10-Q Filing

FEDERAL EXPRESS CORP CIK: 230211 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-396847`
Period End Date	20120831
Filing Date	20120919
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	fec-20120831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 34 Cash Flow Statement 34 Comprehensive Income 8

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Allowances for receivables	`AllowancesForReceivables`	$87.00M	USD	Point-in-time
Allowances for receivables	`AllowancesForReceivables`	$73.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$712.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$637.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$777.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$626.00M	USD	Point-in-time
Allowances for spare parts, supplies and fuel	`AllowancesForSparePartsSuppliesAndFuel`	$187.00M	USD	Point-in-time
Receivables, less allowances of $73 and $87	`ReceivablesNetCurrent`	$1.66B	USD	Point-in-time
Allowances for spare parts, supplies and fuel	`AllowancesForSparePartsSuppliesAndFuel`	$183.00M	USD	Point-in-time
Receivables, less allowances of $73 and $87	`ReceivablesNetCurrent`	$1.51B	USD	Point-in-time
Spare parts, supplies and fuel, less allowances of $187 and $183	`SparePartsSuppliesAndFuelLessAllowances`	$393.00M	USD	Point-in-time
Spare parts, supplies and fuel, less allowances of $187 and $183	`SparePartsSuppliesAndFuelLessAllowances`	$370.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$329.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$314.00M	USD	Point-in-time
Due from parent company and other FedEx subsidiaries	`DueFromAffiliateCurrent`	$428.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Due from parent company and other FedEx subsidiaries	`DueFromAffiliateCurrent`	$472.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1,000.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpensesAndOther`	$94.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1,000.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpensesAndOther`	$90.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1,000.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.56B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.59B	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	1,000.00	shares	Point-in-time
PROPERTY AND EQUIPMENT, AT COST	`PropertyPlantAndEquipmentGross`	$24.14B	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	1,000.00	shares	Point-in-time
PROPERTY AND EQUIPMENT, AT COST	`PropertyPlantAndEquipmentGross`	$23.38B	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.63B	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.51B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$11.87B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$12.52B	USD	Point-in-time
Goodwill	`Goodwill`	$1.50B	USD	Point-in-time
Goodwill	`Goodwill`	$1.16B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.11B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.11B	USD	Point-in-time
Total other long-term assets	`TotalOtherLongtermAssets`	$2.27B	USD	Point-in-time
Total other long-term assets	`TotalOtherLongtermAssets`	$2.61B	USD	Point-in-time
ASSETS	`Assets`	$18.68B	USD	Point-in-time
ASSETS	`Assets`	$17.73B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$416.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$116.00M	USD	Point-in-time
Accrued salaries and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$805.00M	USD	Point-in-time
Accrued salaries and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$991.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.13B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.15B	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.03B	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$954.00M	USD	Point-in-time
Due to other FedEx subsidiaries	`DueToAffiliateCurrent`	$1.22B	USD	Point-in-time
Due to other FedEx subsidiaries	`DueToAffiliateCurrent`	$153.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.65B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.33B	USD	Point-in-time
LONG-TERM DEBT, LESS CURRENT PORTION	`LongTermDebtAndCapitalLeaseObligations`	$239.00M	USD	Point-in-time
LONG-TERM DEBT, LESS CURRENT PORTION	`LongTermDebtAndCapitalLeaseObligations`	$239.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.64B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.64B	USD	Point-in-time
Pension, postretirement healthcare and other benefit obligations	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$1.08B	USD	Point-in-time
Pension, postretirement healthcare and other benefit obligations	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$1.05B	USD	Point-in-time
Self-insurance accruals	`SelfInsuranceReserve`	$663.00M	USD	Point-in-time
Self-insurance accruals	`SelfInsuranceReserve`	$643.00M	USD	Point-in-time
Deferred lease obligations	`DeferredRentCreditNoncurrent`	$750.00M	USD	Point-in-time
Deferred lease obligations	`DeferredRentCreditNoncurrent`	$695.00M	USD	Point-in-time
Deferred gains, principally related to aircraft transactions	`SaleLeasebackTransactionDeferredGainNet`	$249.00M	USD	Point-in-time
Deferred gains, principally related to aircraft transactions	`SaleLeasebackTransactionDeferredGainNet`	$244.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$113.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$125.00M	USD	Point-in-time
Total other long-term liabilities	`OtherLiabilitiesNoncurrentTotal`	$5.39B	USD	Point-in-time
Total other long-term liabilities	`OtherLiabilitiesNoncurrentTotal`	$5.50B	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.10 par value; 1,000 shares authorized, issued and outstanding	`CommonStockValue`	-	USD	Point-in-time
Common stock, $0.10 par value; 1,000 shares authorized, issued and outstanding	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$608.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$608.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$7.92B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.04B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-30.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-70.00M	USD	Point-in-time
Total owner's equity	`StockholdersEquity`	$8.45B	USD	Point-in-time
Total owner's equity	`StockholdersEquity`	$8.62B	USD	Point-in-time
LIABILITIES AND OWNER'S EQUITY	`LiabilitiesAndStockholdersEquity`	$18.68B	USD	Point-in-time
LIABILITIES AND OWNER'S EQUITY	`LiabilitiesAndStockholdersEquity`	$17.73B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`Revenues`	$6.41B	USD	1 Quarter
REVENUES	`Revenues`	$6.40B	USD	1 Quarter
Salaries and employee benefits	`LaborAndRelatedExpense`	$2.40B	USD	1 Quarter
Salaries and employee benefits	`LaborAndRelatedExpense`	$2.34B	USD	1 Quarter
Purchased transportation	`PurchasedTransportation`	$336.00M	USD	1 Quarter
Purchased transportation	`PurchasedTransportation`	$376.00M	USD	1 Quarter
Rentals and landing fees	`RentalsAndLandingFees`	$418.00M	USD	1 Quarter
Rentals and landing fees	`RentalsAndLandingFees`	$409.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$320.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$279.00M	USD	1 Quarter
Fuel	`FuelCosts`	$986.00M	USD	1 Quarter
Fuel	`FuelCosts`	$1.08B	USD	1 Quarter
Maintenance and repairs	`CostOfPropertyRepairsAndMaintenance`	$379.00M	USD	1 Quarter
Maintenance and repairs	`CostOfPropertyRepairsAndMaintenance`	$371.00M	USD	1 Quarter
Intercompany charges, net	`IntercompanyChargesNetOperating`	$541.00M	USD	1 Quarter
Intercompany charges, net	`IntercompanyChargesNetOperating`	$529.00M	USD	1 Quarter
Other	`OtherCostAndExpenseOperating`	$808.00M	USD	1 Quarter
Other	`OtherCostAndExpenseOperating`	$756.00M	USD	1 Quarter
OPERATING EXPENSES	`OperatingExpenses`	$6.13B	USD	1 Quarter
OPERATING EXPENSES	`OperatingExpenses`	$6.20B	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$282.00M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$200.00M	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$8.00M	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$12.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-17.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-13.00M	USD	1 Quarter
OTHER INCOME (EXPENSE)	`NonoperatingIncomeExpense`	$-5.00M	USD	1 Quarter
OTHER INCOME (EXPENSE)	`NonoperatingIncomeExpense`	$-5.00M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$277.00M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$195.00M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$69.00M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$92.00M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$185.00M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$126.00M	USD	1 Quarter

Cash Flow Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$185.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$126.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$320.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$279.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$38.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$97.00M	USD	1 Quarter
Changes in assets and liabilities. net	`IncreaseDecreaseInOperatingCapital`	$1.09B	USD	1 Quarter
Changes in assets and liabilities. net	`IncreaseDecreaseInOperatingCapital`	$435.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.58B	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$996.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$749.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$870.00M	USD	1 Quarter
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$483.00M	USD	1 Quarter
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$111.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-9.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-979.00M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.22B	USD	1 Quarter
Principal payments on debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$301.00M	USD	1 Quarter
Principal payments on debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$17.00M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-301.00M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-17.00M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$11.00M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$11.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$65.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.00M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$712.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$637.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$777.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$626.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$712.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$637.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$777.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$626.00M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
NET INCOME	`NetIncomeLoss`	$185.00M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$126.00M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$3.00M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$2.00M	USD	1 Quarter
Foreign currency translation adjustments, net of tax of $2 in 2012 and $3 in 2011	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$17.00M	USD	1 Quarter
Foreign currency translation adjustments, net of tax of $2 in 2012 and $3 in 2011	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$40.00M	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$202.00M	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$166.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.