Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Feb. 28, 2014 | 31-May-13 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $3,042 | $4,917 |
Receivables, less allowances of $155 and $176 | 5,197 | 5,044 |
Spare parts, supplies and fuel, less allowances of $207 and $205 | 462 | 457 |
Deferred income taxes | 624 | 533 |
Prepaid expenses and other | 456 | 323 |
Total current assets | 9,781 | 11,274 |
PROPERTY AND EQUIPMENT, AT COST | 40,019 | 38,109 |
Less accumulated depreciation and amortization | 20,734 | 19,625 |
Net property and equipment | 19,285 | 18,484 |
OTHER LONG-TERM ASSETS | ' | ' |
GOODWILL | 2,739 | 2,755 |
Other assets | 924 | 1,054 |
Total other long-term assets | 3,663 | 3,809 |
ASSETS | 32,729 | 33,567 |
CURRENT LIABILITIES | ' | ' |
Current portion of long-term debt | 1 | 251 |
Accrued salaries and employee benefits | 1,284 | 1,688 |
Accounts payable | 1,903 | 1,879 |
Accrued expenses | 1,831 | 1,932 |
Total current liabilities | 5,019 | 5,750 |
LONG-TERM DEBT, LESS CURRENT PORTION | 4,735 | 2,739 |
OTHER LONG-TERM LIABILITIES | ' | ' |
Deferred income taxes | 2,083 | 1,652 |
Pension, postretirement healthcare and other benefit obligations | 3,586 | 3,916 |
Self-insurance accruals | 1,028 | 987 |
Deferred lease obligations | 741 | 778 |
Deferred gains, principally related to aircraft transactions | 208 | 227 |
Other liabilities | 102 | 120 |
Total other long-term liabilities | 7,748 | 7,680 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
OWNER'S EQUITY | ' | ' |
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of February 28, 2014 and May 31, 2013 | 32 | 32 |
Additional paid-in capital | 2,259 | 2,668 |
Retained earnings | 19,699 | 18,519 |
Accumulated other comprehensive loss | -3,754 | -3,820 |
Treasury stock, at cost | -3,009 | -1 |
Total common stockholders' investment | 15,227 | 17,398 |
LIABILITIES AND STOCKHOLDERS' INVESTMENT | $32,729 | $33,567 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 28, 2014 | 31-May-13 |
In Millions, except Per Share data, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Allowances for receivables | $155 | $176 |
Allowances for spare parts, supplies and fuel | $207 | $205 |
COMMON STOCKHOLDERS' INVESTMENT | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 800 | 800 |
Common stock, shares issued | 318 | 318 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Condensed Consolidated Statements of Income | ' | ' | ' | ' |
REVENUES | $11,301 | $10,953 | $33,728 | $32,852 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Salaries and employee benefits | 4,167 | 4,150 | 12,392 | 12,378 |
Purchased transportation | 2,063 | 1,871 | 5,982 | 5,411 |
Rentals and landing fees | 662 | 640 | 1,950 | 1,888 |
Depreciation and amortization | 652 | 599 | 1,938 | 1,764 |
Fuel | 1,163 | 1,215 | 3,403 | 3,588 |
Maintenance and repairs | 438 | 424 | 1,397 | 1,477 |
Business realignment costs | ' | 47 | ' | 64 |
Other | 1,515 | 1,418 | 4,403 | 4,233 |
OPERATING EXPENSES | 10,660 | 10,364 | 31,465 | 30,803 |
OPERATING INCOME | 641 | 589 | 2,263 | 2,049 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest, net | -38 | -9 | -95 | -37 |
Other, net | -9 | -16 | -16 | -29 |
OTHER INCOME (EXPENSE) | -47 | -25 | -111 | -66 |
INCOME BEFORE INCOME TAXES | 594 | 564 | 2,152 | 1,983 |
PROVISION FOR INCOME TAXES | 216 | 203 | 785 | 725 |
NET INCOME | $378 | $361 | $1,367 | $1,258 |
EARNINGS PER COMMON SHARE: | ' | ' | ' | ' |
Basic | $1.24 | $1.14 | $4.38 | $3.99 |
Diluted | $1.23 | $1.13 | $4.34 | $3.97 |
DIVIDENDS DECLARED PER COMMON SHARE | $0.15 | $0.14 | $0.60 | $0.56 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Condensed Consolidated Statement of Other Comprehensive Income | ' | ' | ' | ' |
NET INCOME | $378 | $361 | $1,367 | $1,258 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments, net of tax of $3, $0, $7 and $6 | -30 | -3 | -64 | 54 |
Amortization of unrealized pension actuarial gains/losses and other, net of tax of $25, $37, $75 and $112 | 45 | 63 | 130 | 189 |
Other comprehensive income (loss) | 15 | 60 | 66 | 243 |
COMPREHENSIVE INCOME | $393 | $421 | $1,433 | $1,501 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Other Comprehensive Income, Tax Amounts | ' | ' | ' | ' |
Foreign currency translation adjustments, tax | $3 | ' | $7 | $6 |
Amortization of unrealized pension actuarial gains/losses and other, tax | $25 | $37 | $75 | $112 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Operating Activities: | ' | ' |
Net income | $1,367 | $1,258 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 1,938 | 1,764 |
Provision for uncollectible accounts | 95 | 130 |
Stock-based compensation | 94 | 87 |
Deferred income taxes and other noncash items | 392 | 493 |
Changes in assets and liabilities: | ' | ' |
Receivables | -242 | -280 |
Other assets | -150 | 113 |
Accounts payable and other liabilities | -893 | -570 |
Other, net | -23 | -19 |
Cash provided by operating activities | 2,578 | 2,976 |
Investing Activities: | ' | ' |
Capital expenditures | -2,554 | -2,430 |
Business acquisitions, net of cash acquired | ' | -483 |
Proceeds from asset dispositions and other | 23 | 45 |
Cash used in investing activities | -2,531 | -2,868 |
Financing Activities: | ' | ' |
Principal payments on debt | -254 | -417 |
Proceeds from debt issuances | 1,997 | 991 |
Proceeds from stock issuances | 462 | 221 |
Excess tax benefit on the exercise of stock options | 27 | 9 |
Dividends paid | -142 | -132 |
Purchase of treasury stock, including accelerated share repurchase agreements | -3,984 | -246 |
Other, net | -18 | -9 |
Cash (used in) provided by financing activities | -1,912 | 417 |
Effect of exchange rate changes on cash | -10 | 4 |
Net (decrease) increase in cash and cash equivalents | -1,875 | 529 |
Cash and cash equivalents at beginning of period | 4,917 | 2,843 |
Cash and cash equivalents at end of period | $3,042 | $3,372 |
General
General | 9 Months Ended |
Feb. 28, 2014 | |
General [Abstract] | ' |
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, 2013 (“Annual Report”). Accordingly, 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, 2014, the results of our operations for the three- and nine-month periods ended February 28, 2014 and 2013 and cash flows for the nine-month periods ended February 28, 2014 and 2013. Operating results for the three- and nine-month periods ended February 28, 2014 are not necessarily indicative of the results that may be expected for the year ending May 31, 2014. | |
Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2014 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. | |
BUSINESS ACQUISITIONS. As discussed in our Annual Report, on June 20, 2013, we signed agreements to acquire the businesses operated by our current service provider Supaswift (Pty) Ltd. in five countries in Southern Africa. In addition, on September 2, 2013, we entered into an agreement to acquire Supaswift's business in two additional countries. This acquisition will be funded with cash from operations and is expected to be completed in the fourth quarter of 2014, subject to customary closing conditions. The financial results of the acquired businesses will be included in the FedEx Express segment from the date of acquisition and will be immaterial to our 2014 results. | |
EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of FedEx Express, which represent a small number of FedEx Express's total employees, are employed under a collective bargaining agreement. The contract became amendable in March 2013, and the parties are currently in negotiations. In addition to our pilots at FedEx Express, certain non-U.S. employees are unionized. | |
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 and all financial disclosures about these programs are set forth in our Annual Report. | |
Our stock-based compensation expense was $23 million for the three-month period ended February 28, 2014 and $94 million for the nine-month period ended February 28, 2014. Our stock-based compensation expense was $23 million for the three-month period ended February 28, 2013 and $87 million for the nine-month period ended February 28, 2013. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report. | |
RECENT ACCOUNTING GUIDANCE. New accounting rules and disclosure requirements can significantly impact our reported results and the comparability of our financial statements. | |
On June 1, 2013, we adopted the authoritative guidance issued by the Financial Accounting Standards Board requiring additional information about reclassification adjustments out of accumulated other comprehensive income, including changes in accumulated other comprehensive income balances by component and significant items reclassified out of accumulated other comprehensive income. We have adopted this guidance by including expanded accumulated other comprehensive income disclosure requirements in Note 2 of our condensed consolidated financial statements. | |
While no other new accounting guidance was adopted or issued during the nine months of 2014 that is relevant to the readers of our financial statements, there are numerous proposals under development (as discussed in our Annual Report) which, if and when enacted, may have a significant impact on our financial reporting. | |
STOCK REPURCHASE PROGRAM AND DIVIDENDS. In October 2013, our Board of Directors authorized a new share repurchase program of up to 32 million shares of common stock. Shares may be purchased from time to time in the open market or in privately negotiated transactions. Repurchases are made at the company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. No time limit was set for the completion of the repurchase program, and the program may be suspended or discontinued at any time. | |
In January 2014, we entered into accelerated share repurchase (“ASR”) agreements with two banks to repurchase an aggregate of $2.0 billion of our common stock. During the third quarter of 2014, 11.4 million shares were initially delivered to us based on then-current market prices. This does not represent the final number of shares to be delivered under the ASR agreements. The final number of shares to be purchased under each ASR agreement will be based on a discount to the volume-weighted average price of our stock during the term of the respective transaction. Purchases under the ASR agreements are expected to be completed prior to the end of 2014. | |
Each ASR agreement was accounted for as two separate transactions: as shares of reacquired common stock for the shares delivered to us at the onset of the ASR agreements and as a forward contract indexed to our own common stock for the undelivered shares. The initial delivery of shares are included in treasury stock at a cost of $1.6 billion and resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The $400 million forward contract indexed to our own stock met the criteria for equity classification and this amount was recorded in additional paid-in capital. | |
During the nine months of 2014, in addition to the ASR transactions, we repurchased 15.6 million shares of FedEx common stock at an average price of $128 per share for a total of $2.0 billion. As of February 28, 2014, 15.2 million shares remained under our share repurchase authorization. | |
On February 14, 2014, our Board of Directors declared a dividend of $0.15 per share of common stock. The dividend will be paid on April 1, 2014 to stockholders of record as of the close of business on March 11, 2014. Each quarterly dividend payment is subject to review and approval by our Board of Directors, and we evaluate our dividend payment amount on an annual basis at the end of each fiscal year. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||
(2) Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
The following table provides changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, reported in our condensed consolidated financial statements for the periods ended February 28 (in millions; amounts in parentheses indicate debits to AOCI): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency translation gain (loss): | ||||||||||||||||||
Balance at beginning of period | $ | 68 | $ | 118 | $ | 102 | $ | 61 | ||||||||||
Translation adjustments | -30 | -3 | -64 | 54 | ||||||||||||||
Balance at end of period | 38 | 115 | 38 | 115 | ||||||||||||||
Retirement plans adjustments: | ||||||||||||||||||
Balance at beginning of period | -3,837 | -4,888 | -3,922 | -5,014 | ||||||||||||||
Reclassifications from AOCI | 45 | 63 | 130 | 189 | ||||||||||||||
Balance at end of period | -3,792 | -4,825 | -3,792 | -4,825 | ||||||||||||||
Accumulated other comprehensive loss at | ||||||||||||||||||
end of period | $ | -3,754 | $ | -4,710 | $ | -3,754 | $ | -4,710 | ||||||||||
The following table presents details of the reclassifications from AOCI for the periods ended February 28 (in millions; amounts in parentheses indicate debits to earnings): | ||||||||||||||||||
Amount Reclassified from | Affected Line Item in the | |||||||||||||||||
AOCI | Income Statement | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Retirement plans: | ||||||||||||||||||
Amortization of | ||||||||||||||||||
actuarial losses and other | $ | -98 | $ | -129 | $ | -290 | $ | -387 | Salaries and employee benefits | |||||||||
Amortization of prior | ||||||||||||||||||
service credits | 28 | 29 | 85 | 86 | Salaries and employee benefits | |||||||||||||
Total before tax | -70 | -100 | -205 | -301 | ||||||||||||||
Income tax benefit | 25 | 37 | 75 | 112 | Provision for income taxes | |||||||||||||
AOCI reclassifications, | ||||||||||||||||||
net of tax | $ | -45 | $ | -63 | $ | -130 | $ | -189 | Net income |
Financing_Arrangements
Financing Arrangements | 9 Months Ended |
Feb. 28, 2014 | |
Financing Arrangements [Abstract] | ' |
Financing Arrangements | ' |
(3) Financing Arrangements | |
We have a 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 third quarter of 2014, we repaid our $250 million 7.38% senior unsecured notes that matured on January 15, 2014. During the quarter, we issued $2 billion of senior unsecured debt under our current shelf registration statement, comprised of $750 million of 4.00% fixed-rate notes due in January 2024, $500 million of 4.90% fixed-rate notes due in January 2034 and $750 million of 5.10% fixed-rate notes due in January 2044. Interest on these notes is paid semiannually. We utilized the net proceeds to make payments under the ASR agreements discussed in Note 1. | |
A $1 billion revolving credit facility is available to finance our operations and other cash flow needs and to provide support for the issuance of commercial paper. The revolving credit agreement expires in March 2018. The 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 our last four fiscal quarters' rentals and landing fees) to capital (adjusted debt plus total common stockholders' investment) that does not exceed 70%. Our leverage ratio of adjusted debt to capital was 57% at February 28, 2014. We believe the leverage ratio covenant is our only significant restrictive covenant in our revolving credit agreement. Our revolving credit agreement contains other customary covenants that do not, individually or in the aggregate, materially restrict the conduct of our business. We are in compliance with the leverage ratio covenant and all other covenants of our revolving credit agreement and do not expect the covenants to affect our operations, including our liquidity or expected funding needs. As of February 28, 2014, 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 a carrying value of $4.7 billion compared with an estimated fair value of $4.9 billion at February 28, 2014 and a carrying value of $3.0 billion compared with an estimated fair value of $3.2 billion at May 31, 2013. The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of our long-term debt is classified as Level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the liability, either directly or indirectly. |
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share | 9 Months Ended | |||||||||||||
Feb. 28, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Computation of Earnings Per Share | ' | |||||||||||||
(4) Computation of Earnings Per Share | ||||||||||||||
The calculation of basic and diluted earnings per common share for the periods ended February 28 was as follows (in millions, except per share amounts): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Basic earnings per common share: | ||||||||||||||
Net earnings allocable to common shares(1) | $ | 377 | $ | 360 | $ | 1,365 | $ | 1,255 | ||||||
Weighted-average common shares | 303 | 315 | 312 | 314 | ||||||||||
Basic earnings per common share | $ | 1.24 | $ | 1.14 | $ | 4.38 | $ | 3.99 | ||||||
Diluted earnings per common share: | ||||||||||||||
Net earnings allocable to common shares(1) | $ | 377 | $ | 360 | $ | 1,365 | $ | 1,255 | ||||||
Weighted-average common shares | 303 | 315 | 312 | 314 | ||||||||||
Dilutive effect of share-based awards | 4 | 2 | 3 | 2 | ||||||||||
Weighted-average diluted shares | 307 | 317 | 315 | 316 | ||||||||||
Diluted earnings per common share | $ | 1.23 | $ | 1.13 | $ | 4.34 | $ | 3.97 | ||||||
Anti-dilutive options excluded from diluted | ||||||||||||||
earnings per common share | 0.5 | 7.9 | 4.3 | 12.1 | ||||||||||
(1) Net earnings available to participating securities were immaterial in all periods presented. |
Retirement_Plans
Retirement Plans | 9 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Retirement Plans [Abstract] | ' | ||||||||||||
Retirement Plans | ' | ||||||||||||
(5) 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 periods ended February 28 were as follows (in millions): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
U.S. domestic and international pension plans | $ | 124 | $ | 169 | $ | 366 | $ | 509 | |||||
U.S. domestic and international defined contribution | |||||||||||||
plans | 90 | 87 | 269 | 262 | |||||||||
U.S. domestic and international postretirement | |||||||||||||
healthcare plans | 20 | 19 | 59 | 58 | |||||||||
$ | 234 | $ | 275 | $ | 694 | $ | 829 | ||||||
Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended February 28 included the following components (in millions): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Pension Plans | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 164 | $ | 173 | $ | 492 | $ | 519 | |||||
Interest cost | 264 | 242 | 790 | 726 | |||||||||
Expected return on plan assets | -374 | -346 | -1,121 | -1,037 | |||||||||
Recognized actuarial losses and other | 70 | 100 | 205 | 301 | |||||||||
$ | 124 | $ | 169 | $ | 366 | $ | 509 | ||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Postretirement Healthcare Plans | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 10 | $ | 10 | $ | 29 | $ | 31 | |||||
Interest cost | 10 | 9 | 30 | 27 | |||||||||
$ | 20 | $ | 19 | $ | 59 | $ | 58 | ||||||
Required contributions to our tax-qualified U.S. domestic pension plans (“U.S. Pension Plans”) for the nine-month periods ended February 28 were $480 million in 2014 and $420 million in 2013. In March 2014, we made an additional contribution of $165 million to our U.S. Pension Plans. Our U.S. Pension Plans have ample funds to meet expected benefit payments. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||
Feb. 28, 2014 | |||||||||||||||
Business Segment Information [Abstract] | ' | ||||||||||||||
Business Segment Information | ' | ||||||||||||||
(6) 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 FedEx Express, the world's largest express transportation company; FedEx Ground Package System, Inc. (“FedEx Ground”), a leading North American provider of small-package ground delivery services; and FedEx Freight, Inc. (“FedEx Freight”), a leading North American provider of less-than-truckload (“LTL”) freight services. | |||||||||||||||
Our reportable segments include the following businesses: | |||||||||||||||
FedEx Express Segment | FedEx Express (express transportation) | ||||||||||||||
FedEx Trade Networks (air and ocean freight forwarding and customs brokerage) | |||||||||||||||
FedEx SupplyChain Systems (logistics services) | |||||||||||||||
FedEx Ground Segment | FedEx Ground (small-package ground delivery) | ||||||||||||||
FedEx SmartPost (small-parcel consolidator) | |||||||||||||||
FedEx Freight Segment | FedEx Freight (LTL freight transportation) | ||||||||||||||
FedEx Custom Critical (time-critical transportation) | |||||||||||||||
FedEx Services Segment | FedEx Services (sales, marketing, information technology, communications and | ||||||||||||||
back-office functions) | |||||||||||||||
FedEx TechConnect (customer service, technical support, billings and collections) | |||||||||||||||
FedEx Office (document and business services and package acceptance) | |||||||||||||||
FedEx Services Segment | |||||||||||||||
The FedEx Services segment operates combined sales, marketing, administrative and information technology functions in shared services operations that support our transportation businesses and allow us to obtain synergies from the combination of these functions. For the international regions of FedEx Express, some of these functions are performed on a regional basis by FedEx Express and reported in the FedEx Express segment in their natural expense line items. The FedEx Services segment is discussed further in our Annual Report. | |||||||||||||||
The FedEx Services segment provides direct and indirect support to our transportation businesses, and 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, which are an immaterial component of our allocations, 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 segment allocations). For the FedEx Services segment, performance is evaluated based on the impact of its total allocated net operating costs on our transportation segments. | |||||||||||||||
The operating expenses line item “Intercompany charges” on the accompanying unaudited financial summaries of our transportation segments in Management's Discussion and Analysis of Results of Operations and Financial Condition reflects the allocations from the FedEx Services segment to the respective transportation segments. The “Intercompany charges” caption also includes charges and credits for administrative services provided between operating companies and certain other costs such as corporate management fees related to services received for general corporate oversight, including executive officers and certain legal and finance functions. The allocations of net operating costs are based on metrics such as relative revenues or estimated services provided. We believe these allocations approximate the net cost of providing these functions and our allocation methodologies are refined as necessary to reflect changes in our businesses. | |||||||||||||||
Other Intersegment Transactions | |||||||||||||||
Certain FedEx operating companies provide transportation and related services for other FedEx companies outside their reportable segment. Billings for such services are based on negotiated rates, which we believe approximate fair value, and are reflected as revenues of the billing segment. These rates are adjusted from time to time based on market conditions. Such intersegment revenues and expenses are eliminated in our consolidated results and are not separately identified in the following segment information, because the amounts are not material. | |||||||||||||||
The following table provides a reconciliation of reportable segment revenues and operating income to our unaudited condensed consolidated financial statement totals for the periods ended February 28 (in millions): | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | |||||||||||||||
FedEx Express segment | $ | 6,674 | $ | 6,704 | $ | 20,123 | $ | 20,194 | |||||||
FedEx Ground segment | 3,031 | 2,747 | 8,610 | 7,802 | |||||||||||
FedEx Freight segment | 1,347 | 1,237 | 4,205 | 4,013 | |||||||||||
FedEx Services segment | 368 | 380 | 1,134 | 1,174 | |||||||||||
Other and eliminations | -119 | -115 | -344 | -331 | |||||||||||
$ | 11,301 | $ | 10,953 | $ | 33,728 | $ | 32,852 | ||||||||
Operating Income | |||||||||||||||
FedEx Express segment | $ | 135 | $ | 118 | $ | 697 | $ | 555 | |||||||
FedEx Ground segment | 477 | 467 | 1,369 | 1,324 | |||||||||||
FedEx Freight segment | 29 | 4 | 197 | 170 | |||||||||||
$ | 641 | $ | 589 | $ | 2,263 | $ | 2,049 |
Commitments
Commitments | 9 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Commitments [Abstract] | ' | |||||||||||
Commitments | ' | |||||||||||
(7) Commitments | ||||||||||||
As of February 28, 2014, our purchase commitments under various contracts for the remainder of 2014 and annually thereafter were as follows (in millions): | ||||||||||||
Aircraft and | ||||||||||||
Aircraft-Related | Other(1) | Total | ||||||||||
2014 (remainder) | $ | 217 | $ | 282 | $ | 499 | ||||||
2015 | 1,155 | 263 | 1,418 | |||||||||
2016 | 1,215 | 179 | 1,394 | |||||||||
2017 | 955 | 112 | 1,067 | |||||||||
2018 | 1,396 | 48 | 1,444 | |||||||||
Thereafter | 5,388 | 116 | 5,504 | |||||||||
Total | $ | 10,326 | $ | 1,000 | $ | 11,326 | ||||||
(1) | Primarily vehicles, facilities, advertising contracts, and for the remainder of 2014, a total of $165 million of quarterly contributions to our U.S. Pension Plans. | |||||||||||
The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of February 28, 2014, our obligation to purchase four Boeing 767-300 Freighter (“B767F”) aircraft and nine Boeing 777 Freighter (“B777F”) aircraft 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. 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. | ||||||||||||
During the third quarter of 2014, FedEx Express entered into an agreement with The Boeing Company for the purchase of two B767F aircraft, the delivery of which will occur in 2016 and 2017. FedEx Express also deferred 11 existing options to purchase B777F aircraft by two years. | ||||||||||||
We had $272 million in deposits and progress payments as of February 28, 2014 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our condensed consolidated balance sheets. In addition to our commitment to purchase B777Fs and B767Fs, our aircraft purchase commitments include the Boeing 757 (“B757”) aircraft in passenger configuration, which will require additional costs to modify for cargo transport. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of February 28, 2014, with the year of expected delivery: | ||||||||||||
B757 | B767F | B777F | Total | |||||||||
2014 (remainder) | 6 | - | - | 6 | ||||||||
2015 | 11 | 12 | - | 23 | ||||||||
2016 | - | 11 | 2 | 13 | ||||||||
2017 | - | 11 | - | 11 | ||||||||
2018 | - | 10 | 2 | 12 | ||||||||
Thereafter | - | 4 | 14 | 18 | ||||||||
Total | 17 | 48 | 18 | 83 | ||||||||
A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at February 28, 2014 is as follows (in millions): | ||||||||||||
Operating Leases | ||||||||||||
Aircraft | Total | |||||||||||
and Related | Facilities | Operating | ||||||||||
Equipment | and Other | Leases | ||||||||||
2014 (remainder) | $ | 100 | $ | 391 | $ | 491 | ||||||
2015 | 448 | 1,558 | 2,006 | |||||||||
2016 | 453 | 1,365 | 1,818 | |||||||||
2017 | 391 | 1,462 | 1,853 | |||||||||
2018 | 326 | 1,060 | 1,386 | |||||||||
Thereafter | 824 | 6,678 | 7,502 | |||||||||
Total | $ | 2,542 | $ | 12,514 | $ | 15,056 | ||||||
Future minimum lease payments under capital leases were immaterial at February 28, 2014. While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations. |
Contingencies
Contingencies | 9 Months Ended |
Feb. 28, 2014 | |
Loss Contingency [Abstract] | ' |
Contingencies | ' |
(8) 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. We do not believe that a material loss is reasonably possible with respect to any of these matters. | |
Independent Contractor — Lawsuits and State Administrative Proceedings. FedEx Ground is involved in numerous class-action lawsuits (including 30 that have been certified as class actions), individual lawsuits and state tax and other administrative proceedings that claim that the company's owner-operators should be treated as employees, rather than independent contractors. | |
Most of the class-action lawsuits were consolidated for administration of the pre-trial proceedings by a single federal court, the U.S. District Court for the Northern District of Indiana. The multidistrict litigation court granted class certification in 28 cases and denied it in 14 cases. On December 13, 2010, the court entered an opinion and order addressing all outstanding motions for summary judgment on the status of the owner-operators (i.e., independent contractor vs. employee). In sum, the court has now ruled on our summary judgment motions and entered judgment in favor of FedEx Ground on all claims in 20 of the 28 multidistrict litigation cases that had been certified as class actions, finding that the owner-operators in those cases were contractors as a matter of the law of 20 states. The plaintiffs filed notices of appeal in all of these 20 cases. The Seventh Circuit heard the appeal in the Kansas case in January 2012 and, in July 2012, issued an opinion that did not make a determination with respect to the correctness of the district court's decision and, instead, certified two questions to the Kansas Supreme Court related to the classification of the plaintiffs as independent contractors under the Kansas Wage Payment Act. The Kansas Supreme Court heard oral argument on November 5, 2013. The other 19 cases that are before the Seventh Circuit remain stayed pending a decision of the Kansas Supreme Court. | |
The multidistrict litigation court remanded the other eight certified class actions back to the district courts where they were originally filed because its summary judgment ruling did not completely dispose of all of the claims in those lawsuits. Three of those cases are now on appeal with the Court of Appeals for the Ninth Circuit, and one is on appeal with the Court of Appeals for the Eleventh Circuit. The other four remain pending in their respective district courts, but two of these four matters have been settled for immaterial amounts. The court granted final approval of one of the two settlements during the second quarter of 2014, while the other settlement remains subject to court approval. | |
While the granting of summary judgment in favor of FedEx Ground by the multidistrict litigation court in 20 of the 28 cases that had been certified as class actions remains subject to appeal, we believe that it significantly improves the likelihood that our independent contractor model will be upheld. Adverse determinations in matters related to FedEx Ground's independent contractors, however, could, among other things, entitle certain of our owner-operators and their drivers to the reimbursement of certain expenses and to the benefit of wage-and-hour laws and result in employment and withholding tax and benefit liability for FedEx Ground, and could result in changes to the independent contractor status of FedEx Ground's owner-operators in certain jurisdictions. We believe that FedEx Ground's owner-operators are properly classified as independent contractors and that FedEx Ground is not an employer of the drivers of the company's independent contractors. While it is reasonably possible that potential loss in some of these lawsuits or such changes to the independent contractor status of FedEx Ground's owner-operators could be material, we cannot yet determine the amount or reasonable range of potential loss. A number of factors contribute to this. The number of plaintiffs in these lawsuits continues to change, with some being dismissed and others being added and, as to new plaintiffs, discovery is still ongoing. In addition, the parties have conducted only very limited discovery into damages, which could vary considerably from plaintiff to plaintiff. Further, the range of potential loss could be impacted considerably by future rulings on the merits of certain claims and FedEx Ground's various defenses, and on evidentiary issues. In any event, we do not believe that a material loss is probable in these matters. | |
In addition, we are defending contractor-model cases that are not or are no longer part of the multidistrict litigation, two of which have been certified as class actions. These certified class actions were settled for immaterial amounts in the first quarter of 2014 and have received final court approval. The other cases are in varying stages of litigation, and we do not expect to incur a material loss in any of these matters. | |
Environmental Matter. SEC regulations require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions that management reasonably believes could exceed $100,000. In February 2014, FedEx Ground received oral communications from District Attorneys' Offices (representing California's county environmental authorities) and the California Attorney General's Office (representing the California Division of Toxic Substances Control) that they were seeking civil penalties for alleged violations of the state's hazardous waste regulations. Specifically, the California environmental authorities are alleging that FedEx Ground improperly generates and/or handles, stores and transports hazardous waste from its stations to its hubs in California. We are currently in negotiations with the District Attorneys' Offices and the California Attorney General's Office in an effort to reach a statewide settlement on this matter. Loss in this matter is possible, however, the amount of any loss is expected to be immaterial. | |
Other Matters. In August 2010, a third-party consultant who works with shipping customers to negotiate lower rates filed a lawsuit in federal district court in California against FedEx and United Parcel Service, Inc. (“UPS”) alleging violations of U.S. antitrust law. This matter was dismissed in May 2011, but the court granted the plaintiff permission to file an amended complaint, which FedEx received in June 2011. In November 2011, the court granted our motion to dismiss this complaint, but again allowed the plaintiff to file an amended complaint. The plaintiff filed a new complaint in December 2011, and the matter remains pending before the court. In February 2011, shortly after the initial lawsuit was filed, we received a demand for the production of information and documents in connection with a civil investigation by the U.S. Department of Justice (“DOJ”) into the policies and practices of FedEx and UPS for dealing with third-party consultants who work with shipping customers to negotiate lower rates. In November 2012, the DOJ served a civil investigative demand on the third-party consultant seeking all pleadings, depositions and documents produced in the lawsuit. We are cooperating with the investigation, do not believe that we have engaged in any anti-competitive activities and will vigorously defend ourselves in any action that may result from the investigation. While the litigation proceedings and the DOJ investigation move forward, and the amount of loss, if any, is dependent on a number of factors that are not yet fully developed or resolved, we do not believe that a material loss is reasonably possible. | |
We have received requests for information from the DOJ in the Northern District of California in connection with a criminal investigation relating to the transportation of packages for online pharmacies that may have shipped pharmaceuticals in violation of federal law. We responded to grand jury subpoenas issued in June 2008 and August 2009 and to additional requests for information pursuant to those subpoenas, and we continue to respond and cooperate with the investigation. We believe that our employees have acted in good faith at all times. We do not believe that we have engaged in any illegal activities and will vigorously defend ourselves in any action that may result from the investigation. The DOJ may pursue a criminal indictment and, if we are convicted, remedies could include fines, penalties, financial forfeiture and compliance conditions. We cannot estimate the amount or range of loss, if any, as such analysis would depend on facts and law that are not yet fully developed or resolved. | |
FedEx and its subsidiaries are subject to other legal proceedings that arise in the ordinary course of their business. In the opinion of management, the aggregate liability, if any, with respect to these other actions will not have a material adverse effect on our financial position, results of operations or cash flows. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
(9) Supplemental Cash Flow Information | ||||||||||||
Cash paid for interest expense and income taxes for the nine-month periods ended February 28 was as follows (in millions): | ||||||||||||
2014 | 2013 | |||||||||||
Cash payments for: | ||||||||||||
Interest (net of capitalized interest) | $ | 121 | $ | 87 | ||||||||
Income taxes | $ | 716 | $ | 613 | ||||||||
Income tax refunds received | -50 | -205 | ||||||||||
Cash tax payments, net | $ | 666 | $ | 408 | ||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | ||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | ||||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||||
(10) 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, as amended. | |||||||||||||||||||
The guarantor subsidiaries, which are wholly owned by FedEx, guarantee $4.5 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 Subsidiaries" and "Non-guarantor Subsidiaries" 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. 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) | |||||||||||||||||||
28-Feb-14 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 2,016 | $ | 380 | $ | 788 | $ | -142 | $ | 3,042 | |||||||||
Receivables, less allowances | - | 4,190 | 1,051 | -44 | 5,197 | ||||||||||||||
Spare parts, supplies, fuel, prepaid expenses | |||||||||||||||||||
and other, less allowances | 146 | 718 | 54 | - | 918 | ||||||||||||||
Deferred income taxes | - | 607 | 17 | - | 624 | ||||||||||||||
Total current assets | 2,162 | 5,895 | 1,910 | -186 | 9,781 | ||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 27 | 37,736 | 2,256 | - | 40,019 | ||||||||||||||
Less accumulated depreciation and amortization | 22 | 19,535 | 1,177 | - | 20,734 | ||||||||||||||
Net property and equipment | 5 | 18,201 | 1,079 | - | 19,285 | ||||||||||||||
INTERCOMPANY RECEIVABLE | - | 659 | 1,279 | -1,938 | - | ||||||||||||||
GOODWILL | - | 1,552 | 1,187 | - | 2,739 | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 20,031 | 3,595 | - | -23,626 | - | ||||||||||||||
OTHER ASSETS | 2,122 | 641 | 232 | -2,071 | 924 | ||||||||||||||
$ | 24,320 | $ | 30,543 | $ | 5,687 | $ | -27,821 | $ | 32,729 | ||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Current portion of long-term debt | $ | - | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||
Accrued salaries and employee benefits | 66 | 1,061 | 157 | - | 1,284 | ||||||||||||||
Accounts payable | 45 | 1,447 | 597 | -186 | 1,903 | ||||||||||||||
Accrued expenses | 285 | 1,352 | 194 | - | 1,831 | ||||||||||||||
Total current liabilities | 396 | 3,861 | 948 | -186 | 5,019 | ||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | 4,486 | 249 | - | - | 4,735 | ||||||||||||||
INTERCOMPANY PAYABLE | 1,938 | - | - | -1,938 | - | ||||||||||||||
OTHER LONG-TERM LIABILITIES | |||||||||||||||||||
Deferred income taxes | - | 4,074 | 80 | -2,071 | 2,083 | ||||||||||||||
Other liabilities | 2,273 | 3,148 | 244 | - | 5,665 | ||||||||||||||
Total other long-term liabilities | 2,273 | 7,222 | 324 | -2,071 | 7,748 | ||||||||||||||
STOCKHOLDERS' INVESTMENT | 15,227 | 19,211 | 4,415 | -23,626 | 15,227 | ||||||||||||||
$ | 24,320 | $ | 30,543 | $ | 5,687 | $ | -27,821 | $ | 32,729 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||
31-May-13 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 3,892 | $ | 405 | $ | 717 | $ | -97 | $ | 4,917 | |||||||||
Receivables, less allowances | - | 3,989 | 1,084 | -29 | 5,044 | ||||||||||||||
Spare parts, supplies, fuel, prepaid expenses | |||||||||||||||||||
and other, less allowances | 45 | 681 | 54 | - | 780 | ||||||||||||||
Deferred income taxes | - | 518 | 15 | - | 533 | ||||||||||||||
Total current assets | 3,937 | 5,593 | 1,870 | -126 | 11,274 | ||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 27 | 35,915 | 2,167 | - | 38,109 | ||||||||||||||
Less accumulated depreciation and amortization | 21 | 18,469 | 1,135 | - | 19,625 | ||||||||||||||
Net property and equipment | 6 | 17,446 | 1,032 | - | 18,484 | ||||||||||||||
INTERCOMPANY RECEIVABLE | - | 439 | 1,203 | -1,642 | - | ||||||||||||||
GOODWILL | - | 1,552 | 1,203 | - | 2,755 | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 18,739 | 3,347 | - | -22,086 | - | ||||||||||||||
OTHER ASSETS | 2,187 | 822 | 191 | -2,146 | 1,054 | ||||||||||||||
$ | 24,869 | $ | 29,199 | $ | 5,499 | $ | -26,000 | $ | 33,567 | ||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Current portion of long-term debt | $ | 250 | $ | 1 | $ | - | $ | - | $ | 251 | |||||||||
Accrued salaries and employee benefits | 82 | 1,402 | 204 | - | 1,688 | ||||||||||||||
Accounts payable | 4 | 1,392 | 609 | -126 | 1,879 | ||||||||||||||
Accrued expenses | 355 | 1,366 | 211 | - | 1,932 | ||||||||||||||
Total current liabilities | 691 | 4,161 | 1,024 | -126 | 5,750 | ||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | 2,489 | 250 | - | - | 2,739 | ||||||||||||||
INTERCOMPANY PAYABLE | 1,642 | - | - | -1,642 | - | ||||||||||||||
OTHER LONG-TERM LIABILITIES | |||||||||||||||||||
Deferred income taxes | - | 3,798 | - | -2,146 | 1,652 | ||||||||||||||
Other liabilities | 2,649 | 3,133 | 246 | - | 6,028 | ||||||||||||||
Total other long-term liabilities | 2,649 | 6,931 | 246 | -2,146 | 7,680 | ||||||||||||||
STOCKHOLDERS' INVESTMENT | 17,398 | 17,857 | 4,229 | -22,086 | 17,398 | ||||||||||||||
$ | 24,869 | $ | 29,199 | $ | 5,499 | $ | -26,000 | $ | 33,567 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Three Months Ended February 28, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 9,509 | $ | 1,876 | $ | -84 | $ | 11,301 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 24 | 3,615 | 528 | - | 4,167 | ||||||||||||||
Purchased transportation | - | 1,426 | 680 | -43 | 2,063 | ||||||||||||||
Rentals and landing fees | 1 | 576 | 86 | -1 | 662 | ||||||||||||||
Depreciation and amortization | - | 601 | 51 | - | 652 | ||||||||||||||
Fuel | - | 1,138 | 25 | - | 1,163 | ||||||||||||||
Maintenance and repairs | 1 | 406 | 31 | - | 438 | ||||||||||||||
Intercompany charges, net | -52 | -17 | 69 | - | - | ||||||||||||||
Other | 26 | 1,234 | 295 | -40 | 1,515 | ||||||||||||||
- | 8,979 | 1,765 | -84 | 10,660 | |||||||||||||||
OPERATING INCOME | - | 530 | 111 | - | 641 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 378 | 80 | - | -458 | - | ||||||||||||||
Interest, net | -45 | 4 | 3 | - | -38 | ||||||||||||||
Intercompany charges, net | 46 | -52 | 6 | - | - | ||||||||||||||
Other, net | -1 | -9 | 1 | - | -9 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 378 | 553 | 121 | -458 | 594 | ||||||||||||||
Provision for income taxes | - | 165 | 51 | - | 216 | ||||||||||||||
NET INCOME | $ | 378 | $ | 388 | $ | 70 | $ | -458 | $ | 378 | |||||||||
COMPREHENSIVE INCOME | $ | 419 | $ | 388 | $ | 44 | $ | -458 | $ | 393 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Three Months Ended February 28, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 9,182 | $ | 1,851 | $ | -80 | $ | 10,953 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 26 | 3,594 | 530 | - | 4,150 | ||||||||||||||
Purchased transportation | - | 1,261 | 649 | -39 | 1,871 | ||||||||||||||
Rentals and landing fees | 2 | 555 | 85 | -2 | 640 | ||||||||||||||
Depreciation and amortization | - | 551 | 48 | - | 599 | ||||||||||||||
Fuel | - | 1,190 | 25 | - | 1,215 | ||||||||||||||
Maintenance and repairs | - | 395 | 29 | - | 424 | ||||||||||||||
Business realignment costs | 5 | 42 | - | - | 47 | ||||||||||||||
Intercompany charges, net | -55 | -71 | 126 | - | - | ||||||||||||||
Other | 22 | 1,129 | 306 | -39 | 1,418 | ||||||||||||||
- | 8,646 | 1,798 | -80 | 10,364 | |||||||||||||||
OPERATING INCOME | - | 536 | 53 | - | 589 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 361 | 53 | - | -414 | - | ||||||||||||||
Interest, net | -27 | 16 | 2 | - | -9 | ||||||||||||||
Intercompany charges, net | 29 | -33 | 4 | - | - | ||||||||||||||
Other, net | -2 | -13 | -1 | - | -16 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 361 | 559 | 58 | -414 | 564 | ||||||||||||||
Provision for income taxes | - | 155 | 48 | - | 203 | ||||||||||||||
NET INCOME | $ | 361 | $ | 404 | $ | 10 | $ | -414 | $ | 361 | |||||||||
COMPREHENSIVE INCOME | $ | 419 | $ | 401 | $ | 15 | $ | -414 | $ | 421 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Nine Months Ended February 28, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 28,184 | $ | 5,796 | $ | -252 | $ | 33,728 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 79 | 10,697 | 1,616 | - | 12,392 | ||||||||||||||
Purchased transportation | - | 4,008 | 2,092 | -118 | 5,982 | ||||||||||||||
Rentals and landing fees | 4 | 1,697 | 253 | -4 | 1,950 | ||||||||||||||
Depreciation and amortization | 1 | 1,785 | 152 | - | 1,938 | ||||||||||||||
Fuel | - | 3,330 | 73 | - | 3,403 | ||||||||||||||
Maintenance and repairs | 1 | 1,302 | 94 | - | 1,397 | ||||||||||||||
Intercompany charges, net | -163 | -47 | 210 | - | - | ||||||||||||||
Other | 78 | 3,559 | 896 | -130 | 4,403 | ||||||||||||||
- | 26,331 | 5,386 | -252 | 31,465 | |||||||||||||||
OPERATING INCOME | - | 1,853 | 410 | - | 2,263 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 1,367 | 323 | - | -1,690 | - | ||||||||||||||
Interest, net | -114 | 14 | 5 | - | -95 | ||||||||||||||
Intercompany charges, net | 117 | -134 | 17 | - | - | ||||||||||||||
Other, net | -3 | -14 | 1 | - | -16 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 1,367 | 2,042 | 433 | -1,690 | 2,152 | ||||||||||||||
Provision for income taxes | - | 648 | 137 | - | 785 | ||||||||||||||
NET INCOME | $ | 1,367 | $ | 1,394 | $ | 296 | $ | -1,690 | $ | 1,367 | |||||||||
COMPREHENSIVE INCOME | $ | 1,487 | $ | 1,401 | $ | 235 | $ | -1,690 | $ | 1,433 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Nine Months Ended February 28, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 27,501 | $ | 5,594 | $ | -243 | $ | 32,852 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 79 | 10,752 | 1,547 | - | 12,378 | ||||||||||||||
Purchased transportation | - | 3,613 | 1,905 | -107 | 5,411 | ||||||||||||||
Rentals and landing fees | 4 | 1,648 | 241 | -5 | 1,888 | ||||||||||||||
Depreciation and amortization | 1 | 1,626 | 137 | - | 1,764 | ||||||||||||||
Fuel | - | 3,516 | 72 | - | 3,588 | ||||||||||||||
Maintenance and repairs | 1 | 1,391 | 85 | - | 1,477 | ||||||||||||||
Business realignment costs | 15 | 49 | - | - | 64 | ||||||||||||||
Intercompany charges, net | -169 | -276 | 445 | - | - | ||||||||||||||
Other | 69 | 3,403 | 892 | -131 | 4,233 | ||||||||||||||
- | 25,722 | 5,324 | -243 | 30,803 | |||||||||||||||
OPERATING INCOME | - | 1,779 | 270 | - | 2,049 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 1,258 | 152 | - | -1,410 | - | ||||||||||||||
Interest, net | -77 | 35 | 5 | - | -37 | ||||||||||||||
Intercompany charges, net | 82 | -95 | 13 | - | - | ||||||||||||||
Other, net | -5 | -18 | -6 | - | -29 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 1,258 | 1,853 | 282 | -1,410 | 1,983 | ||||||||||||||
Provision for income taxes | - | 581 | 144 | - | 725 | ||||||||||||||
NET INCOME | $ | 1,258 | $ | 1,272 | $ | 138 | $ | -1,410 | $ | 1,258 | |||||||||
COMPREHENSIVE INCOME | $ | 1,434 | $ | 1,284 | $ | 193 | $ | -1,410 | $ | 1,501 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Nine Months Ended February 28, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | -104 | $ | 2,386 | $ | 341 | $ | -45 | $ | 2,578 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | - | -2,342 | -212 | - | -2,554 | ||||||||||||||
Proceeds from asset dispositions and other | - | 26 | -3 | - | 23 | ||||||||||||||
CASH USED IN INVESTING ACTIVITIES | - | -2,316 | -215 | - | -2,531 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Net transfers from (to) Parent | 136 | -123 | -13 | - | - | ||||||||||||||
Payment on loan between subsidiaries | - | 5 | -5 | - | - | ||||||||||||||
Intercompany dividends | - | 36 | -36 | - | - | ||||||||||||||
Principal payments on debt | -250 | -4 | - | - | -254 | ||||||||||||||
Proceeds from debt issuance | 1,997 | - | - | - | 1,997 | ||||||||||||||
Proceeds from stock issuances | 462 | - | - | - | 462 | ||||||||||||||
Excess tax benefit on the exercise of stock options | 27 | - | - | - | 27 | ||||||||||||||
Dividends paid | -142 | - | - | - | -142 | ||||||||||||||
Purchase of treasury stock | -3,984 | - | - | - | -3,984 | ||||||||||||||
Other, net | -18 | - | - | - | -18 | ||||||||||||||
CASH USED IN FINANCING ACTIVITIES | -1,772 | -86 | -54 | - | -1,912 | ||||||||||||||
Effect of exchange rate changes on cash | - | -9 | -1 | - | -10 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | -1,876 | -25 | 71 | -45 | -1,875 | ||||||||||||||
Cash and cash equivalents at beginning of period | 3,892 | 405 | 717 | -97 | 4,917 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 2,016 | $ | 380 | $ | 788 | $ | -142 | $ | 3,042 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Nine Months Ended February 28, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 78 | $ | 2,556 | $ | 347 | $ | -5 | $ | 2,976 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | -3 | -2,201 | -226 | - | -2,430 | ||||||||||||||
Business acquisitions, net of cash acquired | - | - | -483 | - | -483 | ||||||||||||||
Proceeds from asset dispositions and other | - | 39 | 6 | - | 45 | ||||||||||||||
CASH USED IN INVESTING ACTIVITIES | -3 | -2,162 | -703 | - | -2,868 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Net transfers from (to) Parent | -453 | 517 | -64 | - | - | ||||||||||||||
Payment on loan between subsidiaries | - | -407 | 407 | - | - | ||||||||||||||
Intercompany dividends | - | 12 | -12 | - | - | ||||||||||||||
Principal payments on debt | - | -417 | - | - | -417 | ||||||||||||||
Proceeds from debt issuance | 991 | - | - | - | 991 | ||||||||||||||
Proceeds from stock issuances | 221 | - | - | - | 221 | ||||||||||||||
Excess tax benefit on the exercise of stock options | 9 | - | - | - | 9 | ||||||||||||||
Dividends paid | -132 | - | - | - | -132 | ||||||||||||||
Purchase of treasury stock | -246 | - | - | - | -246 | ||||||||||||||
Other, net | -9 | -93 | 93 | - | -9 | ||||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 381 | -388 | 424 | - | 417 | ||||||||||||||
Effect of exchange rate changes on cash | - | -4 | 8 | - | 4 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 456 | 2 | 76 | -5 | 529 | ||||||||||||||
Cash and cash equivalents at beginning of period | 1,906 | 417 | 636 | -116 | 2,843 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 2,362 | $ | 419 | $ | 712 | $ | -121 | $ | 3,372 |
General_Policies
General (Policies) | 9 Months Ended |
Feb. 28, 2014 | |
General (Policies) [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
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, 2013 (“Annual Report”). Accordingly, 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, 2014, the results of our operations for the three- and nine-month periods ended February 28, 2014 and 2013 and cash flows for the nine-month periods ended February 28, 2014 and 2013. Operating results for the three- and nine-month periods ended February 28, 2014 are not necessarily indicative of the results that may be expected for the year ending May 31, 2014. | |
Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2014 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) (Tables) [Abstract] | ' | |||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency translation gain (loss): | ||||||||||||||||||
Balance at beginning of period | $ | 68 | $ | 118 | $ | 102 | $ | 61 | ||||||||||
Translation adjustments | -30 | -3 | -64 | 54 | ||||||||||||||
Balance at end of period | 38 | 115 | 38 | 115 | ||||||||||||||
Retirement plans adjustments: | ||||||||||||||||||
Balance at beginning of period | -3,837 | -4,888 | -3,922 | -5,014 | ||||||||||||||
Reclassifications from AOCI | 45 | 63 | 130 | 189 | ||||||||||||||
Balance at end of period | -3,792 | -4,825 | -3,792 | -4,825 | ||||||||||||||
Accumulated other comprehensive loss at | ||||||||||||||||||
end of period | $ | -3,754 | $ | -4,710 | $ | -3,754 | $ | -4,710 | ||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||
Amount Reclassified from | Affected Line Item in the | |||||||||||||||||
AOCI | Income Statement | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Retirement plans: | ||||||||||||||||||
Amortization of | ||||||||||||||||||
actuarial losses and other | $ | -98 | $ | -129 | $ | -290 | $ | -387 | Salaries and employee benefits | |||||||||
Amortization of prior | ||||||||||||||||||
service credits | 28 | 29 | 85 | 86 | Salaries and employee benefits | |||||||||||||
Total before tax | -70 | -100 | -205 | -301 | ||||||||||||||
Income tax benefit | 25 | 37 | 75 | 112 | Provision for income taxes | |||||||||||||
AOCI reclassifications, | ||||||||||||||||||
net of tax | $ | -45 | $ | -63 | $ | -130 | $ | -189 | Net income |
Computation_of_Earnings_Per_Sh1
Computation of Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Feb. 28, 2014 | ||||||||||||||
Computation Of Earnings Per Share (Tables) [Abstract] | ' | |||||||||||||
Schedule of basic and diluted earnings per common share | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Basic earnings per common share: | ||||||||||||||
Net earnings allocable to common shares(1) | $ | 377 | $ | 360 | $ | 1,365 | $ | 1,255 | ||||||
Weighted-average common shares | 303 | 315 | 312 | 314 | ||||||||||
Basic earnings per common share | $ | 1.24 | $ | 1.14 | $ | 4.38 | $ | 3.99 | ||||||
Diluted earnings per common share: | ||||||||||||||
Net earnings allocable to common shares(1) | $ | 377 | $ | 360 | $ | 1,365 | $ | 1,255 | ||||||
Weighted-average common shares | 303 | 315 | 312 | 314 | ||||||||||
Dilutive effect of share-based awards | 4 | 2 | 3 | 2 | ||||||||||
Weighted-average diluted shares | 307 | 317 | 315 | 316 | ||||||||||
Diluted earnings per common share | $ | 1.23 | $ | 1.13 | $ | 4.34 | $ | 3.97 | ||||||
Anti-dilutive options excluded from diluted | ||||||||||||||
earnings per common share | 0.5 | 7.9 | 4.3 | 12.1 | ||||||||||
(1) Net earnings available to participating securities were immaterial in all periods presented. |
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | ||||||||||||
Feb. 28, 2014 | |||||||||||||
Retirement Plan (Tables) [Abstract] | ' | ||||||||||||
Schedule of Retirement Plan Costs | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
U.S. domestic and international pension plans | $ | 124 | $ | 169 | $ | 366 | $ | 509 | |||||
U.S. domestic and international defined contribution | |||||||||||||
plans | 90 | 87 | 269 | 262 | |||||||||
U.S. domestic and international postretirement | |||||||||||||
healthcare plans | 20 | 19 | 59 | 58 | |||||||||
$ | 234 | $ | 275 | $ | 694 | $ | 829 | ||||||
Schedule of Net Periodic Benefit Cost | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Pension Plans | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 164 | $ | 173 | $ | 492 | $ | 519 | |||||
Interest cost | 264 | 242 | 790 | 726 | |||||||||
Expected return on plan assets | -374 | -346 | -1,121 | -1,037 | |||||||||
Recognized actuarial losses and other | 70 | 100 | 205 | 301 | |||||||||
$ | 124 | $ | 169 | $ | 366 | $ | 509 | ||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Postretirement Healthcare Plans | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 10 | $ | 10 | $ | 29 | $ | 31 | |||||
Interest cost | 10 | 9 | 30 | 27 | |||||||||
$ | 20 | $ | 19 | $ | 59 | $ | 58 |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||
Feb. 28, 2014 | |||||||||||||||
Business Segment Information (Tables) [Abstract] | ' | ||||||||||||||
Schedule of Segment Information | ' | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | |||||||||||||||
FedEx Express segment | $ | 6,674 | $ | 6,704 | $ | 20,123 | $ | 20,194 | |||||||
FedEx Ground segment | 3,031 | 2,747 | 8,610 | 7,802 | |||||||||||
FedEx Freight segment | 1,347 | 1,237 | 4,205 | 4,013 | |||||||||||
FedEx Services segment | 368 | 380 | 1,134 | 1,174 | |||||||||||
Other and eliminations | -119 | -115 | -344 | -331 | |||||||||||
$ | 11,301 | $ | 10,953 | $ | 33,728 | $ | 32,852 | ||||||||
Operating Income | |||||||||||||||
FedEx Express segment | $ | 135 | $ | 118 | $ | 697 | $ | 555 | |||||||
FedEx Ground segment | 477 | 467 | 1,369 | 1,324 | |||||||||||
FedEx Freight segment | 29 | 4 | 197 | 170 | |||||||||||
$ | 641 | $ | 589 | $ | 2,263 | $ | 2,049 |
Commitments_Tables
Commitments (Tables) | 9 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Commitments (Tables) [Abstract] | ' | |||||||||||
Schedule of Purchase Commitments | ' | |||||||||||
Aircraft and | ||||||||||||
Aircraft-Related | Other(1) | Total | ||||||||||
2014 (remainder) | $ | 217 | $ | 282 | $ | 499 | ||||||
2015 | 1,155 | 263 | 1,418 | |||||||||
2016 | 1,215 | 179 | 1,394 | |||||||||
2017 | 955 | 112 | 1,067 | |||||||||
2018 | 1,396 | 48 | 1,444 | |||||||||
Thereafter | 5,388 | 116 | 5,504 | |||||||||
Total | $ | 10,326 | $ | 1,000 | $ | 11,326 | ||||||
(1) | Primarily vehicles, facilities, advertising contracts, and for the remainder of 2014, a total of $165 million of quarterly contributions to our U.S. Pension Plans. | |||||||||||
Schedule of Aircraft Purchase Commitments | ' | |||||||||||
B757 | B767F | B777F | Total | |||||||||
2014 (remainder) | 6 | - | - | 6 | ||||||||
2015 | 11 | 12 | - | 23 | ||||||||
2016 | - | 11 | 2 | 13 | ||||||||
2017 | - | 11 | - | 11 | ||||||||
2018 | - | 10 | 2 | 12 | ||||||||
Thereafter | - | 4 | 14 | 18 | ||||||||
Total | 17 | 48 | 18 | 83 | ||||||||
Schedule of Future Minimum Lease Payments, Operating Leases | ' | |||||||||||
Operating Leases | ||||||||||||
Aircraft | Total | |||||||||||
and Related | Facilities | Operating | ||||||||||
Equipment | and Other | Leases | ||||||||||
2014 (remainder) | $ | 100 | $ | 391 | $ | 491 | ||||||
2015 | 448 | 1,558 | 2,006 | |||||||||
2016 | 453 | 1,365 | 1,818 | |||||||||
2017 | 391 | 1,462 | 1,853 | |||||||||
2018 | 326 | 1,060 | 1,386 | |||||||||
Thereafter | 824 | 6,678 | 7,502 | |||||||||
Total | $ | 2,542 | $ | 12,514 | $ | 15,056 | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||||||
Feb. 28, 2014 | ||||||||||||
Supplemental Cash Flow (Tables) [Abstract] | ' | |||||||||||
Supplemental Cash Flow Table | ' | |||||||||||
2014 | 2013 | |||||||||||
Cash payments for: | ||||||||||||
Interest (net of capitalized interest) | $ | 121 | $ | 87 | ||||||||
Income taxes | $ | 716 | $ | 613 | ||||||||
Income tax refunds received | -50 | -205 | ||||||||||
Cash tax payments, net | $ | 666 | $ | 408 | ||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||
Feb. 28, 2014 | |||||||||||||||||||
Condensed Consolidating Financial Statements (Tables) [Abstract] | ' | ||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
28-Feb-14 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 2,016 | $ | 380 | $ | 788 | $ | -142 | $ | 3,042 | |||||||||
Receivables, less allowances | - | 4,190 | 1,051 | -44 | 5,197 | ||||||||||||||
Spare parts, supplies, fuel, prepaid expenses | |||||||||||||||||||
and other, less allowances | 146 | 718 | 54 | - | 918 | ||||||||||||||
Deferred income taxes | - | 607 | 17 | - | 624 | ||||||||||||||
Total current assets | 2,162 | 5,895 | 1,910 | -186 | 9,781 | ||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 27 | 37,736 | 2,256 | - | 40,019 | ||||||||||||||
Less accumulated depreciation and amortization | 22 | 19,535 | 1,177 | - | 20,734 | ||||||||||||||
Net property and equipment | 5 | 18,201 | 1,079 | - | 19,285 | ||||||||||||||
INTERCOMPANY RECEIVABLE | - | 659 | 1,279 | -1,938 | - | ||||||||||||||
GOODWILL | - | 1,552 | 1,187 | - | 2,739 | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 20,031 | 3,595 | - | -23,626 | - | ||||||||||||||
OTHER ASSETS | 2,122 | 641 | 232 | -2,071 | 924 | ||||||||||||||
$ | 24,320 | $ | 30,543 | $ | 5,687 | $ | -27,821 | $ | 32,729 | ||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Current portion of long-term debt | $ | - | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||
Accrued salaries and employee benefits | 66 | 1,061 | 157 | - | 1,284 | ||||||||||||||
Accounts payable | 45 | 1,447 | 597 | -186 | 1,903 | ||||||||||||||
Accrued expenses | 285 | 1,352 | 194 | - | 1,831 | ||||||||||||||
Total current liabilities | 396 | 3,861 | 948 | -186 | 5,019 | ||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | 4,486 | 249 | - | - | 4,735 | ||||||||||||||
INTERCOMPANY PAYABLE | 1,938 | - | - | -1,938 | - | ||||||||||||||
OTHER LONG-TERM LIABILITIES | |||||||||||||||||||
Deferred income taxes | - | 4,074 | 80 | -2,071 | 2,083 | ||||||||||||||
Other liabilities | 2,273 | 3,148 | 244 | - | 5,665 | ||||||||||||||
Total other long-term liabilities | 2,273 | 7,222 | 324 | -2,071 | 7,748 | ||||||||||||||
STOCKHOLDERS' INVESTMENT | 15,227 | 19,211 | 4,415 | -23,626 | 15,227 | ||||||||||||||
$ | 24,320 | $ | 30,543 | $ | 5,687 | $ | -27,821 | $ | 32,729 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||
31-May-13 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 3,892 | $ | 405 | $ | 717 | $ | -97 | $ | 4,917 | |||||||||
Receivables, less allowances | - | 3,989 | 1,084 | -29 | 5,044 | ||||||||||||||
Spare parts, supplies, fuel, prepaid expenses | |||||||||||||||||||
and other, less allowances | 45 | 681 | 54 | - | 780 | ||||||||||||||
Deferred income taxes | - | 518 | 15 | - | 533 | ||||||||||||||
Total current assets | 3,937 | 5,593 | 1,870 | -126 | 11,274 | ||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 27 | 35,915 | 2,167 | - | 38,109 | ||||||||||||||
Less accumulated depreciation and amortization | 21 | 18,469 | 1,135 | - | 19,625 | ||||||||||||||
Net property and equipment | 6 | 17,446 | 1,032 | - | 18,484 | ||||||||||||||
INTERCOMPANY RECEIVABLE | - | 439 | 1,203 | -1,642 | - | ||||||||||||||
GOODWILL | - | 1,552 | 1,203 | - | 2,755 | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 18,739 | 3,347 | - | -22,086 | - | ||||||||||||||
OTHER ASSETS | 2,187 | 822 | 191 | -2,146 | 1,054 | ||||||||||||||
$ | 24,869 | $ | 29,199 | $ | 5,499 | $ | -26,000 | $ | 33,567 | ||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Current portion of long-term debt | $ | 250 | $ | 1 | $ | - | $ | - | $ | 251 | |||||||||
Accrued salaries and employee benefits | 82 | 1,402 | 204 | - | 1,688 | ||||||||||||||
Accounts payable | 4 | 1,392 | 609 | -126 | 1,879 | ||||||||||||||
Accrued expenses | 355 | 1,366 | 211 | - | 1,932 | ||||||||||||||
Total current liabilities | 691 | 4,161 | 1,024 | -126 | 5,750 | ||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | 2,489 | 250 | - | - | 2,739 | ||||||||||||||
INTERCOMPANY PAYABLE | 1,642 | - | - | -1,642 | - | ||||||||||||||
OTHER LONG-TERM LIABILITIES | |||||||||||||||||||
Deferred income taxes | - | 3,798 | - | -2,146 | 1,652 | ||||||||||||||
Other liabilities | 2,649 | 3,133 | 246 | - | 6,028 | ||||||||||||||
Total other long-term liabilities | 2,649 | 6,931 | 246 | -2,146 | 7,680 | ||||||||||||||
STOCKHOLDERS' INVESTMENT | 17,398 | 17,857 | 4,229 | -22,086 | 17,398 | ||||||||||||||
$ | 24,869 | $ | 29,199 | $ | 5,499 | $ | -26,000 | $ | 33,567 | ||||||||||
Condensed Consolidating Statements of Comprehensive Income | ' | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Three Months Ended February 28, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 9,509 | $ | 1,876 | $ | -84 | $ | 11,301 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 24 | 3,615 | 528 | - | 4,167 | ||||||||||||||
Purchased transportation | - | 1,426 | 680 | -43 | 2,063 | ||||||||||||||
Rentals and landing fees | 1 | 576 | 86 | -1 | 662 | ||||||||||||||
Depreciation and amortization | - | 601 | 51 | - | 652 | ||||||||||||||
Fuel | - | 1,138 | 25 | - | 1,163 | ||||||||||||||
Maintenance and repairs | 1 | 406 | 31 | - | 438 | ||||||||||||||
Intercompany charges, net | -52 | -17 | 69 | - | - | ||||||||||||||
Other | 26 | 1,234 | 295 | -40 | 1,515 | ||||||||||||||
- | 8,979 | 1,765 | -84 | 10,660 | |||||||||||||||
OPERATING INCOME | - | 530 | 111 | - | 641 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 378 | 80 | - | -458 | - | ||||||||||||||
Interest, net | -45 | 4 | 3 | - | -38 | ||||||||||||||
Intercompany charges, net | 46 | -52 | 6 | - | - | ||||||||||||||
Other, net | -1 | -9 | 1 | - | -9 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 378 | 553 | 121 | -458 | 594 | ||||||||||||||
Provision for income taxes | - | 165 | 51 | - | 216 | ||||||||||||||
NET INCOME | $ | 378 | $ | 388 | $ | 70 | $ | -458 | $ | 378 | |||||||||
COMPREHENSIVE INCOME | $ | 419 | $ | 388 | $ | 44 | $ | -458 | $ | 393 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Three Months Ended February 28, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 9,182 | $ | 1,851 | $ | -80 | $ | 10,953 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 26 | 3,594 | 530 | - | 4,150 | ||||||||||||||
Purchased transportation | - | 1,261 | 649 | -39 | 1,871 | ||||||||||||||
Rentals and landing fees | 2 | 555 | 85 | -2 | 640 | ||||||||||||||
Depreciation and amortization | - | 551 | 48 | - | 599 | ||||||||||||||
Fuel | - | 1,190 | 25 | - | 1,215 | ||||||||||||||
Maintenance and repairs | - | 395 | 29 | - | 424 | ||||||||||||||
Business realignment costs | 5 | 42 | - | - | 47 | ||||||||||||||
Intercompany charges, net | -55 | -71 | 126 | - | - | ||||||||||||||
Other | 22 | 1,129 | 306 | -39 | 1,418 | ||||||||||||||
- | 8,646 | 1,798 | -80 | 10,364 | |||||||||||||||
OPERATING INCOME | - | 536 | 53 | - | 589 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 361 | 53 | - | -414 | - | ||||||||||||||
Interest, net | -27 | 16 | 2 | - | -9 | ||||||||||||||
Intercompany charges, net | 29 | -33 | 4 | - | - | ||||||||||||||
Other, net | -2 | -13 | -1 | - | -16 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 361 | 559 | 58 | -414 | 564 | ||||||||||||||
Provision for income taxes | - | 155 | 48 | - | 203 | ||||||||||||||
NET INCOME | $ | 361 | $ | 404 | $ | 10 | $ | -414 | $ | 361 | |||||||||
COMPREHENSIVE INCOME | $ | 419 | $ | 401 | $ | 15 | $ | -414 | $ | 421 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Nine Months Ended February 28, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 28,184 | $ | 5,796 | $ | -252 | $ | 33,728 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 79 | 10,697 | 1,616 | - | 12,392 | ||||||||||||||
Purchased transportation | - | 4,008 | 2,092 | -118 | 5,982 | ||||||||||||||
Rentals and landing fees | 4 | 1,697 | 253 | -4 | 1,950 | ||||||||||||||
Depreciation and amortization | 1 | 1,785 | 152 | - | 1,938 | ||||||||||||||
Fuel | - | 3,330 | 73 | - | 3,403 | ||||||||||||||
Maintenance and repairs | 1 | 1,302 | 94 | - | 1,397 | ||||||||||||||
Intercompany charges, net | -163 | -47 | 210 | - | - | ||||||||||||||
Other | 78 | 3,559 | 896 | -130 | 4,403 | ||||||||||||||
- | 26,331 | 5,386 | -252 | 31,465 | |||||||||||||||
OPERATING INCOME | - | 1,853 | 410 | - | 2,263 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 1,367 | 323 | - | -1,690 | - | ||||||||||||||
Interest, net | -114 | 14 | 5 | - | -95 | ||||||||||||||
Intercompany charges, net | 117 | -134 | 17 | - | - | ||||||||||||||
Other, net | -3 | -14 | 1 | - | -16 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 1,367 | 2,042 | 433 | -1,690 | 2,152 | ||||||||||||||
Provision for income taxes | - | 648 | 137 | - | 785 | ||||||||||||||
NET INCOME | $ | 1,367 | $ | 1,394 | $ | 296 | $ | -1,690 | $ | 1,367 | |||||||||
COMPREHENSIVE INCOME | $ | 1,487 | $ | 1,401 | $ | 235 | $ | -1,690 | $ | 1,433 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Nine Months Ended February 28, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 27,501 | $ | 5,594 | $ | -243 | $ | 32,852 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 79 | 10,752 | 1,547 | - | 12,378 | ||||||||||||||
Purchased transportation | - | 3,613 | 1,905 | -107 | 5,411 | ||||||||||||||
Rentals and landing fees | 4 | 1,648 | 241 | -5 | 1,888 | ||||||||||||||
Depreciation and amortization | 1 | 1,626 | 137 | - | 1,764 | ||||||||||||||
Fuel | - | 3,516 | 72 | - | 3,588 | ||||||||||||||
Maintenance and repairs | 1 | 1,391 | 85 | - | 1,477 | ||||||||||||||
Business realignment costs | 15 | 49 | - | - | 64 | ||||||||||||||
Intercompany charges, net | -169 | -276 | 445 | - | - | ||||||||||||||
Other | 69 | 3,403 | 892 | -131 | 4,233 | ||||||||||||||
- | 25,722 | 5,324 | -243 | 30,803 | |||||||||||||||
OPERATING INCOME | - | 1,779 | 270 | - | 2,049 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 1,258 | 152 | - | -1,410 | - | ||||||||||||||
Interest, net | -77 | 35 | 5 | - | -37 | ||||||||||||||
Intercompany charges, net | 82 | -95 | 13 | - | - | ||||||||||||||
Other, net | -5 | -18 | -6 | - | -29 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 1,258 | 1,853 | 282 | -1,410 | 1,983 | ||||||||||||||
Provision for income taxes | - | 581 | 144 | - | 725 | ||||||||||||||
NET INCOME | $ | 1,258 | $ | 1,272 | $ | 138 | $ | -1,410 | $ | 1,258 | |||||||||
COMPREHENSIVE INCOME | $ | 1,434 | $ | 1,284 | $ | 193 | $ | -1,410 | $ | 1,501 | |||||||||
Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Nine Months Ended February 28, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | -104 | $ | 2,386 | $ | 341 | $ | -45 | $ | 2,578 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | - | -2,342 | -212 | - | -2,554 | ||||||||||||||
Proceeds from asset dispositions and other | - | 26 | -3 | - | 23 | ||||||||||||||
CASH USED IN INVESTING ACTIVITIES | - | -2,316 | -215 | - | -2,531 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Net transfers from (to) Parent | 136 | -123 | -13 | - | - | ||||||||||||||
Payment on loan between subsidiaries | - | 5 | -5 | - | - | ||||||||||||||
Intercompany dividends | - | 36 | -36 | - | - | ||||||||||||||
Principal payments on debt | -250 | -4 | - | - | -254 | ||||||||||||||
Proceeds from debt issuance | 1,997 | - | - | - | 1,997 | ||||||||||||||
Proceeds from stock issuances | 462 | - | - | - | 462 | ||||||||||||||
Excess tax benefit on the exercise of stock options | 27 | - | - | - | 27 | ||||||||||||||
Dividends paid | -142 | - | - | - | -142 | ||||||||||||||
Purchase of treasury stock | -3,984 | - | - | - | -3,984 | ||||||||||||||
Other, net | -18 | - | - | - | -18 | ||||||||||||||
CASH USED IN FINANCING ACTIVITIES | -1,772 | -86 | -54 | - | -1,912 | ||||||||||||||
Effect of exchange rate changes on cash | - | -9 | -1 | - | -10 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | -1,876 | -25 | 71 | -45 | -1,875 | ||||||||||||||
Cash and cash equivalents at beginning of period | 3,892 | 405 | 717 | -97 | 4,917 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 2,016 | $ | 380 | $ | 788 | $ | -142 | $ | 3,042 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Nine Months Ended February 28, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 78 | $ | 2,556 | $ | 347 | $ | -5 | $ | 2,976 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | -3 | -2,201 | -226 | - | -2,430 | ||||||||||||||
Business acquisitions, net of cash acquired | - | - | -483 | - | -483 | ||||||||||||||
Proceeds from asset dispositions and other | - | 39 | 6 | - | 45 | ||||||||||||||
CASH USED IN INVESTING ACTIVITIES | -3 | -2,162 | -703 | - | -2,868 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Net transfers from (to) Parent | -453 | 517 | -64 | - | - | ||||||||||||||
Payment on loan between subsidiaries | - | -407 | 407 | - | - | ||||||||||||||
Intercompany dividends | - | 12 | -12 | - | - | ||||||||||||||
Principal payments on debt | - | -417 | - | - | -417 | ||||||||||||||
Proceeds from debt issuance | 991 | - | - | - | 991 | ||||||||||||||
Proceeds from stock issuances | 221 | - | - | - | 221 | ||||||||||||||
Excess tax benefit on the exercise of stock options | 9 | - | - | - | 9 | ||||||||||||||
Dividends paid | -132 | - | - | - | -132 | ||||||||||||||
Purchase of treasury stock | -246 | - | - | - | -246 | ||||||||||||||
Other, net | -9 | -93 | 93 | - | -9 | ||||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 381 | -388 | 424 | - | 417 | ||||||||||||||
Effect of exchange rate changes on cash | - | -4 | 8 | - | 4 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 456 | 2 | 76 | -5 | 529 | ||||||||||||||
Cash and cash equivalents at beginning of period | 1,906 | 417 | 636 | -116 | 2,843 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 2,362 | $ | 419 | $ | 712 | $ | -121 | $ | 3,372 |
General_Details
General (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Accelerated Share Repurchase [Abstract] | ' | ' | ' | ' |
Accelerated share repurchase aggregate payment | $2,000 | ' | ' | ' |
Accelerated share repurchase value of forward contract recorded in additional paid in capital | 400 | ' | ' | ' |
Accelerated share repurchases value of initial delivery of shares in treasury stock | 1,600 | ' | ' | ' |
Common Shares Attributable to Dilutive Effect of Initial Share Delivery Under Accelerated Share Repurchase Agreements | 11,400,000 | ' | ' | ' |
General Details [Abstract] | ' | ' | ' | ' |
Dividends Payable, Date Declared | 14-Feb-14 | ' | ' | ' |
Dividends Payable Amount Per Share | $0.15 | ' | $0.15 | ' |
Dividends Payable, Date To Be Paid | 1-Apr-14 | ' | ' | ' |
Dividends Payable, Date Of Record | 11-Mar-14 | ' | ' | ' |
Stock Based Compensation Details [Abstract] | ' | ' | ' | ' |
Stock-based compensation | 23 | 23 | 94 | 87 |
Treasury Shares [Abstract] | ' | ' | ' | ' |
Stock Repurchase Authorization, Number of Shares Authorized to Be Repurchased | 32,000,000 | ' | 32,000,000 | ' |
Stock Repurchase Authorization, Remaining Number of Shares from Previously Authorized Share Repurchase Program | 15,200,000 | ' | 15,200,000 | ' |
Treasury Stock Acquired Excluding ASR, Average Cost Per Share | ' | ' | 128 | ' |
Payment for Treasury Stock Acquired Excluding Accelerated Share Repurchase Agreements | $2,000 | ' | $2,000 | ' |
Stock Repurchase Authorization, Shares Purchased Under Previously Authorized Share Repurchase Program Excluding Accelerated Share Repurchase | ' | ' | 15,600,000 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($3,820) | ' |
Translation adjustment | -30 | -3 | -64 | 54 |
Ending balance | -3,754 | -4,710 | -3,754 | -4,710 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Salaries and employee benefits | 4,167 | 4,150 | 12,392 | 12,378 |
PROVISION FOR INCOME TAXES | 216 | 203 | 785 | 725 |
Amortization of actuarial losses [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Salaries and employee benefits | -98 | -129 | -290 | -387 |
Amortization of prior service credits [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Salaries and employee benefits | 28 | 29 | 85 | 86 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Salaries and employee benefits | -70 | -100 | -205 | -301 |
PROVISION FOR INCOME TAXES | 25 | 37 | 75 | 112 |
Net income | -45 | -63 | -130 | -189 |
Foreign currency translation gain (loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning balance | 68 | 118 | 102 | 61 |
Translation adjustment | -30 | -3 | -64 | 54 |
Ending balance | 38 | 115 | 38 | 115 |
Retirement plans adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning balance | -3,837 | -4,888 | -3,922 | -5,014 |
Reclassification from AOCI | 45 | 63 | 130 | 189 |
Ending balance | ($3,792) | ($4,825) | ($3,792) | ($4,825) |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | 9 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 28, 2014 | 31-May-13 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 |
Unsecured Debt Repaid in 2014 [Member] | Senior Unsecured Debt Due In 2024 [Member] | Senior Unsecured Debt Due In 2034 [Member] | Senior Unsecured Debt Due In 2044 [Member] | Total Senior Unsecured Debt Issued January 2014 [Member] | |||
Financing Arrangements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Repayments Of Unsecured Debt | ' | ' | $250 | ' | ' | ' | ' |
Line Of Credit Facility Maximum Borrowing Capacity | 1,000 | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Current Borrowing Capacity | 1,000 | ' | ' | ' | ' | ' | ' |
Long Term Debt Exclusive of Capital Leases Carrying Value | 4,700 | 3,000 | ' | ' | ' | ' | ' |
Long Term Debt Exclusive Of Capital Leases Fair Value | 4,900 | 3,200 | ' | ' | ' | ' | ' |
Senior Unsecured Debt Issued | ' | ' | ' | $750 | $500 | $750 | $2,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 7.38% | 4.00% | 4.90% | 5.10% | ' |
Debt Instrument, Maturity Date | ' | ' | 15-Jan-14 | 15-Jan-24 | 15-Jan-34 | 15-Jan-44 | ' |
Debt Instrument, Issuance Date | ' | ' | ' | 9-Jan-14 | 9-Jan-14 | 9-Jan-14 | ' |
Line of Credit Facility, Expiration Date | 1-Mar-18 | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Covenant Terms Maximum Leverage Ratio | '70% | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Covenant Terms Leverage Ratio | '57% | ' | ' | ' | ' | ' | ' |
Computation_of_Earnings_Per_Sh2
Computation of Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | ||||
Basic earnings per common share: | ' | ' | ' | ' | ||||
Net earnings allocable to common shares | $377 | [1] | $360 | [1] | $1,365 | [1] | $1,255 | [1] |
Weighted-average common shares | 303 | 315 | 312 | 314 | ||||
Basic earnings per common share | $1.24 | $1.14 | $4.38 | $3.99 | ||||
Diluted earnings per common share: | ' | ' | ' | ' | ||||
Net earnings allocable to common shares | $377 | [1] | $360 | [1] | $1,365 | [1] | $1,255 | [1] |
Weighted-average common shares | 303 | 315 | 312 | 314 | ||||
Dilutive effect of share-based awards | 4 | 2 | 3 | 2 | ||||
Weighted-average diluted shares | 307 | 317 | 315 | 316 | ||||
Diluted earnings per common share | $1.23 | $1.13 | $4.34 | $3.97 | ||||
Anti-dilutive options excluded from diluted earnings per common share | 0.5 | 7.9 | 4.3 | 12.1 | ||||
[1] | B Net earnings available to participating securities were immaterial in all periods presented. |
Retirement_Plans_Details_1
Retirement Plans (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ' | ' | ' |
U.S. domestic and international pension plans | $124 | $169 | $366 | $509 |
U.S. domestic and international defined contribution plans | 90 | 87 | 269 | 262 |
U.S. domestic and international postretirement healthcare plans | 20 | 19 | 59 | 58 |
Retirement plans costs | $234 | $275 | $694 | $829 |
Retirement_Plans_Details_2
Retirement Plans (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Pension Plans | ' | ' | ' | ' |
Net Periodic Benefit Cost | ' | ' | ' | ' |
Service cost | $164 | $173 | $492 | $519 |
Interest cost | 264 | 242 | 790 | 726 |
Expected return on plan assets | -374 | -346 | -1,121 | -1,037 |
Recognized actuarial losses and other | 70 | 100 | 205 | 301 |
Total net periodic benefit cost | 124 | 169 | 366 | 509 |
Postretirement Healthcare Plans | ' | ' | ' | ' |
Net Periodic Benefit Cost | ' | ' | ' | ' |
Service cost | 10 | 10 | 29 | 31 |
Interest cost | 10 | 9 | 30 | 27 |
Total net periodic benefit cost | $20 | $19 | $59 | $58 |
Retirement_Plans_Details_3
Retirement Plans (Details 3) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Pension Plans Contributions [Abstract] | ' | ' |
U.S. domestic pension contributions | $480 | $420 |
March 2014 U.S. Pension Plans contribution | $165 | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $11,301 | $10,953 | $33,728 | $32,852 |
Operating Income | 641 | 589 | 2,263 | 2,049 |
FedEx Express Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 6,674 | 6,704 | 20,123 | 20,194 |
Operating Income | 135 | 118 | 697 | 555 |
FedEx Ground Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 3,031 | 2,747 | 8,610 | 7,802 |
Operating Income | 477 | 467 | 1,369 | 1,324 |
FedEx Freight Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 1,347 | 1,237 | 4,205 | 4,013 |
Operating Income | 29 | 4 | 197 | 170 |
FedEx Services Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 368 | 380 | 1,134 | 1,174 |
Other and Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | ($119) | ($115) | ($344) | ($331) |
Commitments_Details_1
Commitments (Details 1) (USD $) | Feb. 28, 2014 | |
In Millions, unless otherwise specified | ||
Schedule of Purchase Commitments [Line Items] | ' | |
2014 (remainder) | $499 | |
2015 | 1,418 | |
2016 | 1,394 | |
2017 | 1,067 | |
2018 | 1,444 | |
Thereafter | 5,504 | |
Total | 11,326 | |
Aircraft And Related Equipment Commitments [Member] | ' | |
Schedule of Purchase Commitments [Line Items] | ' | |
2014 (remainder) | 217 | |
2015 | 1,155 | |
2016 | 1,215 | |
2017 | 955 | |
2018 | 1,396 | |
Thereafter | 5,388 | |
Total | 10,326 | |
Other Commitments [Member] | ' | |
Schedule of Purchase Commitments [Line Items] | ' | |
2014 (remainder) | 282 | [1] |
2015 | 263 | [1] |
2016 | 179 | [1] |
2017 | 112 | [1] |
2018 | 48 | [1] |
Thereafter | 116 | [1] |
Total | $1,000 | [1] |
[1] | Primarily vehicles, facilities, advertising contracts, and for the remainder of 2014, a total of $165 million of quarterly contributions to our U.S. Pension Plans. |
Commitments_Details_2
Commitments (Details 2) | Feb. 28, 2014 |
Schedule of Aircraft Commitments [Line Items] | ' |
2014 (remainder) | 6 |
2015 | 23 |
2016 | 13 |
2017 | 11 |
2018 | 12 |
Thereafter | 18 |
Total | 83 |
Boeing 777 Freighter [Member] | ' |
Schedule of Aircraft Commitments [Line Items] | ' |
2016 | 2 |
2018 | 2 |
Thereafter | 14 |
Total | 18 |
Boeing 757 [Member] | ' |
Schedule of Aircraft Commitments [Line Items] | ' |
2014 (remainder) | 6 |
2015 | 11 |
Total | 17 |
Boeing 767 Freighter [Member] | ' |
Schedule of Aircraft Commitments [Line Items] | ' |
2015 | 12 |
2016 | 11 |
2017 | 11 |
2018 | 10 |
Thereafter | 4 |
Total | 48 |
Commitments_Details_3
Commitments (Details 3) (USD $) | Feb. 28, 2014 |
In Millions, unless otherwise specified | |
Schedule of Future Minimum Operating Lease Payments [Line Items] | ' |
2014 (remainder) | $491 |
2015 | 2,006 |
2016 | 1,818 |
2017 | 1,853 |
2018 | 1,386 |
Thereafter | 7,502 |
Total | 15,056 |
Aircraft and Related Equipment [Member] | ' |
Schedule of Future Minimum Operating Lease Payments [Line Items] | ' |
2014 (remainder) | 100 |
2015 | 448 |
2016 | 453 |
2017 | 391 |
2018 | 326 |
Thereafter | 824 |
Total | 2,542 |
Facilities and Other [Member] | ' |
Schedule of Future Minimum Operating Lease Payments [Line Items] | ' |
2014 (remainder) | 391 |
2015 | 1,558 |
2016 | 1,365 |
2017 | 1,462 |
2018 | 1,060 |
Thereafter | 6,678 |
Total | $12,514 |
Commitments_Details_4
Commitments (Details 4) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 |
Aircraft Commitment Deferrals [Abstract] | ' |
Boeing 777F Options Deferred Two Years | 11 |
Other Aircraft Commitments Disclosure [Abstract] | ' |
Boeing 777F Conditional Aircraft Commitments | 9 |
Boeing 767F Conditional Aircraft Commitments | 4 |
Aircraft Purchase Commitment Boeing 767F Delivery 2016 And 20017 | 2 |
Other Commitment Disclosures [Line Items] | ' |
Deposit and Progress Payments | $272 |
Required Pensions Contributions Remaining | $165 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest (net of capitalized interest) | $121 | $87 |
Income taxes | 716 | 613 |
Income tax refunds received | -50 | -205 |
Cash tax payments (refunds), net | $666 | $408 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Details 1) (USD $) | Feb. 28, 2014 |
In Millions, unless otherwise specified | |
Guarantor Obligations [Abstract] | ' |
Debt Guarantee | $4,500 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Details 2) (USD $) | Feb. 28, 2014 | 31-May-13 | Feb. 28, 2013 | 31-May-12 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $3,042 | $4,917 | $3,372 | $2,843 |
Receivables, less allowances of $155 and $176 | 5,197 | 5,044 | ' | ' |
Spare parts, supplies, fuel, prepaid expenses and other, less allowances | 918 | 780 | ' | ' |
Deferred income taxes | 624 | 533 | ' | ' |
Total current assets | 9,781 | 11,274 | ' | ' |
PROPERTY AND EQUIPMENT, AT COST | 40,019 | 38,109 | ' | ' |
Less accumulated depreciation and amortization | 20,734 | 19,625 | ' | ' |
Net property and equipment | 19,285 | 18,484 | ' | ' |
GOODWILL | 2,739 | 2,755 | ' | ' |
Other assets | 924 | 1,054 | ' | ' |
ASSETS | 32,729 | 33,567 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Current portion of long-term debt | 1 | 251 | ' | ' |
Accrued salaries and employee benefits | 1,284 | 1,688 | ' | ' |
Accounts payable | 1,903 | 1,879 | ' | ' |
Accrued expenses | 1,831 | 1,932 | ' | ' |
Total current liabilities | 5,019 | 5,750 | ' | ' |
LONG-TERM DEBT, LESS CURRENT PORTION | 4,735 | 2,739 | ' | ' |
OTHER LONG-TERM LIABILITIES | ' | ' | ' | ' |
Deferred income taxes | 2,083 | 1,652 | ' | ' |
Other liabilities | 5,665 | 6,028 | ' | ' |
Total other long-term liabilities | 7,748 | 7,680 | ' | ' |
STOCKHOLDERS' INVESTMENT | 15,227 | 17,398 | ' | ' |
LIABILITIES AND STOCKHOLDERS' INVESTMENT | 32,729 | 33,567 | ' | ' |
Parent Company Member | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 2,016 | 3,892 | 2,362 | 1,906 |
Spare parts, supplies, fuel, prepaid expenses and other, less allowances | 146 | 45 | ' | ' |
Total current assets | 2,162 | 3,937 | ' | ' |
PROPERTY AND EQUIPMENT, AT COST | 27 | 27 | ' | ' |
Less accumulated depreciation and amortization | 22 | 21 | ' | ' |
Net property and equipment | 5 | 6 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 20,031 | 18,739 | ' | ' |
Other assets | 2,122 | 2,187 | ' | ' |
ASSETS | 24,320 | 24,869 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Current portion of long-term debt | ' | 250 | ' | ' |
Accrued salaries and employee benefits | 66 | 82 | ' | ' |
Accounts payable | 45 | 4 | ' | ' |
Accrued expenses | 285 | 355 | ' | ' |
Total current liabilities | 396 | 691 | ' | ' |
LONG-TERM DEBT, LESS CURRENT PORTION | 4,486 | 2,489 | ' | ' |
INTERCOMPANY PAYABLE | 1,938 | 1,642 | ' | ' |
OTHER LONG-TERM LIABILITIES | ' | ' | ' | ' |
Other liabilities | 2,273 | 2,649 | ' | ' |
Total other long-term liabilities | 2,273 | 2,649 | ' | ' |
STOCKHOLDERS' INVESTMENT | 15,227 | 17,398 | ' | ' |
LIABILITIES AND STOCKHOLDERS' INVESTMENT | 24,320 | 24,869 | ' | ' |
Guarantor Subsidiaries Member | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 380 | 405 | 419 | 417 |
Receivables, less allowances of $155 and $176 | 4,190 | 3,989 | ' | ' |
Spare parts, supplies, fuel, prepaid expenses and other, less allowances | 718 | 681 | ' | ' |
Deferred income taxes | 607 | 518 | ' | ' |
Total current assets | 5,895 | 5,593 | ' | ' |
PROPERTY AND EQUIPMENT, AT COST | 37,736 | 35,915 | ' | ' |
Less accumulated depreciation and amortization | 19,535 | 18,469 | ' | ' |
Net property and equipment | 18,201 | 17,446 | ' | ' |
INTERCOMPANY RECEIVABLE | 659 | 439 | ' | ' |
GOODWILL | 1,552 | 1,552 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 3,595 | 3,347 | ' | ' |
Other assets | 641 | 822 | ' | ' |
ASSETS | 30,543 | 29,199 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Current portion of long-term debt | 1 | 1 | ' | ' |
Accrued salaries and employee benefits | 1,061 | 1,402 | ' | ' |
Accounts payable | 1,447 | 1,392 | ' | ' |
Accrued expenses | 1,352 | 1,366 | ' | ' |
Total current liabilities | 3,861 | 4,161 | ' | ' |
LONG-TERM DEBT, LESS CURRENT PORTION | 249 | 250 | ' | ' |
OTHER LONG-TERM LIABILITIES | ' | ' | ' | ' |
Deferred income taxes | 4,074 | 3,798 | ' | ' |
Other liabilities | 3,148 | 3,133 | ' | ' |
Total other long-term liabilities | 7,222 | 6,931 | ' | ' |
STOCKHOLDERS' INVESTMENT | 19,211 | 17,857 | ' | ' |
LIABILITIES AND STOCKHOLDERS' INVESTMENT | 30,543 | 29,199 | ' | ' |
Non Guarantor Subsidiaries Member | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 788 | 717 | 712 | 636 |
Receivables, less allowances of $155 and $176 | 1,051 | 1,084 | ' | ' |
Spare parts, supplies, fuel, prepaid expenses and other, less allowances | 54 | 54 | ' | ' |
Deferred income taxes | 17 | 15 | ' | ' |
Total current assets | 1,910 | 1,870 | ' | ' |
PROPERTY AND EQUIPMENT, AT COST | 2,256 | 2,167 | ' | ' |
Less accumulated depreciation and amortization | 1,177 | 1,135 | ' | ' |
Net property and equipment | 1,079 | 1,032 | ' | ' |
INTERCOMPANY RECEIVABLE | 1,279 | 1,203 | ' | ' |
GOODWILL | 1,187 | 1,203 | ' | ' |
Other assets | 232 | 191 | ' | ' |
ASSETS | 5,687 | 5,499 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accrued salaries and employee benefits | 157 | 204 | ' | ' |
Accounts payable | 597 | 609 | ' | ' |
Accrued expenses | 194 | 211 | ' | ' |
Total current liabilities | 948 | 1,024 | ' | ' |
OTHER LONG-TERM LIABILITIES | ' | ' | ' | ' |
Deferred income taxes | 80 | ' | ' | ' |
Other liabilities | 244 | 246 | ' | ' |
Total other long-term liabilities | 324 | 246 | ' | ' |
STOCKHOLDERS' INVESTMENT | 4,415 | 4,229 | ' | ' |
LIABILITIES AND STOCKHOLDERS' INVESTMENT | 5,687 | 5,499 | ' | ' |
Consolidation Eliminations Member | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | -142 | -97 | -121 | -116 |
Receivables, less allowances of $155 and $176 | -44 | -29 | ' | ' |
Total current assets | -186 | -126 | ' | ' |
INTERCOMPANY RECEIVABLE | -1,938 | -1,642 | ' | ' |
INVESTMENT IN SUBSIDIARIES | -23,626 | -22,086 | ' | ' |
Other assets | -2,071 | -2,146 | ' | ' |
ASSETS | -27,821 | -26,000 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | -186 | -126 | ' | ' |
Total current liabilities | -186 | -126 | ' | ' |
INTERCOMPANY PAYABLE | -1,938 | -1,642 | ' | ' |
OTHER LONG-TERM LIABILITIES | ' | ' | ' | ' |
Deferred income taxes | -2,071 | -2,146 | ' | ' |
Total other long-term liabilities | -2,071 | -2,146 | ' | ' |
STOCKHOLDERS' INVESTMENT | -23,626 | -22,086 | ' | ' |
LIABILITIES AND STOCKHOLDERS' INVESTMENT | ($27,821) | ($26,000) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2013 |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
REVENUES | $11,301 | $10,953 | $33,728 | $32,852 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Salaries and employee benefits | 4,167 | 4,150 | 12,392 | 12,378 |
Purchased transportation | 2,063 | 1,871 | 5,982 | 5,411 |
Rentals and landing fees | 662 | 640 | 1,950 | 1,888 |
Depreciation and amortization | 652 | 599 | 1,938 | 1,764 |
Fuel | 1,163 | 1,215 | 3,403 | 3,588 |
Maintenance and repairs | 438 | 424 | 1,397 | 1,477 |
Business realignment costs | ' | 47 | ' | 64 |
Other | 1,515 | 1,418 | 4,403 | 4,233 |
OPERATING EXPENSES | 10,660 | 10,364 | 31,465 | 30,803 |
OPERATING INCOME | 641 | 589 | 2,263 | 2,049 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest, net | -38 | -9 | -95 | -37 |
Other, net | -9 | -16 | -16 | -29 |
INCOME BEFORE INCOME TAXES | 594 | 564 | 2,152 | 1,983 |
PROVISION FOR INCOME TAXES | 216 | 203 | 785 | 725 |
NET INCOME | 378 | 361 | 1,367 | 1,258 |
COMPREHENSIVE INCOME | 393 | 421 | 1,433 | 1,501 |
Parent Company Member | ' | ' | ' | ' |
OPERATING EXPENSES: | ' | ' | ' | ' |
Salaries and employee benefits | 24 | 26 | 79 | 79 |
Rentals and landing fees | 1 | 2 | 4 | 4 |
Depreciation and amortization | ' | ' | 1 | 1 |
Maintenance and repairs | 1 | ' | 1 | 1 |
Business realignment costs | ' | 5 | ' | 15 |
Intercompany charges, net | -52 | -55 | -163 | -169 |
Other | 26 | 22 | 78 | 69 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Equity in earnings of subsidiaries | 378 | 361 | 1,367 | 1,258 |
Interest, net | -45 | -27 | -114 | -77 |
Intercompany charges, net | 46 | 29 | 117 | 82 |
Other, net | -1 | -2 | -3 | -5 |
INCOME BEFORE INCOME TAXES | 378 | 361 | 1,367 | 1,258 |
NET INCOME | 378 | 361 | 1,367 | 1,258 |
COMPREHENSIVE INCOME | 419 | 419 | 1,487 | 1,434 |
Guarantor Subsidiaries Member | ' | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
REVENUES | 9,509 | 9,182 | 28,184 | 27,501 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Salaries and employee benefits | 3,615 | 3,594 | 10,697 | 10,752 |
Purchased transportation | 1,426 | 1,261 | 4,008 | 3,613 |
Rentals and landing fees | 576 | 555 | 1,697 | 1,648 |
Depreciation and amortization | 601 | 551 | 1,785 | 1,626 |
Fuel | 1,138 | 1,190 | 3,330 | 3,516 |
Maintenance and repairs | 406 | 395 | 1,302 | 1,391 |
Business realignment costs | ' | 42 | ' | 49 |
Intercompany charges, net | -17 | -71 | -47 | -276 |
Other | 1,234 | 1,129 | 3,559 | 3,403 |
OPERATING EXPENSES | 8,979 | 8,646 | 26,331 | 25,722 |
OPERATING INCOME | 530 | 536 | 1,853 | 1,779 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Equity in earnings of subsidiaries | 80 | 53 | 323 | 152 |
Interest, net | 4 | 16 | 14 | 35 |
Intercompany charges, net | -52 | -33 | -134 | -95 |
Other, net | -9 | -13 | -14 | -18 |
INCOME BEFORE INCOME TAXES | 553 | 559 | 2,042 | 1,853 |
PROVISION FOR INCOME TAXES | 165 | 155 | 648 | 581 |
NET INCOME | 388 | 404 | 1,394 | 1,272 |
COMPREHENSIVE INCOME | 388 | 401 | 1,401 | 1,284 |
Non Guarantor Subsidiaries Member | ' | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
REVENUES | 1,876 | 1,851 | 5,796 | 5,594 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Salaries and employee benefits | 528 | 530 | 1,616 | 1,547 |
Purchased transportation | 680 | 649 | 2,092 | 1,905 |
Rentals and landing fees | 86 | 85 | 253 | 241 |
Depreciation and amortization | 51 | 48 | 152 | 137 |
Fuel | 25 | 25 | 73 | 72 |
Maintenance and repairs | 31 | 29 | 94 | 85 |
Intercompany charges, net | 69 | 126 | 210 | 445 |
Other | 295 | 306 | 896 | 892 |
OPERATING EXPENSES | 1,765 | 1,798 | 5,386 | 5,324 |
OPERATING INCOME | 111 | 53 | 410 | 270 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest, net | 3 | 2 | 5 | 5 |
Intercompany charges, net | 6 | 4 | 17 | 13 |
Other, net | 1 | -1 | 1 | -6 |
INCOME BEFORE INCOME TAXES | 121 | 58 | 433 | 282 |
PROVISION FOR INCOME TAXES | 51 | 48 | 137 | 144 |
NET INCOME | 70 | 10 | 296 | 138 |
COMPREHENSIVE INCOME | 44 | 15 | 235 | 193 |
Consolidation Eliminations Member | ' | ' | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
REVENUES | -84 | -80 | -252 | -243 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Purchased transportation | -43 | -39 | -118 | -107 |
Rentals and landing fees | -1 | -2 | -4 | -5 |
Other | -40 | -39 | -130 | -131 |
OPERATING EXPENSES | -84 | -80 | -252 | -243 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Equity in earnings of subsidiaries | -458 | -414 | -1,690 | -1,410 |
INCOME BEFORE INCOME TAXES | -458 | -414 | -1,690 | -1,410 |
NET INCOME | -458 | -414 | -1,690 | -1,410 |
COMPREHENSIVE INCOME | ($458) | ($414) | ($1,690) | ($1,410) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements (Details 4) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Cash provided by (used in) operating activities | $2,578 | $2,976 |
Investing Activities: | ' | ' |
Capital expenditures | -2,554 | -2,430 |
Business acquisitions, net of cash acquired | ' | -483 |
Proceeds from asset dispositions and other | 23 | 45 |
Cash used in investing activities | -2,531 | -2,868 |
Financing Activities: | ' | ' |
Principal payments on debt | -254 | -417 |
Proceeds from debt issuances | 1,997 | 991 |
Proceeds from stock issuances | 462 | 221 |
Excess tax benefit on the exercise of stock options | 27 | 9 |
Dividends paid | -142 | -132 |
Purchase of treasury stock, including accelerated share repurchase agreements | -3,984 | -246 |
Other, net | -18 | -9 |
Cash (used in) provided by financing activities | -1,912 | 417 |
Effect of exchange rate changes on cash | -10 | 4 |
Net (decrease) increase in cash and cash equivalents | -1,875 | 529 |
Cash and cash equivalents at beginning of period | 4,917 | 2,843 |
Cash and cash equivalents at end of period | 3,042 | 3,372 |
Parent Company Member | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Cash provided by (used in) operating activities | -104 | 78 |
Investing Activities: | ' | ' |
Capital expenditures | ' | -3 |
Cash used in investing activities | ' | -3 |
Financing Activities: | ' | ' |
Net transfers from (to) Parent | 136 | -453 |
Principal payments on debt | -250 | ' |
Proceeds from debt issuances | 1,997 | 991 |
Proceeds from stock issuances | 462 | 221 |
Excess tax benefit on the exercise of stock options | 27 | 9 |
Dividends paid | -142 | -132 |
Purchase of treasury stock, including accelerated share repurchase agreements | -3,984 | -246 |
Other, net | -18 | -9 |
Cash (used in) provided by financing activities | -1,772 | 381 |
Net (decrease) increase in cash and cash equivalents | -1,876 | 456 |
Cash and cash equivalents at beginning of period | 3,892 | 1,906 |
Cash and cash equivalents at end of period | 2,016 | 2,362 |
Guarantor Subsidiaries Member | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Cash provided by (used in) operating activities | 2,386 | 2,556 |
Investing Activities: | ' | ' |
Capital expenditures | -2,342 | -2,201 |
Proceeds from asset dispositions and other | 26 | 39 |
Cash used in investing activities | -2,316 | -2,162 |
Financing Activities: | ' | ' |
Net transfers from (to) Parent | -123 | 517 |
Payment on loan between subsidiaries | 5 | -407 |
Intercompany dividends | 36 | 12 |
Principal payments on debt | -4 | -417 |
Other, net | ' | -93 |
Cash (used in) provided by financing activities | -86 | -388 |
Effect of exchange rate changes on cash | -9 | -4 |
Net (decrease) increase in cash and cash equivalents | -25 | 2 |
Cash and cash equivalents at beginning of period | 405 | 417 |
Cash and cash equivalents at end of period | 380 | 419 |
Non Guarantor Subsidiaries Member | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Cash provided by (used in) operating activities | 341 | 347 |
Investing Activities: | ' | ' |
Capital expenditures | -212 | -226 |
Business acquisitions, net of cash acquired | ' | -483 |
Proceeds from asset dispositions and other | -3 | 6 |
Cash used in investing activities | -215 | -703 |
Financing Activities: | ' | ' |
Net transfers from (to) Parent | -13 | -64 |
Payment on loan between subsidiaries | -5 | 407 |
Intercompany dividends | -36 | -12 |
Other, net | ' | 93 |
Cash (used in) provided by financing activities | -54 | 424 |
Effect of exchange rate changes on cash | -1 | 8 |
Net (decrease) increase in cash and cash equivalents | 71 | 76 |
Cash and cash equivalents at beginning of period | 717 | 636 |
Cash and cash equivalents at end of period | 788 | 712 |
Consolidation Eliminations Member | ' | ' |
Condensed Financial Statements Captions [Line Items] | ' | ' |
Cash provided by (used in) operating activities | -45 | -5 |
Financing Activities: | ' | ' |
Net (decrease) increase in cash and cash equivalents | -45 | -5 |
Cash and cash equivalents at beginning of period | -97 | -116 |
Cash and cash equivalents at end of period | ($142) | ($121) |
Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Feb. 28, 2014 | Mar. 19, 2014 | Nov. 29, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 28-Feb-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
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 | ' | ' | $40.50 |
Entity Common Stock, Shares Outstanding | ' | 295,516,371 | ' |