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Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
May 31, 2022
May 31, 2021
May 31, 2020
Income Statement [Abstract]      
REVENUE [1] $ 93,512 $ 83,959 $ 69,217
OPERATING EXPENSES:      
Salaries and employee benefits 32,058 30,173 25,031
Purchased transportation 24,118 21,674 17,466
Rentals and landing fees 4,712 4,155 3,712
Depreciation and amortization 3,970 3,793 3,615
Fuel 5,115 2,882 3,156
Maintenance and repairs 3,372 3,328 2,893
Business realignment costs 278 116  
Goodwill and other asset impairment charges     435
Other 13,644 11,981 10,492
TOTAL OPERATING EXPENSES 87,267 78,102 66,800
OPERATING INCOME 6,245 [2] 5,857 [3] 2,417 [4]
OTHER (EXPENSE) INCOME:      
Interest expense (689) (793) (672)
Interest income 53 52 55
Other retirement plans (expense) income (726) 1,983 (122)
Loss on debt extinguishment   (393)  
Other, net 13 (32) (9)
TOTAL OTHER (EXPENSE) INCOME (1,349) 817 (748)
INCOME BEFORE INCOME TAXES 4,896 6,674 1,669
PROVISION FOR INCOME TAXES 1,070 1,443 383
NET INCOME $ 3,826 $ 5,231 $ 1,286
BASIC EARNINGS PER COMMON SHARE $ 14.54 $ 19.79 $ 4.92
DILUTED EARNINGS PER COMMON SHARE $ 14.33 $ 19.45 $ 4.90
[1] International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors. Noncurrent assets include property and equipment, operating lease right-of-use assets, goodwill, and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally.
[2] Includes business realignment costs of $278 million included in the FedEx Express segment, as well as a charge of $210 million related to the pre- and post-judgment interest in connection with a FedEx Ground legal matter included in “Corporate, other, and eliminations.” Also includes TNT Express integration expenses of $132 million included in “Corporate, other, and eliminations” and the FedEx Express segment.
[3] Includes TNT Express integration expenses of $210 million included in “Corporate, other, and eliminations” and the FedEx Express segment. Also includes business realignment costs of $116 million included in the FedEx Express segment.
[4] Includes noncash goodwill and other asset impairment charges of $435 million primarily related to goodwill impairment at FedEx Office and from the decision to permanently retire certain aircraft and related engines at FedEx Express. Also includes TNT Express integration expenses of $270 million included in “Corporate, other, and eliminations” and the FedEx Express segment.