FedEx (FDX) 10-Q 18 Sep 09 2010 Q1 Quarterly report Financial data

1000 - CONDENSED CONSOLIDATED B

1000 - CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions	Aug. 31, 2009	May. 31, 2009
CURRENT ASSETS
Cash and cash equivalents	$1,789	$2,292
Receivables, less allowances of $155 and $196	3,410	3,391
Spare parts, supplies and fuel, less allowances of $164 and $175	372	367
Deferred income taxes	510	511
Prepaid expenses and other	307	555
Total current assets	6,388	7,116
PROPERTY AND EQUIPMENT, AT COST	29,484	29,260
Less accumulated depreciation and amortization	15,946	15,843
Net property and equipment	13,538	13,417
OTHER LONG-TERM ASSETS
Goodwill	2,233	2,229
Pension assets	263	311
Other assets	1,435	1,171
Total other long-term assets	3,931	3,711
ASSETS	23,857	24,244
CURRENT LIABILITIES
Current portion of long-term debt	158	653
Accrued salaries and employee benefits	884	861
Accounts payable	1,311	1,372
Accrued expenses	1,533	1,638
Total current liabilities	3,886	4,524
LONG-TERM DEBT, LESS CURRENT PORTION	1,918	1,930
OTHER LONG-TERM LIABILITIES
Deferred income taxes	1,132	1,071
Pension, postretirement healthcare and other benefit obligations	955	934
Self-insurance accruals	932	904
Deferred lease obligations	811	802
Deferred gains, principally related to aircraft transactions	283	289
Other liabilities	154	164
Total other long-term liabilities	4,267	4,164
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 313 million shares issued as of August 31, 2009 and 312 million shares issued as of May 31, 2009	31	31
Additional paid-in capital	2,091	2,053
Retained earnings	13,031	12,919
Accumulated other comprehensive loss	(1,363)	(1,373)
Treasury stock, at cost	(4)	(4)
Total common stockholders' investment	13,786	13,626
LIABILITIES AND STOCKHOLDERS' INVESTMENT	$23,857	$24,244

1100 - Parenthetical Informatio

1100 - Parenthetical Information for Condensed Consolidated Balance Sheets (USD $)
In Millions, except Share data	Aug. 31, 2009	May. 31, 2009
Allowances for receivables	$155	$196
Allowances for spare parts, supplies and fuel	$164	$175
Common stock, par value	0.1	0.1
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	313,000,000	312,000,000

2000 - CONDENSED CONSOLIDATED S

2000 - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data	3 Months Ended Aug. 31, 2009	3 Months Ended Aug. 31, 2008
REVENUES	$8,009	$9,970
OPERATING EXPENSES:
Salaries and employee benefits	3,377	3,585
Purchased transportation	1,054	1,278
Rentals and landing fees	578	617
Depreciation and amortization	495	492
Fuel	666	1,528
Maintenance and repairs	401	537
Other	1,123	1,303
OPERATING EXPENSES	7,694	9,340
OPERATING INCOME	315	630
OTHER INCOME (EXPENSE):
Interest, net	(18)	(9)
Other, net	(3)	(3)
OTHER INCOME (EXPENSE)	(21)	(12)
INCOME BEFORE INCOME TAXES	294	618
PROVISION FOR INCOME TAXES	113	234
NET INCOME	$181	$384
EARNINGS PER COMMON SHARE:
Basic	0.58	1.24
Diluted	0.58	1.23
DIVIDENDS DECLARED PER COMMON SHARE	0.22	0.22

3000 - CONDENSED CONSOLIDATED S

3000 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions	3 Months Ended Aug. 31, 2009	3 Months Ended Aug. 31, 2008
Operating Activities:
NET INCOME	$181	$384
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	495	492
Provision for uncollectible accounts	35	35
Stock-based compensation	35	33
Deferred income taxes and other noncash items	52	35
Changes in operating assets and liabilities:
Receivables	(52)	(98)
Other assets	242	97
Accounts payable and other operating liabilities	(135)	(306)
Other, net	45	26
Cash provided by operating activities	898	698
Investing Activities:
Capital expenditures	(880)	(636)
Proceeds from asset dispositions and other	26	15
Cash used in investing activities	(854)	(621)
Financing Activities:
Principal payments on debt	(508)	(1)
Proceeds from stock issuances	7	5
Excess tax benefit on the exercise of stock options	1	0
Dividends paid	(34)	(34)
Other, net	(16)	0
Cash used in financing activities	(550)	(30)
Effect of exchange rate changes on cash	3	(13)
Net (decrease) increase in cash and cash equivalents	(503)	34
Cash and cash equivalents at beginning of period	2,292	1,539
Cash and cash equivalents at end of period	$1,789	$1,573

5000 - General

5000 - General
	3 Months Ended Aug. 31, 2009 USD / shares
General
(1) General	(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, 2009 (Annual Report).Accordingly, significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed therein. 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 August 31, 2009 and the results of our operations and cash flows for the three-month periods ended August 31, 2009 and 2008.Operating results for the three-month period ended August 31, 2009 are not necessarily indicative of the results that may be expected for the year ending May31, 2010. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2010 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. Certain prior period amounts have been reclassified to conform to the current periods presentation.For example, at FedEx Ground certain fuel supplement costs related to our independent contractors were reclassified from fuel expense to purchased transportation to conform to the current period presentation. NEW ACCOUNTING PRONOUNCEMENTS. New accounting rules and disclosure requirements can significantly impact our reported results and the comparability of our financial statements.We believe the following new accounting pronouncements are relevant to the readers of our financial statements. On June 1, 2008, we adopted Statement of Financial Accounting Standards ("SFAS") 157, Fair Value Measurements, which provides a common definition of fair value, establishes a uniform framework for measuring fair value and requires expanded disclosures about fair value measurements.On June 1, 2009, we implemented the previously deferred provisions of SFAS 157 for nonfinancial assets and liabilities recorded at fair value, as required.The adoption of SFAS 157 had no impact on our financial statements. In December 2007, the Financial Accounting Standards Board (FASB) issued SFAS 141R, Business Combinations, and SFAS 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment of Accounting Research Bulletin (ARB) No. 51.These new standards significantly change the accounting for and reporting of business combination transactions, including noncontrolling interests (previously referred to as minority interests).For example, these standards require the acquiring entity to recognize the full fair value of assets acquired and liabilities assumed in the transaction and require the expensing of most transaction and restructuring costs.Both standards became effective for us beginning June 1, 2009 and had no impact on our financial statements. In December 20

5001 - Stock Based Compensation

5001 - Stock Based Compensation
	3 Months Ended Aug. 31, 2009 USD / shares
Stock-Based Compensation
(2) Stock-Based Compensation	(2) Stock-Based Compensation We have two types of equity-based compensation: stock options and restricted stock.The key terms of the stock option and restricted stock awards granted under our incentive stock plans are set forth in our Annual Report. We use the Black-Scholes option pricing model to calculate the fair value of stock options.The value of restricted stock awards is based on the price of the stock on the grant date.We recognize stock-based compensation expense on a straight-line basis over the requisite service period of the award in the Salaries and employee benefits caption of our condensed consolidated income statement. Our total stock-based compensation expense was $35 million for the three months ended August 31, 2009 and $33 million for the three months ended August 31, 2008. During the first quarter of 2010, we made stock option grants of 4.3 million shares, primarily in connection with our principal annual stock option grant.We granted options to purchase 1.9 million shares during the first quarter of 2009. See our Annual Report for a discussion of our methodology for developing each of the assumptions used in the valuation model.The fair value of our stock option grants, as determined by the Black-Scholes valuation model, was $18.96 during the first quarter of 2010 and $24.87 during the first quarter of 2009, using the following assumptions: Three Months Ended August 31, 2009 2008 Expected lives 5.7 years 5.5 years Expected volatility 32 % 23 % Risk-free interest rate 3.31 % 3.56 % Dividend yield 0.780 % 0.452 %

5002 - Comprehensive Income

5002 - Comprehensive Income
	3 Months Ended Aug. 31, 2009 USD / shares
Comprehensive Income
(3) Comprehensive Income	(3) Comprehensive Income The following table provides a reconciliation of net income reported in our financial statements to comprehensive income for the three-month periods ended August 31 (in millions): 2009 2008 Net income $ 181 $ 384 Other comprehensive income: Foreign currency translation adjustments, net of tax of $8 in 2009 and benefit of $11 in 2008 9 (47 ) Amortization of unrealized pension actuarial (gains) losses, net of tax benefit of $7 in 2008 1 (11 ) Comprehensive income $ 191 $ 326

5003 - Financing Arrangements

5003 - Financing Arrangements
	3 Months Ended Aug. 31, 2009 USD / shares
Financing Arrangements
(4) Financing Arrangements	(4)Financing Arrangements On July 31, 2009, we filed an updated shelf registration statement with the SEC that allows us to sell, in one or more future offerings, any combination of our unsecured debt securities and common stock.During the first quarter of 2010, we repaid our $500 million 5.50% notes that matured on August 15, 2009 using cash from operations and a portion of the proceeds of our January 2009 $1 billion senior unsecured debt offering. A new three-year $1 billion revolving credit facility was executed in July 2009, which replaced our prior $1 billion revolving credit facility.The new revolving credit agreement is available to finance our operations and other cash flow needs and to provide support for the issuance of commercial paper.This revolving credit agreement expires in July 2012.Our revolving credit agreement contains a financial covenant, which requires us to maintain a leverage ratio of adjusted debt (long-term debt, including the current portion of such debt, plus six times rentals and landing fees) to capital (adjusted debt plus total common stockholders investment) that does not exceed 0.7 to 1.0.This covenant was unchanged from our prior revolving credit facility.Our leverage ratio of adjusted debt to capital was 0.5 at August 31, 2009.We are in compliance with this and all other restrictive covenants of our revolving credit agreement and do not expect the covenants to affect our operations.As of August 31, 2009, no commercial paper was outstanding and the entire $1 billion under the revolving credit facility was available for future borrowings. Long-term debt, exclusive of capital leases, had carrying values of $1.8 billion compared with an estimated fair value of $2.1 billion at August 31, 2009, and $2.3 billion compared with an estimated fair value of $2.4 billion at May 31, 2009.The estimated fair values were determined based on quoted market prices or on the current rates offered for debt with similar terms and maturities.

5004 - Computation of Earnings

5004 - Computation of Earnings Per Share
	3 Months Ended Aug. 31, 2009 USD / shares
Computation of Earnings Per Share
(5) Computation of Earnings Per Share	(5) Computation of Earnings Per Share The calculation of basic and diluted earnings per common share for the three-month periods ended August 31 was as follows (in millions, except per share amounts): 2009 2008 Basic earnings per common share: Net earnings allocable to common shares $ 180 $ 383 Weighted-average common shares 312 311 Basic earnings per common share $ 0.58 $ 1.24 Diluted earnings per common share: Net earnings allocable to common shares $ 180 $ 383 Weighted-average common shares 312 311 Dilutive effect of share-based awards - 2 Weighted-average diluted shares 312 313 Diluted earnings per common share $ 0.58 $ 1.23 Anti-dilutive options excluded from diluted earnings per common share 17.5 9.6

5005 - Retirement Plans

5005 - Retirement Plans
	3 Months Ended Aug. 31, 2009 USD / shares
Retirement Plans
(6) Retirement Plans	(6) Retirement Plans We sponsor programs that provide retirement benefits to most of our employees.These programs include defined benefit pension plans, defined contribution plans and postretirement healthcare plans.Key terms of our retirement plans are provided in our Annual Report.Our retirement plans costs for the three-month periods ended August 31 were as follows (in millions): 2009 2008 U.S. domestic and international pension plans $ 75 $ 44 U.S. domestic and international defined contribution plans 22 84 Postretirement healthcare plans 11 14 $ 108 $ 142 The three-month period ended August 31, 2009 reflects higher pension costs in 2010 due to the negative impact of market conditions on our pension plan assets at our May 31, 2009 measurement date.This increase in pension costs was offset by lower expenses for our 401(k) plans due to the temporary suspension of the company-matching contributions, as described in our Annual Report. Net periodic benefit cost for the three-month periods ended August 31 was as follows (in millions): Pension Plans Postretirement Healthcare Plans 2009 2008 2009 2008 Service cost $ 104 $ 125 $ 6 $ 8 Interest cost 206 200 8 8 Expected return on plan assets (239 ) (265 ) - - Recognized actuarial losses (gains)and other 4 (16 ) (3 ) (2 ) $ 75 $ 44 $ 11 $ 14 We made no contributions to our tax-qualified U.S. domestic pension plans (U.S. Retirement Plans) during the first quarter of 2010 or 2009.However, in September 2009, we made $495 million in tax-deductible voluntary contributions plus $118 million in minimum required contributions to our U.S. Retirement Plans.Our U.S. Retirement Plans have ample funds to meet benefit payments.For 2010, we have $235 million in remaining minimum required contributions to our U.S. Retirement Plans.In 2009, we contributed an aggregate of $1.1 billion to these plans.

5006 - Business Segment Informa

5006 - Business Segment Information
	3 Months Ended Aug. 31, 2009 USD / shares
Business Segment Information
(7) Business Segment Information	(7) Business Segment Information We provide a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively under the respected FedEx brand.Our primary operating companies include Federal Express Corporation (FedEx Express), the worlds largest express transportation company; FedEx Ground Package System, Inc. (FedEx Ground), a leading provider of small-package ground delivery services; and FedEx Freight Corporation, a leading U.S. provider of less-than-truckload (LTL) freight services. As of August 31, 2009, our reportable segments included the following businesses: FedEx Express Segment FedEx Express (express transportation) FedEx Trade Networks (global trade services) FedEx Ground Segment FedEx Ground (small-package ground delivery) FedEx SmartPost (small-parcel consolidator) FedEx Freight Segment FedEx Freight LTL Group: FedEx Freight (regional LTL freight transportation) FedEx National LTL (long-haul LTL freight transportation) FedEx Custom Critical (time-critical transportation) FedEx Services Segment FedEx Services (sales, marketing and information technology functions) FedEx Office and Print Services, Inc. (FedEx Office) (document and business services and package acceptance) FedEx Customer Information Services (FCIS) (customer service, billings and collections) FedEx Supply Chain Services (logistics services) The FedEx Services segment operates combined sales, marketing, administrative andinformation technologyfunctions in shared services operations that support our transportation businesses and allow us to pursue synergies from the combination of these functions.The FedEx Services segment includes: FedEx Services, which provides sales, marketing and information technology support to our other companies; FCIS, which is responsible for customer service, billings and collections for FedEx Express, FedEx Ground (including FedEx SmartPost), the FedEx Freight LTL Group and FedEx Office U.S. customers; FedEx Supply Chain Services, which provides a range of logistics services to our customers; and FedEx Office, which provides retail access to our customers for our package transportation businesses and an array of document and business services.Effective September 1, 2009, FedEx Supply Chain Services was realigned to become part of the FedEx Express reporting segment. The FedEx Services segment provides direct and indirect support to our transportation businesses and accordingly we allocate all of the net operating costs of the FedEx Services segment (including the net operating results of FedEx Office) to reflect the full cost of operating our transportation businesses in the results of those segments.Within the FedEx Services segment allocation, the net operating results of FedEx Office are allocated to FedEx Express and FedEx Ground.We review and evaluate the performance of our transportation segments based on operating income (inclusive of FedEx Services allocations).For the FedEx Services segment, performance is evaluated based on the impact of the total allocated net operating costs

5007 - Commitments

5007 - Commitments
	3 Months Ended Aug. 31, 2009 USD / shares
Commitments
(8) Commitments	(8) Commitments As of August 31, 2009, our purchase commitments under various contracts for the remainder of 2010 and annually thereafter were as follows (in millions): Aircraft- Aircraft (1) Related (2) Other (3) Total 2010 (remainder) $ 300 $ 197 $ 690 $ 1,187 2011 765 26 145 936 2012 527 - 118 645 2013 425 - 63 488 2014 466 - 12 478 Thereafter 1,924 - 125 2,049 (1) Our obligation to purchase 15 of these aircraft (Boeing 777 Freighters, or B777Fs) is conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the Railway Labor Act of 1926, as amended. (2) Primarily aircraft modifications. (3) Primarily vehicles, facilities,advertising and promotions contracts, and for the remainder of 2010, a total of $353 million of required quarterly contributions to our U.S. domestic pension plans. The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services.Commitments to purchase aircraft in passenger configuration do not include the attendant costs to modify these aircraft for cargo transport unless we have entered into noncancelable commitments to modify such aircraft. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above. We had $762 million in deposits and progress payments as of August 31, 2009 (an increase of $218 millionfrom May 31, 2009) on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the Other assets caption of our condensed consolidated balance sheets.Our primary aircraft purchase commitments include the Boeing 757 (B757) in passenger configuration, which will require additional costs to modify for cargo transport, and the new B777F aircraft.In addition, we have committed to modify our DC10 aircraft for two-man cockpit configurations.Future payments related to these activities are included in the table above.Aircraft and aircraft-related contracts are subject to price escalations.The following table is a summary of the number and type of aircraft we are committed to purchase as of August 31, 2009, with the year of expected delivery: B757 B777F(1) Total 2010 (remainder) 6 4 10 2011 16 4 20 2012 8 3 11 2013 - 3 3 2014 - 3 3 Thereafter - 13 13 Total 30 30 60 (1) Our obligation to purchase 15 of these aircraftis conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the Railway Labor Act of 1926, as amended. A summary of future minimum lease payments under capital leases and noncancelable operating leases with an initial or remaining term in excess of one year at August 31, 2009 is as follows (in millio

5008 - Contingencies

5008 - Contingencies
	3 Months Ended Aug. 31, 2009 USD / shares
Contingencies
(9) Contingencies	(9) Contingencies Wage-and-Hour.We are a defendant in a number of lawsuits containing various class-action allegations of wage-and-hour violations.The plaintiffs in these lawsuits allege, among other things, that they were forced to work off the clock, were not paid overtime or were not provided work breaks or other benefits.The complaints generally seek unspecified monetary damages, injunctive relief, or both. In February 2008, one of these wage-and-hour cases, Wiegele v. FedEx Ground, was certified as a class action by a California federal court, and in April 2008, the U.S. Court of Appeals for the Ninth Circuit denied our petition to review the class certification ruling.The certified class initially included FedEx Ground sort managers and dock service managers in California from May 10, 2002 to the present, but the court subsequently approved the dismissal of the sort managers, leaving only the dock service managers in the class.The plaintiffs allege that FedEx Ground has misclassified the managers as exempt from the overtime requirements of California wage-and-hour laws and is correspondingly liable for failing to pay them overtime compensation and provide them with rest and meal breaks. In September 2008, in another one of these wage-and-hour cases, Tidd v. Adecco USA, Kelly Services and FedEx Ground, a Massachusetts federal court conditionally certified a class limited to individuals who were employed by two temporary employment agencies and who worked as temporary pick-up-and-delivery drivers for FedEx Ground in the New England region within the past three years.Potential claimants must voluntarily opt in to the lawsuit in order to be considered part of the class.In addition, in the same opinion, the court granted summary judgment in favor of FedEx Ground with respect to the plaintiffs claims for unpaid overtime wages.Accordingly, as to FedEx Ground, the conditionally certified class of plaintiffs is now limited to a claim of failure to pay regular wages due under the federal Fair Labor Standards Act. In April 2009, in another one of these wage-and-hour cases, Bibo v. FedEx Express, a California federal court granted class certification, certifying several subclasses of FedEx Express couriers in California from April 14, 2006 (the date of the settlement of the Foster class action) to the present.The plaintiffs allege that FedEx Express violated California wage-and-hour laws after the date of the Foster settlement.In particular, the plaintiffs allege, among other things, that they were forced to work off the clock and were not provided with required meal breaks or split-shift premiums.We asked the U.S. Court of Appeals for the Ninth Circuit to accept a discretionary appeal of the class certification order, but the court refused to accept it at this time. In July 2009, in another one of these wage-and-hour cases, Taylor v. FedEx Freight, a California state court indicated that it would grant class certification, and an order is being prepared for issuance by the court.The plaintiffs purport to represent a class of all current and former drivers employed by FedEx Freight in California who performed line haul services si

5009 - Supplemental Cash Flow I

5009 - Supplemental Cash Flow Information
	3 Months Ended Aug. 31, 2009 USD / shares
Supplemental Cash Flow Information
(10) Supplemental Cash Flow Information	(10) Supplemental Cash Flow Information The following table presents supplemental cash flow information for the three-month periods ended August 31 (in millions): 2009 2008 Cash payments for: Interest (net of capitalized interest) $ 70 $ 29 Income taxes $ 50 $ 79 Income tax refunds received (1) (263 ) (6 ) Cash tax payments, net $ (213 ) $ 73 (1) Amount inthe first quarter of 2010is primarily related to a federal income tax refund received.

5010 - Condensed Consolidating

5010 - Condensed Consolidating Financial Statements
	3 Months Ended Aug. 31, 2009 USD / shares
Condensed Consolidated Financial Statements
(11) Condensed Consolidating Financial Statements	(11) Condensed Consolidating Financial Statements We are required to present condensed consolidating financial information in order for the subsidiary guarantors (other than FedEx Express) of our public debt to continue to be exempt from reporting under the Securities Exchange Act of 1934. The guarantor subsidiaries, which are wholly owned by FedEx, guarantee $1.2 billion of our debt.The guarantees are full and unconditional and joint and several.Our guarantor subsidiaries were not determined using geographic, service line or other similar criteria, and as a result, the Guarantor and Non-Guarantor columns each include portions of our domestic and international operations.Accordingly, this basis of presentation is not intended to present our financial condition, results of operations or cash flows for any purpose other than to comply with the specific requirements for subsidiary guarantor reporting.The internal reorganization discussed in Note 7 had no significant impact on the assets or operations of the guarantor entities.Condensed consolidating financial statements for our guarantor subsidiaries and non-guarantor subsidiaries are presented in the following tables (in millions): CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) August31, 2009 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,329 $ 248 $ 275 $ (63 ) $ 1,789 Receivables, less allowances 1 2,822 626 (39 ) 3,410 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 5 619 55 - 679 Deferred income taxes - 486 24 - 510 Total current assets 1,335 4,175 980 (102 ) 6,388 PROPERTY AND EQUIPMENT, AT COST 23 27,448 2,013 - 29,484 Less accumulated depreciation and amortization 17 14,923 1,006 - 15,946 Net property and equipment 6 12,525 1,007 - 13,538 INTERCOMPANY RECEIVABLE 584 - 505 (1,089 ) - GOODWILL - 1,551 682 - 2,233 INVESTMENT IN SUBSIDIARIES 12,272 1,996 - (14,268 ) - PENSION ASSETS 263 - - - 263 OTHER ASSETS 931 1,243 116 (855 ) 1,435 $ 15,391 $ 21,490 $ 3,290 $ (16,314 ) $ 23,857 LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ - $ 158 $ - $ - $ 158 Accrued salaries and employee benefits 28 735 121 - 884 Accounts payable 36 1,022 355 (102 ) 1,311 Accrued expenses 20 1,358 155 - 1,533 Total current liabilities 84 3,273 631 (102 ) 3,886

Document Information

Document Information
	3 Months Ended Aug. 31, 2009 USD / shares
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	2009-08-31
Amendment Flag	false

Entity Information

Entity Information (USD $)
In Billions, except Share data	3 Months Ended Aug. 31, 2009	Sep. 15, 2009	Nov. 28, 2008
Entity Information [Line Items]
Entity Registrant Name	FedEx Corporation
Entity Central Index Key	0001048911
Current Fiscal Year End Date	--05-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			20.5
Entity Common Stock, Shares Outstanding		312,518,509