Summary of Quarterly Operating Results (Unaudited)

12 Months Ended

May 31, 2013

Summary of Quarterly Operating Results [Abstract]

Summary of Quarterly Operating Results (Unaudited)

NOTE 20: SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED)

		First		Second		Third		Fourth
(in millions, except per share amounts)		Quarter		Quarter		Quarter		Quarter
2013(1)
Revenues		$	10,792	$	11,107	$	10,953	$	11,435
Operating income			742		718		589		502
Net income			459		438		361		303
Basic earnings per common share(2)			1.46		1.39		1.14		0.96
Diluted earnings per common share(2)			1.45		1.39		1.13		0.95
2012(3)
Revenues		$	10,521	$	10,587	$	10,564	$	11,008
Operating income			737		780		813		856
Net income			464		497		521		550
Basic earnings per common share(2)			1.46		1.57		1.66		1.74
Diluted earnings per common share(2)			1.46		1.57		1.65		1.73
(1)	The fourth quarter of 2013 includes $496 million of business realignment costs and an impairment charge of $100 million resulting from the decision to retire 10 aircraft and related engines at FedEx Express. The third quarter of 2013 includes $47 million of business realignment costs. The second quarter of 2013 includes $13 million of business realignment costs.
(2)	The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective period.
(3)	The fourth quarter of 2012 includes an impairment charge of $134 million resulting from the decision to retire 24 aircraft and related engines at FedEx Express. The third quarter of 2012 includes the reversal of a $66 million legal reserve.