Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

FedEx Corp. (NYSE:FDX)

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Analysis of Debt

Advanced level


Total Debt (Carrying Amount)

FedEx Corp., balance sheet: debt

US$ in millions

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May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015
Current portion of long-term debt
Long-term debt, less current portion
Total long-term debt (carrying amount)

Based on: 10-K (filing date: 2020-07-20), 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14).

Debt item Description The company
Total long-term debt (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. FedEx Corp.’s total debt increased from 2018 to 2019 and from 2019 to 2020.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
May 31, 2020
Selected Financial Data (US$ in millions)
Long-term debt, including current maturities and exclusive of finance leases
Finance lease obligations
Total long-term debt (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (filing date: 2020-07-20).


Weighted-average Interest Rate on Debt

Weighted average interest rate on long-term debt:

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
Total

Based on: 10-K (filing date: 2020-07-20).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =


Interest Costs Incurred

FedEx Corp., interest costs incurred

US$ in millions

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12 months ended: May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015
Interest expense
Capitalized interest
Interest costs incurred

Based on: 10-K (filing date: 2020-07-20), 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14).

Debt item Description The company
Interest expense Amount of the cost of borrowed funds accounted for as interest expense for debt. FedEx Corp.’s interest expense increased from 2018 to 2019 and from 2019 to 2020.
Capitalized interest Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. FedEx Corp.’s capitalized interest increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. FedEx Corp.’s interest costs incurred increased from 2018 to 2019 and from 2019 to 2020.

Adjusted Interest Coverage Ratio

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May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015
Selected Financial Data (US$ in millions)
Net income
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
 
Interest costs incurred
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (filing date: 2020-07-20), 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14).

2020 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= ÷ =

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =


Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). FedEx Corp.’s adjusted interest coverage ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.