XML 76 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Quarterly Operating Results (Unaudited) (Tables)
 12 Months Ended
May 31, 2018
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

 

2018(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

15,297

 

 

$

16,313

 

 

$

16,526

 

 

$

17,314

 

Operating income

 

 

1,117

 

 

 

1,262

 

 

 

1,001

 

 

 

1,490

 

Net income(2)

 

 

596

 

 

 

775

 

 

 

2,074

 

 

 

1,127

 

Basic earnings per common share(3)

 

 

2.22

 

 

 

2.89

 

 

 

7.74

 

 

 

4.23

 

Diluted earnings per common share(3)

 

 

2.19

 

 

 

2.84

 

 

 

7.59

 

 

 

4.15

 

2017(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

14,663

 

 

$

14,931

 

 

$

14,997

 

 

$

15,728

 

Operating income (loss)

 

 

1,264

 

 

 

1,167

 

 

 

1,025

 

 

 

1,581

 

Net income (loss)

 

 

715

 

 

 

700

 

 

 

562

 

 

 

1,020

 

Basic earnings (loss) per common share(3)

 

 

2.69

 

 

 

2.63

 

 

 

2.11

 

 

 

3.81

 

Diluted earnings (loss) per common share(3)

 

 

2.65

 

 

 

2.59

 

 

 

2.07

 

 

 

3.75

 

(1)

The fourth quarter, third quarter, second quarter and first quarter of 2018 include $136 million, $106 million, $122 million and $112 million, respectively, of TNT Express integration expenses (including any restructuring charges). The fourth quarter of 2018 includes goodwill and other asset impairment charges related to FedEx Supply Chain of $380 million and a gain of $10 million related to the annual retirement plans MTM adjustment.

(2)

The fourth quarter of 2018 includes a $255 million net tax benefit from corporate structuring transactions as part of the ongoing integration of FedEx Express and TNT Express. The fourth quarter, third quarter, and second quarter of 2018 include $133 million, $12 million, and $80 million, respectively, of tax benefits from foreign tax credits associated with distributions to the U.S. from foreign operations. The fourth quarter and third quarter of 2018 include $100 million and $165 million, respectively, of tax benefits related to a lower statutory income tax rate on fiscal 2018 earnings. In addition, the third quarter of 2018 includes the following TCJA-related items: a provisional benefit of $1.15 billion related to the remeasurement of our net U.S. deferred tax liability and a one-time benefit of $204 million from a $1.5 billion contribution to our U.S. Pension Plans.   

(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 2017 include $124 million, $78 million, $58 million and $68 million, respectively, of TNT Express integration expenses and restructuring charges. The fourth quarter of 2017 includes $39 million of charges for legal reserves related to certain pending CBP matters involving FedEx Trade Networks, $22 million of charges in connection with the settlement of and certain expected losses relating to independent contractor litigation matters at FedEx Ground and $24 million related to the retirement plans MTM gain.