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Business Segment Information | 3 Months Ended
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Aug. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Business Segment Information | NOTE 7: Business Segment Information We provide a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions utilizing our flexible, efficient, and intelligent global network. Our primary operating companies are Federal Express, the world’s largest express transportation company and a leading North American provider of small-package ground delivery services, and FedEx Freight, a leading North American provider of LTL freight transportation services. These companies represent our major service lines and constitute our reportable segments. Our reportable segments include the following businesses:
Federal Express Segment | Federal Express (express transportation, small-package ground delivery, and freight transportation)
FedEx Freight Segment | FedEx Freight (LTL freight transportation) FedEx Custom Critical (time-critical transportation)
References to our transportation segments include, collectively, the Federal Express segment and the FedEx Freight segment. The Federal Express segment operates combined sales, marketing, administrative, and information-technology functions in shared service operations for U.S. customers of our major business units and certain back-office support to FedEx Freight and our other operating segments which allows us to obtain synergies from the combination of these functions. We allocate the net operating costs of these services to reflect the full cost of operating our businesses in the results of those segments. We review and evaluate the performance of FedEx Freight and our other operating segments based on operating income inclusive of these allocations. Operating expenses for our FedEx Freight segment include allocations of these services from the Federal Express segment. These allocations also include charges and credits for administrative services provided between operating companies. The allocations of net operating costs are based on metrics such as relative revenue or estimated services provided. We believe these allocations approximate the net cost of providing these functions. Our allocation methodologies are refined periodically, as necessary, to reflect changes in our businesses. Corporate, Other, and Eliminations Corporate and other includes corporate headquarters costs for executive officers and certain legal and finance functions, certain other costs and credits not attributed to our core business, and certain costs associated with developing integrated business solutions through our FedEx Dataworks operating segment. FedEx Dataworks is focused on creating solutions to transform the digital and physical experiences of our customers and team members. Also included in Corporate and other is the FedEx Office operating segment, which provides an array of document and business services and retail access to our customers for our package transportation businesses, and the FedEx Logistics operating segment, which provides integrated supply chain management solutions, specialty transportation, customs brokerage, and global ocean and air freight forwarding. The results of Corporate, other, and eliminations are not allocated to the other business segments. Certain FedEx operating companies provide transportation and related services for other FedEx companies outside their reportable segment in order to optimize our resources. Billings for such services are based on negotiated rates, and are reflected as revenue of the billing segment. These rates are adjusted from time to time based on market conditions. Such intersegment revenue and expenses are eliminated in our consolidated results and are not separately identified in the following segment information because the amounts are not material. The following table provides a reconciliation of reportable segment revenue and operating income (loss) to our unaudited condensed consolidated financial statement totals for the three-month periods ended August 31 (in millions):
|  | 2024 |  |  | 2023 |
Revenue: |  |  |  |  |  |
Federal Express segment |  | $ | 18,305 |  |  | $ | 18,426 |
FedEx Freight segment |  |  | 2,329 |  |  |  | 2,385 |
Other and eliminations |  |  | 945 |  |  |  | 870 |
|  | $ | 21,579 |  |  | $ | 21,681 |
Operating income (loss): |  |  |  |  |  |
Federal Express segment |  | $ | 953 |  |  | $ | 1,306 |
FedEx Freight segment |  |  | 439 |  |  |  | 482 |
Corporate, other, and eliminations |  |  | (312 | ) |  |  | (303 | )
|  | $ | 1,080 |  |  | $ | 1,485 |
The following table provides a reconciliation of reportable segment assets to our unaudited condensed consolidated financial statement totals as of the periods presented (in millions):
|  | August 31, 2024 (Unaudited) |  |  | May 31, 2024 |
Total assets: |  |  |  |  |  |
Federal Express segment |  | $ | 73,207 |  |  | $ | 73,259 |
FedEx Freight segment |  |  | 11,815 |  |  |  | 11,615 |
Corporate, other, and eliminations |  |  | 1,689 |  |  |  | 2,133 |
|  | $ | 86,711 |  |  | $ | 87,007 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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