Summary of Quarterly Operating Results (Unaudited) (Tables)

12 Months Ended

May 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Operating Results (Unaudited)

(in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2020⁽¹⁾
Revenue	$	17,048	$	17,324	$	17,487	$	17,358
Operating income		977		554		411		475
Net income (loss)⁽²⁾		745		560		315		(334	)
Basic earnings (loss) per common share⁽³⁾		2.86		2.15		1.21		(1.28	)
Diluted earnings (loss) per common share⁽³⁾		2.84		2.13		1.20		(1.28	)
2019⁽⁴⁾
Revenue	$	17,052	$	17,824	$	17,010	$	17,807
Operating income		1,071		1,168		911		1,316
Net income (loss)⁽⁵⁾		835		935		739		(1,969	)
Basic earnings (loss) per common share⁽³⁾		3.15		3.56		2.83		(7.56	)
Diluted earnings (loss) per common share⁽³⁾		3.10		3.51		2.80		(7.56	)

⁽¹⁾

^{The fourth quarter, third quarter, second quarter and first quarter of 2020 include $63 million, $72 million, $64 million and $71 million, respectively, of TNT Express integration expenses. The fourth quarter includes $369 million of goodwill and other asset impairment charges associated with the FedEx Office and FedEx Logistics operating segments and a net loss of $794 million related to the annual MTM retirement plans accounting adjustment. The second quarter of 2020 includes asset impairment charges of $66 million related to the permanent retirement of 10 Airbus A310-300 aircraft and 12 related engines at FedEx Express.}

⁽²⁾

^{The fourth quarter of 2020 includes a tax benefit of $71 million in connection with the 2020 U.S. tax loss that can be offset against income in prior years under the CARES Act and a tax expense of $51 million due to a change in deferred tax balances related to foreign tax operations. The second quarter of 2020 includes a tax benefit of $133 million from the reduction of a valuation allowance on certain foreign tax loss carryforwards.}

⁽³⁾	^{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 periods.}

⁽⁴⁾

^{The fourth quarter, third quarter, second quarter and first quarter of 2019 include $84 million, $69 million, $114 million and $121 million, respectively, of TNT Express integration expenses (including any restructuring charges). The fourth quarter and third quarter of 2019 include business realignment costs of $316 million and $4 million, respectively. The fourth quarter includes a net loss of $3.9 billion related to the annual MTM retirement plans accounting adjustment. The second quarter of 2019 includes costs incurred in connection with the settlement of a legal matter involving FedEx Ground of $46 million.}

⁽⁵⁾

^{The third quarter of 2019 includes a tax benefit of $90 million from the reduction of a valuation allowance on certain tax loss carryforwards and a tax expense of $50 million related to a lower tax rate in the Netherlands applied to our deferred tax balances. The second quarter of 2019 includes a tax benefit of approximately $60 million from accelerated deductions claimed on our 2018 U.S. income tax return. In addition, we recognized a tax expense of $4 million in the second quarter of 2019 as a revision of the provisional benefit associated with the remeasurement of our net U.S. deferred tax liability upon completion of the accounting for the tax effects of the TCJA.}