XML 28 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
May 31, 2023
May 31, 2022
May 31, 2021
Income Statement [Abstract]      
REVENUE [1] $ 90,155 $ 93,512 $ 83,959
OPERATING EXPENSES:      
Salaries and employee benefits 31,019 32,058 30,173
Purchased transportation 21,790 24,118 21,674
Rentals and landing fees 4,738 4,712 4,155
Depreciation and amortization 4,176 3,970 3,793
Fuel 5,909 5,115 2,882
Maintenance and repairs 3,357 3,372 3,328
Goodwill and other asset impairment charges 117    
Business optimization and realignment costs 309 278 116
Other 13,828 13,644 11,981
TOTAL OPERATING EXPENSES 85,243 87,267 78,102
OPERATING INCOME 4,912 [2] 6,245 [3] 5,857 [4]
OTHER INCOME (EXPENSE):      
Interest expense (694) (689) (793)
Interest income 198 53 52
Other retirement plans income (expense) 1,054 (726) 1,983
Loss on debt extinguishment     (393)
Other, net (107) 13 (32)
TOTAL OTHER INCOME (EXPENSE) 451 (1,349) 817
INCOME BEFORE INCOME TAXES 5,363 4,896 6,674
PROVISION FOR INCOME TAXES 1,391 1,070 1,443
NET INCOME $ 3,972 $ 3,826 $ 5,231
BASIC EARNINGS PER COMMON SHARE $ 15.60 $ 14.54 $ 19.79
DILUTED EARNINGS PER COMMON SHARE $ 15.48 $ 14.33 $ 19.45
[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 optimization costs of $262 million included in “Corporate, other, and eliminations” and business optimization and realignment costs of $11 million and $36 million, respectively, included in the FedEx Express segment. Includes noncash other asset impairment charges of $70 million primarily related to the decision to permanently retire certain aircraft and related engines at FedEx Express and goodwill and other asset impairment charges of $47 million at FedEx Dataworks related to the ShopRunner acquisition. Also includes $35 million in connection with a FedEx Ground legal matter included in “Corporate, other, and eliminations.”
[3] 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 separate 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.
[4] 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.