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Consolidated Statements of Income - USD ($)
12 Months Ended
May 31, 2024
May 31, 2023
May 31, 2022
Income Statement [Abstract]      
REVENUE [1] $ 87,693,000,000 $ 90,155,000,000 $ 93,512,000,000
OPERATING EXPENSES:      
Salaries and employee benefits 30,961,000,000 31,019,000,000 32,058,000,000
Purchased transportation 20,921,000,000 21,790,000,000 24,118,000,000
Rentals and landing fees 4,571,000,000 4,738,000,000 4,712,000,000
Depreciation and amortization 4,287,000,000 4,176,000,000 3,970,000,000
Fuel 4,710,000,000 5,909,000,000 5,115,000,000
Maintenance and repairs 3,291,000,000 3,357,000,000 3,372,000,000
Goodwill and other asset impairment charges 157,000,000 117,000,000  
Business optimization and realignment costs 582,000,000 309,000,000 278,000,000
Other 12,654,000,000 13,828,000,000 13,644,000,000
TOTAL OPERATING EXPENSES 82,134,000,000 85,243,000,000 87,267,000,000
OPERATING INCOME 5,559,000,000 [2] 4,912,000,000 [3] 6,245,000,000 [4]
OTHER INCOME (EXPENSE):      
Interest expense (745,000,000) (694,000,000) (689,000,000)
Interest income 370,000,000 198,000,000 53,000,000
Other retirement plans income (expense) 722,000,000 1,054,000,000 (726,000,000)
Other, net (70,000,000) (107,000,000) 13,000,000
TOTAL OTHER INCOME (EXPENSE) 277,000,000 451,000,000 (1,349,000,000)
INCOME BEFORE INCOME TAXES 5,836,000,000 5,363,000,000 4,896,000,000
PROVISION FOR INCOME TAXES 1,505,000,000 1,391,000,000 1,070,000,000
NET INCOME $ 4,331,000,000 $ 3,972,000,000 $ 3,826,000,000
BASIC EARNINGS PER COMMON SHARE $ 17.41 $ 15.6 $ 14.54
DILUTED EARNINGS PER COMMON SHARE $ 17.21 $ 15.48 $ 14.33
[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 $331 million included in “Corporate, other, and eliminations” and $143 million and $108 million included in the FedEx Express and FedEx Ground segments, respectively. Includes noncash asset impairment charges of $157 million related to the decision to permanently retire certain aircraft and related engines at FedEx Express. Also includes a $57 million benefit included in “Corporate, other, and eliminations” for an insurance reimbursement related to pre- and post-judgment interest in connection with a FedEx Ground legal matter.
[3] 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 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.”
[4] 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.