FedEx Corp., adjusted current assets

US$ in millions

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
As Reported
Current assets	18,610)	20,365)	20,580)	16,383)	13,086)	13,341)
Adjustments
Add: Allowance for credit losses	472)	340)	358)	175)	121)	199)
After Adjustment
Adjusted current assets	19,082)	20,705)	20,938)	16,558)	13,207)	13,540)

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FedEx Corp., adjusted total assets

US$ in millions

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
As Reported
Total assets	87,143)	85,994)	82,777)	73,537)	54,403)	52,330)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	15,238)	15,142)
Add: Allowance for credit losses	472)	340)	358)	175)	121)	199)
Less: Noncurrent deferred tax assets (included in Other assets)²	1,163)	1,207)	1,418)	1,347)	1,340)	1,263)
After Adjustment
Adjusted total assets	86,452)	85,127)	81,717)	72,365)	68,422)	66,408)

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Noncurrent deferred tax assets (included in Other assets). See details »

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FedEx Corp., adjusted total liabilities

US$ in millions

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
As Reported
Total liabilities	61,055)	61,055)	58,609)	55,242)	36,646)	32,914)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	15,238)	15,142)
Less: Noncurrent deferred tax liabilities²	4,489)	4,093)	3,927)	3,162)	2,821)	2,867)
After Adjustment
Adjusted total liabilities	56,566)	56,962)	54,682)	52,080)	49,063)	45,189)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Noncurrent deferred tax liabilities. See details »

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FedEx Corp., adjusted common stockholders’ investment

US$ in millions

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
As Reported
Common stockholders’ investment	26,088)	24,939)	24,168)	18,295)	17,757)	19,416)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(3,326)	(2,886)	(2,509)	(1,815)	(1,481)	(1,604)
Add: Allowance for credit losses	472)	340)	358)	175)	121)	199)
After Adjustment
Adjusted common stockholders’ investment	29,886)	28,165)	27,035)	20,285)	19,359)	21,219)

¹ Net deferred tax assets (liabilities). See details »

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FedEx Corp., adjusted capitalization table

US$ in millions

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
As Reported
Current portion of long-term debt	126)	82)	146)	51)	964)	1,342)
Long-term debt, less current portion	20,453)	20,182)	20,733)	21,952)	16,617)	15,243)
Total reported debt	20,579)	20,264)	20,879)	22,003)	17,581)	16,585)
Common stockholders’ investment	26,088)	24,939)	24,168)	18,295)	17,757)	19,416)
Total reported capital	46,667)	45,203)	45,047)	40,298)	35,338)	36,001)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	15,238)	15,142)
Add: Current portion of operating lease liabilities²	2,390)	2,443)	2,208)	1,923)	—)	—)
Add: Operating lease liabilities, less current portion³	15,363)	14,487)	13,375)	12,195)	—)	—)
Adjusted total debt	38,332)	37,194)	36,462)	36,121)	32,819)	31,727)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(3,326)	(2,886)	(2,509)	(1,815)	(1,481)	(1,604)
Add: Allowance for credit losses	472)	340)	358)	175)	121)	199)
Adjusted common stockholders’ investment	29,886)	28,165)	27,035)	20,285)	19,359)	21,219)
After Adjustment
Adjusted total capital	68,218)	65,359)	63,497)	56,406)	52,178)	52,946)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current portion of operating lease liabilities. See details »

³ Operating lease liabilities, less current portion. See details »

⁴ Net deferred tax assets (liabilities). See details »

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FedEx Corp., adjusted net income

US$ in millions

12 months ended:	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
As Reported
Net income	3,972)	3,826)	5,231)	1,286)	540)	4,572)
Adjustments
Add: Deferred income tax expense (benefit)¹	446)	322)	802)	348)	(85)	(183)
Add: Increase (decrease) in allowance for credit losses	132)	(18)	183)	54)	(78)	84)
Add: Other comprehensive income (loss)	(224)	(371)	415)	(333)	(287)	(163)
After Adjustment
Adjusted net income	4,326)	3,759)	6,631)	1,355)	90)	4,310)

¹ Deferred income tax expense (benefit). See details »

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FedEx Corp. (NYSE:FDX)

Adjustments to Financial Statements