FedEx Corp., adjusted current assets

US$ in millions

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
As Reported
Current assets	18,207)	18,610)	20,365)	20,580)	16,383)	13,086)
Adjustments
Add: Allowance for credit losses	436)	472)	340)	358)	175)	121)
After Adjustment
Adjusted current assets	18,643)	19,082)	20,705)	20,938)	16,558)	13,207)

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FedEx Corp., adjusted total assets

US$ in millions

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
As Reported
Total assets	87,007)	87,143)	85,994)	82,777)	73,537)	54,403)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	15,238)
Add: Allowance for credit losses	436)	472)	340)	358)	175)	121)
Less: Noncurrent deferred tax assets (included in Other assets)²	1,313)	1,163)	1,207)	1,418)	1,347)	1,340)
After Adjustment
Adjusted total assets	86,130)	86,452)	85,127)	81,717)	72,365)	68,422)

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, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
As Reported
Total liabilities	59,425)	61,055)	61,055)	58,609)	55,242)	36,646)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	15,238)
Less: Noncurrent deferred tax liabilities²	4,482)	4,489)	4,093)	3,927)	3,162)	2,821)
After Adjustment
Adjusted total liabilities	54,943)	56,566)	56,962)	54,682)	52,080)	49,063)

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, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
As Reported
Common stockholders’ investment	27,582)	26,088)	24,939)	24,168)	18,295)	17,757)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(3,169)	(3,326)	(2,886)	(2,509)	(1,815)	(1,481)
Add: Allowance for credit losses	436)	472)	340)	358)	175)	121)
After Adjustment
Adjusted common stockholders’ investment	31,187)	29,886)	28,165)	27,035)	20,285)	19,359)

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

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FedEx Corp., adjusted capitalization table

US$ in millions

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
As Reported
Current portion of long-term debt	68)	126)	82)	146)	51)	964)
Long-term debt, less current portion	20,135)	20,453)	20,182)	20,733)	21,952)	16,617)
Total reported debt	20,203)	20,579)	20,264)	20,879)	22,003)	17,581)
Common stockholders’ investment	27,582)	26,088)	24,939)	24,168)	18,295)	17,757)
Total reported capital	47,785)	46,667)	45,203)	45,047)	40,298)	35,338)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	15,238)
Add: Current portion of operating lease liabilities²	2,463)	2,390)	2,443)	2,208)	1,923)	—)
Add: Operating lease liabilities, less current portion³	15,053)	15,363)	14,487)	13,375)	12,195)	—)
Adjusted total debt	37,719)	38,332)	37,194)	36,462)	36,121)	32,819)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(3,169)	(3,326)	(2,886)	(2,509)	(1,815)	(1,481)
Add: Allowance for credit losses	436)	472)	340)	358)	175)	121)
Adjusted common stockholders’ investment	31,187)	29,886)	28,165)	27,035)	20,285)	19,359)
After Adjustment
Adjusted total capital	68,906)	68,218)	65,359)	63,497)	56,406)	52,178)

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, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
As Reported
Net income	4,331)	3,972)	3,826)	5,231)	1,286)	540)
Adjustments
Add: Deferred income tax expense (benefit)¹	(162)	446)	322)	802)	348)	(85)
Add: Increase (decrease) in allowance for credit losses	(36)	132)	(18)	183)	54)	(78)
Add: Other comprehensive income (loss)	(32)	(224)	(371)	415)	(333)	(287)
After Adjustment
Adjusted net income	4,101)	4,326)	3,759)	6,631)	1,355)	90)

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

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FedEx Corp. (NYSE:FDX)

Adjustments to Financial Statements