XML 132 R110.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
May 31, 2017
Feb. 28, 2017
[1]
Nov. 30, 2016
[1]
Aug. 31, 2016
[1]
May 31, 2016
Feb. 29, 2016
[2]
Nov. 30, 2015
[2]
Aug. 31, 2015
[2]
May 31, 2017
May 31, 2016
May 31, 2015
Condensed Statement Of Income Captions [Line Items]                      
REVENUES $ 15,728 [1] $ 14,997 $ 14,931 $ 14,663 $ 12,979 [2] $ 12,654 $ 12,453 $ 12,279 $ 60,319 $ 50,365 $ 47,453
OPERATING EXPENSES:                      
Salaries and employee benefits                 21,542 18,581 17,110
Purchased transportation                 13,630 9,966 8,483
Rentals and landing fees                 3,240 2,854 2,682
Depreciation and amortization                 2,995 2,631 2,611
Fuel                 2,773 2,399 3,720
Maintenance and repairs                 2,374 2,108 2,099
Impairment and other charges                     276
Retirement plans mark-to-market adjustment (24)       1,500       (24) 1,498 2,190
Other                 8,752 7,251 6,415
OPERATING EXPENSES                 55,282 47,288 45,586
OPERATING INCOME 1,581 [1] 1,025 1,167 1,264 (68) [2] 864 1,137 1,144 5,037 [3] 3,077 [4] 1,867 [5]
OTHER INCOME (EXPENSE):                      
Interest, net                 (479) (315) (221)
Other, net                 21 (22) (19)
INCOME BEFORE INCOME TAXES                 4,579 2,740 1,627
PROVISION FOR INCOME TAXES                 1,582 920 577
NET INCOME $ 1,020 [1] $ 562 $ 700 $ 715 $ (70) [2] $ 507 $ 691 $ 692 2,997 1,820 1,050
COMPREHENSIVE INCOME                 2,751 1,479 716
Consolidation Eliminations [Member]                      
Condensed Statement Of Income Captions [Line Items]                      
REVENUES                 (302) (325) (381)
OPERATING EXPENSES:                      
Purchased transportation                 (125) (134) (197)
Rentals and landing fees                 (6) (6) (5)
Other                 (171) (185) (179)
OPERATING EXPENSES                 (302) (325) (381)
OTHER INCOME (EXPENSE):                      
Equity in earnings of subsidiaries                 (3,065) (2,099) (1,387)
INCOME BEFORE INCOME TAXES                 (3,065) (2,099) (1,387)
NET INCOME                 (3,065) (2,099) (1,387)
COMPREHENSIVE INCOME                 (3,065) (2,099) (1,387)
Parent Company [Member]                      
OPERATING EXPENSES:                      
Salaries and employee benefits                 123 119 106
Rentals and landing fees                 5 5 5
Depreciation and amortization                 1 1 1
Maintenance and repairs                 1 1 1
Intercompany charges, net                 (434) (645) (450)
Other                 304 519 337
OTHER INCOME (EXPENSE):                      
Equity in earnings of subsidiaries                 2,997 1,820 1,050
Interest, net                 (507) (355) (247)
Intercompany charges, net                 508 369 253
Other, net                 (1) (14) (6)
INCOME BEFORE INCOME TAXES                 2,997 1,820 1,050
NET INCOME                 2,997 1,820 1,050
COMPREHENSIVE INCOME                 2,922 1,746 1,053
Guarantor Subsidiaries [Member[                      
Condensed Statement Of Income Captions [Line Items]                      
REVENUES                 44,823 42,143 39,420
OPERATING EXPENSES:                      
Salaries and employee benefits                 16,696 15,880 14,626
Purchased transportation                 8,260 7,380 5,802
Rentals and landing fees                 2,517 2,484 2,322
Depreciation and amortization                 2,538 2,399 2,370
Fuel                 2,476 2,324 3,632
Maintenance and repairs                 2,086 1,954 1,949
Impairment and other charges                     276
Retirement plans mark-to-market adjustment                 (75) 1,414 2,075
Intercompany charges, net                 182 425 117
Other                 5,734 5,274 4,946
OPERATING EXPENSES                 40,414 39,534 38,115
OPERATING INCOME                 4,409 2,609 1,305
OTHER INCOME (EXPENSE):                      
Equity in earnings of subsidiaries                 68 279 337
Interest, net                 27 27 23
Intercompany charges, net                 (296) (354) (265)
Other, net                 (134) (14) (32)
INCOME BEFORE INCOME TAXES                 4,074 2,547 1,368
PROVISION FOR INCOME TAXES                 1,439 818 390
NET INCOME                 2,635 1,729 978
COMPREHENSIVE INCOME                 2,580 1,704 929
Non Guarantor Subsidiaries [Member]                      
Condensed Statement Of Income Captions [Line Items]                      
REVENUES                 15,798 8,547 8,414
OPERATING EXPENSES:                      
Salaries and employee benefits                 4,723 2,582 2,378
Purchased transportation                 5,495 2,720 2,878
Rentals and landing fees                 724 371 360
Depreciation and amortization                 456 231 240
Fuel                 297 75 88
Maintenance and repairs                 287 153 149
Retirement plans mark-to-market adjustment                 51 84 115
Intercompany charges, net                 252 220 333
Other                 2,885 1,643 1,311
OPERATING EXPENSES                 15,170 8,079 7,852
OPERATING INCOME                 628 468 562
OTHER INCOME (EXPENSE):                      
Interest, net                 1 13 3
Intercompany charges, net                 (212) (15) 12
Other, net                 156 6 19
INCOME BEFORE INCOME TAXES                 573 472 596
PROVISION FOR INCOME TAXES                 143 102 187
NET INCOME                 430 370 409
COMPREHENSIVE INCOME                 $ 314 $ 128 $ 121
[1] The fourth quarter, third quarter, second quarter, and first quarter of 2017 include $124 million, $78 million, $58 million and $68 million, respectively, of TNT Express integration expenses and restructuring charges, and $20 million, $16 million, $10 million and $28 million, respectively, of increased intangible asset amortization as a result of the TNT Express acquisition. The fourth quarter of 2017 includes $39 million of charges for legal reserves related to certain pending CBP matters involving FedEx Trade Networks, $22 million of charges in connection with the settlement of and certain expected losses relating to independent contractor litigation matters at FedEx Ground and $24 million related to the retirement plans MTM gain.
[2] The fourth quarter of 2016 includes a $1.5 billion retirement plans MTM loss and TNT Express transaction, financing and integration-planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate legal entity restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a CBP notice of action in the amount of $69 million (in each case, net of recognized immaterial insurance recovery), as well as TNT Express transaction, financing and integration-planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration-planning expenses.
[3] Includes TNT Express integration expenses and restructuring charges of $327 million, increased intangible asset amortization of $74 million as a result of the TNT Express acquisition, and a gain of $24 million associated with our mark-to-market pension accounting. These expenses are included in “Eliminations, corporate and other,” the FedEx Express segment and the TNT Express segment. Also includes $39 million of charges for legal reserves related to certain pending U.S. Customs and Border Protection (“CBP”) matters involving FedEx Trade Networks and $22 million of charges in connection with the settlement of and certain expected losses relating to independent contractor litigation matters at FedEx Ground. See Note 18 below for additional information.
[4] Includes a $1.5 billion loss associated with our mark-to-market pension accounting. Also includes provisions for the settlement of and expected losses related to independent contractor litigation matters at FedEx Ground for $256 million and expenses related to the settlement of a CBP notice of action in the amount of $69 million, in each case net of recognized immaterial insurance recovery, and transaction and integration-planning expenses related to our TNT Express acquisition of $113 million.
[5] Includes a $2.2 billion loss associated with our mark-to-market pension accounting, $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines, and a $197 million charge to increase the legal reserve associated with the settlement of a legal matter at FedEx Ground to the amount of the settlement.