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Summary of Quarterly Operating Results (Unaudited) | 12 Months Ended
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May 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Summary of Quarterly Operating Results (Unaudited) | NOTE 20: 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.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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