10-Q Filing

FEDERAL EXPRESS CORP CIK: 230211 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-371933`
Period End Date	20130831
Filing Date	20130919
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	fec-20130831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 34 Cash Flow Statement 31 Comprehensive Income 12

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$805.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$777.00M	USD	Point-in-time
Allowances for receivables	`AllowancesForReceivables`	$84.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$712.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$769.00M	USD	Point-in-time
Allowances for receivables	`AllowancesForReceivables`	$84.00M	USD	Point-in-time
Allowances for spare parts, supplies and fuel	`AllowancesForSparePartsSuppliesAndFuel`	$209.00M	USD	Point-in-time
Receivables, less allowances of $84 and $84	`ReceivablesNetCurrent`	$1.59B	USD	Point-in-time
Receivables, less allowances of $84 and $84	`ReceivablesNetCurrent`	$1.57B	USD	Point-in-time
Allowances for spare parts, supplies and fuel	`AllowancesForSparePartsSuppliesAndFuel`	$204.00M	USD	Point-in-time
Spare parts, supplies and fuel, less allowances of $209 and $204	`SparePartsSuppliesAndFuelLessAllowances`	$385.00M	USD	Point-in-time
Spare parts, supplies and fuel, less allowances of $209 and $204	`SparePartsSuppliesAndFuelLessAllowances`	$380.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$418.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$359.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Due from parent company and other FedEx subsidiaries	`DueFromAffiliateCurrent`	$430.00M	USD	Point-in-time
Due from parent company and other FedEx subsidiaries	`DueFromAffiliateCurrent`	$547.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1,000.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpensesAndOther`	$89.00M	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 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`	$3.63B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.81B	USD	Point-in-time
PROPERTY AND EQUIPMENT, AT COST	`PropertyPlantAndEquipmentGross`	$24.36B	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	1,000.00	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	1,000.00	shares	Point-in-time
PROPERTY AND EQUIPMENT, AT COST	`PropertyPlantAndEquipmentGross`	$24.38B	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.54B	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.55B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$12.85B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$12.81B	USD	Point-in-time
Goodwill	`Goodwill`	$1.48B	USD	Point-in-time
Goodwill	`Goodwill`	$1.53B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$959.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$945.00M	USD	Point-in-time
Total other long-term assets	`TotalOtherLongtermAssets`	$2.43B	USD	Point-in-time
Total other long-term assets	`TotalOtherLongtermAssets`	$2.48B	USD	Point-in-time
ASSETS	`Assets`	$19.04B	USD	Point-in-time
ASSETS	`Assets`	$18.96B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$3.00M	USD	Point-in-time
Accrued salaries and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$990.00M	USD	Point-in-time
Accrued salaries and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$850.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.30B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.27B	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$976.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$972.00M	USD	Point-in-time
Due to other FedEx subsidiaries	`DueToAffiliateCurrent`	$1.06B	USD	Point-in-time
Due to other FedEx subsidiaries	`DueToAffiliateCurrent`	$1.01B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.30B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.14B	USD	Point-in-time
LONG-TERM DEBT, LESS CURRENT PORTION	`LongTermDebtAndCapitalLeaseObligations`	$240.00M	USD	Point-in-time
LONG-TERM DEBT, LESS CURRENT PORTION	`LongTermDebtAndCapitalLeaseObligations`	$240.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.83B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.97B	USD	Point-in-time
Pension, postretirement healthcare and other benefit obligations	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$1.14B	USD	Point-in-time
Pension, postretirement healthcare and other benefit obligations	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$1.12B	USD	Point-in-time
Self-insurance accruals	`SelfInsuranceReserve`	$657.00M	USD	Point-in-time
Self-insurance accruals	`SelfInsuranceReserve`	$650.00M	USD	Point-in-time
Deferred lease obligations	`DeferredRentCreditNoncurrent`	$697.00M	USD	Point-in-time
Deferred lease obligations	`DeferredRentCreditNoncurrent`	$683.00M	USD	Point-in-time
Deferred gains, principally related to aircraft transactions	`SaleLeasebackTransactionDeferredGainNet`	$217.00M	USD	Point-in-time
Deferred gains, principally related to aircraft transactions	`SaleLeasebackTransactionDeferredGainNet`	$223.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$89.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$100.00M	USD	Point-in-time
Total other long-term liabilities	`OtherLiabilitiesNoncurrentTotal`	$5.78B	USD	Point-in-time
Total other long-term liabilities	`OtherLiabilitiesNoncurrentTotal`	$5.61B	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`	$8.25B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.39B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-36.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-30.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-113.00M	USD	Point-in-time
Total owner's equity	`StockholdersEquity`	$8.82B	USD	Point-in-time
Total owner's equity	`StockholdersEquity`	$8.89B	USD	Point-in-time
LIABILITIES AND OWNER'S EQUITY	`LiabilitiesAndStockholdersEquity`	$19.04B	USD	Point-in-time
LIABILITIES AND OWNER'S EQUITY	`LiabilitiesAndStockholdersEquity`	$18.96B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`Revenues`	$6.35B	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`	$2.36B	USD	1 Quarter
Purchased transportation	`PurchasedTransportation`	$430.00M	USD	1 Quarter
Purchased transportation	`PurchasedTransportation`	$376.00M	USD	1 Quarter
Rentals and landing fees	`RentalsAndLandingFees`	$409.00M	USD	1 Quarter
Rentals and landing fees	`RentalsAndLandingFees`	$414.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$366.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$320.00M	USD	1 Quarter
Fuel	`FuelCosts`	$956.00M	USD	1 Quarter
Fuel	`FuelCosts`	$986.00M	USD	1 Quarter
Maintenance and repairs	`CostOfPropertyRepairsAndMaintenance`	$306.00M	USD	1 Quarter
Maintenance and repairs	`CostOfPropertyRepairsAndMaintenance`	$371.00M	USD	1 Quarter
Intercompany charges, net	`IntercompanyChargesNetOperating`	$529.00M	USD	1 Quarter
Intercompany charges, net	`IntercompanyChargesNetOperating`	$489.00M	USD	1 Quarter
Other	`OtherCostAndExpenseOperating`	$808.00M	USD	1 Quarter
Other	`OtherCostAndExpenseOperating`	$795.00M	USD	1 Quarter
OPERATING EXPENSES	`OperatingExpenses`	$6.20B	USD	1 Quarter
OPERATING EXPENSES	`OperatingExpenses`	$6.12B	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$200.00M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$230.00M	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$7.00M	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$12.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-21.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-17.00M	USD	1 Quarter
OTHER INCOME (EXPENSE)	`NonoperatingIncomeExpense`	$-14.00M	USD	1 Quarter
OTHER INCOME (EXPENSE)	`NonoperatingIncomeExpense`	$-5.00M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$195.00M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$216.00M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$69.00M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$70.00M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$146.00M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$126.00M	USD	1 Quarter

Cash Flow Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$146.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$126.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$366.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$320.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$52.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$38.00M	USD	1 Quarter
Changes in assets and liabilities. net	`IncreaseDecreaseInOperatingCapital`	$1.09B	USD	1 Quarter
Changes in assets and liabilities. net	`IncreaseDecreaseInOperatingCapital`	$-224.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.58B	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$340.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$749.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$304.00M	USD	1 Quarter
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$483.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-7.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-9.00M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.22B	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-297.00M	USD	1 Quarter
Principal payments on debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$301.00M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-301.00M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$11.00M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-7.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$36.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$65.00M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$805.00M	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`	$712.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$769.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$805.00M	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`	$712.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$769.00M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
NET INCOME	`NetIncomeLoss`	$146.00M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$126.00M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$2.00M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$9.00M	USD	1 Quarter
Foreign currency translation adjustments, net of tax of $9 in 2013 and $2 in 2012	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$40.00M	USD	1 Quarter
Amortization of unrealized pension actuarial gains/losses and other, tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$1.00M	USD	1 Quarter
Foreign currency translation adjustments, net of tax of $9 in 2013 and $2 in 2012	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-78.00M	USD	1 Quarter
Amortization of unrealized pension actuarial gains/losses and other, net of tax of $1 in 2013	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.00M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$40.00M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-77.00M	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$69.00M	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.