Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

$24.99

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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FedEx Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Current portion of long-term debt
Salaries
Employee benefits, including variable compensation
Compensated absences
Accrued salaries and employee benefits
Accounts payable
Current portion of operating lease liabilities
Self-insurance accruals
Taxes other than income taxes
Other
Accrued expenses
Current liabilities
Long-term debt, less current portion
Deferred income taxes
Pension, postretirement healthcare, and other benefit obligations
Self-insurance accruals
Operating lease liabilities, less current portion
Deferred lease obligations
Other liabilities
Other long-term liabilities
Long-term liabilities
Total liabilities
Common stock, $0.10 par value
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost
Common stockholders’ investment
Total liabilities and common stockholders’ investment

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).

Current liabilities trends
The proportion of current liabilities as a percentage of total liabilities and stockholders' investment exhibited slight fluctuations, declining from 16.57% in 2019 to a low of 14.07% in 2020, before gradually rising again to approximately 15.35% by 2024. Components such as accounts payable steadily decreased from 5.57% in 2019 to 3.67% in 2024, indicating improved payment cycles or reduced short-term obligations. Accrued expenses showed variability but remained a significant line item, peaking at 6.03% in 2019 and 2022, before settling near 5.7% in 2024.
Employee-related liabilities
Salaries as a percentage of total investments rose moderately from 0.59% in 2020 to a peak of 0.95% in 2023 and slightly receded to 0.87% in 2024. Employee benefits mirrored a more erratic pattern, with a notable spike to 1.63% in 2021, suggesting increased variable compensation or benefits during that period. Compensated absences remained relatively stable, declining marginally from 1.4% in 2019 to 1.08% in 2024. The accrued salaries and employee benefits showed a dip in 2020 to 2.13%, possibly reflecting pandemic-related impacts, but generally hovered near 3% in other years.
Debt and lease liabilities
The current portion of long-term debt decreased markedly from 1.77% in 2019 to under 0.1% in recent years, evidencing possible refinancing or restructuring. Long-term debt (less current portion) also contracted from 30.54% in 2019 to approximately 23.14% by 2024, indicating reduced reliance on long-term borrowing. Conversely, operating lease liabilities, both current and long-term, have become more prominent following their initial appearance in 2020, constituting around 2.8% and approximately 17% respectively by 2024, highlighting a shift towards leasing obligations.
Other liabilities and benefits
Self-insurance accruals demonstrated a gradual increase, rising from 2.03% in 2019 to 2.22% in current portion and from 3.49% to 4.25% in long-term liabilities over the same period, suggesting rising self-insurance reserves. Pension, postretirement healthcare, and other benefit obligations declined substantially from 9.37% in 2019 to just 2.31% in 2024, potentially indicative of benefit plan changes or settlements. "Other long-term liabilities" fluctuated around 30%, peaking at 31.2% in 2020 and maintaining slightly below that in subsequent years. Deferred income taxes remained steady, near 5% of total liabilities and investments throughout the period.
Equity composition
Common stock remained minimal and stable at about 0.04% throughout the years. Additional paid-in capital saw a decrease from 5.94% in 2019 to 4.21% in 2021, with a modest rebound to 4.58% by 2024. Retained earnings declined sharply from 45.31% in 2019 to 34.29% in 2020, then progressively climbed to 44.42% by 2024, indicating recovery in accumulated profitability post-2020. Treasury stock, reflecting repurchased shares, showed an increasing negative balance, growing from -17.07% to -15.78%, suggesting continued share repurchase activity. Overall, common stockholders' investment decreased from 32.64% in 2019 to a low of 24.88% in 2020, followed by a steady recovery to 31.7% by 2024.
Summary of financial structure shifts
The total liabilities as a percentage of total financing rose in 2020 to 75.12%, likely reflecting heightened liabilities during that year, and declined gradually to 68.3% by 2024. Consequently, the equity portion dipped in 2020 but showed recovery in subsequent years. The data suggests a strategic reduction in long-term debt and pension-related obligations offset by increased lease liabilities and self-insurance accruals. Employee-related liabilities exhibited some volatility likely influenced by external factors during 2020-2021, with the company maintaining a relatively stable current liabilities profile throughout.