PART I. FINANCIAL INFORMATION
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ITEM 1. Financial Statements
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Condensed Consolidated Balance Sheets
February 28, 2018 and May 31, 2017
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3
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Condensed Consolidated Statements of Income
Three and Nine Months Ended February 28, 2018 and 2017
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5
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Condensed Consolidated Statements of Comprehensive Income
Three and Nine Months Ended February 28, 2018 and 2017
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6
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Condensed Consolidated Statements of Cash Flows
Nine Months Ended February 28, 2018 and 2017
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7
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Notes to Condensed Consolidated Financial Statements
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8
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Report of Independent Registered Public Accounting Firm
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27
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ITEM 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition
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28
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ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
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51
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ITEM 4. Controls and Procedures
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51
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PART II. OTHER INFORMATION
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ITEM 1. Legal Proceedings
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52
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ITEM 1A. Risk Factors
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52
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ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
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54
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ITEM 6. Exhibits
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55
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Signature
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57
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Exhibit Index
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E-1
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Exhibit 10.1
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Exhibit 10.2
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Exhibit 10.3
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Exhibit 10.4
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Exhibit 10.5
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Exhibit 10.6
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Exhibit 10.7
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Exhibit 10.8
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Exhibit 10.9
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Exhibit 10.10
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Exhibit 12.1
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Exhibit 15.1
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Exhibit 31.1
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Exhibit 31.2
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Exhibit 32.1
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Exhibit 32.2
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Exhibit 101.1 Interactive Data Files
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- 2 -
FEDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS)
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February 28,
2018
(Unaudited)
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May 31,
2017
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ASSETS
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CURRENT ASSETS
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Cash and cash equivalents
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$
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2,789
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$
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3,969
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Receivables, less allowances of $373 and $252
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8,671
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7,599
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Spare parts, supplies and fuel, less allowances of $258 and $237
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523
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514
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Prepaid expenses and other
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1,592
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546
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Total current assets
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13,575
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12,628
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PROPERTY AND EQUIPMENT, AT COST
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54,377
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50,626
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Less accumulated depreciation and amortization
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26,680
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24,645
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Net property and equipment
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27,697
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25,981
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OTHER LONG-TERM ASSETS
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Goodwill
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7,464
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7,154
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Other assets
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3,115
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2,789
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Total other long-term assets
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10,579
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9,943
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$
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51,851
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$
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48,552
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The accompanying notes are an integral part of these condensed consolidated financial statements.
- 3 -
FEDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS, EXCEPT SHARE DATA)
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February 28,
2018
(Unaudited)
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May 31,
2017
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LIABILITIES AND STOCKHOLDERS’ INVESTMENT
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CURRENT LIABILITIES
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Short-term borrowings
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$
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799
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$
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—
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Current portion of long-term debt
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764
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22
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Accrued salaries and employee benefits
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1,945
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1,914
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Accounts payable
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3,102
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2,752
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Accrued expenses
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2,893
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3,230
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Total current liabilities
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9,503
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7,918
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LONG-TERM DEBT, LESS CURRENT PORTION
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16,017
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14,909
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OTHER LONG-TERM LIABILITIES
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Deferred income taxes
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2,401
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2,485
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Pension, postretirement healthcare and other benefit obligations
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2,181
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4,487
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Self-insurance accruals
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1,715
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1,494
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Deferred lease obligations
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532
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531
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Deferred gains, principally related to aircraft transactions
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124
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137
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Other liabilities
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484
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518
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Total other long-term liabilities
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7,437
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9,652
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COMMITMENTS AND CONTINGENCIES
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COMMON STOCKHOLDERS’ INVESTMENT
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Common stock, $0.10 par value; 800 million shares authorized; 318 million shares
issued as of February 28, 2018 and May 31, 2017
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32
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32
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Additional paid-in capital
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3,085
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3,005
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Retained earnings
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23,710
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20,833
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Accumulated other comprehensive loss
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(357
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(415
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Treasury stock, at cost
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(7,576
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(7,382
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Total common stockholders’ investment
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18,894
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16,073
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$
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51,851
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$
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48,552
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The accompanying notes are an integral part of these condensed consolidated financial statements.
- 4 -
FEDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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