FedEx Corp. (FDX)


Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Low level of difficulty

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

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

FedEx Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

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Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018 Nov 30, 2017 Aug 31, 2017 May 31, 2017 Feb 28, 2017 Nov 30, 2016 Aug 31, 2016 May 31, 2016 Feb 29, 2016 Nov 30, 2015 Aug 31, 2015 May 31, 2015 Feb 28, 2015 Nov 30, 2014 Aug 31, 2014 May 31, 2014 Feb 28, 2014 Nov 30, 2013 Aug 31, 2013
Short-term borrowings —  —  225  250  299  —  799  250  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Current portion of long-term debt 35  964  973  642  1,404  1,342  764  11  19  22  45  43  47  29  11  14  14  19  —  —  251  254 
Accrued salaries and employee benefits 1,522  1,741  1,659  1,850  1,686  2,177  1,945  1,912  1,656  1,914  1,690  1,765  1,603  1,972  1,451  1,510  1,355  1,436  1,231  1,219  1,103  1,277  1,284  1,403  1,366 
Accounts payable 3,179  3,030  3,156  3,400  3,066  2,977  3,102  3,147  2,938  2,752  2,707  2,954  2,851  2,944  2,024  2,129  2,049  2,066  2,050  1,968  1,973  1,971  1,903  1,868  1,879 
Current operating lease liabilities 1,896  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Accrued expenses 3,303  3,278  3,243  3,354  3,151  3,131  2,893  2,907  3,177  3,230  3,008  3,045  2,973  3,063  2,453  2,298  2,426  2,436  1,962  1,986  2,076  2,063  1,831  1,884  2,024 
Current liabilities 9,935  9,013  9,256  9,496  9,606  9,627  9,503  8,227  7,790  7,918  7,450  7,807  7,474  8,008  5,939  5,951  5,844  5,957  5,243  5,173  5,153  5,312  5,019  5,406  5,523 
Long-term debt, less current portion 18,726  16,617  17,218  16,399  15,241  15,243  16,017  15,180  15,137  14,909  14,713  13,553  13,735  13,838  8,477  8,481  7,244  7,249  7,228  4,735  4,735  4,736  4,735  2,739  2,739 
Deferred income taxes 2,953  2,821  3,211  3,253  2,948  2,867  2,401  3,088  2,730  2,485  2,299  2,148  1,762  1,567  2,046  1,759  1,781  1,747  2,497  2,104  2,107  2,114  2,083  1,945  1,820 
Pension, postretirement healthcare and other benefit obligations 4,132  5,095  1,847  1,735  1,963  2,187  2,181  3,868  4,313  4,487  4,670  5,845  6,063  6,227  4,628  4,702  4,806  4,893  2,962  3,136  3,313  3,484  3,586  3,704  3,813 
Self-insurance accruals 1,924  1,899  1,861  1,844  1,809  1,784  1,715  1,651  1,603  1,494  1,376  1,349  1,338  1,314  1,282  1,265  1,186  1,120  1,092  1,072  1,047  1,038  1,028  1,009  996 
Long-term operating lease liabilities 12,137  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Deferred lease obligations —  531  512  605  557  551  532  633  575  531  456  547  457  400  723  840  766  711  694  832  748  758  741  882  797 
Deferred gains, principally related to aircraft transactions —  99  118  137  156  121  124  122  126  137  142  145  150  155  161  167  174  181  187  193  200  206  208  215  221 
Other liabilities 479  571  547  526  448  534  484  457  458  518  491  423  454  771  236  216  161  218  193  176  163  145  102  109  109 
Other long-term liabilities 21,625  11,016  8,096  8,100  7,881  8,044  7,437  9,819  9,805  9,652  9,434  10,457  10,224  10,434  9,076  8,949  8,874  8,870  7,625  7,513  7,578  7,745  7,748  7,864  7,756 
Long-term liabilities 40,351  27,633  25,314  24,499  23,122  23,287  23,454  24,999  24,942  24,561  24,147  24,010  23,959  24,272  17,553  17,430  16,118  16,119  14,853  12,248  12,313  12,481  12,483  10,603  10,495 
Total liabilities 50,286  36,646  34,570  33,995  32,728  32,914  32,957  33,226  32,732  32,479  31,597  31,817  31,433  32,280  23,492  23,381  21,962  22,076  20,096  17,421  17,466  17,793  17,502  16,009  16,018 
Common stock, $0.10 par value 32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32  32 
Additional paid-in capital 3,257  3,231  3,209  3,185  3,154  3,117  3,085  3,055  3,030  3,005  2,976  2,946  2,918  2,892  2,869  2,839  2,814  2,786  2,739  2,618  2,629  2,643  2,259  2,666  2,696 
Retained earnings 25,048  24,648  26,650  26,080  25,315  24,823  23,710  21,785  21,156  20,833  19,830  19,410  18,862  18,371  18,481  18,048  17,434  16,900  21,880  21,480  20,921  20,429  19,699  19,366  18,913 
Accumulated other comprehensive income (loss) (918) (865) (737) (817) (763) (578) (357) (434) (325) (415) (334) (425) (176) (169) (159) (41) 10  172  (3,909) (3,787) (3,694) (3,694) (3,754) (3,769) (3,857)
Treasury stock, at cost (9,253) (9,289) (9,260) (9,186) (8,565) (7,978) (7,576) (7,383) (7,275) (7,382) (7,320) (7,432) (7,494) (7,342) (6,896) (5,888) (5,007) (4,897) (4,730) (4,780) (4,767) (4,133) (3,009) (762) (129)
Common stockholders’ investment 18,166  17,757  19,894  19,294  19,173  19,416  18,894  17,055  16,618  16,073  15,184  14,531  14,142  13,784  14,327  14,990  15,283  14,993  16,012  15,563  15,121  15,277  15,227  17,533  17,655 
Total liabilities and common stockholders’ investment 68,452  54,403  54,464  53,289  51,901  52,330  51,851  50,281  49,350  48,552  46,781  46,348  45,575  46,064  37,819  38,371  37,245  37,069  36,108  32,984  32,587  33,070  32,729  33,542  33,673 

Based on: 10-Q (filing date: 2019-09-17), 10-K (filing date: 2019-07-16), 10-Q (filing date: 2019-03-19), 10-Q (filing date: 2018-12-18), 10-Q (filing date: 2018-09-17), 10-K (filing date: 2018-07-16), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-07-17), 10-Q (filing date: 2017-03-22), 10-Q (filing date: 2016-12-21), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-07-18), 10-Q (filing date: 2016-03-17), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-17), 10-K (filing date: 2015-07-14), 10-Q (filing date: 2015-03-19), 10-Q (filing date: 2014-12-18), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-14), 10-Q (filing date: 2014-03-20), 10-Q (filing date: 2013-12-19), 10-Q (filing date: 2013-09-19).

Balance sheet item Description The company
Current liabilities Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. FedEx Corp.’s current liabilities declined from Q3 2019 to Q4 2019 but then increased from Q4 2019 to Q1 2020 exceeding Q3 2019 level.
Long-term liabilities Amount of obligation due after one year or beyond the normal operating cycle, if longer. FedEx Corp.’s long-term liabilities increased from Q3 2019 to Q4 2019 and from Q4 2019 to Q1 2020.
Total liabilities Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. FedEx Corp.’s total liabilities increased from Q3 2019 to Q4 2019 and from Q4 2019 to Q1 2020.
Common stockholders’ investment Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity’s stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. FedEx Corp.’s common stockholders’ investment declined from Q3 2019 to Q4 2019 but then slightly increased from Q4 2019 to Q1 2020.