|
|
Goodwill
|
|
|
6,455
|
|
|
|
6,544
|
|
|
Other assets
|
|
|
4,117
|
|
|
|
4,381
|
|
|
Total other long-term assets
|
|
|
27,982
|
|
|
|
27,538
|
|
|
|
|
$
|
85,775
|
|
|
$
|
85,994
|
|
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,
2023
(Unaudited)
|
|
|
May 31,
2022
|
|
|
LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
147
|
|
|
$
|
82
|
|
|
Accrued salaries and employee benefits
|
|
|
2,266
|
|
|
|
2,531
|
|
|
Accounts payable
|
|
|
3,987
|
|
|
|
4,030
|
|
|
Operating lease liabilities
|
|
|
2,446
|
|
|
|
2,443
|
|
|
Accrued expenses
|
|
|
4,734
|
|
|
|
5,188
|
|
|
Total current liabilities
|
|
|
13,580
|
|
|
|
14,274
|
|
|
LONG-TERM DEBT, LESS CURRENT PORTION
|
|
|
20,122
|
|
|
|
20,182
|
|
|
OTHER LONG-TERM LIABILITIES
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
4,313
|
|
|
|
4,093
|
|
|
Pension, postretirement healthcare, and other benefit
obligations
|
|
|
3,779
|
|
|
|
4,448
|
|
|
Self-insurance accruals
|
|
|
3,201
|
|
|
|
2,889
|
|
|
Operating lease liabilities
|
|
|
15,373
|
|
|
|
14,487
|
|
|
Other liabilities
|
|
|
674
|
|
|
|
682
|
|
|
Total other long-term liabilities
|
|
|
27,340
|
|
|
|
26,599
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
COMMON STOCKHOLDERS’ INVESTMENT
|
|
|
|
|
|
|
|
Common stock, $0.10 par
value;
800 million
shares authorized;
318 million
shares
issued as of February 28, 2023 and May 31,
2022
|
|
|
32
|
|
|
|
32
|
|
|
Additional paid-in capital
|
|
|
3,735
|
|
|
|
3,712
|
|
|
Retained earnings
|
|
|
34,040
|
|
|
|
32,782
|
|
|
Accumulated other comprehensive loss
|
|
|
(1,308
|
)
|
|
|
(1,103
|
)
|
|
Treasury stock, at cost
|
|
|
(11,766
|
)
|
|
|
(10,484
|
)
|
|
Total common stockholders’ investment
|
|
|
24,733
|
|
|
|
24,939
|
|
|
|
|
$
|
85,775
|
|
|
$
|
85,994
|
|
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
February 28,
|
|
|
Nine Months Ended
February 28,
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE
|
|
$
|
22,169
|
|
|
$
|
23,641
|
|
|
$
|
68,225
|
|
|
$
|
69,118
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
7,817
|
|
|
|
8,244
|
|
|
|
23,468
|
|
|
|
24,155
|
|
|
Purchased transportation
|
|
|
5,402
|
|
|
|
6,272
|
|
|
|
16,834
|
|
|
|
18,172
|
|
|
Rentals and landing fees
|
|
|
1,205
|
|
|
|
1,225
|
|
|
|
3,559
|
|
|
|
3,535
|
|
|
Depreciation and amortization
|
|
|
1,031
|
|
|
|
986
|
|
|
|
3,101
|
|
|
|
2,952
|
|
|
Fuel
|
|
|
1,350
|
|
|
|
1,201
|
|
|
|
4,765
|
|
|
|
3,355
|
|
|
Maintenance and repairs
|
|
|
789
|
|
|
|
822
|
|
|
|
2,575
|
|
|
|
2,530
|
|
|
Business optimization and realignment costs
|
|
|
123
|
|
|
|
107
|
|
|
|
197
|
|
|
|
218
|
|
|
Other
|
|
|
3,410
|
|
|
|
3,458
|
|
|
|
10,317
|
|
|
|
9,880
|
|
|
|
|
|
21,127
|
|
|
|
22,315
|
|
|
|
64,816
|
|
|
|
64,797
|
|
|
OPERATING INCOME
|
|
|
1,042
|
|
|
|
1,326
|
|
|
|
3,409
|
|
|
|
4,321
|
|
|
OTHER (EXPENSE) INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net
|
|
|
(122
|
)
|
|
|
(163
|
)
|
|
|
(391
|
)
|
|
|
(478
|
)
|
|
Other retirement plans, net
|
|
|
102
|
|
|
|
211
|
|
|
|
304
|
|
|
|
380
|
|
|
Other, net
|
|
|
—
|
|
|
|
1
|
|
|
|
(87
|
)
|
|
|
(11
|
)
|
|
|
|
|
(20
|
)
|
|
|
49
|
|
|
|
(174
|
)
|
|
|
(109
|
)
|
|
INCOME BEFORE INCOME TAXES
|
|
|
1,022
|
|
|
|
1,375
|
|
|
|
3,235
|
|
|
|
4,212
|
|
|
PROVISION FOR INCOME TAXES
|
|
|
251
|
|
|
|
263
|
|
|
|
801
|
|
|
|
944
|
|
|
NET INCOME
|
|
$
|
771
|
|
|
$
|
1,112
|
|
|
$
|
2,434
|
|
|
$
|
3,268
|
|
|
EARNINGS PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
3.07
|
|
|
$
|
4.26
|
|
|
$
|
9.52
|
|
|
$
|
12.36
|
|
|
Diluted
|
|
$
|
3.05
|
|
|
$
|
4.20
|
|
|
$
|
9.46
|
|
|
$
|
12.17
|
|
|
DIVIDENDS DECLARED PER COMMON SHARE
|
|
$
|
1.15
|
|
|
$
|
0.75
|
|
|
$
|
4.60
|
|
|
$
|
3.00
|
|
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,
|
|
|
February 28,
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
NET INCOME
|
|
$
|
771
|
|
|
$
|
1,112
|
|
|
$
|
2,434
|
|
|
$
|
3,268
|
|
|
OTHER COMPREHENSIVE INCOME (LOSS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of tax
(expense)/benefit of ($5)
and $22 in
2023 and ($3)
and $1 in
2022
|
|
|
80
|
|
|
|
91
|
|
|
|
(199
|
)
|
|
|
(150
|
)
|
|
Amortization of prior service credit, net of tax benefit of
$0 and
$1 in
2023 and $1 and
$2 in
2022
|
|
|
(3
|
)
|
|
|
(1
|
)
|
|
|
(6
|
)
|
|
|
(5
|
)
|
|
|
|
|
77
|
|
|
|
90
|
|
|
|
(205
|
)
|
|
|
(155
|
)
|
|
COMPREHENSIVE INCOME
|
|
$
|
848
|
|
|
$
|
1,202
|
|
|
$
|
2,229
|
|
|
$
|
3,113
|
|
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,
|
|
|
|
|
2023
|
|
|
2022
|
|
|
Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2,434
|
|
|
$
|
3,268
|
|
|
Adjustments to reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
3,101
|
|
|
|
2,952
|
|
|
Provision for uncollectible accounts
|
|
|
536
|
|
|
|
327
|
|
|
Stock-based compensation
|
|
|
142
|
|
|
|
151
|
|
|
Retirement plans mark-to-market adjustments
|
|
|
—
|
|
|
|
260
|
|
|
Other noncash items including leases and deferred income
taxes
|
|
|
2,425
|
|
|
|
2,498
|
|
|
Business optimization and realignment costs/(payments),
net
|
|
|
20
|
|
|
|
128
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Receivables
|
|
|
373
|
|
|
|
(66
|
)
|
|
Other assets
|
|
|
(110
|
)
|
|
|
(235
|
)
|
|
Accounts payable and other liabilities
|
|
|
(3,534
|
)
|
|
|
(2,892
|
)
|
|
Other, net
|
|
|
14
|
|
|
|
(61
|
)
|
|
Cash provided by operating activities
|
|
|
5,401
|
|
|
|
6,330
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(4,420
|
)
|
|
|
(4,379
|
)
|
|
Purchase of investments
|
|
|
(82
|
)
|
|
|
(145
|
)
|
|
Proceeds from asset dispositions and other
|
|
|
72
|
|
|
|
71
|
|
|
Cash used in investing activities
|
|
|
(4,430
|
)
|
|
|
(4,453
|
)
|
|
Financing Activities:
|
|
|
|
|
|
|
|
Principal payments on debt
|
|
|
(123
|
)
|
|
|
(113
|
)
|
|
Proceeds from stock issuances
|
|
|
114
|
|
|
|
151
|
|
|
Dividends paid
|
|
|
(888
|
)
|
|
|
(598
|
)
|
|
Purchase of treasury stock
|
|
|
(1,500
|
)
|
|
|
(2,248
|
)
|
|
Other, net
|
|
|
1
|
|
|
|
—
|
|
|
Cash used in financing activities
|
|
|
(2,396
|
)
|
|
|
(2,808
|
)
|
|
Effect of exchange rate changes on cash
|
|
|
(99
|
)
|
|
|
(91
|
)
|
|
Net decrease in cash and cash equivalents
|
|
|
(1,524
|
)
|
|
|
(1,022
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
6,897
|
|
|
|
7,087
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
5,373
|
|
|
$
|
6,065
|
|
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,
|
|
|
February 28,
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
32
|
|
|
Ending Balance
|
|
|
32
|
|
|
|
32
|
|
|
|
32
|
|
|
|
32
|
|
|
Additional Paid-in Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
|
3,487
|
|
|
|
3,653
|
|
|
|
3,712
|
|
|
|
3,481
|
|
|
Purchase of treasury stock
|
|
|
218
|
|
|
|
(9
|
)
|
|
|
(82
|
)
|
|
|
(9
|
)
|
|
Employee incentive plans and other
|
|
|
30
|
|
|
|
42
|
|
|
|
105
|
|
|
|
214
|
|
|
Ending Balance
|
|
|
3,735
|
|
|
|
3,686
|
|
|
|
3,735
|
|
|
|
3,686
|
|
|
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
|
33,557
|
|
|
|
31,307
|
|
|
|
32,782
|
|
|
|
29,817
|
|
|
Net Income
|
|
|
771
|
|
|
|
1,112
|
|
|
|
2,434
|
|
|
|
3,268
|
|
|
Cash dividends declared ($1.15,
$0.75,
$4.60,
and $3.00 per
share)
|
|
|
(288
|
)
|
|
|
(194
|
)
|
|
|
(1,176
|
)
|
|
|
(792
|
)
|
|
Employee incentive plans and other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(68
|
)
|
|
Ending Balance
|
|
|
34,040
|
|
|
|
32,225
|
|
|
|
34,040
|
|
|
|
32,225
|
|
|
Accumulated Other Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
|
(1,385
|
)
|
|
|
(977
|
)
|
|
|
(1,103
|
)
|
|
|
(732
|
)
|
|
Other comprehensive income/(loss), net of tax (expense)/benefit of
($5),
($2),
$23,
and $3
|
|
|
77
|
|
|
|
90
|
|
|
|
(205
|
)
|
|
|
(155
|
)
|
|
Ending Balance
|
|
|
(1,308
|
)
|
|
|
(887
|
)
|
|
|
(1,308
|
)
|
|
|
(887
|
)
|
|
Treasury Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
|
(11,576
|
)
|
|
|
(9,075
|
)
|
|
|
(10,484
|
)
|
|
|
(8,430
|
)
|
|
Purchase of treasury stock (1.3,
6.1,
9.2,
and
8.9 million
shares)
|
|
|
(218
|
)
|
|
|
(1,491
|
)
|
|
|
(1,418
|
)
|
|
|
(2,239
|
)
|
|
Employee incentive plans and other (0.2,
0.3,
1.0,
and
1.1 million
shares)
|
|
|
28
|
|
|
|
36
|
|
|
|
136
|
|
|
|
139
|
|
|
Ending Balance
|
|
|
(11,766
|
)
|
|
|
(10,530
|
)
|
|
|
(11,766
|
)
|
|
|
(10,530
|
)
|
|
Total Common Stockholders’ Investment Balance
|
|
$
|
24,733
|
|
|
$
|
24,526
|
|
|
$
|
24,733
|
|
|
$
|
24,526
|
|
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, 2022 (“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 February 28, 2023, and the
results of our operations for the three- and nine-month periods
ended February 28, 2023 and 2022, cash flows for the nine-month
periods ended February 28, 2023 and 2022, and changes in common
stockholders’ investment for the three- and nine-month periods
ended February 28, 2023 and 2022. Operating results for the three-
and nine-month periods ended February 28, 2023 are not necessarily
indicative of the results that may be expected for the year ending
May 31, 2023.
Except as otherwise specified, references to years indicate our
fiscal year ending May 31, 2023
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
$737
million
and $861
million at
February 28, 2023 and May 31, 2022, respectively. Contract assets
net of deferred unearned revenue were
$527
million and
$623
million at
February 28, 2023 and May 31, 2022, 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 $15
million and
$8
million at
February 28, 2023 and May 31, 2022, respectively. 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
February 28. This presentation is consistent with how we organize
our segments internally for making operating decisions and
measuring performance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
REVENUE BY SERVICE TYPE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FedEx Express segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Package:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. overnight box
|
|
$
|
2,165
|
|
|
$
|
2,275
|
|
|
$
|
6,718
|
|
|
$
|
6,694
|
|
|
U.S. overnight envelope
|
|
|
478
|
|
|
|
479
|
|
|
|
1,477
|
|
|
|
1,435
|
|
|
U.S. deferred
|
|
|
1,346
|
|
|
|
1,422
|
|
|
|
3,886
|
|
|
|
3,960
|
|
|
Total U.S. domestic package revenue
|
|
|
3,989
|
|
|
|
4,176
|
|
|
|
12,081
|
|
|
|
12,089
|
|
|
International priority
|
|
|
2,566
|
|
|
|
2,991
|
|
|
|
8,286
|
|
|
|
8,937
|
|
|
International economy
|
|
|
698
|
|
|
|
697
|
|
|
|
2,116
|
|
|
|
2,072
|
|
|
Total international export package revenue
|
|
|
3,264
|
|
|
|
3,688
|
|
|
|
10,402
|
|
|
|
11,009
|
|
|
International domestic(1)
|
|
|
1,003
|
|
|
|
1,016
|
|
|
|
3,013
|
|
|
|