10-Q Filing

FEDERAL EXPRESS CORP CIK: 230211 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001193125-15-322552`
Period End Date	20150831
Filing Date	20150917
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	fec-20150831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 85 Income Statement 34 Cash Flow Statement 28 Comprehensive Income 13

Balance Sheet 85 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$884.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$823.00M	USD	Point-in-time
Allowances for receivables	`AllowancesForReceivables`	$84.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$810.00M	USD	Point-in-time
Allowances for receivables	`AllowancesForReceivables`	$92.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$858.00M	USD	Point-in-time
Allowances for spare parts, supplies and fuel	`AllowancesForSparePartsSuppliesAndFuel`	$209.00M	USD	Point-in-time
Receivables, less allowances of $84 and $92	`ReceivablesNetCurrent`	$1.51B	USD	Point-in-time
Allowances for spare parts, supplies and fuel	`AllowancesForSparePartsSuppliesAndFuel`	$204.00M	USD	Point-in-time
Receivables, less allowances of $84 and $92	`ReceivablesNetCurrent`	$1.55B	USD	Point-in-time
Spare parts, supplies and fuel, less allowances of $209 and $204	`SparePartsSuppliesAndFuelLessAllowances`	$394.00M	USD	Point-in-time
Spare parts, supplies and fuel, less allowances of $209 and $204	`SparePartsSuppliesAndFuelLessAllowances`	$386.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$378.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$378.00M	USD	Point-in-time
Due from parent company and other FedEx subsidiaries	`DueFromAffiliateCurrent`	$501.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Due from parent company and other FedEx subsidiaries	`DueFromAffiliateCurrent`	$579.00M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	1,000.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpensesAndOther`	$132.00M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpensesAndOther`	$108.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.81B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.81B	USD	Point-in-time
PROPERTY AND EQUIPMENT, AT COST	`PropertyPlantAndEquipmentGross`	$27.09B	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	1,000.00	shares	Point-in-time
PROPERTY AND EQUIPMENT, AT COST	`PropertyPlantAndEquipmentGross`	$26.29B	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	1,000.00	shares	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$12.39B	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$12.67B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$14.42B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$13.89B	USD	Point-in-time
Goodwill	`Goodwill`	$1.39B	USD	Point-in-time
Goodwill	`Goodwill`	$1.45B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$963.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.10B	USD	Point-in-time
Total other long-term assets	`TotalOtherLongtermAssets`	$2.36B	USD	Point-in-time
Total other long-term assets	`TotalOtherLongtermAssets`	$2.55B	USD	Point-in-time
ASSETS	`Assets`	$20.59B	USD	Point-in-time
ASSETS	`Assets`	$20.26B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$5.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$7.00M	USD	Point-in-time
Accrued salaries and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$1.01B	USD	Point-in-time
Accrued salaries and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$977.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.26B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.15B	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$981.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.06B	USD	Point-in-time
Due to other FedEx subsidiaries	`DueToAffiliateCurrent`	$2.20B	USD	Point-in-time
Due to other FedEx subsidiaries	`DueToAffiliateCurrent`	$1.93B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.27B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.31B	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`	$1.71B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.72B	USD	Point-in-time
Pension, postretirement healthcare and other benefit obligations	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$1.27B	USD	Point-in-time
Pension, postretirement healthcare and other benefit obligations	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$1.25B	USD	Point-in-time
Self insurance accruals	`SelfInsuranceReserveNoncurrent`	$711.00M	USD	Point-in-time
Self insurance accruals	`SelfInsuranceReserveNoncurrent`	$784.00M	USD	Point-in-time
Deferred lease obligations	`DeferredRentCreditNoncurrent`	$614.00M	USD	Point-in-time
Deferred lease obligations	`DeferredRentCreditNoncurrent`	$572.00M	USD	Point-in-time
Deferred gains, principally related to aircraft transactions	`SaleLeasebackTransactionDeferredGainNet`	$171.00M	USD	Point-in-time
Deferred gains, principally related to aircraft transactions	`SaleLeasebackTransactionDeferredGainNet`	$178.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$117.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$93.00M	USD	Point-in-time
Total other long-term liabilities	`OtherLiabilitiesNoncurrentTotal`	$4.65B	USD	Point-in-time
Total other long-term liabilities	`OtherLiabilitiesNoncurrentTotal`	$4.54B	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	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`	$9.84B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.15B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$63.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-233.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-370.00M	USD	Point-in-time
Total owner's equity	`StockholdersEquity`	$10.21B	USD	Point-in-time
Total owner's equity	`StockholdersEquity`	$10.39B	USD	Point-in-time
LIABILITIES AND OWNER'S EQUITY	`LiabilitiesAndStockholdersEquity`	$20.59B	USD	Point-in-time
LIABILITIES AND OWNER'S EQUITY	`LiabilitiesAndStockholdersEquity`	$20.26B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`Revenues`	$6.58B	USD	1 Quarter
REVENUES	`Revenues`	$6.31B	USD	1 Quarter
Salaries and employee benefits	`LaborAndRelatedExpense`	$2.43B	USD	1 Quarter
Salaries and employee benefits	`LaborAndRelatedExpense`	$2.35B	USD	1 Quarter
Purchased transportation	`PurchasedTransportation`	$457.00M	USD	1 Quarter
Purchased transportation	`PurchasedTransportation`	$419.00M	USD	1 Quarter
Rentals and landing fees	`RentalsAndLandingFees`	$403.00M	USD	1 Quarter
Rentals and landing fees	`RentalsAndLandingFees`	$419.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$371.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$344.00M	USD	1 Quarter
Fuel	`FuelCosts`	$970.00M	USD	1 Quarter
Fuel	`FuelCosts`	$607.00M	USD	1 Quarter
Maintenance and repairs	`CostOfPropertyRepairsAndMaintenance`	$343.00M	USD	1 Quarter
Maintenance and repairs	`CostOfPropertyRepairsAndMaintenance`	$377.00M	USD	1 Quarter
Intercompany charges, net	`IntercompanyChargesNetOperating`	$474.00M	USD	1 Quarter
Intercompany charges, net	`IntercompanyChargesNetOperating`	$475.00M	USD	1 Quarter
Other	`OtherCostAndExpenseOperating`	$786.00M	USD	1 Quarter
Other	`OtherCostAndExpenseOperating`	$788.00M	USD	1 Quarter
OPERATING EXPENSES	`OperatingExpenses`	$6.21B	USD	1 Quarter
OPERATING EXPENSES	`OperatingExpenses`	$5.81B	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$501.00M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$374.00M	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$3.00M	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$9.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-36.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-32.00M	USD	1 Quarter
OTHER INCOME (EXPENSE)	`NonoperatingIncomeExpense`	$-27.00M	USD	1 Quarter
OTHER INCOME (EXPENSE)	`NonoperatingIncomeExpense`	$-29.00M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$474.00M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$345.00M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$120.00M	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$162.00M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$225.00M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$312.00M	USD	1 Quarter

Cash Flow Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$225.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$312.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$371.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$344.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-3.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$39.00M	USD	1 Quarter
Changes in assets and liabilities. net	`IncreaseDecreaseInOperatingCapital`	$-162.00M	USD	1 Quarter
Changes in assets and liabilities. net	`IncreaseDecreaseInOperatingCapital`	$96.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$431.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$791.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$466.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$832.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-12.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-464.00M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-820.00M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-32.00M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-15.00M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-61.00M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-48.00M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$884.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$823.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$810.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$858.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$884.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$823.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$810.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$858.00M	USD	Point-in-time

Comprehensive Income 13 line items

Line Item	Tag	Value	Unit	Period
NET INCOME	`NetIncomeLoss`	$225.00M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$312.00M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$8.00M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$10.00M	USD	1 Quarter
Amortization of prior service credit and other, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$3.00M	USD	1 Quarter
Foreign currency translation adjustments, net of tax of $10 in 2015 and $8 in 2014	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-131.00M	USD	1 Quarter
Foreign currency translation adjustments, net of tax of $10 in 2015 and $8 in 2014	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-29.00M	USD	1 Quarter
Amortization of prior service credit and other, net of tax of $3 in 2015 and $0 in 2014	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$1.00M	USD	1 Quarter
Amortization of prior service credit and other, net of tax of $3 in 2015 and $0 in 2014	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$6.00M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-137.00M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-30.00M	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$175.00M	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$195.00M	USD	1 Quarter

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