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Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
May 31, 2020
May 31, 2019
May 31, 2018
Income Statement [Abstract]      
REVENUE [1] $ 69,217 $ 69,693 [2] $ 65,450 [2]
OPERATING EXPENSES:      
Salaries and employee benefits 25,031 24,776 23,795
Purchased transportation 17,466 16,654 15,101
Rentals and landing fees 3,712 3,360 3,361
Depreciation and amortization 3,615 3,353 3,095
Fuel 3,156 3,889 3,374
Maintenance and repairs 2,893 2,834 2,622
Goodwill and other asset impairment charges 435   380
Business realignment costs   320  
Other 10,492 10,041 9,450
OPERATING EXPENSES 66,800 65,227 61,178
OPERATING INCOME 2,417 [3] 4,466 [4] 4,272 [5]
OTHER (EXPENSE) INCOME:      
Interest expense (672) (588) (558)
Interest income 55 59 48
Other retirement plans (expense) income (122) (3,251) 598
Other, net (9) (31) (7)
OTHER (EXPENSE) INCOME (748) (3,811) 81
INCOME BEFORE INCOME TAXES 1,669 655 4,353
PROVISION FOR INCOME TAXES (BENEFIT) 383 115 (219)
NET INCOME $ 1,286 $ 540 $ 4,572
BASIC EARNINGS PER COMMON SHARE $ 4.92 $ 2.06 $ 17.08
DILUTED EARNINGS PER COMMON SHARE $ 4.90 $ 2.03 $ 16.79
[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 of $270 million. These expenses are included in “Corporate, other and eliminations” and the FedEx Express segment. Also 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.
[4] Includes TNT Express integration expenses (including 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 included in “Corporate, other and eliminations” and costs incurred in connection with the settlement of a legal matter involving FedEx Ground of $46 million.
[5] Includes TNT Express integration expenses (including 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 included in “Corporate, other and eliminations.”