Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

FedEx Corp., consolidated cash flow statement

US$ in millions

12 months ended:	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Net income	3,972)	3,826)	5,231)	1,286)	540)	4,572)
Depreciation and amortization	4,176)	3,970)	3,793)	3,615)	3,353)	3,095)
Provision for uncollectible accounts	696)	403)	577)	442)	295)	246)
Other noncash items including leases and deferred income taxes	3,472)	2,931)	2,887)	2,449)	(233)	(231)
Stock-based compensation	182)	190)	200)	168)	174)	167)
Retirement plans mark-to-market adjustments	(650)	1,578)	(1,176)	794)	3,882)	(10)
Loss on extinguishment of debt	—)	—)	393)	—)	—)	—)
Goodwill and other asset impairment charges	117)	—)	—)	435)	—)	380)
Gain from sale of business	—)	—)	—)	—)	(8)	(85)
Business optimization and realignment costs, net of payments	23)	53)	102)	—)	101)	—)
Receivables	782)	(310)	(1,389)	(1,331)	(873)	(1,049)
Other current assets	48)	(158)	(40)	(59)	(25)	(135)
Pension and postretirement healthcare assets and liabilities, net	(623)	(697)	(317)	(908)	(909)	(2,345)
Accounts payable and other liabilities	(3,331)	(1,861)	71)	(1,787)	(571)	141)
Other, net	(16)	(93)	(197)	(7)	(113)	(72)
Changes in assets and liabilities	(3,140)	(3,119)	(1,872)	(4,092)	(2,491)	(3,460)
Adjustments to reconcile net income to cash provided by operating activities	4,876)	6,006)	4,904)	3,811)	5,073)	102)
Cash provided by operating activities	8,848)	9,832)	10,135)	5,097)	5,613)	4,674)
Capital expenditures	(6,174)	(6,763)	(5,884)	(5,868)	(5,490)	(5,663)
Business acquisitions, net of cash acquired	—)	—)	(228)	—)	(66)	(179)
Purchase of investments	(84)	(147)	—)	—)	—)	—)
Proceeds from sale of business	—)	—)	—)	—)	—)	123)
Proceeds from asset dispositions and other	84)	94)	102)	22)	83)	42)
Cash used in investing activities	(6,174)	(6,816)	(6,010)	(5,846)	(5,473)	(5,677)
Principal payments on debt	(152)	(161)	(6,318)	(2,548)	(1,436)	(38)
Proceeds from debt issuances	—)	—)	4,212)	6,556)	2,463)	1,480)
Proceeds from stock issuances	231)	184)	740)	64)	101)	327)
Dividends paid	(1,177)	(793)	(686)	(679)	(683)	(535)
Purchase of treasury stock	(1,500)	(2,248)	—)	(3)	(1,480)	(1,017)
Other, net	1)	(1)	(38)	(9)	(4)	10)
Cash provided by (used in) financing activities	(2,597)	(3,019)	(2,090)	3,381)	(1,039)	227)
Effect of exchange rate changes on cash	(118)	(187)	171)	(70)	(47)	72)
Net increase (decrease) in cash and cash equivalents	(41)	(190)	2,206)	2,562)	(946)	(704)
Cash and cash equivalents at beginning of period	6,897)	7,087)	4,881)	2,319)	3,265)	3,969)
Cash and cash equivalents at end of period	6,856)	6,897)	7,087)	4,881)	2,319)	3,265)

Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).

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Cash flow statement item	Description	The company
Cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	FedEx Corp. cash provided by operating activities decreased from 2021 to 2022 and from 2022 to 2023.
Cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	FedEx Corp. cash used in investing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	FedEx Corp. cash provided by (used in) financing activities decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

FedEx Corp. (NYSE:FDX)

Cash Flow Statement