Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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FedEx Corp., consolidated balance sheet: assets

US$ in millions

		May 31, 2024		May 31, 2023		May 31, 2022		May 31, 2021		May 31, 2020		May 31, 2019
	Cash and cash equivalents
	Receivables, less allowances
	Spare parts, supplies, and fuel, less allowances
	Prepaid expenses and other
	Current assets
	Net property and equipment
	Operating lease right-of-use assets, net
	Goodwill
	Other assets
	Other long-term assets
	Long-term assets
	Total 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: The cash reserves increased significantly from 2019 to 2021, rising from $2,319 million to $7,087 million, indicating improved liquidity during this period. However, from 2021 onward, cash balances show a gradual decline, decreasing to $6,501 million by 2024.
Receivables, less allowances: Receivables steadily increased from $9,116 million in 2019 to a peak of $12,069 million in 2021, followed by a decline in the subsequent years to $10,087 million in 2024. This pattern suggests a growth phase through 2021, with a possible tightening of credit policies or collection efforts after that.
Spare parts, supplies, and fuel, less allowances: This inventory category has shown slight growth over the entire period, moving from $553 million in 2019 to $614 million in 2024. The relatively stable levels imply consistent operational needs without significant expansion in spare parts or fuel inventory.
Prepaid expenses and other current assets: These items fluctuated modestly across the years, decreasing in 2020 to $828 million from $1,098 million in 2019, then gradually recovering to $1,005 million by 2024. This may reflect timing differences in expenses or changes in advance payments over the periods.
Current assets: Total current assets exhibited a notable increase from $13,086 million in 2019 to $20,580 million in 2021, followed by a decreasing trend to $18,207 million in 2024. This peak and subsequent decline align with trends in cash and receivables, indicating varying liquidity conditions.
Net property and equipment: The net value of property and equipment showed consistent growth throughout the period, rising steadily from $30,429 million in 2019 to $41,491 million in 2024. This reflects continuous capital investment or asset revaluation, suggesting ongoing expansion or modernization efforts.
Operating lease right-of-use assets, net: First reported in 2020 at $13,917 million, these assets have grown to $17,347 million in 2023, with a slight decline to $17,115 million in 2024. This reflects adoption and expansion of leased assets, likely impacted by lease accounting standards implemented around 2020.
Goodwill: Goodwill values fluctuated moderately, starting at $6,884 million in 2019, dipping in 2020, rebounding in 2021, and then gradually declining to $6,423 million by 2024. This indicates adjustments for acquisitions or impairment assessments over the years with no significant one-time changes.
Other assets: Other assets experienced a decline from $4,004 million in 2019 to $3,257 million in 2020, rebounded to $4,381 million in 2022, and then decreased again to $3,771 million in 2024. The volatility may stem from reclassification, disposals, or valuation changes.
Other long-term assets: There was a marked increase in other long-term assets, from $10,888 million in 2019 to $27,809 million in 2023, plateauing slightly to $27,309 million in 2024. This growth likely reflects strategic asset accumulation, investments, or deferred charges over the period.
Long-term assets: Long-term assets rose significantly from $41,317 million in 2019 to $68,800 million in 2024, driven by increases in property, equipment, lease assets, and other long-term holdings. This growth indicates a sustained expansion in capital-intensive assets and long-duration investments.
Total assets: The overall asset base increased steadily from $54,403 million in 2019 to a peak of $87,143 million in 2023, with a slight decrease to $87,007 million in 2024. This growth trend reflects a broad asset expansion consistent with operational growth and investment activities during the period.

Assets: Selected Items

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Current Assets: Selected Items