Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 30, 2014 | 31-May-14 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $2,266 | $2,908 |
Receivables, less allowances of $176 and $164 | 5,592 | 5,460 |
Spare parts, supplies and fuel, less allowances of $215 and $212 | 476 | 463 |
Deferred income taxes | 497 | 522 |
Prepaid expenses and other | 381 | 330 |
Total current assets | 9,212 | 9,683 |
PROPERTY AND EQUIPMENT, AT COST | 41,616 | 40,691 |
Less accumulated depreciation and amortization | 21,723 | 21,141 |
Net property and equipment | 19,893 | 19,550 |
OTHER LONG-TERM ASSETS | ||
GOODWILL | 2,734 | 2,790 |
Other assets | 1,145 | 1,047 |
Total other long-term assets | 3,879 | 3,837 |
ASSETS | 32,984 | 33,070 |
CURRENT LIABILITIES | ||
Current portion of long-term debt | 1 | |
Accrued salaries and employee benefits | 1,219 | 1,277 |
Accounts payable | 1,968 | 1,971 |
Accrued expenses | 1,986 | 2,063 |
Total current liabilities | 5,173 | 5,312 |
LONG-TERM DEBT, LESS CURRENT PORTION | 4,735 | 4,736 |
OTHER LONG-TERM LIABILITIES | ||
Deferred income taxes | 2,104 | 2,114 |
Pension, postretirement healthcare and other benefit obligations | 3,136 | 3,484 |
Self-insurance accruals | 1,072 | 1,038 |
Deferred lease obligations | 832 | 758 |
Deferred gains, principally related to aircraft transactions | 193 | 206 |
Other liabilities | 176 | 145 |
Total other long-term liabilities | 7,513 | 7,745 |
COMMITMENTS AND CONTINGENCIES | ||
COMMON STOCKHOLDERS' INVESTMENT | ||
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of November 30, 2014 and May 31, 2014 | 32 | 32 |
Additional paid-in capital | 2,618 | 2,643 |
Retained earnings | 21,480 | 20,429 |
Accumulated other comprehensive loss | -3,787 | -3,694 |
Treasury stock, at cost | -4,780 | -4,133 |
Total common stockholders' investment | 15,563 | 15,277 |
LIABILITIES AND STOCKHOLDERS' INVESTMENT | $32,984 | $33,070 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2014 | 31-May-14 |
In Millions, except Per Share data, unless otherwise specified | ||
CURRENT ASSETS | ||
Allowances for receivables | $176 | $164 |
Allowances for spare parts, supplies and fuel | $215 | $212 |
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 | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
Condensed Consolidated Statements of Income | ||||
REVENUES | $11,939 | $11,403 | $23,623 | $22,427 |
OPERATING EXPENSES: | ||||
Salaries and employee benefits | 4,304 | 4,148 | 8,493 | 8,225 |
Purchased transportation | 2,185 | 2,040 | 4,239 | 3,919 |
Rentals and landing fees | 663 | 648 | 1,323 | 1,288 |
Depreciation and amortization | 651 | 647 | 1,302 | 1,286 |
Fuel | 1,052 | 1,136 | 2,172 | 2,240 |
Maintenance and repairs | 543 | 479 | 1,099 | 959 |
Other | 1,528 | 1,478 | 2,995 | 2,888 |
OPERATING EXPENSES | 10,926 | 10,576 | 21,623 | 20,805 |
OPERATING INCOME | 1,013 | 827 | 2,000 | 1,622 |
OTHER INCOME (EXPENSE): | ||||
Interest, net | -47 | -30 | -95 | -57 |
Other, net | 5 | -5 | 3 | -7 |
OTHER INCOME (EXPENSE) | -42 | -35 | -92 | -64 |
INCOME BEFORE INCOME TAXES | 971 | 792 | 1,908 | 1,558 |
PROVISION FOR INCOME TAXES | 355 | 292 | 686 | 569 |
NET INCOME | $616 | $500 | $1,222 | $989 |
EARNINGS PER COMMON SHARE: | ||||
Basic | $2.17 | $1.58 | $4.30 | $3.13 |
Diluted | $2.14 | $1.57 | $4.24 | $3.10 |
DIVIDENDS DECLARED PER COMMON SHARE | $0.20 | $0.15 | $0.60 | $0.45 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
Condensed Consolidated Statement of Other Comprehensive Income | ||||
NET INCOME | $616 | $500 | $1,222 | $989 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of tax of $14, $6, $23 and $4 | -122 | 45 | -153 | -34 |
Amortization of unrealized pension actuarial gains/losses and other, net of tax of $17, $25, $35, $50 | 29 | 43 | 60 | 85 |
Other comprehensive income (loss) | -93 | 88 | -93 | 51 |
COMPREHENSIVE INCOME | $523 | $588 | $1,129 | $1,040 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
Other Comprehensive Income, Tax Amounts | ||||
Foreign currency translation adjustments, tax | $14 | $6 | $23 | $4 |
Amortization of unrealized pension actuarial gains/losses and other, tax | $17 | $25 | $35 | $50 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Operating Activities: | ||
Net income | $1,222 | $989 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 1,302 | 1,286 |
Provision for uncollectible accounts | 78 | 65 |
Stock-based compensation | 79 | 71 |
Deferred income taxes and other noncash items | 57 | 201 |
Changes in assets and liabilities: | ||
Receivables | -317 | -385 |
Other assets | -46 | -126 |
Accounts payable and other liabilities | -201 | -476 |
Other, net | -23 | -16 |
Cash provided by operating activities | 2,151 | 1,609 |
Investing Activities: | ||
Capital expenditures | -1,890 | -1,690 |
Proceeds from asset dispositions and other | 7 | 19 |
Cash used in investing activities | -1,883 | -1,671 |
Financing Activities: | ||
Principal payments on debt | -1 | -3 |
Proceeds from stock issuances | 189 | 380 |
Excess tax benefit on the exercise of stock options | 23 | 20 |
Dividends paid | -114 | -95 |
Purchase of treasury stock | -947 | -1,219 |
Cash used in financing activities | -850 | -917 |
Effect of exchange rate changes on cash | -60 | -3 |
Net decrease in cash and cash equivalents | -642 | -982 |
Cash and cash equivalents at beginning of period | 2,908 | 4,917 |
Cash and cash equivalents at end of period | $2,266 | $3,935 |
General
General | 6 Months Ended |
Nov. 30, 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, 2014 (“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 November 30, 2014, the results of our operations for the three- and six-month periods ended November 30, 2014 and 2013 and cash flows for the six-month periods ended November 30, 2014 and 2013. Operating results for the three- and six-month periods ended November 30, 2014 are not necessarily indicative of the results that may be expected for the year ending May 31, 2015. | |
Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2015 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. | |
BUSINESS ACQUISITIONS. Subsequent to November 30, 2014, FedEx entered into agreements to acquire two businesses, expanding our portfolio in e-commerce and supply chain solutions. On December 15, 2014, we entered into an agreement to acquire GENCO Distribution Systems, Inc., one of the largest third-party logistics providers in North America. This acquisition is expected to be completed in early calendar year 2015, subject to customary closing conditions. The financial results of this business will be included in the FedEx Ground segment from the date of acquisition and are expected to be immaterial to our 2015 results. | |
In addition, on December 16, 2014, FedEx acquired Bongo International, LLC, a leader in cross border enablement technologies and solutions. The financial results of this acquired business will be included in the FedEx Express segment from the date of acquisition and are expected to be immaterial to our 2015 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 October 2014, FedEx Express formally requested assistance from the National Mediation Board (“NMB”) to mediate the negotiations. The NMB is the U.S. governmental agency that oversees labor agreements for entities covered by the Railway Labor Act of 1926, as amended (“Railway Labor Act”). The progression of negotiations into the mediation stage has no impact on our operations. 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 $31 million for the three-month period ended November 30, 2014 and $79 million for the six-month period ended November 30, 2014. Our stock-based compensation expense was $26 million for the three-month period ended November 30, 2013 and $71 million for the six-month period ended November 30, 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. These matters are described in our Annual Report. | |
We believe that no other new accounting guidance was adopted or issued during the first six months of 2015 that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting. | |
TREASURY SHARES. In September 2014, our Board of Directors authorized the repurchase of up to 15 million shares of common stock. It is expected that the share authorization will primarily be utilized to offset equity compensation dilution over the next several years. During the second quarter of 2015, we repurchased 1.0 million shares of FedEx common stock at an average price of $156 per share for a total of $156 million. As of November 30, 2014, 14 million shares remained under the share repurchase authorization. | |
DIVIDENDS DECLARED PER COMMON SHARE. On November 21, 2014, our Board of Directors declared a quarterly dividend of $0.20 per share of common stock. The dividend will be paid on January 2, 2015 to stockholders of record as of the close of business on December 12, 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) | 6 Months Ended | |||||||||||||||||
Nov. 30, 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 November 30 (in millions; amounts in parentheses indicate debits to AOCI): | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency translation gain (loss): | ||||||||||||||||||
Balance at beginning of period | $ | 46 | $ | 23 | $ | 77 | $ | 102 | ||||||||||
Translation adjustments | -122 | 45 | -153 | -34 | ||||||||||||||
Balance at end of period | -76 | 68 | -76 | 68 | ||||||||||||||
Retirement plans adjustments: | ||||||||||||||||||
Balance at beginning of period | -3,740 | -3,880 | -3,771 | -3,922 | ||||||||||||||
Reclassifications from AOCI | 29 | 43 | 60 | 85 | ||||||||||||||
Balance at end of period | -3,711 | -3,837 | -3,711 | -3,837 | ||||||||||||||
Accumulated other comprehensive loss at | ||||||||||||||||||
end of period | $ | -3,787 | $ | -3,769 | $ | -3,787 | $ | -3,769 | ||||||||||
The following table presents details of the reclassifications from AOCI for the periods ended November 30 (in millions; amounts in parentheses indicate debits to earnings): | ||||||||||||||||||
Amount Reclassified from | Affected Line Item in the | |||||||||||||||||
AOCI | Income Statement | |||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Retirement plans: | ||||||||||||||||||
Amortization of | ||||||||||||||||||
actuarial losses and other | $ | -75 | $ | -97 | $ | -153 | $ | -192 | Salaries and employee benefits | |||||||||
Amortization of prior | ||||||||||||||||||
service credits | 29 | 29 | 58 | 57 | Salaries and employee benefits | |||||||||||||
Total before tax | -46 | -68 | -95 | -135 | ||||||||||||||
Income tax benefit | 17 | 25 | 35 | 50 | Provision for income taxes | |||||||||||||
AOCI reclassifications, | ||||||||||||||||||
net of tax | $ | -29 | $ | -43 | $ | -60 | $ | -85 | Net income |
Financing_Arrangements
Financing Arrangements | 6 Months Ended |
Nov. 30, 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. | |
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 agreement contains a financial covenant, which requires us to maintain a leverage ratio of adjusted debt to capital that does not exceed 70%. Our leverage ratio of adjusted debt to capital was 57% at November 30, 2014. 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. See our Annual Report for a description of the term and covenant details of our revolving credit facility. | |
Long-term debt, exclusive of capital leases, had a carrying value of $4.7 billion at November 30, 2014 and May 31, 2014, compared with an estimated fair value of $5.1 billion at November 30, 2014 and $5.0 billion at May 31, 2014. 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 | 6 Months Ended | |||||||||||||
Nov. 30, 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 November 30 was as follows (in millions, except per share amounts): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Basic earnings per common share: | ||||||||||||||
Net earnings allocable to common shares(1) | $ | 615 | $ | 499 | $ | 1,220 | $ | 988 | ||||||
Weighted-average common shares | 283 | 315 | 284 | 316 | ||||||||||
Basic earnings per common share | $ | 2.17 | $ | 1.58 | $ | 4.3 | $ | 3.13 | ||||||
Diluted earnings per common share: | ||||||||||||||
Net earnings allocable to common shares(1) | $ | 615 | $ | 499 | $ | 1,220 | $ | 988 | ||||||
Weighted-average common shares | 283 | 315 | 284 | 316 | ||||||||||
Dilutive effect of share-based awards | 4 | 4 | 4 | 3 | ||||||||||
Weighted-average diluted shares | 287 | 319 | 288 | 319 | ||||||||||
Diluted earnings per common share | $ | 2.14 | $ | 1.57 | $ | 4.24 | $ | 3.1 | ||||||
Anti-dilutive options excluded from diluted | ||||||||||||||
earnings per common share | 2.2 | 2.5 | 2.2 | 6.2 | ||||||||||
(1) Net earnings available to participating securities were immaterial in all periods presented. | ||||||||||||||
Retirement_Plans
Retirement Plans | 6 Months Ended | ||||||||||||
Nov. 30, 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 November 30 were as follows (in millions): | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
U.S. domestic and international pension plans | $ | 65 | $ | 121 | $ | 133 | $ | 242 | |||||
U.S. domestic and international defined contribution | |||||||||||||
plans | 94 | 88 | 188 | 177 | |||||||||
U.S. domestic and international postretirement | |||||||||||||
healthcare plans | 20 | 19 | 40 | 39 | |||||||||
$ | 179 | $ | 228 | $ | 361 | $ | 458 | ||||||
Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions): | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
Pension Plans | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 164 | $ | 164 | $ | 328 | $ | 328 | |||||
Interest cost | 275 | 263 | 550 | 526 | |||||||||
Expected return on plan assets | -420 | -374 | -840 | -747 | |||||||||
Recognized actuarial losses and other | 46 | 68 | 95 | 135 | |||||||||
$ | 65 | $ | 121 | $ | 133 | $ | 242 | ||||||
Three Months Ended | Six Months Ended | ||||||||||||
Postretirement Healthcare Plans | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 10 | $ | 9 | $ | 20 | $ | 19 | |||||
Interest cost | 10 | 10 | 20 | 20 | |||||||||
$ | 20 | $ | 19 | $ | 40 | $ | 39 | ||||||
Contributions to our tax qualified U.S. domestic pension plans (“U.S. Pension Plans”) for the six-month periods ended November 30 were as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Required | $ | 247 | $ | 315 | |||||||||
Voluntary | 83 | 15 | |||||||||||
$ | 330 | $ | 330 | ||||||||||
In December 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. Following this December 2014 payment, for the remainder of 2015, we have no required contributions to our U.S. Pension Plans; however, we expect to make approximately $160 million in voluntary contributions to our U.S. Pension Plans. |
Business_Segment_Information
Business Segment Information | 6 Months Ended | ||||||||||||||
Nov. 30, 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 U.S. 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 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. | |||||||||||||||
Operating expenses for each of our transportation segments include the allocations from the FedEx Services segment to the respective transportation segments. These allocations also include charges and credits for administrative services provided between operating companies. 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. | |||||||||||||||
During the first quarter of 2015, we ceased allocating to our transportation segments the costs associated with our corporate headquarters division. These costs included services related to general oversight functions, including executive officers and certain legal and finance functions. This change allows for additional transparency and improved management of our corporate oversight costs. These costs are included in “Corporate, eliminations and other” in our segment reporting and reconciliations. Prior year amounts have been revised to conform to the current year segment presentation. This change did not impact our condensed consolidated financial statements included in Note 10. | |||||||||||||||
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 three-month periods ended November 30 (in millions): | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | |||||||||||||||
FedEx Express segment | $ | 7,024 | $ | 6,844 | $ | 13,886 | $ | 13,449 | |||||||
FedEx Ground segment | 3,063 | 2,849 | 6,023 | 5,579 | |||||||||||
FedEx Freight segment | 1,585 | 1,434 | 3,194 | 2,858 | |||||||||||
FedEx Services segment | 394 | 391 | 768 | 766 | |||||||||||
Eliminations and other | -127 | -115 | -248 | -225 | |||||||||||
$ | 11,939 | $ | 11,403 | $ | 23,623 | $ | 22,427 | ||||||||
Operating Income | |||||||||||||||
FedEx Express segment (1) | $ | 484 | $ | 357 | $ | 853 | $ | 630 | |||||||
FedEx Ground segment(1) | 465 | 439 | 1,010 | 922 | |||||||||||
FedEx Freight segment (1) | 112 | 83 | 280 | 182 | |||||||||||
Corporate, eliminations and other(1) | -48 | -52 | -143 | -112 | |||||||||||
$ | 1,013 | $ | 827 | $ | 2,000 | $ | 1,622 | ||||||||
(1) | Prior year amounts have been revised to conform to the current year segment presentation regarding the allocation of corporate headquarters costs. |
Commitments
Commitments | 6 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Commitments [Abstract] | ||||||||||||
Commitments | (7) Commitments | |||||||||||
As of November 30, 2014, our purchase commitments under various contracts for the remainder of 2015 and annually thereafter were as follows (in millions): | ||||||||||||
Aircraft and | ||||||||||||
Aircraft-Related | Other(1) | Total | ||||||||||
2015 (remainder) | $ | 709 | $ | 452 | $ | 1,161 | ||||||
2016 | 1,230 | 329 | 1,559 | |||||||||
2017 | 1,033 | 175 | 1,208 | |||||||||
2018 | 1,402 | 101 | 1,503 | |||||||||
2019 | 1,022 | 58 | 1,080 | |||||||||
Thereafter | 4,472 | 101 | 4,573 | |||||||||
Total | $ | 9,868 | $ | 1,216 | $ | 11,084 | ||||||
(1) | Primarily equipment, advertising contracts and contributions to our U.S. Pension Plans, which are further described in Note 5. | |||||||||||
The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of November 30, 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. 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 September 2014, FedEx Express entered into an agreement to purchase four additional B767F aircraft, the delivery of which will begin in 2017 and continue through 2019. | ||||||||||||
We had $500 million in deposits and progress payments as of November 30, 2014 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our 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 November 30, 2014 with the year of expected delivery: | ||||||||||||
B757 | B767F | B777F | Total | |||||||||
2015 (remainder) | 1 | 8 | - | 9 | ||||||||
2016 | - | 11 | 2 | 13 | ||||||||
2017 | - | 12 | - | 12 | ||||||||
2018 | - | 11 | 2 | 13 | ||||||||
2019 | - | 6 | 2 | 8 | ||||||||
Thereafter | - | - | 12 | 12 | ||||||||
Total | 1 | 48 | 18 | 67 | ||||||||
A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at November 30, 2014 is as follows (in millions): | ||||||||||||
Operating Leases | ||||||||||||
Aircraft | Total | |||||||||||
and Related | Facilities | Operating | ||||||||||
Equipment | and Other | Leases | ||||||||||
2015 (remainder) | $ | 391 | $ | 791 | $ | 1,182 | ||||||
2016 | 461 | 1,561 | 2,022 | |||||||||
2017 | 399 | 1,684 | 2,083 | |||||||||
2018 | 329 | 1,264 | 1,593 | |||||||||
2019 | 273 | 1,091 | 1,364 | |||||||||
Thereafter | 551 | 7,097 | 7,648 | |||||||||
Total | $ | 2,404 | $ | 13,488 | $ | 15,892 | ||||||
Future minimum lease payments under capital leases were immaterial at November 30, 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 | 6 Months Ended |
Nov. 30, 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 26 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 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 other 19 cases that are before the Seventh Circuit were stayed pending a decision of the Kansas Supreme Court. | |
On October 3, 2014, the Kansas Supreme Court determined that a 20 factor right to control test applies to claims under the Kansas Wage Payment Act and concluded that under that test, the class members were employees, not independent contractors. The case was subsequently transferred back to the Seventh Circuit, where both parties made filings requesting the action necessary to complete the resolution of the appeals. The parties also made recommendations to the court regarding next steps for the other 19 cases that are before the Seventh Circuit. FedEx Ground has requested that each of those cases be separately briefed given the potential differences in the applicable state law from that in Kansas. During the second quarter of 2015, we established an accrual for the estimated probable loss in the Kansas case that was required to be recognized pursuant to applicable accounting standards. This amount was immaterial. | |
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 these matters settled for immaterial amounts. The courts have granted final approval of two of the three settlements, while the other settlement remains subject to court approval. One of the cases is on appeal with the Court of Appeals for the Eleventh Circuit and three cases, which had been decided in our favor by the respective district courts in Oregon and California, were appealed to the Ninth Circuit Court of Appeals. The last case is currently pending in the Eastern District of Arkansas. | |
On August 27, 2014, the Ninth Circuit reversed the district court decisions and held that the plaintiffs in California and Oregon were employees as a matter of law. In each case, we asked the court to reconsider and petitioned for en banc review by the full Ninth Circuit Court of Appeals, which was denied. On October 30, 2014, the cases were remanded to their respective district courts for further proceedings. | |
During the first quarter of 2015, we established an accrual for the estimated probable loss in this case that was required to be recognized pursuant to applicable accounting standards. This amount was immaterial. Material exposure above the accrued amount, however, is reasonably possible, and accordingly we have undertaken a process to attempt to estimate a range of reasonably possible loss based on currently available information relating to the case. This process has included attempting to evaluate what facts may arise in the course of discovery and what legal rulings the courts may render and how these facts and rulings might impact FedEx Ground's loss. For a number of reasons, we are not currently able to estimate a range of reasonably possible loss in excess of the amount accrued. The number and identities of plaintiffs in these lawsuits are uncertain, as they are dependent on how the class of full-time drivers is defined and how many individuals will qualify based on whatever criteria may be established. In addition, the parties have conducted only very limited discovery into damages, which could vary considerably from plaintiff to plaintiff and be dependent on evidence pertaining to individual plaintiffs, which has yet to be produced in the case. Further, the range of potential loss could be impacted substantially by future rulings by the courts, including on the merits of the claims, on FedEx Ground's defenses, and on evidentiary issues. | |
With respect to the matters that are pending outside of the Ninth Circuit, it is reasonably possible that potential loss in some of these lawsuits or changes to the independent contractor status of FedEx Ground's owner-operators could be material. We have undertaken a process to attempt to estimate a range of reasonably possible loss based on currently available information relating to these cases. Similar to our analysis of loss contingency in the Ninth Circuit cases, this process has included attempting to evaluate what facts may arise in the course of discovery and what legal rulings the courts may render and how these facts and rulings might impact FedEx Ground's loss. As a consequence of many of the same factors described above, as well as others that are specific to these cases, we are not currently able to estimate a range of reasonably possible loss. 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. These cases are in varying stages of litigation, and we do not expect to incur a material loss in any of these matters. | |
Adverse determinations in matters related to FedEx Ground's independent contractors, 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. | |
City and State of New York Cigarette Suit. On December 30, 2013, the City of New York filed suit against FedEx Express and FedEx Ground arising from our alleged shipments of cigarettes to New York City residents. The claims against FedEx Express were subsequently dismissed. On March 30, 2014, the complaint was amended adding the State of New York as a plaintiff. Beyond the addition of the State as a plaintiff, the amended complaint contains several amplifications of the previous claims. First, the claims now relate to four shippers, none of which continues to ship in our network. Second, the amended complaint contains a count for violation of the Assurance of Compliance (“AOC”) we had previously entered into with the State of New York, claiming that since 2006, FedEx has made shipments of cigarettes to residences in New York in violation of the AOC. Lastly, the amendment contains new theories of Racketeer Influenced and Corrupt Organizations Act violations. In May 2014, we filed a motion to dismiss almost all of the claims. On November 12, 2014 the City and State of New York filed a separate but almost identical lawsuit that includes two additional shippers. Loss in these lawsuits is reasonably possible, but the amount of any loss is expected to be immaterial. | |
Environmental Matters. 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 alleged that FedEx Ground improperly generates and/or handles, stores and transports hazardous waste from its stations to its hubs in California. In April 2014, FedEx Ground filed a declaratory judgment action in the United States District Court for the Eastern District of California against the Director of the California Division of Toxic Substances Control and the county District Attorneys with whom we have been negotiating. In June 2014, the California Attorney General filed a complaint against FedEx Ground in Sacramento County Superior Court alleging violations of FedEx Ground as described above. The County District Attorneys filed a similar complaint in Sacramento County Superior Court in July 2014. Loss in this matter is reasonably possible, however, the amount of any loss is expected to be immaterial. | |
On January 14, 2014, the U.S. Department of Justice (“DOJ”) issued a Grand Jury Subpoena to FedEx Express relating to an asbestos matter previously investigated by the U.S. Environmental Protection Agency. On May 1, 2014, the DOJ informed us that it had determined to continue to pursue the matter as a criminal case, citing seven asbestos-related regulatory violations associated with removal of roof materials from a hangar in Puerto Rico during cleaning and repair activity, as well as violation of waste disposal requirements. Loss is reasonably possible; however, the amount of any loss is expected to be immaterial. | |
Department of Justice Indictment – Internet Pharmacy Shipments. In the past, we 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. In July 2014, the DOJ filed a criminal indictment in the United States District Court for the Northern District of California in connection with the matter. A superseding indictment was filed in August 2014. The indictment alleges that FedEx Corporation, FedEx Express and FedEx Services, together with certain pharmacies, conspired to unlawfully distribute controlled substances, unlawfully distributed controlled substances and conspired to unlawfully distribute misbranded drugs. The superseding indictment adds conspiracy to launder money counts related to services provided to and payments from online pharmacies. We continue to believe that our employees have acted in good faith at all times and that we have not engaged in any illegal activities. | |
Accordingly, we will vigorously defend ourselves in this matter. If we are convicted, remedies could include fines, penalties, forfeiture and compliance conditions. Given the early stage of this proceeding, we cannot estimate the amount or range of loss, if any; however, it is reasonably possible that it could be material if we are convicted. | |
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 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, the amount of any loss is expected to be immaterial. | |
On June 30, 2014, we received a Statement of Objections from the French Competition Authority (“FCA”) addressed to FedEx Express France, formerly known as TATEX, regarding an investigation by the FCA into anticompetitive behavior that is alleged to have occurred primarily in the framework of trade association meetings that included the former general managers of TATEX prior to our acquisition of that company in July 2012. In September 2014, FedEx Express France submitted its observations in response to the Statement of Objections to the FCA. Given the early stage of this matter, we cannot yet determine the amount or range of potential loss; however, it is reasonably possible that it could be material. | |
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 | 6 Months Ended | |||||||||||
Nov. 30, 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 six-month periods ended November 30 was as follows (in millions): | ||||||||||||
2014 | 2013 | |||||||||||
Cash payments for: | ||||||||||||
Interest (net of capitalized interest) | $ | 103 | $ | 64 | ||||||||
Income taxes | $ | 760 | $ | 626 | ||||||||
Income tax refunds received | -5 | -36 | ||||||||||
Cash tax payments, net | $ | 755 | $ | 590 | ||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 6 Months Ended | ||||||||||||||||||
Nov. 30, 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 100% 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) | |||||||||||||||||||
30-Nov-14 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 1,048 | $ | 482 | $ | 869 | $ | -133 | $ | 2,266 | |||||||||
Receivables, less allowances | 1 | 4,453 | 1,189 | -51 | 5,592 | ||||||||||||||
Spare parts, supplies, fuel, prepaid expenses | |||||||||||||||||||
and other, less allowances | 76 | 719 | 62 | - | 857 | ||||||||||||||
Deferred income taxes | - | 474 | 23 | - | 497 | ||||||||||||||
Total current assets | 1,125 | 6,128 | 2,143 | -184 | 9,212 | ||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 28 | 39,258 | 2,330 | - | 41,616 | ||||||||||||||
Less accumulated depreciation and amortization | 22 | 20,458 | 1,243 | - | 21,723 | ||||||||||||||
Net property and equipment | 6 | 18,800 | 1,087 | - | 19,893 | ||||||||||||||
INTERCOMPANY RECEIVABLE | - | 1,172 | 1,526 | -2,698 | - | ||||||||||||||
GOODWILL | - | 1,552 | 1,182 | - | 2,734 | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 21,850 | 3,747 | - | -25,597 | - | ||||||||||||||
OTHER ASSETS | 2,051 | 862 | 237 | -2,005 | 1,145 | ||||||||||||||
$ | 25,032 | $ | 32,261 | $ | 6,175 | $ | -30,484 | $ | 32,984 | ||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Accrued salaries and employee benefits | $ | 33 | $ | 1,011 | $ | 175 | $ | - | $ | 1,219 | |||||||||
Accounts payable | 60 | 1,403 | 689 | -184 | 1,968 | ||||||||||||||
Accrued expenses | 374 | 1,404 | 208 | - | 1,986 | ||||||||||||||
Total current liabilities | 467 | 3,818 | 1,072 | -184 | 5,173 | ||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | 4,487 | 248 | - | - | 4,735 | ||||||||||||||
INTERCOMPANY PAYABLE | 2,698 | - | - | -2,698 | - | ||||||||||||||
OTHER LONG-TERM LIABILITIES | |||||||||||||||||||
Deferred income taxes | - | 4,021 | 88 | -2,005 | 2,104 | ||||||||||||||
Other liabilities | 1,817 | 3,344 | 248 | - | 5,409 | ||||||||||||||
Total other long-term liabilities | 1,817 | 7,365 | 336 | -2,005 | 7,513 | ||||||||||||||
STOCKHOLDERS' INVESTMENT | 15,563 | 20,830 | 4,767 | -25,597 | 15,563 | ||||||||||||||
$ | 25,032 | $ | 32,261 | $ | 6,175 | $ | -30,484 | $ | 32,984 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||
31-May-14 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 1,756 | $ | 441 | $ | 861 | $ | -150 | $ | 2,908 | |||||||||
Receivables, less allowances | 2 | 4,338 | 1,151 | -31 | 5,460 | ||||||||||||||
Spare parts, supplies, fuel, prepaid expenses | |||||||||||||||||||
and other, less allowances | 59 | 674 | 60 | - | 793 | ||||||||||||||
Deferred income taxes | - | 501 | 21 | - | 522 | ||||||||||||||
Total current assets | 1,817 | 5,954 | 2,093 | -181 | 9,683 | ||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 28 | 38,303 | 2,360 | - | 40,691 | ||||||||||||||
Less accumulated depreciation and amortization | 22 | 19,899 | 1,220 | - | 21,141 | ||||||||||||||
Net property and equipment | 6 | 18,404 | 1,140 | - | 19,550 | ||||||||||||||
INTERCOMPANY RECEIVABLE | - | 1,058 | 1,265 | -2,323 | - | ||||||||||||||
GOODWILL | - | 1,552 | 1,238 | - | 2,790 | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 20,785 | 3,754 | - | -24,539 | - | ||||||||||||||
OTHER ASSETS | 2,088 | 747 | 250 | -2,038 | 1,047 | ||||||||||||||
$ | 24,696 | $ | 31,469 | $ | 5,986 | $ | -29,081 | $ | 33,070 | ||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Current portion of long-term debt | $ | - | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||
Accrued salaries and employee benefits | 55 | 1,042 | 180 | - | 1,277 | ||||||||||||||
Accounts payable | 2 | 1,530 | 620 | -181 | 1,971 | ||||||||||||||
Accrued expenses | 405 | 1,444 | 214 | - | 2,063 | ||||||||||||||
Total current liabilities | 462 | 4,017 | 1,014 | -181 | 5,312 | ||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | 4,487 | 249 | - | - | 4,736 | ||||||||||||||
INTERCOMPANY PAYABLE | 2,323 | - | - | -2,323 | - | ||||||||||||||
OTHER LONG-TERM LIABILITIES | |||||||||||||||||||
Deferred income taxes | - | 4,059 | 93 | -2,038 | 2,114 | ||||||||||||||
Other liabilities | 2,147 | 3,230 | 254 | - | 5,631 | ||||||||||||||
Total other long-term liabilities | 2,147 | 7,289 | 347 | -2,038 | 7,745 | ||||||||||||||
STOCKHOLDERS' INVESTMENT | 15,277 | 19,914 | 4,625 | -24,539 | 15,277 | ||||||||||||||
$ | 24,696 | $ | 31,469 | $ | 5,986 | $ | -29,081 | $ | 33,070 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Three Months Ended November 30, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 9,926 | $ | 2,108 | $ | -95 | $ | 11,939 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 23 | 3,729 | 552 | - | 4,304 | ||||||||||||||
Purchased transportation | - | 1,468 | 764 | -47 | 2,185 | ||||||||||||||
Rentals and landing fees | 2 | 577 | 86 | -2 | 663 | ||||||||||||||
Depreciation and amortization | 1 | 595 | 55 | - | 651 | ||||||||||||||
Fuel | - | 1,028 | 24 | - | 1,052 | ||||||||||||||
Maintenance and repairs | - | 507 | 36 | - | 543 | ||||||||||||||
Intercompany charges, net | -48 | -50 | 98 | - | - | ||||||||||||||
Other | 22 | 1,239 | 313 | -46 | 1,528 | ||||||||||||||
- | 9,093 | 1,928 | -95 | 10,926 | |||||||||||||||
OPERATING INCOME | - | 833 | 180 | - | 1,013 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 616 | 103 | - | -719 | - | ||||||||||||||
Interest, net | -53 | 5 | 1 | - | -47 | ||||||||||||||
Intercompany charges, net | 54 | -59 | 5 | - | - | ||||||||||||||
Other, net | -1 | 2 | 4 | - | 5 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 616 | 884 | 190 | -719 | 971 | ||||||||||||||
Provision for income taxes | - | 319 | 36 | - | 355 | ||||||||||||||
NET INCOME | $ | 616 | $ | 565 | $ | 154 | $ | -719 | $ | 616 | |||||||||
COMPREHENSIVE INCOME | $ | 642 | $ | 543 | $ | 57 | -719 | $ | 523 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Three Months Ended November 30, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 9,447 | $ | 2,042 | $ | -86 | $ | 11,403 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 24 | 3,568 | 556 | - | 4,148 | ||||||||||||||
Purchased transportation | - | 1,340 | 739 | -39 | 2,040 | ||||||||||||||
Rentals and landing fees | 2 | 563 | 85 | -2 | 648 | ||||||||||||||
Depreciation and amortization | 1 | 595 | 51 | - | 647 | ||||||||||||||
Fuel | - | 1,111 | 25 | - | 1,136 | ||||||||||||||
Maintenance and repairs | - | 447 | 32 | - | 479 | ||||||||||||||
Intercompany charges, net | -50 | -24 | 74 | - | - | ||||||||||||||
Other | 23 | 1,192 | 308 | -45 | 1,478 | ||||||||||||||
- | 8,792 | 1,870 | -86 | 10,576 | |||||||||||||||
OPERATING INCOME | - | 655 | 172 | - | 827 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 500 | 133 | - | -633 | - | ||||||||||||||
Interest, net | -35 | 5 | - | - | -30 | ||||||||||||||
Intercompany charges, net | 36 | -41 | 5 | - | - | ||||||||||||||
Other, net | -1 | -3 | -1 | - | -5 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 500 | 749 | 176 | -633 | 792 | ||||||||||||||
Provision for income taxes | - | 251 | 41 | - | 292 | ||||||||||||||
NET INCOME | $ | 500 | $ | 498 | $ | 135 | $ | -633 | $ | 500 | |||||||||
COMPREHENSIVE INCOME | $ | 540 | $ | 506 | $ | 175 | $ | -633 | $ | 588 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Six Months Ended November 30, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 19,695 | $ | 4,112 | $ | -184 | $ | 23,623 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 53 | 7,335 | 1,105 | - | 8,493 | ||||||||||||||
Purchased transportation | - | 2,854 | 1,475 | -90 | 4,239 | ||||||||||||||
Rentals and landing fees | 3 | 1,149 | 174 | -3 | 1,323 | ||||||||||||||
Depreciation and amortization | 1 | 1,190 | 111 | - | 1,302 | ||||||||||||||
Fuel | - | 2,123 | 49 | - | 2,172 | ||||||||||||||
Maintenance and repairs | - | 1,029 | 70 | - | 1,099 | ||||||||||||||
Intercompany charges, net | -143 | -48 | 191 | - | - | ||||||||||||||
Other | 86 | 2,404 | 596 | -91 | 2,995 | ||||||||||||||
- | 18,036 | 3,771 | -184 | 21,623 | |||||||||||||||
OPERATING INCOME | - | 1,659 | 341 | - | 2,000 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 1,222 | 201 | - | -1,423 | - | ||||||||||||||
Interest, net | -106 | 9 | 2 | - | -95 | ||||||||||||||
Intercompany charges, net | 108 | -118 | 10 | - | - | ||||||||||||||
Other, net | -2 | -1 | 6 | - | 3 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 1,222 | 1,750 | 359 | -1,423 | 1,908 | ||||||||||||||
Provision for income taxes | - | 588 | 98 | - | 686 | ||||||||||||||
NET INCOME | $ | 1,222 | $ | 1,162 | $ | 261 | $ | -1,423 | $ | 1,222 | |||||||||
COMPREHENSIVE INCOME | $ | 1,276 | $ | 1,137 | $ | 139 | $ | -1,423 | $ | 1,129 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Six Months Ended November 30, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 18,675 | $ | 3,920 | $ | -168 | $ | 22,427 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 55 | 7,082 | 1,088 | - | 8,225 | ||||||||||||||
Purchased transportation | - | 2,582 | 1,412 | -75 | 3,919 | ||||||||||||||
Rentals and landing fees | 3 | 1,121 | 167 | -3 | 1,288 | ||||||||||||||
Depreciation and amortization | 1 | 1,184 | 101 | - | 1,286 | ||||||||||||||
Fuel | - | 2,192 | 48 | - | 2,240 | ||||||||||||||
Maintenance and repairs | - | 896 | 63 | - | 959 | ||||||||||||||
Intercompany charges, net | -111 | -30 | 141 | - | - | ||||||||||||||
Other | 52 | 2,325 | 601 | -90 | 2,888 | ||||||||||||||
- | 17,352 | 3,621 | -168 | 20,805 | |||||||||||||||
OPERATING INCOME | - | 1,323 | 299 | - | 1,622 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 989 | 243 | - | -1,232 | - | ||||||||||||||
Interest, net | -69 | 10 | 2 | - | -57 | ||||||||||||||
Intercompany charges, net | 71 | -82 | 11 | - | - | ||||||||||||||
Other, net | -2 | -5 | - | - | -7 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 989 | 1,489 | 312 | -1,232 | 1,558 | ||||||||||||||
Provision for income taxes | - | 483 | 86 | - | 569 | ||||||||||||||
NET INCOME | $ | 989 | $ | 1,006 | $ | 226 | $ | -1,232 | $ | 989 | |||||||||
COMPREHENSIVE INCOME | $ | 1,068 | $ | 1,013 | $ | 191 | $ | -1,232 | $ | 1,040 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Six Months Ended November 30, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | -458 | $ | 2,335 | $ | 257 | $ | 17 | $ | 2,151 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | -1 | -1,809 | -80 | - | -1,890 | ||||||||||||||
Proceeds from asset dispositions and other | -1 | 17 | -9 | - | 7 | ||||||||||||||
CASH USED IN INVESTING ACTIVITIES | -2 | -1,792 | -89 | - | -1,883 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Net transfers from (to) Parent | 601 | -610 | 9 | - | - | ||||||||||||||
Payment on loan between subsidiaries | - | 143 | -143 | - | - | ||||||||||||||
Intercompany dividends | - | 22 | -22 | - | - | ||||||||||||||
Principal payments on debt | - | -1 | - | - | -1 | ||||||||||||||
Proceeds from stock issuances | 189 | - | - | - | 189 | ||||||||||||||
Excess tax benefit on the exercise of stock options | 23 | - | - | - | 23 | ||||||||||||||
Dividends paid | -114 | - | - | - | -114 | ||||||||||||||
Purchase of treasury stock | -947 | - | - | - | -947 | ||||||||||||||
Other, net | - | -39 | 39 | - | - | ||||||||||||||
CASH USED IN FINANCING ACTIVITIES | -248 | -485 | -117 | - | -850 | ||||||||||||||
Effect of exchange rate changes on cash | - | -17 | -43 | - | -60 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | -708 | 41 | 8 | 17 | -642 | ||||||||||||||
Cash and cash equivalents at beginning of period | 1,756 | 441 | 861 | -150 | 2,908 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 1,048 | $ | 482 | $ | 869 | $ | -133 | $ | 2,266 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Six Months Ended November 30, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | -139 | $ | 1,545 | $ | 246 | $ | -43 | $ | 1,609 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | - | -1,521 | -169 | - | -1,690 | ||||||||||||||
Proceeds from asset dispositions and other | - | 19 | - | - | 19 | ||||||||||||||
CASH USED IN INVESTING ACTIVITIES | - | -1,502 | -169 | - | -1,671 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Net transfers from (to) Parent | -31 | 64 | -33 | - | - | ||||||||||||||
Payment on loan between subsidiaries | - | -33 | 33 | - | - | ||||||||||||||
Intercompany dividends | - | 22 | -22 | - | - | ||||||||||||||
Principal payments on debt | - | -3 | - | - | -3 | ||||||||||||||
Proceeds from stock issuances | 380 | - | - | - | 380 | ||||||||||||||
Excess tax benefit on the exercise of stock options | 20 | - | - | - | 20 | ||||||||||||||
Dividends paid | -95 | - | - | - | -95 | ||||||||||||||
Purchase of treasury stock | -1,219 | - | - | - | -1,219 | ||||||||||||||
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | -945 | 50 | -22 | - | -917 | ||||||||||||||
Effect of exchange rate changes on cash | - | -6 | 3 | - | -3 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | -1,084 | 87 | 58 | -43 | -982 | ||||||||||||||
Cash and cash equivalents at beginning of period | 3,892 | 405 | 717 | -97 | 4,917 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 2,808 | $ | 492 | $ | 775 | $ | -140 | $ | 3,935 |
General_Policies
General (Policies) | 6 Months Ended |
Nov. 30, 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, 2014 (“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 November 30, 2014, the results of our operations for the three- and six-month periods ended November 30, 2014 and 2013 and cash flows for the six-month periods ended November 30, 2014 and 2013. Operating results for the three- and six-month periods ended November 30, 2014 are not necessarily indicative of the results that may be expected for the year ending May 31, 2015. | |
Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2015 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) | 6 Months Ended | |||||||||||||||||
Nov. 30, 2014 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) (Tables) [Abstract] | ||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | Three Months Ended | Six Months Ended | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency translation gain (loss): | ||||||||||||||||||
Balance at beginning of period | $ | 46 | $ | 23 | $ | 77 | $ | 102 | ||||||||||
Translation adjustments | -122 | 45 | -153 | -34 | ||||||||||||||
Balance at end of period | -76 | 68 | -76 | 68 | ||||||||||||||
Retirement plans adjustments: | ||||||||||||||||||
Balance at beginning of period | -3,740 | -3,880 | -3,771 | -3,922 | ||||||||||||||
Reclassifications from AOCI | 29 | 43 | 60 | 85 | ||||||||||||||
Balance at end of period | -3,711 | -3,837 | -3,711 | -3,837 | ||||||||||||||
Accumulated other comprehensive loss at | ||||||||||||||||||
end of period | $ | -3,787 | $ | -3,769 | $ | -3,787 | $ | -3,769 | ||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified from | Affected Line Item in the | ||||||||||||||||
AOCI | Income Statement | |||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Retirement plans: | ||||||||||||||||||
Amortization of | ||||||||||||||||||
actuarial losses and other | $ | -75 | $ | -97 | $ | -153 | $ | -192 | Salaries and employee benefits | |||||||||
Amortization of prior | ||||||||||||||||||
service credits | 29 | 29 | 58 | 57 | Salaries and employee benefits | |||||||||||||
Total before tax | -46 | -68 | -95 | -135 | ||||||||||||||
Income tax benefit | 17 | 25 | 35 | 50 | Provision for income taxes | |||||||||||||
AOCI reclassifications, | ||||||||||||||||||
net of tax | $ | -29 | $ | -43 | $ | -60 | $ | -85 | Net income |
Computation_of_Earnings_Per_Sh1
Computation of Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||
Nov. 30, 2014 | ||||||||||||||
Computation Of Earnings Per Share (Tables) [Abstract] | ||||||||||||||
Schedule of basic and diluted earnings per common share | Three Months Ended | Six Months Ended | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Basic earnings per common share: | ||||||||||||||
Net earnings allocable to common shares(1) | $ | 615 | $ | 499 | $ | 1,220 | $ | 988 | ||||||
Weighted-average common shares | 283 | 315 | 284 | 316 | ||||||||||
Basic earnings per common share | $ | 2.17 | $ | 1.58 | $ | 4.3 | $ | 3.13 | ||||||
Diluted earnings per common share: | ||||||||||||||
Net earnings allocable to common shares(1) | $ | 615 | $ | 499 | $ | 1,220 | $ | 988 | ||||||
Weighted-average common shares | 283 | 315 | 284 | 316 | ||||||||||
Dilutive effect of share-based awards | 4 | 4 | 4 | 3 | ||||||||||
Weighted-average diluted shares | 287 | 319 | 288 | 319 | ||||||||||
Diluted earnings per common share | $ | 2.14 | $ | 1.57 | $ | 4.24 | $ | 3.1 | ||||||
Anti-dilutive options excluded from diluted | ||||||||||||||
earnings per common share | 2.2 | 2.5 | 2.2 | 6.2 | ||||||||||
(1) Net earnings available to participating securities were immaterial in all periods presented. | ||||||||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 6 Months Ended | ||||||||||||
Nov. 30, 2014 | |||||||||||||
Retirement Plan (Tables) [Abstract] | |||||||||||||
Schedule of Retirement Plan Costs | Three Months Ended | Six Months Ended | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
U.S. domestic and international pension plans | $ | 65 | $ | 121 | $ | 133 | $ | 242 | |||||
U.S. domestic and international defined contribution | |||||||||||||
plans | 94 | 88 | 188 | 177 | |||||||||
U.S. domestic and international postretirement | |||||||||||||
healthcare plans | 20 | 19 | 40 | 39 | |||||||||
$ | 179 | $ | 228 | $ | 361 | $ | 458 | ||||||
Schedule of Net Periodic Benefit Cost | Three Months Ended | Six Months Ended | |||||||||||
Pension Plans | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 164 | $ | 164 | $ | 328 | $ | 328 | |||||
Interest cost | 275 | 263 | 550 | 526 | |||||||||
Expected return on plan assets | -420 | -374 | -840 | -747 | |||||||||
Recognized actuarial losses and other | 46 | 68 | 95 | 135 | |||||||||
$ | 65 | $ | 121 | $ | 133 | $ | 242 | ||||||
Three Months Ended | Six Months Ended | ||||||||||||
Postretirement Healthcare Plans | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 10 | $ | 9 | $ | 20 | $ | 19 | |||||
Interest cost | 10 | 10 | 20 | 20 | |||||||||
$ | 20 | $ | 19 | $ | 40 | $ | 39 | ||||||
Schedule of Pension Plans Contributions | 2014 | 2013 | |||||||||||
Required | $ | 247 | $ | 315 | |||||||||
Voluntary | 83 | 15 | |||||||||||
$ | 330 | $ | 330 |
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | ||||||||||||||
Nov. 30, 2014 | |||||||||||||||
Business Segment Information (Tables) [Abstract] | |||||||||||||||
Schedule of Segment Information | Three Months Ended | Six Months Ended | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | |||||||||||||||
FedEx Express segment | $ | 7,024 | $ | 6,844 | $ | 13,886 | $ | 13,449 | |||||||
FedEx Ground segment | 3,063 | 2,849 | 6,023 | 5,579 | |||||||||||
FedEx Freight segment | 1,585 | 1,434 | 3,194 | 2,858 | |||||||||||
FedEx Services segment | 394 | 391 | 768 | 766 | |||||||||||
Eliminations and other | -127 | -115 | -248 | -225 | |||||||||||
$ | 11,939 | $ | 11,403 | $ | 23,623 | $ | 22,427 | ||||||||
Operating Income | |||||||||||||||
FedEx Express segment (1) | $ | 484 | $ | 357 | $ | 853 | $ | 630 | |||||||
FedEx Ground segment(1) | 465 | 439 | 1,010 | 922 | |||||||||||
FedEx Freight segment (1) | 112 | 83 | 280 | 182 | |||||||||||
Corporate, eliminations and other(1) | -48 | -52 | -143 | -112 | |||||||||||
$ | 1,013 | $ | 827 | $ | 2,000 | $ | 1,622 | ||||||||
(1) | Prior year amounts have been revised to conform to the current year segment presentation regarding the allocation of corporate headquarters costs. |
Commitments_Tables
Commitments (Tables) | 6 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Commitments (Tables) [Abstract] | ||||||||||||
Schedule of Purchase Commitments | Aircraft and | |||||||||||
Aircraft-Related | Other(1) | Total | ||||||||||
2015 (remainder) | $ | 709 | $ | 452 | $ | 1,161 | ||||||
2016 | 1,230 | 329 | 1,559 | |||||||||
2017 | 1,033 | 175 | 1,208 | |||||||||
2018 | 1,402 | 101 | 1,503 | |||||||||
2019 | 1,022 | 58 | 1,080 | |||||||||
Thereafter | 4,472 | 101 | 4,573 | |||||||||
Total | $ | 9,868 | $ | 1,216 | $ | 11,084 | ||||||
(1) | Primarily equipment, advertising contracts and contributions to our U.S. Pension Plans, which are further described in Note 5. | |||||||||||
Schedule of Aircraft Purchase Commitments | B757 | B767F | B777F | Total | ||||||||
2015 (remainder) | 1 | 8 | - | 9 | ||||||||
2016 | - | 11 | 2 | 13 | ||||||||
2017 | - | 12 | - | 12 | ||||||||
2018 | - | 11 | 2 | 13 | ||||||||
2019 | - | 6 | 2 | 8 | ||||||||
Thereafter | - | - | 12 | 12 | ||||||||
Total | 1 | 48 | 18 | 67 | ||||||||
Schedule of Future Minimum Lease Payments, Operating Leases | Operating Leases | |||||||||||
Aircraft | Total | |||||||||||
and Related | Facilities | Operating | ||||||||||
Equipment | and Other | Leases | ||||||||||
2015 (remainder) | $ | 391 | $ | 791 | $ | 1,182 | ||||||
2016 | 461 | 1,561 | 2,022 | |||||||||
2017 | 399 | 1,684 | 2,083 | |||||||||
2018 | 329 | 1,264 | 1,593 | |||||||||
2019 | 273 | 1,091 | 1,364 | |||||||||
Thereafter | 551 | 7,097 | 7,648 | |||||||||
Total | $ | 2,404 | $ | 13,488 | $ | 15,892 | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 6 Months Ended | |||||||||||
Nov. 30, 2014 | ||||||||||||
Supplemental Cash Flow (Tables) [Abstract] | ||||||||||||
Supplemental Cash Flow Table | 2014 | 2013 | ||||||||||
Cash payments for: | ||||||||||||
Interest (net of capitalized interest) | $ | 103 | $ | 64 | ||||||||
Income taxes | $ | 760 | $ | 626 | ||||||||
Income tax refunds received | -5 | -36 | ||||||||||
Cash tax payments, net | $ | 755 | $ | 590 | ||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 6 Months Ended | ||||||||||||||||||
Nov. 30, 2014 | |||||||||||||||||||
Condensed Consolidating Financial Statements (Tables) [Abstract] | |||||||||||||||||||
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
30-Nov-14 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 1,048 | $ | 482 | $ | 869 | $ | -133 | $ | 2,266 | |||||||||
Receivables, less allowances | 1 | 4,453 | 1,189 | -51 | 5,592 | ||||||||||||||
Spare parts, supplies, fuel, prepaid expenses | |||||||||||||||||||
and other, less allowances | 76 | 719 | 62 | - | 857 | ||||||||||||||
Deferred income taxes | - | 474 | 23 | - | 497 | ||||||||||||||
Total current assets | 1,125 | 6,128 | 2,143 | -184 | 9,212 | ||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 28 | 39,258 | 2,330 | - | 41,616 | ||||||||||||||
Less accumulated depreciation and amortization | 22 | 20,458 | 1,243 | - | 21,723 | ||||||||||||||
Net property and equipment | 6 | 18,800 | 1,087 | - | 19,893 | ||||||||||||||
INTERCOMPANY RECEIVABLE | - | 1,172 | 1,526 | -2,698 | - | ||||||||||||||
GOODWILL | - | 1,552 | 1,182 | - | 2,734 | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 21,850 | 3,747 | - | -25,597 | - | ||||||||||||||
OTHER ASSETS | 2,051 | 862 | 237 | -2,005 | 1,145 | ||||||||||||||
$ | 25,032 | $ | 32,261 | $ | 6,175 | $ | -30,484 | $ | 32,984 | ||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Accrued salaries and employee benefits | $ | 33 | $ | 1,011 | $ | 175 | $ | - | $ | 1,219 | |||||||||
Accounts payable | 60 | 1,403 | 689 | -184 | 1,968 | ||||||||||||||
Accrued expenses | 374 | 1,404 | 208 | - | 1,986 | ||||||||||||||
Total current liabilities | 467 | 3,818 | 1,072 | -184 | 5,173 | ||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | 4,487 | 248 | - | - | 4,735 | ||||||||||||||
INTERCOMPANY PAYABLE | 2,698 | - | - | -2,698 | - | ||||||||||||||
OTHER LONG-TERM LIABILITIES | |||||||||||||||||||
Deferred income taxes | - | 4,021 | 88 | -2,005 | 2,104 | ||||||||||||||
Other liabilities | 1,817 | 3,344 | 248 | - | 5,409 | ||||||||||||||
Total other long-term liabilities | 1,817 | 7,365 | 336 | -2,005 | 7,513 | ||||||||||||||
STOCKHOLDERS' INVESTMENT | 15,563 | 20,830 | 4,767 | -25,597 | 15,563 | ||||||||||||||
$ | 25,032 | $ | 32,261 | $ | 6,175 | $ | -30,484 | $ | 32,984 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||
31-May-14 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | 1,756 | $ | 441 | $ | 861 | $ | -150 | $ | 2,908 | |||||||||
Receivables, less allowances | 2 | 4,338 | 1,151 | -31 | 5,460 | ||||||||||||||
Spare parts, supplies, fuel, prepaid expenses | |||||||||||||||||||
and other, less allowances | 59 | 674 | 60 | - | 793 | ||||||||||||||
Deferred income taxes | - | 501 | 21 | - | 522 | ||||||||||||||
Total current assets | 1,817 | 5,954 | 2,093 | -181 | 9,683 | ||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 28 | 38,303 | 2,360 | - | 40,691 | ||||||||||||||
Less accumulated depreciation and amortization | 22 | 19,899 | 1,220 | - | 21,141 | ||||||||||||||
Net property and equipment | 6 | 18,404 | 1,140 | - | 19,550 | ||||||||||||||
INTERCOMPANY RECEIVABLE | - | 1,058 | 1,265 | -2,323 | - | ||||||||||||||
GOODWILL | - | 1,552 | 1,238 | - | 2,790 | ||||||||||||||
INVESTMENT IN SUBSIDIARIES | 20,785 | 3,754 | - | -24,539 | - | ||||||||||||||
OTHER ASSETS | 2,088 | 747 | 250 | -2,038 | 1,047 | ||||||||||||||
$ | 24,696 | $ | 31,469 | $ | 5,986 | $ | -29,081 | $ | 33,070 | ||||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||
Current portion of long-term debt | $ | - | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||
Accrued salaries and employee benefits | 55 | 1,042 | 180 | - | 1,277 | ||||||||||||||
Accounts payable | 2 | 1,530 | 620 | -181 | 1,971 | ||||||||||||||
Accrued expenses | 405 | 1,444 | 214 | - | 2,063 | ||||||||||||||
Total current liabilities | 462 | 4,017 | 1,014 | -181 | 5,312 | ||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | 4,487 | 249 | - | - | 4,736 | ||||||||||||||
INTERCOMPANY PAYABLE | 2,323 | - | - | -2,323 | - | ||||||||||||||
OTHER LONG-TERM LIABILITIES | |||||||||||||||||||
Deferred income taxes | - | 4,059 | 93 | -2,038 | 2,114 | ||||||||||||||
Other liabilities | 2,147 | 3,230 | 254 | - | 5,631 | ||||||||||||||
Total other long-term liabilities | 2,147 | 7,289 | 347 | -2,038 | 7,745 | ||||||||||||||
STOCKHOLDERS' INVESTMENT | 15,277 | 19,914 | 4,625 | -24,539 | 15,277 | ||||||||||||||
$ | 24,696 | $ | 31,469 | $ | 5,986 | $ | -29,081 | $ | 33,070 | ||||||||||
Condensed Consolidating Statements of Comprehensive Income | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Three Months Ended November 30, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 9,926 | $ | 2,108 | $ | -95 | $ | 11,939 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 23 | 3,729 | 552 | - | 4,304 | ||||||||||||||
Purchased transportation | - | 1,468 | 764 | -47 | 2,185 | ||||||||||||||
Rentals and landing fees | 2 | 577 | 86 | -2 | 663 | ||||||||||||||
Depreciation and amortization | 1 | 595 | 55 | - | 651 | ||||||||||||||
Fuel | - | 1,028 | 24 | - | 1,052 | ||||||||||||||
Maintenance and repairs | - | 507 | 36 | - | 543 | ||||||||||||||
Intercompany charges, net | -48 | -50 | 98 | - | - | ||||||||||||||
Other | 22 | 1,239 | 313 | -46 | 1,528 | ||||||||||||||
- | 9,093 | 1,928 | -95 | 10,926 | |||||||||||||||
OPERATING INCOME | - | 833 | 180 | - | 1,013 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 616 | 103 | - | -719 | - | ||||||||||||||
Interest, net | -53 | 5 | 1 | - | -47 | ||||||||||||||
Intercompany charges, net | 54 | -59 | 5 | - | - | ||||||||||||||
Other, net | -1 | 2 | 4 | - | 5 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 616 | 884 | 190 | -719 | 971 | ||||||||||||||
Provision for income taxes | - | 319 | 36 | - | 355 | ||||||||||||||
NET INCOME | $ | 616 | $ | 565 | $ | 154 | $ | -719 | $ | 616 | |||||||||
COMPREHENSIVE INCOME | $ | 642 | $ | 543 | $ | 57 | -719 | $ | 523 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Three Months Ended November 30, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 9,447 | $ | 2,042 | $ | -86 | $ | 11,403 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 24 | 3,568 | 556 | - | 4,148 | ||||||||||||||
Purchased transportation | - | 1,340 | 739 | -39 | 2,040 | ||||||||||||||
Rentals and landing fees | 2 | 563 | 85 | -2 | 648 | ||||||||||||||
Depreciation and amortization | 1 | 595 | 51 | - | 647 | ||||||||||||||
Fuel | - | 1,111 | 25 | - | 1,136 | ||||||||||||||
Maintenance and repairs | - | 447 | 32 | - | 479 | ||||||||||||||
Intercompany charges, net | -50 | -24 | 74 | - | - | ||||||||||||||
Other | 23 | 1,192 | 308 | -45 | 1,478 | ||||||||||||||
- | 8,792 | 1,870 | -86 | 10,576 | |||||||||||||||
OPERATING INCOME | - | 655 | 172 | - | 827 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 500 | 133 | - | -633 | - | ||||||||||||||
Interest, net | -35 | 5 | - | - | -30 | ||||||||||||||
Intercompany charges, net | 36 | -41 | 5 | - | - | ||||||||||||||
Other, net | -1 | -3 | -1 | - | -5 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 500 | 749 | 176 | -633 | 792 | ||||||||||||||
Provision for income taxes | - | 251 | 41 | - | 292 | ||||||||||||||
NET INCOME | $ | 500 | $ | 498 | $ | 135 | $ | -633 | $ | 500 | |||||||||
COMPREHENSIVE INCOME | $ | 540 | $ | 506 | $ | 175 | $ | -633 | $ | 588 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Six Months Ended November 30, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 19,695 | $ | 4,112 | $ | -184 | $ | 23,623 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 53 | 7,335 | 1,105 | - | 8,493 | ||||||||||||||
Purchased transportation | - | 2,854 | 1,475 | -90 | 4,239 | ||||||||||||||
Rentals and landing fees | 3 | 1,149 | 174 | -3 | 1,323 | ||||||||||||||
Depreciation and amortization | 1 | 1,190 | 111 | - | 1,302 | ||||||||||||||
Fuel | - | 2,123 | 49 | - | 2,172 | ||||||||||||||
Maintenance and repairs | - | 1,029 | 70 | - | 1,099 | ||||||||||||||
Intercompany charges, net | -143 | -48 | 191 | - | - | ||||||||||||||
Other | 86 | 2,404 | 596 | -91 | 2,995 | ||||||||||||||
- | 18,036 | 3,771 | -184 | 21,623 | |||||||||||||||
OPERATING INCOME | - | 1,659 | 341 | - | 2,000 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 1,222 | 201 | - | -1,423 | - | ||||||||||||||
Interest, net | -106 | 9 | 2 | - | -95 | ||||||||||||||
Intercompany charges, net | 108 | -118 | 10 | - | - | ||||||||||||||
Other, net | -2 | -1 | 6 | - | 3 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 1,222 | 1,750 | 359 | -1,423 | 1,908 | ||||||||||||||
Provision for income taxes | - | 588 | 98 | - | 686 | ||||||||||||||
NET INCOME | $ | 1,222 | $ | 1,162 | $ | 261 | $ | -1,423 | $ | 1,222 | |||||||||
COMPREHENSIVE INCOME | $ | 1,276 | $ | 1,137 | $ | 139 | $ | -1,423 | $ | 1,129 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Six Months Ended November 30, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
REVENUES | $ | - | $ | 18,675 | $ | 3,920 | $ | -168 | $ | 22,427 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||
Salaries and employee benefits | 55 | 7,082 | 1,088 | - | 8,225 | ||||||||||||||
Purchased transportation | - | 2,582 | 1,412 | -75 | 3,919 | ||||||||||||||
Rentals and landing fees | 3 | 1,121 | 167 | -3 | 1,288 | ||||||||||||||
Depreciation and amortization | 1 | 1,184 | 101 | - | 1,286 | ||||||||||||||
Fuel | - | 2,192 | 48 | - | 2,240 | ||||||||||||||
Maintenance and repairs | - | 896 | 63 | - | 959 | ||||||||||||||
Intercompany charges, net | -111 | -30 | 141 | - | - | ||||||||||||||
Other | 52 | 2,325 | 601 | -90 | 2,888 | ||||||||||||||
- | 17,352 | 3,621 | -168 | 20,805 | |||||||||||||||
OPERATING INCOME | - | 1,323 | 299 | - | 1,622 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||
Equity in earnings of subsidiaries | 989 | 243 | - | -1,232 | - | ||||||||||||||
Interest, net | -69 | 10 | 2 | - | -57 | ||||||||||||||
Intercompany charges, net | 71 | -82 | 11 | - | - | ||||||||||||||
Other, net | -2 | -5 | - | - | -7 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 989 | 1,489 | 312 | -1,232 | 1,558 | ||||||||||||||
Provision for income taxes | - | 483 | 86 | - | 569 | ||||||||||||||
NET INCOME | $ | 989 | $ | 1,006 | $ | 226 | $ | -1,232 | $ | 989 | |||||||||
COMPREHENSIVE INCOME | $ | 1,068 | $ | 1,013 | $ | 191 | $ | -1,232 | $ | 1,040 | |||||||||
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Six Months Ended November 30, 2014 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | -458 | $ | 2,335 | $ | 257 | $ | 17 | $ | 2,151 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | -1 | -1,809 | -80 | - | -1,890 | ||||||||||||||
Proceeds from asset dispositions and other | -1 | 17 | -9 | - | 7 | ||||||||||||||
CASH USED IN INVESTING ACTIVITIES | -2 | -1,792 | -89 | - | -1,883 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Net transfers from (to) Parent | 601 | -610 | 9 | - | - | ||||||||||||||
Payment on loan between subsidiaries | - | 143 | -143 | - | - | ||||||||||||||
Intercompany dividends | - | 22 | -22 | - | - | ||||||||||||||
Principal payments on debt | - | -1 | - | - | -1 | ||||||||||||||
Proceeds from stock issuances | 189 | - | - | - | 189 | ||||||||||||||
Excess tax benefit on the exercise of stock options | 23 | - | - | - | 23 | ||||||||||||||
Dividends paid | -114 | - | - | - | -114 | ||||||||||||||
Purchase of treasury stock | -947 | - | - | - | -947 | ||||||||||||||
Other, net | - | -39 | 39 | - | - | ||||||||||||||
CASH USED IN FINANCING ACTIVITIES | -248 | -485 | -117 | - | -850 | ||||||||||||||
Effect of exchange rate changes on cash | - | -17 | -43 | - | -60 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | -708 | 41 | 8 | 17 | -642 | ||||||||||||||
Cash and cash equivalents at beginning of period | 1,756 | 441 | 861 | -150 | 2,908 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 1,048 | $ | 482 | $ | 869 | $ | -133 | $ | 2,266 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Six Months Ended November 30, 2013 | |||||||||||||||||||
Guarantor | Non-guarantor | ||||||||||||||||||
Parent | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | -139 | $ | 1,545 | $ | 246 | $ | -43 | $ | 1,609 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Capital expenditures | - | -1,521 | -169 | - | -1,690 | ||||||||||||||
Proceeds from asset dispositions and other | - | 19 | - | - | 19 | ||||||||||||||
CASH USED IN INVESTING ACTIVITIES | - | -1,502 | -169 | - | -1,671 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Net transfers from (to) Parent | -31 | 64 | -33 | - | - | ||||||||||||||
Payment on loan between subsidiaries | - | -33 | 33 | - | - | ||||||||||||||
Intercompany dividends | - | 22 | -22 | - | - | ||||||||||||||
Principal payments on debt | - | -3 | - | - | -3 | ||||||||||||||
Proceeds from stock issuances | 380 | - | - | - | 380 | ||||||||||||||
Excess tax benefit on the exercise of stock options | 20 | - | - | - | 20 | ||||||||||||||
Dividends paid | -95 | - | - | - | -95 | ||||||||||||||
Purchase of treasury stock | -1,219 | - | - | - | -1,219 | ||||||||||||||
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | -945 | 50 | -22 | - | -917 | ||||||||||||||
Effect of exchange rate changes on cash | - | -6 | 3 | - | -3 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | -1,084 | 87 | 58 | -43 | -982 | ||||||||||||||
Cash and cash equivalents at beginning of period | 3,892 | 405 | 717 | -97 | 4,917 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 2,808 | $ | 492 | $ | 775 | $ | -140 | $ | 3,935 |
General_Details
General (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
General Details [Abstract] | ||||
Dividends Payable, Date Declared | 21-Nov-14 | |||
Dividends Payable Amount Per Share | $0.20 | $0.20 | ||
Dividends Payable, Date To Be Paid | 2-Jan-15 | |||
Dividends Payable, Date Of Record | 12-Dec-14 | |||
Stock Based Compensation Details [Abstract] | ||||
Stock-based compensation | $31 | $26 | $79 | $71 |
Treasury Shares [Abstract] | ||||
Number Of Shares Repurchased | 1,000,000 | 1,000,000 | ||
Treasury Stock Acquired, Average Cost Per Share | $156 | |||
Stock Repurchase Authorization, Number of Shares Authorized to Be Repurchased | 15,000,000 | 15,000,000 | ||
Stock Repurchase Authorization, Remaining Number of Shares | 14,000,000 | 14,000,000 | ||
Purchase of treasury stock | $156 | $947 | $1,219 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | ($3,694) | |||
Translation adjustment | -122 | 45 | -153 | -34 |
Amortization of unrealized pension actuarial gains/losses and other, net of tax of $17, $25, $35, $50 | 29 | 43 | 60 | 85 |
Ending balance | -3,787 | -3,769 | -3,787 | -3,769 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits | 4,304 | 4,148 | 8,493 | 8,225 |
PROVISION FOR INCOME TAXES | 355 | 292 | 686 | 569 |
Amortization of actuarial losses [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits | -75 | -97 | -153 | -192 |
Amortization of prior service credits [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits | 29 | 29 | 58 | 57 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits | -46 | -68 | -95 | -135 |
PROVISION FOR INCOME TAXES | 17 | 25 | 35 | 50 |
Net income | -29 | -43 | -60 | -85 |
Foreign currency translation gain (loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | 46 | 23 | 77 | 102 |
Translation adjustment | -122 | 45 | -153 | -34 |
Ending balance | -76 | 68 | -76 | 68 |
Retirement plans adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | -3,740 | -3,880 | -3,771 | -3,922 |
Reclassification from AOCI | 29 | 43 | 60 | 85 |
Ending balance | ($3,711) | ($3,837) | ($3,711) | ($3,837) |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2014 | 31-May-14 |
Financing Arrangements (Details) [Line Items] | ||
Line Of Credit Facility Maximum Borrowing Capacity | $1,000 | |
Long Term Debt Exclusive of Capital Leases Carrying Value | 4,700 | 4,700 |
Long Term Debt Exclusive Of Capital Leases Fair Value | $5,100 | $5,000 |
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 | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
Basic earnings per common share: | ||||
Net earnings allocable to common shares | $615 | $499 | $1,220 | $988 |
Weighted-average common shares | 283 | 315 | 284 | 316 |
Basic earnings per common share | $2.17 | $1.58 | $4.30 | $3.13 |
Diluted earnings per common share: | ||||
Net earnings allocable to common shares | $615 | $499 | $1,220 | $988 |
Weighted-average common shares | 283 | 315 | 284 | 316 |
Dilutive effect of share-based awards | 4 | 4 | 4 | 3 |
Weighted-average diluted shares | 287 | 319 | 288 | 319 |
Diluted earnings per common share | $2.14 | $1.57 | $4.24 | $3.10 |
Anti-dilutive options excluded from diluted earnings per common share | 2.2 | 2.5 | 2.2 | 6.2 |
Retirement_Plans_Details_1
Retirement Plans (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
Pension and Other Postretirement Benefit Expense [Abstract] | ||||
U.S. domestic and international pension plans | $65 | $121 | $133 | $242 |
U.S. domestic and international defined contribution plans | 94 | 88 | 188 | 177 |
U.S. domestic and international postretirement healthcare plans | 20 | 19 | 40 | 39 |
Retirement plans costs | $179 | $228 | $361 | $458 |
Retirement_Plans_Details_2
Retirement Plans (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
Pension Plans | ||||
Net Periodic Benefit Cost | ||||
Service cost | $164 | $164 | $328 | $328 |
Interest cost | 275 | 263 | 550 | 526 |
Expected return on plan assets | -420 | -374 | -840 | -747 |
Recognized actuarial losses and other | 46 | 68 | 95 | 135 |
Total net periodic benefit cost | 65 | 121 | 133 | 242 |
Postretirement Healthcare Plans | ||||
Net Periodic Benefit Cost | ||||
Service cost | 10 | 9 | 20 | 19 |
Interest cost | 10 | 10 | 20 | 20 |
Total net periodic benefit cost | $20 | $19 | $40 | $39 |
Retirement_Plans_Details_3
Retirement Plans (Details 3) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Pension Plans Contributions [Abstract] | ||
Required U.S. pension plan contributions | $247 | $315 |
Voluntary U.S. pension plan contributions | 83 | 15 |
U.S. domestic pension contributions | 330 | 330 |
December 2014 U.S. Pension Plans contribution | 165 | |
Subsequent voluntary contribution remainder 2015 | $160 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
Segment Reporting Information [Line Items] | ||||
Revenues | $11,939 | $11,403 | $23,623 | $22,427 |
Operating Income | 1,013 | 827 | 2,000 | 1,622 |
FedEx Express Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,024 | 6,844 | 13,886 | 13,449 |
Operating Income | 484 | 357 | 853 | 630 |
FedEx Ground Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,063 | 2,849 | 6,023 | 5,579 |
Operating Income | 465 | 439 | 1,010 | 922 |
FedEx Freight Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,585 | 1,434 | 3,194 | 2,858 |
Operating Income | 112 | 83 | 280 | 182 |
FedEx Services Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 394 | 391 | 768 | 766 |
Corporate, eliminations and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | -127 | -115 | -248 | -225 |
Operating Income | ($48) | ($52) | ($143) | ($112) |
Commitments_Details_1
Commitments (Details 1) (USD $) | Nov. 30, 2014 | |
In Millions, unless otherwise specified | ||
Schedule of Purchase Commitments [Line Items] | ||
2015 (remainder) | $1,161 | |
2016 | 1,559 | |
2017 | 1,208 | |
2018 | 1,503 | |
2019 | 1,080 | |
Thereafter | 4,573 | |
Total | 11,084 | |
Aircraft And Related Equipment Commitments [Member] | ||
Schedule of Purchase Commitments [Line Items] | ||
2015 (remainder) | 709 | |
2016 | 1,230 | |
2017 | 1,033 | |
2018 | 1,402 | |
2019 | 1,022 | |
Thereafter | 4,472 | |
Total | 9,868 | |
Other Commitments [Member] | ||
Schedule of Purchase Commitments [Line Items] | ||
2015 (remainder) | 452 | [1] |
2016 | 329 | [1] |
2017 | 175 | [1] |
2018 | 101 | [1] |
2019 | 58 | [1] |
Thereafter | 101 | [1] |
Total | $1,216 | [1] |
[1] | Primarily equipment, advertising contracts and contributions to our U.S. Pension Plans, which are further described in Note 5. |
Commitments_Details_2
Commitments (Details 2) | Nov. 30, 2014 |
Schedule of Aircraft Commitments [Line Items] | |
2015 (remainder) | 9 |
2016 | 13 |
2017 | 12 |
2018 | 13 |
2019 | 8 |
Thereafter | 12 |
Total | 67 |
Boeing 777 Freighter [Member] | |
Schedule of Aircraft Commitments [Line Items] | |
2016 | 2 |
2018 | 2 |
2019 | 2 |
Thereafter | 12 |
Total | 18 |
Boeing 757 [Member] | |
Schedule of Aircraft Commitments [Line Items] | |
2015 (remainder) | 1 |
Total | 1 |
Boeing 767 Freighter [Member] | |
Schedule of Aircraft Commitments [Line Items] | |
2015 (remainder) | 8 |
2016 | 11 |
2017 | 12 |
2018 | 11 |
2019 | 6 |
Total | 48 |
Commitments_Details_3
Commitments (Details 3) (USD $) | Nov. 30, 2014 |
In Millions, unless otherwise specified | |
Schedule of Future Minimum Operating Lease Payments [Line Items] | |
2015 (remainder) | $1,182 |
2016 | 2,022 |
2017 | 2,083 |
2018 | 1,593 |
2019 | 1,364 |
Thereafter | 7,648 |
Total | 15,892 |
Aircraft and Related Equipment [Member] | |
Schedule of Future Minimum Operating Lease Payments [Line Items] | |
2015 (remainder) | 391 |
2016 | 461 |
2017 | 399 |
2018 | 329 |
2019 | 273 |
Thereafter | 551 |
Total | 2,404 |
Facilities and Other [Member] | |
Schedule of Future Minimum Operating Lease Payments [Line Items] | |
2015 (remainder) | 791 |
2016 | 1,561 |
2017 | 1,684 |
2018 | 1,264 |
2019 | 1,091 |
Thereafter | 7,097 |
Total | $13,488 |
Commitments_Details_4
Commitments (Details 4) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Nov. 30, 2014 |
Other Aircraft Commitments Disclosure [Abstract] | |
Boeing 777F Conditional Aircraft Commitments | 9 |
Boeing 767F Conditional Aircraft Commitments | 4 |
Aircraft Purchase Commitment Boeing 767F Delivery 2017 and 2019 | 4 |
Other Commitment Disclosures [Line Items] | |
Deposit and Progress Payments | $500 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 |
Supplemental Cash Flow Information [Abstract] | ||
Interest (net of capitalized interest) | $103 | $64 |
Income taxes | 760 | 626 |
Income tax refunds received | -5 | -36 |
Cash tax payments (refunds), net | $755 | $590 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Details 1) (USD $) | Nov. 30, 2014 |
In Millions, unless otherwise specified | |
Guarantor Obligations [Abstract] | |
Debt Guarantee | $4,500 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Details 2) (USD $) | Nov. 30, 2014 | 31-May-14 | Nov. 30, 2013 | 31-May-13 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | $2,266 | $2,908 | $3,935 | $4,917 |
Receivables, less allowances | 5,592 | 5,460 | ||
Spare parts, supplies, fuel, prepaid expenses and other, less allowances | 857 | 793 | ||
Deferred income taxes | 497 | 522 | ||
Total current assets | 9,212 | 9,683 | ||
PROPERTY AND EQUIPMENT, AT COST | 41,616 | 40,691 | ||
Less accumulated depreciation and amortization | 21,723 | 21,141 | ||
Net property and equipment | 19,893 | 19,550 | ||
GOODWILL | 2,734 | 2,790 | ||
Other assets | 1,145 | 1,047 | ||
ASSETS | 32,984 | 33,070 | ||
CURRENT LIABILITIES | ||||
Current portion of long-term debt | 1 | |||
Accrued salaries and employee benefits | 1,219 | 1,277 | ||
Accounts payable | 1,968 | 1,971 | ||
Accrued expenses | 1,986 | 2,063 | ||
Total current liabilities | 5,173 | 5,312 | ||
LONG-TERM DEBT, LESS CURRENT PORTION | 4,735 | 4,736 | ||
OTHER LONG-TERM LIABILITIES | ||||
Deferred income taxes | 2,104 | 2,114 | ||
Other liabilities | 5,409 | 5,631 | ||
Total other long-term liabilities | 7,513 | 7,745 | ||
STOCKHOLDERS' INVESTMENT | 15,563 | 15,277 | ||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | 32,984 | 33,070 | ||
Parent Company Member | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 1,048 | 1,756 | 2,808 | 3,892 |
Receivables, less allowances | 1 | 2 | ||
Spare parts, supplies, fuel, prepaid expenses and other, less allowances | 76 | 59 | ||
Total current assets | 1,125 | 1,817 | ||
PROPERTY AND EQUIPMENT, AT COST | 28 | 28 | ||
Less accumulated depreciation and amortization | 22 | 22 | ||
Net property and equipment | 6 | 6 | ||
INVESTMENT IN SUBSIDIARIES | 21,850 | 20,785 | ||
Other assets | 2,051 | 2,088 | ||
ASSETS | 25,032 | 24,696 | ||
CURRENT LIABILITIES | ||||
Accrued salaries and employee benefits | 33 | 55 | ||
Accounts payable | 60 | 2 | ||
Accrued expenses | 374 | 405 | ||
Total current liabilities | 467 | 462 | ||
LONG-TERM DEBT, LESS CURRENT PORTION | 4,487 | 4,487 | ||
INTERCOMPANY PAYABLE | 2,698 | 2,323 | ||
OTHER LONG-TERM LIABILITIES | ||||
Other liabilities | 1,817 | 2,147 | ||
Total other long-term liabilities | 1,817 | 2,147 | ||
STOCKHOLDERS' INVESTMENT | 15,563 | 15,277 | ||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | 25,032 | 24,696 | ||
Guarantor Subsidiaries Member | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 482 | 441 | 492 | 405 |
Receivables, less allowances | 4,453 | 4,338 | ||
Spare parts, supplies, fuel, prepaid expenses and other, less allowances | 719 | 674 | ||
Deferred income taxes | 474 | 501 | ||
Total current assets | 6,128 | 5,954 | ||
PROPERTY AND EQUIPMENT, AT COST | 39,258 | 38,303 | ||
Less accumulated depreciation and amortization | 20,458 | 19,899 | ||
Net property and equipment | 18,800 | 18,404 | ||
INTERCOMPANY RECEIVABLE | 1,172 | 1,058 | ||
GOODWILL | 1,552 | 1,552 | ||
INVESTMENT IN SUBSIDIARIES | 3,747 | 3,754 | ||
Other assets | 862 | 747 | ||
ASSETS | 32,261 | 31,469 | ||
CURRENT LIABILITIES | ||||
Current portion of long-term debt | 1 | |||
Accrued salaries and employee benefits | 1,011 | 1,042 | ||
Accounts payable | 1,403 | 1,530 | ||
Accrued expenses | 1,404 | 1,444 | ||
Total current liabilities | 3,818 | 4,017 | ||
LONG-TERM DEBT, LESS CURRENT PORTION | 248 | 249 | ||
OTHER LONG-TERM LIABILITIES | ||||
Deferred income taxes | 4,021 | 4,059 | ||
Other liabilities | 3,344 | 3,230 | ||
Total other long-term liabilities | 7,365 | 7,289 | ||
STOCKHOLDERS' INVESTMENT | 20,830 | 19,914 | ||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | 32,261 | 31,469 | ||
Non Guarantor Subsidiaries Member | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 869 | 861 | 775 | 717 |
Receivables, less allowances | 1,189 | 1,151 | ||
Spare parts, supplies, fuel, prepaid expenses and other, less allowances | 62 | 60 | ||
Deferred income taxes | 23 | 21 | ||
Total current assets | 2,143 | 2,093 | ||
PROPERTY AND EQUIPMENT, AT COST | 2,330 | 2,360 | ||
Less accumulated depreciation and amortization | 1,243 | 1,220 | ||
Net property and equipment | 1,087 | 1,140 | ||
INTERCOMPANY RECEIVABLE | 1,526 | 1,265 | ||
GOODWILL | 1,182 | 1,238 | ||
Other assets | 237 | 250 | ||
ASSETS | 6,175 | 5,986 | ||
CURRENT LIABILITIES | ||||
Accrued salaries and employee benefits | 175 | 180 | ||
Accounts payable | 689 | 620 | ||
Accrued expenses | 208 | 214 | ||
Total current liabilities | 1,072 | 1,014 | ||
OTHER LONG-TERM LIABILITIES | ||||
Deferred income taxes | 88 | 93 | ||
Other liabilities | 248 | 254 | ||
Total other long-term liabilities | 336 | 347 | ||
STOCKHOLDERS' INVESTMENT | 4,767 | 4,625 | ||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | 6,175 | 5,986 | ||
Consolidation Eliminations Member | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | -133 | -150 | -140 | -97 |
Receivables, less allowances | -51 | -31 | ||
Total current assets | -184 | -181 | ||
INTERCOMPANY RECEIVABLE | -2,698 | -2,323 | ||
INVESTMENT IN SUBSIDIARIES | -25,597 | -24,539 | ||
Other assets | -2,005 | -2,038 | ||
ASSETS | -30,484 | -29,081 | ||
CURRENT LIABILITIES | ||||
Accounts payable | -184 | -181 | ||
Total current liabilities | -184 | -181 | ||
INTERCOMPANY PAYABLE | -2,698 | -2,323 | ||
OTHER LONG-TERM LIABILITIES | ||||
Deferred income taxes | -2,005 | -2,038 | ||
Total other long-term liabilities | -2,005 | -2,038 | ||
STOCKHOLDERS' INVESTMENT | -25,597 | -24,539 | ||
LIABILITIES AND STOCKHOLDERS' INVESTMENT | ($30,484) | ($29,081) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 |
Condensed Financial Statements Captions [Line Items] | ||||
REVENUES | $11,939 | $11,403 | $23,623 | $22,427 |
OPERATING EXPENSES: | ||||
Salaries and employee benefits | 4,304 | 4,148 | 8,493 | 8,225 |
Purchased transportation | 2,185 | 2,040 | 4,239 | 3,919 |
Rentals and landing fees | 663 | 648 | 1,323 | 1,288 |
Depreciation and amortization | 651 | 647 | 1,302 | 1,286 |
Fuel | 1,052 | 1,136 | 2,172 | 2,240 |
Maintenance and repairs | 543 | 479 | 1,099 | 959 |
Other | 1,528 | 1,478 | 2,995 | 2,888 |
OPERATING EXPENSES | 10,926 | 10,576 | 21,623 | 20,805 |
OPERATING INCOME | 1,013 | 827 | 2,000 | 1,622 |
OTHER INCOME (EXPENSE): | ||||
Interest, net | -47 | -30 | -95 | -57 |
Other, net | 5 | -5 | 3 | -7 |
INCOME BEFORE INCOME TAXES | 971 | 792 | 1,908 | 1,558 |
PROVISION FOR INCOME TAXES | 355 | 292 | 686 | 569 |
NET INCOME | 616 | 500 | 1,222 | 989 |
COMPREHENSIVE INCOME | 523 | 588 | 1,129 | 1,040 |
Parent Company Member | ||||
OPERATING EXPENSES: | ||||
Salaries and employee benefits | 23 | 24 | 53 | 55 |
Rentals and landing fees | 2 | 2 | 3 | 3 |
Depreciation and amortization | 1 | 1 | 1 | 1 |
Intercompany charges, net | -48 | -50 | -143 | -111 |
Other | 22 | 23 | 86 | 52 |
OTHER INCOME (EXPENSE): | ||||
Equity in earnings of subsidiaries | 616 | 500 | 1,222 | 989 |
Interest, net | -53 | -35 | -106 | -69 |
Intercompany charges, net | 54 | 36 | 108 | 71 |
Other, net | -1 | -1 | -2 | -2 |
INCOME BEFORE INCOME TAXES | 616 | 500 | 1,222 | 989 |
NET INCOME | 616 | 500 | 1,222 | 989 |
COMPREHENSIVE INCOME | 642 | 540 | 1,276 | 1,068 |
Guarantor Subsidiaries Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
REVENUES | 9,926 | 9,447 | 19,695 | 18,675 |
OPERATING EXPENSES: | ||||
Salaries and employee benefits | 3,729 | 3,568 | 7,335 | 7,082 |
Purchased transportation | 1,468 | 1,340 | 2,854 | 2,582 |
Rentals and landing fees | 577 | 563 | 1,149 | 1,121 |
Depreciation and amortization | 595 | 595 | 1,190 | 1,184 |
Fuel | 1,028 | 1,111 | 2,123 | 2,192 |
Maintenance and repairs | 507 | 447 | 1,029 | 896 |
Intercompany charges, net | -50 | -24 | -48 | -30 |
Other | 1,239 | 1,192 | 2,404 | 2,325 |
OPERATING EXPENSES | 9,093 | 8,792 | 18,036 | 17,352 |
OPERATING INCOME | 833 | 655 | 1,659 | 1,323 |
OTHER INCOME (EXPENSE): | ||||
Equity in earnings of subsidiaries | 103 | 133 | 201 | 243 |
Interest, net | 5 | 5 | 9 | 10 |
Intercompany charges, net | -59 | -41 | -118 | -82 |
Other, net | 2 | -3 | -1 | -5 |
INCOME BEFORE INCOME TAXES | 884 | 749 | 1,750 | 1,489 |
PROVISION FOR INCOME TAXES | 319 | 251 | 588 | 483 |
NET INCOME | 565 | 498 | 1,162 | 1,006 |
COMPREHENSIVE INCOME | 543 | 506 | 1,137 | 1,013 |
Non Guarantor Subsidiaries Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
REVENUES | 2,108 | 2,042 | 4,112 | 3,920 |
OPERATING EXPENSES: | ||||
Salaries and employee benefits | 552 | 556 | 1,105 | 1,088 |
Purchased transportation | 764 | 739 | 1,475 | 1,412 |
Rentals and landing fees | 86 | 85 | 174 | 167 |
Depreciation and amortization | 55 | 51 | 111 | 101 |
Fuel | 24 | 25 | 49 | 48 |
Maintenance and repairs | 36 | 32 | 70 | 63 |
Intercompany charges, net | 98 | 74 | 191 | 141 |
Other | 313 | 308 | 596 | 601 |
OPERATING EXPENSES | 1,928 | 1,870 | 3,771 | 3,621 |
OPERATING INCOME | 180 | 172 | 341 | 299 |
OTHER INCOME (EXPENSE): | ||||
Interest, net | 1 | 2 | 2 | |
Intercompany charges, net | 5 | 5 | 10 | 11 |
Other, net | 4 | -1 | 6 | |
INCOME BEFORE INCOME TAXES | 190 | 176 | 359 | 312 |
PROVISION FOR INCOME TAXES | 36 | 41 | 98 | 86 |
NET INCOME | 154 | 135 | 261 | 226 |
COMPREHENSIVE INCOME | 57 | 175 | 139 | 191 |
Consolidation Eliminations Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
REVENUES | -95 | -86 | -184 | -168 |
OPERATING EXPENSES: | ||||
Purchased transportation | -47 | -39 | -90 | -75 |
Rentals and landing fees | -2 | -2 | -3 | -3 |
Other | -46 | -45 | -91 | -90 |
OPERATING EXPENSES | -95 | -86 | -184 | -168 |
OTHER INCOME (EXPENSE): | ||||
Equity in earnings of subsidiaries | -719 | -633 | -1,423 | -1,232 |
INCOME BEFORE INCOME TAXES | -719 | -633 | -1,423 | -1,232 |
NET INCOME | -719 | -633 | -1,423 | -1,232 |
COMPREHENSIVE INCOME | ($719) | ($633) | ($1,423) | ($1,232) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2014 | Nov. 30, 2013 |
Condensed Financial Statements Captions [Line Items] | |||
Cash provided by (used in) operating activities | $2,151 | $1,609 | |
Investing Activities: | |||
Capital expenditures | -1,890 | -1,690 | |
Proceeds from asset dispositions and other | 7 | 19 | |
Cash used in investing activities | -1,883 | -1,671 | |
Financing Activities: | |||
Principal payments on debt | -1 | -3 | |
Proceeds from stock issuances | 189 | 380 | |
Excess tax benefit on the exercise of stock options | 23 | 20 | |
Dividends paid | -114 | -95 | |
Purchase of treasury stock | -156 | -947 | -1,219 |
Cash used in financing activities | -850 | -917 | |
Effect of exchange rate changes on cash | -60 | -3 | |
Net decrease in cash and cash equivalents | -642 | -982 | |
Cash and cash equivalents at beginning of period | 2,908 | 4,917 | |
Cash and cash equivalents at end of period | 2,266 | 2,266 | 3,935 |
Parent Company Member | |||
Condensed Financial Statements Captions [Line Items] | |||
Cash provided by (used in) operating activities | -458 | -139 | |
Investing Activities: | |||
Capital expenditures | -1 | ||
Proceeds from asset dispositions and other | -1 | ||
Cash used in investing activities | -2 | ||
Financing Activities: | |||
Net transfers from (to) Parent | 601 | -31 | |
Proceeds from stock issuances | 189 | 380 | |
Excess tax benefit on the exercise of stock options | 23 | 20 | |
Dividends paid | -114 | -95 | |
Purchase of treasury stock | -947 | -1,219 | |
Cash used in financing activities | -248 | -945 | |
Net decrease in cash and cash equivalents | -708 | -1,084 | |
Cash and cash equivalents at beginning of period | 1,756 | 3,892 | |
Cash and cash equivalents at end of period | 1,048 | 1,048 | 2,808 |
Guarantor Subsidiaries Member | |||
Condensed Financial Statements Captions [Line Items] | |||
Cash provided by (used in) operating activities | 2,335 | 1,545 | |
Investing Activities: | |||
Capital expenditures | -1,809 | -1,521 | |
Proceeds from asset dispositions and other | 17 | 19 | |
Cash used in investing activities | -1,792 | -1,502 | |
Financing Activities: | |||
Net transfers from (to) Parent | -610 | 64 | |
Payment on loan between subsidiaries | 143 | -33 | |
Intercompany dividends | 22 | 22 | |
Principal payments on debt | -1 | -3 | |
Other, net | -39 | ||
Cash used in financing activities | -485 | 50 | |
Effect of exchange rate changes on cash | -17 | -6 | |
Net decrease in cash and cash equivalents | 41 | 87 | |
Cash and cash equivalents at beginning of period | 441 | 405 | |
Cash and cash equivalents at end of period | 482 | 482 | 492 |
Non Guarantor Subsidiaries Member | |||
Condensed Financial Statements Captions [Line Items] | |||
Cash provided by (used in) operating activities | 257 | 246 | |
Investing Activities: | |||
Capital expenditures | -80 | -169 | |
Proceeds from asset dispositions and other | -9 | ||
Cash used in investing activities | -89 | -169 | |
Financing Activities: | |||
Net transfers from (to) Parent | 9 | -33 | |
Payment on loan between subsidiaries | -143 | 33 | |
Intercompany dividends | -22 | -22 | |
Other, net | 39 | ||
Cash used in financing activities | -117 | -22 | |
Effect of exchange rate changes on cash | -43 | 3 | |
Net decrease in cash and cash equivalents | 8 | 58 | |
Cash and cash equivalents at beginning of period | 861 | 717 | |
Cash and cash equivalents at end of period | 869 | 869 | 775 |
Consolidation Eliminations Member | |||
Condensed Financial Statements Captions [Line Items] | |||
Cash provided by (used in) operating activities | 17 | -43 | |
Financing Activities: | |||
Net decrease in cash and cash equivalents | 17 | -43 | |
Cash and cash equivalents at beginning of period | -150 | -97 | |
Cash and cash equivalents at end of period | ($133) | ($133) | ($140) |
Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Nov. 30, 2014 | Dec. 17, 2014 | Nov. 28, 2014 |
Document and Entity Information [Abstract] | |||
Document Type | 10-Q | ||
Document Period End Date | 30-Nov-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q2 | ||
Entity Registrant Name | FedEx Corporation | ||
Entity Central Index Key | 1048911 | ||
Current Fiscal Year End Date | -26 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $46.80 | ||
Entity Common Stock, Shares Outstanding | 283,312,620 | ||
TradingSymbol | FDX |