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Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
May 31, 2017
May 31, 2016
May 31, 2015
Income Statement [Abstract]      
REVENUES $ 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) 1,498 2,190
Other 8,752 7,251 6,415
OPERATING EXPENSES 55,282 47,288 45,586
OPERATING INCOME 5,037 [1] 3,077 [2] 1,867 [3]
OTHER INCOME (EXPENSE):      
Interest expense (512) (336) (235)
Interest income 33 21 14
Other, net 21 (22) (19)
OTHER INCOME (EXPENSE) (458) (337) (240)
INCOME BEFORE INCOME TAXES 4,579 2,740 1,627
PROVISION FOR INCOME TAXES 1,582 920 577
NET INCOME $ 2,997 $ 1,820 $ 1,050
BASIC EARNINGS PER COMMON SHARE $ 11.24 $ 6.59 $ 3.70
DILUTED EARNINGS PER COMMON SHARE $ 11.07 $ 6.51 $ 3.65
[1] 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.
[2] 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.
[3] 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.