FedEx Corp., balance sheet: property, plant and equipment

US$ in millions

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Aircraft and related equipment	30,525)	29,108)	27,874)	26,268)	24,518)	22,793)
Package handling and ground support equipment	17,880)	16,839)	14,930)	13,012)	11,382)	10,409)
Information technology	9,203)	8,792)	8,098)	7,486)	6,884)	6,268)
Vehicles and trailers	10,568)	10,191)	9,806)	9,282)	9,101)	8,339)
Facilities and other	16,215)	15,694)	14,567)	14,029)	13,139)	11,702)
Property and equipment, at cost	84,391)	80,624)	75,275)	70,077)	65,024)	59,511)
Accumulated depreciation and amortization	(42,900)	(39,926)	(37,184)	(34,325)	(31,416)	(29,082)
Net property and equipment	41,491)	40,698)	38,091)	35,752)	33,608)	30,429)

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).

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Item	Description	The company
Property and equipment, at cost	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	FedEx Corp. property and equipment, at cost increased from 2022 to 2023 and from 2023 to 2024.
Net property and equipment	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	FedEx Corp. net property and equipment increased from 2022 to 2023 and from 2023 to 2024.

FedEx Corp., asset age ratios

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Average age ratio	50.83%	49.52%	49.40%	48.98%	48.31%	48.87%
Estimated total useful life (years)	20	19	19	18	18	18
Estimated age, time elapsed since purchase (years)	10	10	9	9	9	9
Estimated remaining life (years)	10	10	10	9	9	9

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).

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Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	FedEx Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2022 to 2023 and from 2023 to 2024.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	FedEx Corp. estimated total useful life of depreciable property, plant and equipment increased from 2022 to 2023 and from 2023 to 2024.
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	FedEx Corp. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2022 to 2023 and from 2023 to 2024.
Estimated remaining life		FedEx Corp. estimated remaining life of depreciable property, plant and equipment increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation and amortization	42,900)	39,926)	37,184)	34,325)	31,416)	29,082)
Property and equipment, at cost	84,391)	80,624)	75,275)	70,077)	65,024)	59,511)
Asset Age Ratio
Average age¹	50.83%	49.52%	49.40%	48.98%	48.31%	48.87%

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).

2024 Calculations

¹ Average age = 100 × Accumulated depreciation and amortization ÷ Property and equipment, at cost
= 100 × 42,900 ÷ 84,391 = 50.83%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	FedEx Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2022 to 2023 and from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Selected Financial Data (US$ in millions)
Property and equipment, at cost	84,391)	80,624)	75,275)	70,077)	65,024)	59,511)
Depreciation and amortization expense, excluding gains and losses on sales of property and equipment used in operations	4,300)	4,200)	4,000)	3,800)	3,600)	3,400)
Asset Age Ratio (Years)
Estimated total useful life¹	20	19	19	18	18	18

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).

2024 Calculations

¹ Estimated total useful life = Property and equipment, at cost ÷ Depreciation and amortization expense, excluding gains and losses on sales of property and equipment used in operations
= 84,391 ÷ 4,300 = 20

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Asset age ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	FedEx Corp. estimated total useful life of depreciable property, plant and equipment increased from 2022 to 2023 and from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation and amortization	42,900)	39,926)	37,184)	34,325)	31,416)	29,082)
Depreciation and amortization expense, excluding gains and losses on sales of property and equipment used in operations	4,300)	4,200)	4,000)	3,800)	3,600)	3,400)
Asset Age Ratio (Years)
Time elapsed since purchase¹	10	10	9	9	9	9

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).

2024 Calculations

¹ Time elapsed since purchase = Accumulated depreciation and amortization ÷ Depreciation and amortization expense, excluding gains and losses on sales of property and equipment used in operations
= 42,900 ÷ 4,300 = 10

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Asset age ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	FedEx Corp. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2022 to 2023 and from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Selected Financial Data (US$ in millions)
Net property and equipment	41,491)	40,698)	38,091)	35,752)	33,608)	30,429)
Depreciation and amortization expense, excluding gains and losses on sales of property and equipment used in operations	4,300)	4,200)	4,000)	3,800)	3,600)	3,400)
Asset Age Ratio (Years)
Estimated remaining life¹	10	10	10	9	9	9

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).

2024 Calculations

¹ Estimated remaining life = Net property and equipment ÷ Depreciation and amortization expense, excluding gains and losses on sales of property and equipment used in operations
= 41,491 ÷ 4,300 = 10

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Asset age ratio	Description	The company
Estimated remaining life		FedEx Corp. estimated remaining life of depreciable property, plant and equipment increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

FedEx Corp. (NYSE:FDX)

Analysis of Property, Plant and Equipment

Property, Plant and Equipment Disclosure

Asset Age Ratios (Summary)

Average Age

Estimated Total Useful Life

Estimated Age, Time Elapsed since Purchase

Estimated Remaining Life