XML 35 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
May 31, 2019
May 31, 2018
May 31, 2017
Income Statement [Abstract]      
REVENUES [1] $ 69,693 $ 65,450 [2] $ 60,319 [2]
OPERATING EXPENSES:      
Salaries and employee benefits 24,776 23,795 21,989
Purchased transportation $ 16,654 $ 15,101 $ 13,630
Type of cost, good or service [extensible list] us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember us-gaap:ShippingAndHandlingMember
Rentals and landing fees $ 3,360 $ 3,361 $ 3,240
Depreciation and amortization 3,353 3,095 2,995
Fuel 3,889 3,374 2,773
Maintenance and repairs 2,834 2,622 2,374
Business realignment costs 320    
Goodwill and other asset impairment charges   380  
Other 10,041 9,450 8,752
OPERATING EXPENSES 65,227 61,178 55,753
OPERATING INCOME 4,466 [3] 4,272 [4] 4,566 [5]
OTHER (EXPENSE) INCOME:      
Interest expense (588) (558) (512)
Interest income 59 48 33
Other retirement plans (expense) income (3,251) 598 471
Other, net (31) (7) 21
OTHER INCOME (EXPENSE) (3,811) 81 13
INCOME BEFORE INCOME TAXES 655 4,353 4,579
PROVISION FOR INCOME TAXES (BENEFIT) 115 (219) 1,582
NET INCOME $ 540 $ 4,572 $ 2,997
BASIC EARNINGS PER COMMON SHARE $ 2.06 $ 17.08 $ 11.24
DILUTED EARNINGS PER COMMON SHARE $ 2.03 $ 16.79 $ 11.07
[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, 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] Prior year amounts have been revised to conform to the current year presentation.
[3] Includes TNT Express integration expenses and restructuring charges of $388 million. These expenses are included in “Corporate, other and eliminations” and the FedEx Express segment. Also includes business realignment costs of $320 million and costs incurred in connection with the settlement of a legal matter involving FedEx Ground of $46 million.
[4] Includes TNT Express integration expenses and restructuring charges of $477 million. These expenses are included in “Corporate, other and eliminations” and the FedEx Express segment. Also includes goodwill and other asset impairment charges of $380 million.
[5] Includes TNT Express integration expenses and restructuring charges of $327 million. These expenses are included in “Corporate, other and eliminations” and the FedEx Express segment. Also includes $39 million of charges for legal reserves related to certain U.S. Customs and Border Protection (“CBP”) matters involving FedEx Logistics and $22 million of charges in connection with the settlement of and certain expected losses relating to independent contractor litigation matters at FedEx Ground.