Common-Size Balance Sheet: Assets
FedEx Corp., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2024-05-31), 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).
- Cash and Cash Equivalents
- Exhibiting a peak in 2021 at 8.56% of total assets, the proportion of cash and cash equivalents has shown a slight decreasing trend from 2022 through 2024, reaching 7.47%. The initial increase from 4.26% in 2019 to 6.64% in 2020 suggests improved liquidity, followed by stabilization and modest decline in recent periods.
- Receivables, Less Allowances
- This line item decreased steadily from 16.76% in 2019 to 11.59% in 2024, indicating a consistent reduction in the proportion of receivables relative to total assets. The downward trajectory suggests enhanced efficiency in accounts receivable management or shifts in sales composition affecting receivables levels.
- Spare Parts, Supplies, and Fuel, Less Allowances
- The percentage allocated to spare parts, supplies, and fuel slightly declined from 1.02% in 2019 to 0.71% in 2024, reflecting minor fluctuations but overall stable and low relative to total assets throughout the period.
- Prepaid Expenses and Other
- This component remained relatively stable, fluctuating marginally between 1.01% and 1.16% over the years, suggesting consistent levels of prepaid costs and other related assets as a portion of total assets.
- Current Assets
- Current assets as a percentage of total assets showed a decline from 24.05% in 2019 to 20.93% in 2024. Despite some volatility, the general trend points to a decreasing share of current assets in total assets, possibly indicating a strategic shift towards increasing long-term asset investments or changes in working capital structure.
- Net Property and Equipment
- After a significant decline from 55.93% in 2019 to 43.19% in 2021, net property and equipment showed a recovering trend, increasing to 47.69% by 2024. This reversal may be indicative of renewed capital expenditures or asset acquisitions after a period of divestitures or depreciation outpacing additions.
- Operating Lease Right-of-Use Assets, Net
- Starting from 2020, this asset category consistently represented approximately 19%-20% of total assets, reflecting the capitalization of operating leases in accordance with accounting standards. The share remained stable, indicative of steady leasing activity levels over the period.
- Goodwill
- Goodwill as a percentage of total assets declined from 12.65% in 2019 to 7.38% by 2023, where it stabilized through 2024. This reduction may reflect impairment charges, disposals, or the nature of acquisitions influencing the goodwill balance.
- Other Assets
- The section “Other assets” showed a downward trend from 7.36% in 2019 to 4.33% in 2024, pointing to a shrinking relative contribution of miscellaneous asset categories within the balance sheet.
- Other Long-term Assets
- Other long-term assets increased sharply from 20.01% in 2019 to approximately 32% by 2020 and remained stable around that level thereafter. This increase points to a significant reclassification or acquisition of long-term investments or deferred items during this transition period.
- Long-term Assets
- The proportion of long-term assets relative to total assets grew from 75.95% in 2019 to 79.07% in 2024, exhibiting a gradual increase overall. This trend suggests an increasing capital intensity or longer asset holding periods within the company's asset base.
- Total Assets
- Total assets are consistently represented as 100% for each year, serving as the baseline for analyzing the relative composition shifts described above.