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Business Segments and Disaggregated Revenue (Tables) | 12 Months Ended
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May 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Schedule of Segment Information | The following table provides a reconciliation of reportable segment revenue, depreciation and amortization, operating income (loss), and segment assets to consolidated financial statement totals (in millions) for the years ended or as of May 31:
|  | FedEx Express Segment |  |  | FedEx Ground Segment |  |  | FedEx Freight Segment |  |  | FedEx Services Segment |  |  | Corporate, other, and eliminations |  |  | Consolidated Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 |  | $ | 40,857 |  |  | $ | 34,256 |  |  | $ | 9,082 |  |  | $ | 260 |  |  | $ | 3,238 |  |  | $ | 87,693 |
2023 |  |  | 42,743 |  |  |  | 33,507 |  |  |  | 9,632 |  |  |  | 301 |  |  |  | 3,972 |  |  |  | 90,155 |
2022 |  |  | 45,814 |  |  |  | 33,232 |  |  |  | 9,532 |  |  |  | 253 |  |  |  | 4,681 |  |  |  | 93,512 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 |  | $ | 2,172 |  |  | $ | 1,119 |  |  | $ | 402 |  |  | $ | 465 |  |  | $ | 129 |  |  | $ | 4,287 |
2023 |  |  | 2,105 |  |  |  | 1,020 |  |  |  | 387 |  |  |  | 529 |  |  |  | 135 |  |  |  | 4,176 |
2022 |  |  | 2,007 |  |  |  | 919 |  |  |  | 406 |  |  |  | 513 |  |  |  | 125 |  |  |  | 3,970 |
Operating income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024(1) |  | $ | 776 |  |  | $ | 4,049 |  |  | $ | 1,814 |  |  | $ | — |  |  | $ | (1,080 | ) |  | $ | 5,559 |
2023(2) |  |  | 1,064 |  |  |  | 3,140 |  |  |  | 1,925 |  |  |  | — |  |  |  | (1,217 | ) |  |  | 4,912 |
2022(3) |  |  | 2,922 |  |  |  | 2,642 |  |  |  | 1,663 |  |  |  | — |  |  |  | (982 | ) |  |  | 6,245 |
Segment assets(4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 |  | $ | 48,699 |  |  | $ | 17,884 |  |  | $ | 11,389 |  |  | $ | 7,078 |  |  | $ | 1,957 |  |  | $ | 87,007 |
2023 |  |  | 47,754 |  |  |  | 36,815 |  |  |  | 10,197 |  |  |  | 7,415 |  |  |  | (15,038 | ) |  |  | 87,143 |
2022 |  |  | 47,604 |  |  |  | 32,645 |  |  |  | 8,904 |  |  |  | 8,389 |  |  |  | (11,548 | ) |  |  | 85,994 |
(1) Includes business optimization costs of $331 million included in “Corporate, other, and eliminations” and $143 million and $108 million included in the FedEx Express and FedEx Ground segments, respectively. Includes noncash asset impairment charges of $157 million related to the decision to permanently retire certain aircraft and related engines at FedEx Express. Also includes a $57 million benefit included in “Corporate, other, and eliminations” for an insurance reimbursement related to pre- and post-judgment interest in connection with a FedEx Ground legal matter. (2) Includes business optimization costs of $262 million included in “Corporate, other, and eliminations” and business optimization and realignment costs of $11 million and $36 million, respectively, included in the FedEx Express segment. Includes noncash other asset impairment charges of $70 million related to the decision to permanently retire certain aircraft and related engines at FedEx Express and goodwill and other asset impairment charges of $47 million at FedEx Dataworks related to the ShopRunner acquisition. Also includes $35 million in connection with a FedEx Ground legal matter included in “Corporate, other, and eliminations.” (3) Includes business realignment costs of $278 million included in the FedEx Express segment, as well as a charge of $210 million related to the pre- and post-judgment interest in connection with a separate FedEx Ground legal matter included in “Corporate, other, and eliminations.” Also includes TNT Express integration expenses of $132 million included in “Corporate, other, and eliminations” and the FedEx Express segment. (4) Segment assets include intercompany receivables. In the fourth quarter of 2024, FedEx Ground settled an intercompany balance of $19.5 billion with FedEx in preparation for the one FedEx consolidation.
Schedule of Segment Capital Expenditures | The following table provides a reconciliation of reportable segment capital expenditures to consolidated totals for the years ended May 31 (in millions):
|  | FedEx Express Segment |  |  |  | FedEx Ground Segment |  |  | FedEx Freight Segment |  |  | FedEx Services Segment |  |  | Other |  |  | Consolidated Total |
2024 |  | $ | 3,291 |  |  |  | $ | 1,018 |  |  | $ | 461 |  |  | $ | 282 |  |  | $ | 124 |  |  | $ | 5,176 |
2023 |  |  | 3,055 |  |  |  |  | 1,995 |  |  |  | 556 |  |  |  | 431 |  |  |  | 137 |  |  |  | 6,174 |
2022 |  |  | 3,637 |  |  |  |  | 2,139 |  |  |  | 319 |  |  |  | 565 |  |  |  | 103 |  |  |  | 6,763 |
Schedule of Revenue by Service Type and Geographical Information | The following table presents revenue by service type and geographic information for the years ended or as of May 31 (in millions):
|  | 2024 |  |  | 2023 |  |  | 2022 |
REVENUE BY SERVICE TYPE |  |  |  |  |  |  |  |  |
FedEx Express segment: |  |  |  |  |  |  |  |  |
Package: |  |  |  |  |  |  |  |  |
U.S. overnight box |  | $ | 8,689 |  |  | $ | 8,916 |  |  | $ | 9,084 |
U.S. overnight envelope |  |  | 1,854 |  |  |  | 1,980 |  |  |  | 1,971 |
U.S. deferred |  |  | 4,928 |  |  |  | 5,128 |  |  |  | 5,330 |
Total U.S. domestic package revenue |  |  | 15,471 |  |  |  | 16,024 |  |  |  | 16,385 |
International priority |  |  | 9,455 |  |  |  | 10,939 |  |  |  | 12,130 |
International economy |  |  | 4,273 |  |  |  | 2,911 |  |  |  | 2,838 |
Total international export package revenue |  |  | 13,728 |  |  |  | 13,850 |  |  |  | 14,968 |
International domestic(1) |  |  | 4,178 |  |  |  | 4,043 |  |  |  | 4,340 |
Total package revenue |  |  | 33,377 |  |  |  | 33,917 |  |  |  | 35,693 |
Freight: |  |  |  |  |  |  |  |  |
U.S. |  |  | 2,418 |  |  |  | 2,906 |  |  |  | 3,041 |
International priority |  |  | 2,205 |  |  |  | 3,060 |  |  |  | 3,840 |
International economy |  |  | 1,677 |  |  |  | 1,510 |  |  |  | 1,653 |
International airfreight |  |  | 126 |  |  |  | 166 |  |  |  | 177 |
Total freight revenue |  |  | 6,426 |  |  |  | 7,642 |  |  |  | 8,711 |
Other |  |  | 1,054 |  |  |  | 1,184 |  |  |  | 1,410 |
Total FedEx Express segment |  |  | 40,857 |  |  |  | 42,743 |  |  |  | 45,814 |
FedEx Ground segment |  |  | 34,256 |  |  |  | 33,507 |  |  |  | 33,232 |
FedEx Freight segment |  |  | 9,082 |  |  |  | 9,632 |  |  |  | 9,532 |
FedEx Services segment |  |  | 260 |  |  |  | 301 |  |  |  | 253 |
Other and eliminations(2) |  |  | 3,238 |  |  |  | 3,972 |  |  |  | 4,681 |
|  | $ | 87,693 |  |  | $ | 90,155 |  |  | $ | 93,512 |
GEOGRAPHICAL INFORMATION(3) |  |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 63,531 |  |  | $ | 64,890 |  |  | $ | 64,941 |
International: |  |  |  |  |  |  |  |  |
FedEx Express segment |  |  | 22,291 |  |  |  | 23,090 |  |  |  | 25,564 |
FedEx Ground segment |  |  | 844 |  |  |  | 860 |  |  |  | 857 |
FedEx Freight segment |  |  | 266 |  |  |  | 264 |  |  |  | 235 |
FedEx Services segment |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Other |  |  | 760 |  |  |  | 1,050 |  |  |  | 1,914 |
Total international revenue |  |  | 24,162 |  |  |  | 25,265 |  |  |  | 28,571 |
|  | $ | 87,693 |  |  | $ | 90,155 |  |  | $ | 93,512 |
Noncurrent assets: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 56,822 |  |  | $ | 56,449 |  |  | $ | 53,311 |
International |  |  | 11,978 |  |  |  | 12,084 |  |  |  | 12,318 |
|  | $ | 68,800 |  |  | $ | 68,533 |  |  | $ | 65,629 |
(1) International domestic revenue relates to our intra-country operations. (2) Includes the FedEx Office, FedEx Logistics, and FedEx Dataworks operating segments. (3) International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors. Noncurrent assets include property and equipment, operating lease right-of-use assets, goodwill, and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally.

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