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v3.20.2

Consolidated Statements of Changes in Common Stockholders' Investment - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended
--- | --- | ---
May 31, 2020 | Aug. 31, 2019 | May 31, 2019 | Aug. 31, 2018 | May 31, 2020 | May 31, 2019 | May 31, 2018
Beginning Balance |  |  |  | $ 17,757 |  |  |  | $ 19,416 |  | $ 17,757 | $ 19,416 | $ 16,073
Net income |  | $ (334) | [1],[2] | 745 | [1],[2] | $ (1,969) | [3],[4] | 835 | [3],[4] | 1,286 | 540 | 4,572
Other comprehensive loss, net of tax |  |  |  |  |  |  |  |  |  | (333) | (287) | (163)
Purchase of treasury stock |  |  |  |  |  |  |  |  |  | (3) | (1,480) | (1,017)
Cash dividends declared |  |  |  |  |  |  |  |  |  | (679) | (683) | (535)
Employee incentive plans and other |  |  |  |  |  |  |  |  |  | 220 | 251 | 486
Ending Balance |  | 18,295 |  |  |  | 17,757 |  |  |  | 18,295 | 17,757 | 19,416
Accounting Standards Update 2016-02 and 2018-02 |  |  |  |  |  |  |  |  |  |  |  |
Adoption of new accounting standards on June 1, 2019 | [5] |  |  |  |  |  |  |  |  | (4) |  |
Accounting Standards Update 2018-02 |  |  |  |  |  |  |  |  |  |  |  |
Reclassification to retained earnings due to the adoption of a new accounting standard on June 1, 2019 | [6] |  |  |  |  |  |  |  |  | 51 |  |
Common Stock |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  |  |  | 32 |  |  |  | 32 |  | 32 | 32 | 32
Ending Balance |  | 32 |  |  |  | 32 |  |  |  | 32 | 32 | 32
Additional Paid-In Capital |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  |  |  | 3,231 |  |  |  | 3,117 |  | 3,231 | 3,117 | 3,005
Employee incentive plans and other |  |  |  |  |  |  |  |  |  | 125 | 114 | 112
Ending Balance |  | 3,356 |  |  |  | 3,231 |  |  |  | 3,356 | 3,231 | 3,117
Retained Earnings |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  |  |  | 24,648 |  |  |  | 24,823 |  | 24,648 | 24,823 | 20,833
Net income |  |  |  |  |  |  |  |  |  | 1,286 | 540 | 4,572
Cash dividends declared |  |  |  |  |  |  |  |  |  | (679) | (683) | (535)
Employee incentive plans and other |  |  |  |  |  |  |  |  |  | (35) | (32) | (47)
Ending Balance |  | 25,216 |  |  |  | 24,648 |  |  |  | 25,216 | 24,648 | 24,823
Retained Earnings | Accounting Standards Update 2016-02 and 2018-02 |  |  |  |  |  |  |  |  |  |  |  |
Adoption of new accounting standards on June 1, 2019 | [5] |  |  |  |  |  |  |  |  | (4) |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  |  |  | (865) |  |  |  | (578) |  | (865) | (578) | (415)
Other comprehensive loss, net of tax |  |  |  |  |  |  |  |  |  | (333) | (287) | (163)
Ending Balance |  | (1,147) |  |  |  | (865) |  |  |  | (1,147) | (865) | (578)
Accumulated Other Comprehensive Loss | Accounting Standards Update 2018-02 |  |  |  |  |  |  |  |  |  |  |  |
Reclassification to retained earnings due to the adoption of a new accounting standard on June 1, 2019 | [6] |  |  |  |  |  |  |  |  | 51 |  |
Treasury Stock |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  |  |  | $ (9,289) |  |  |  | $ (7,978) |  | (9,289) | (7,978) | (7,382)
Purchase of treasury stock |  |  |  |  |  |  |  |  |  | (3) | (1,480) | (1,017)
Employee incentive plans and other |  |  |  |  |  |  |  |  |  | 130 | 169 | 421
Ending Balance |  | $ (9,162) |  |  |  | $ (9,289) |  |  |  | $ (9,162) | $ (9,289) | $ (7,978)
[1] | 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.
[2] | 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.
[3] | 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.
[4] | 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.
[5] | Relates to the adoption of Accounting Standards Update (“ASU”) 2016-02 and ASU 2018-02
[6] | Relates to the adoption of ASU 2018-02.

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