Federal Express 2015 Annual Report Download

Download and view the complete annual report

Please find the complete 2015 Federal Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

FEDEX ANNUAL REPORT 2015
A Transformative Year

Table of contents

  • Page 1
    A Transformative Year FEDEX ANNUAL REPORT 2015

  • Page 2
    ... we outlined in FY13 PRICING LEADERSHIP Significant actions to better compensate FedEx for the outstanding services it provides customers MODERN AIRCRAFT FLEET 17 Boeing 767-300 Freighters added as part of the fleet modernization program 1 For a reconciliation of presented non-GAAP measures to...

  • Page 3
    ...of increasing e-commerce low-density shipments, we took action to ensure we're more adequately compensated for the high-quality services we provide customers. At FedEx Ground, dimensional weight pricing was extended to all shipments. Fuel surcharge rates were adjusted at all transportation companies...

  • Page 4
    ... using two or more of our transportation companies. FedEx Services provides common sales, marketing, revenue management, customer service, and information technology support. FedEx Services team members are modernizing our IT platforms to lower costs and make us more agile in meeting shifting market...

  • Page 5
    ...,000 self-serve locations reach businesses and households around the world. Because online shopping is booming, we're expanding the number of locations where customers can have their packages held for pickup, which also cuts down on last-mile deliveries by FedEx Express and FedEx Ground. The FedEx...

  • Page 6
    ... lowering costs and increasing base yields through the profit improvement program. FedEx Express has made structural changes to reduce costs and is retiring older aircraft while adding new Boeing 767Fs to rationalize capacity and modernize our aircraft ï¬,eet. We are serving customers with...

  • Page 7
    ... emissions and lower unit operating costs. New aircraft boost efficiency and ï¬,exibility. MODERNIZING THE FEDEX EXPRESS AIR FLEET is improving margins and adding ï¬,exibility to our domestic and international operations. We added 17 new Boeing 767-300 Freighters in FY15 and plan to add 11 more...

  • Page 8
    ... list released by the Reputation Institute. Accelerate our use of leading-edge technology to deliver even better customer service and work more efficiently and profitably. For example, the development of FedEx Delivery Manager® allows customers to personalize deliveries and earned FedEx the 2014...

  • Page 9
    ... end-to-end suite of solutions, Bongo connects merchants to consumers around the globe, positioning FedEx for success in the growing cross-border e-commerce marketplace. Bongo offers retailers the ability to display total landed cost, including shipping costs and duties and taxes in local...

  • Page 10
    L ET T E R F ROM T H E C H A IR MAN Team members are our strongest competitive advantage. 8 Ed Merced FedEx Express Courier Seattle, Washington, USA

  • Page 11
    ... 29 12 2013 Stock Price (May 31 close) $96.34 $144.16 $173.22 2014 2015 53 (2) Comparison of Five-Year Cumulative Total Return* $225 $200 $175 $150 $125 $100 5/10 5/11 5/12 5/13 5/14 5/15 FedEx Corporation S&P 500 Dow Jones Transportation Average *$100 invested on 5/31/10 in stock or index...

  • Page 12
    ... services through companies competing collectively, operating independently and managed collaboratively, under the respected FedEx brand. Our primary operating companies are Federal Express Corporation ("FedEx Express"), the world's largest express transportation company; FedEx Ground Package System...

  • Page 13
    ...the current year presentation reï¬,ecting the pension accounting changes and allocation of corporate headquarters costs further discussed in this MD&A and Note 1, Note 13 and Note 14 of the accompanying consolidated financial statements: Consolidated revenues FedEx Express Segment operating income...

  • Page 14
    ... operating day. Our year-over-year earnings comparisons benefited from the inclusion in 2013 results of business realignment costs and an aircraft impairment charge. In 2014, we repurchased an aggregate of $4.9 billion of our common stock through open market purchases and through accelerated share...

  • Page 15
    ... to higher average daily shipments and revenue per shipment. Revenues at FedEx Express were ï¬,at during 2015 due to U.S. domestic and international package volume growth, which were offset by lower fuel surcharges and the negative impact of exchange rates. Revenues increased 3% in 2014, primarily...

  • Page 16
    ... current year presentation regarding pension accounting changes: 2015 Operating expenses: Salaries and employee benefits $ Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Business realignment, impairment and other charges Retirement plans...

  • Page 17
    ... of GENCO results. Purchased transportation costs increased 6% in 2015 due to volume growth and higher service provider rates at FedEx Ground and volume growth, higher utilization and higher service provider rates at FedEx Freight. The timing of aircraft maintenance events at FedEx Express primarily...

  • Page 18
    ... fuel surcharge methodology. On February 2, 2015, we updated the tables used to determine our fuel surcharges at FedEx Express, FedEx Ground and FedEx Freight. The net impact of fuel had a significant benefit to operating income in 2015. This was driven by decreased fuel prices during 2015 versus...

  • Page 19
    ...70% from 2013 with essentially ï¬,at revenue during the three-year period. FedEx Services has reduced its total expenses while investing in major information technology transformation projects. In addition, our incentive compensation programs have been gradually reinstated so that 2016 business plan...

  • Page 20
    ... > FedEx Ground (small-package ground delivery) > FedEx SmartPost (small-parcel consolidator) > GENCO (third-party logistics) > FedEx Freight (LTL freight transportation) > FedEx Custom Critical (time-critical transportation) > FedEx Services (sales, marketing, information technology, communications...

  • Page 21
    ... fourth quarters of 2015 associated with a legal matter at FedEx Ground described in Note 18 of the accompanying consolidated financial statements. Other Intersegment Transactions Certain FedEx operating companies provide transportation and related services for other FedEx companies outside their...

  • Page 22
    ... FedEx Express Segment FedEx Express offers a wide range of U.S. domestic and international shipping services for delivery of packages and freight including priority services, which provide time-definite delivery within one, two or three business days worldwide, and deferred or economy services...

  • Page 23
    ...the years ended May 31: 2015 Package Statistics(1) Average daily package volume (ADV): U.S. overnight box U.S. overnight envelope U.S. deferred Total U.S. domestic ADV International priority International economy Total international export ADV International domestic(2) Total ADV Revenue per package...

  • Page 24
    ..., FedEx Express updated the tables used to determine fuel surcharges. On September 16, 2014, FedEx Express announced a 4.9% average list price increase for FedEx Express U.S. domestic, U.S. export and U.S. import services effective January 5, 2015. In January 2014, we implemented a 3.9% average list...

  • Page 25
    ...addition, 2014 revenues were negatively 17 impacted by one fewer operating day, unusually severe weather 1 and lower fuel surcharges. 13 Average daily volume at FedEx Ground increased 9% during 2014 10 due to market share gains resulting from continued growth in our 9 FedEx Home Delivery service and...

  • Page 26
    ... updated the tables used to determine fuel surcharges. On September 16, 2014, FedEx Ground and FedEx Home Delivery announced a 4.9% increase in average list price effective January 5, 2015. In addition, as announced in May 2014, FedEx Ground began applying dimensional weight pricing to all shipments...

  • Page 27
    ... to the current year presentation reï¬,ecting the pension accounting changes and allocation of corporate headquarters costs further discussed in this MD&A and Note 1, Note 13 and Note 14 of the accompanying consolidated financial statements: Revenues Operating expenses: Salaries and employee 2,698...

  • Page 28
    ... fewer operating day. Average daily LTL shipments increased 6% in 2014 due to higher demand for both of our service offerings. LTL revenue per shipment increased 1% in 2014 due to changes in shipment characteristics, primarily higher weight per LTL shipment. The weekly indexed LTL fuel surcharge is...

  • Page 29
    ...our tax-qualified U.S. domestic pension plans ("U.S. Pension Plans") in 2015 and 2014 and $560 million in 2013. CASH USED IN INVESTING ACTIVITIES. Capital expenditures were 23% higher in 2015 largely due to increased spending for aircraft at FedEx Express and sort facility expansion at FedEx Ground...

  • Page 30
    ... Total capital expenditures $ 4,347 $ 3,533 $ 3,375 23 5 Capital expenditures during 2015 were higher than the prior year primarily due to increased spending for aircraft at FedEx Express and increased spending for sort facility expansion at FedEx Ground. Aircraft and related equipment purchases...

  • Page 31
    ... long-term liabilities reï¬,ected in our balance sheet, including deferred income taxes, qualified and nonqualified pension and postretirement healthcare plan liabilities and other self-insurance accruals. Unless statutorily required, the payment obligations associated with these liabilities are...

  • Page 32
    ... accounting principles generally accepted in the United States, future contractual payments under our operating leases (totaling $16 billion on an undiscounted basis) are not recorded in our balance sheet. Credit rating agencies routinely use information concerning minimum lease payments required...

  • Page 33
    ... cash funding requirements can differ materially from our reported funded status. The "Salaries and employee benefits" caption of our consolidated income statements includes expense associated with service and interest costs and the expected return on plan assets. Our fourth quarter MTM adjustment...

  • Page 34
    ...expect our investment management program to achieve in excess of the returns we could expect if investments were made strictly in indexed funds. For consolidated pension expense, we assumed a 7.75% expected long-term rate of return on our U.S. Pension Plan assets in 2015 and 2014 and 8% in 2013. The...

  • Page 35
    ... accidents and general business liabilities, and benefits paid under employee healthcare and long-term disability programs. Our reserves are established for estimates of loss on reported claims, including incurred-but-not-reported claims. Self-insurance accruals reï¬,ected in our balance sheet were...

  • Page 36
    ... for payments under operating leases. The weighted-average remaining lease term of all operating leases outstanding at May 31, 2015 was approximately six years. The future commitments for operating leases are not reï¬,ected as a liability in our balance sheet under current U.S. accounting rules. The...

  • Page 37
    ...with significant recorded goodwill include FedEx Express, FedEx Ground, FedEx Freight, FedEx Office (reported in the FedEx Services segment) and GENCO (reported in the FedEx Ground segment). We evaluated these reporting units during the fourth quarters of 2015 and 2014. The estimated fair value of...

  • Page 38
    ...legal proceedings and claims, including those relating to general commercial matters, governmental enforcement actions, employment-related claims and FedEx Ground's owner-operators. Accounting guidance for contingencies requires an accrual of estimated loss from a contingency, such as a tax or other...

  • Page 39
    ... most important and valuable assets. In addition, we have a strong reputation among customers and the general public for high standards of social and environmental responsibility and corporate governance and ethics. The FedEx brand name and our corporate reputation are powerful sales and marketing...

  • Page 40
    ... Relations Board, have and may continue to take actions that could make it easier for our employees to organize under the RLA or NLRA. Finally, changes to federal or state laws governing employee classification could impact the status of FedEx Ground's owner-operators as independent contractors...

  • Page 41
    ... domestic operations and international profit improvements at FedEx Express, and improved efficiencies and lower costs of information technology at FedEx Services. To this end, since 2013, we have retired from service 25 aircraft and 42 related engines, and we have adjusted the retirement schedule...

  • Page 42
    ... of key assets within our networks that are exposed to adverse weather conditions or localized risks from natural or manmade disasters such as tornados, ï¬,oods, earthquakes or terrorist attacks. The loss of a key location such as our Memphis super hub or one of our information technology centers...

  • Page 43
    ... over financial reporting as of May 31, 2015, has been audited by Ernst & Young LLP, the independent registered public accounting firm who also audited the Company's consolidated financial statements included in this Annual Report. Ernst & Young LLP's report on the Company's internal control over...

  • Page 44
    ... the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of FedEx Corporation as of May 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, changes in stockholders' investment, and cash ï¬,ows for each of the three years...

  • Page 45
    ...Revenues Operating Expenses: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Business realignment, impairment and other charges Retirement plans mark-to-market adjustment Other Years ended May 31, 2014 2013...

  • Page 46
    ... service credit and other, net of tax expense of $1 in 2015 and tax benefit of $38 and $51 in 2014 and 2013 Years ended May 31, 2014 2013 As Adjusted $ 2,324 $ 2,716 (25) (76) (101) $ 2,223 41 (63) (22) $ 2,694 Comprehensive Income The accompanying notes are an integral part of these consolidated...

  • Page 47
    FEDEX CORPORATION CONSOLIDATED BALANCE SHEETS May 31, (in millions, except share data) 2015 2014 As Adjusted Assets Current Assets Cash and cash equivalents Receivables, less allowances of $185 and $164 Spare parts, supplies and fuel, less allowances of $207 and $212 Deferred income taxes ...

  • Page 48
    ... Provision for uncollectible accounts Deferred income taxes and other noncash items Business realignment, impairment and other charges Stock-based compensation Retirement plans mark-to-market adjustment Changes in assets and liabilities: Receivables Other current assets Pension and postretirement...

  • Page 49
    FEDEX CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' INVESTMENT Common Stock Balance at May 31, 2012 - as adjusted $ 32 Net income - Other comprehensive loss, net of tax of $63 - Purchase of treasury stock (2.7 million shares) - Cash dividends declared ($0.56 per share) - Employee ...

  • Page 50
    ... services through companies competing collectively, operating independently and managed collaboratively, under the respected FedEx brand. Our primary operating companies are Federal Express Corporation ("FedEx Express"), the world's largest express transportation company; FedEx Ground Package System...

  • Page 51
    ... asset's service life or related lease term, if shorter. For income tax purposes, depreciation is computed using accelerated methods when applicable. The consolidated balance sheet for 2014 reï¬,ects the reclassification of $1.1 billion of vehicles that were previously presented in package handling...

  • Page 52
    ... plans are measured using actuarial techniques that reï¬,ect management's assumptions for discount rate, investment returns on plan assets, salary increases, expected retirement, mortality, employee turnover and future increases in healthcare costs. We determine the discount rate (which is required...

  • Page 53
    ... statements presented is summarized below (amounts in millions, except per share data): 2014 Previously Reported Adjusted Effect of Change Previously Reported 2013 Adjusted Effect of Change Consolidated Statements of Income Operating Expenses: Salaries and employee benefits Retirement plans...

  • Page 54
    ..." in the accompanying consolidated balance sheets. SELF-INSURANCE ACCRUALS. We are self-insured for costs associated with workers' compensation claims, vehicle accidents and general business liabilities, and benefits paid under employee healthcare and long-term disability programs. Accruals are...

  • Page 55
    ...on an annual basis at the end of each fiscal year. BUSINESS REALIGNMENT COSTS. During 2013, we announced profit improvement programs primarily through initiatives at FedEx Express and FedEx Services and completed a program to offer voluntary cash buyouts to eligible U.S.-based employees in certain...

  • Page 56
    ... income tax purposes. The intangible assets acquired consist primarily of customer-related intangible assets, which will be amortized on an accelerated basis over an estimated life of 15 years. In 2014, we expanded the international service offerings of FedEx Express by completing our acquisition...

  • Page 57
    ...acquired goodwill related to immaterial acquisitions. Our reporting units with significant recorded goodwill include FedEx Express, FedEx Ground, FedEx Freight, FedEx Office (reported in the FedEx Services segment) and GENCO (reported in the FedEx Ground segment). We evaluated reporting units for...

  • Page 58
    ... by third-party insurance providers. These instruments are required under certain U.S. self-insurance programs and are also used in the normal course of international operations. The underlying liabilities insured by these instruments are reï¬,ected in our balance sheets, where applicable. Therefore...

  • Page 59
    ... years ended May 31 (in millions; amounts in parentheses indicate debits to earnings): Affected Line Item in the Amount Reclassified from AOCI Income Statement 2015 2014 2013 Retirement plans: Amortization of prior service credits $ 115 $ 115 $ 114 Salaries and employee benefits Total before tax...

  • Page 60
    .... The value of restricted stock awards is based on the stock price of the award on the grant date. We record stock-based compensation expense in the "Salaries and employee benefits" caption in the accompanying consolidated statements of income. 2015 2014 2013 Weighted-average $ 53.33 $ 35.79...

  • Page 61
    ...NOTE 12: INCOME TAXES The components of the provision for income taxes for the years ended May 31 were as follows (in millions): 2015 Current provision (benefit) Domestic: Federal State and local Foreign Deferred provision (benefit) Domestic: Federal State and local Foreign 2014 2013 $ 795 102...

  • Page 62
    ... strategy totaled $478 million at the end of 2015 and $471 million at the end of 2014. 2015 2014 Deferred Deferred Deferred Deferred Tax Tax Tax Tax Assets Liabilities Assets Liabilities Property, equipment, leases and intangibles Employee benefits Self-insurance accruals Other Net operating loss...

  • Page 63
    ..., such as: discount rates; expected long-term investment returns on plan assets; future salary increases; employee turnover; mortality; and retirement ages. During the fourth quarter of 2015, we adopted mark-to-market accounting for the recognition of our actuarial gains and losses related to our de...

  • Page 64
    ... increase in future compensation levels used to determine net periodic benefit cost Expected long-term rate of return on assets - Consolidated Expected long-term rate of return on assets - Segment Reporting Pension Plans 2015 2014 4.42% 4.60% 4.60 4.62 4.56 7.75 6.50 4.79 4.56 4.54 7.75 6.50 2013...

  • Page 65
    ... from 2014 as we have increased our asset allocation to lower yielding fixed income investments. For the 15-year period ended May 31, 2015, our actual annual returns were 6.70%. The investment strategy for pension plan assets is to utilize a diversified mix of global public and private equity...

  • Page 66
    ...that use significant unobservable inputs is shown in the table below (in millions): Balance at beginning of year Actual return on plan assets: Assets held during current year Assets sold during the year Purchases, sales and settlements Balance at end of year 64 2015 $ 276 (15) 43 (78) $ 226 2014...

  • Page 67
    ...$ (883) Change in Plan Assets Fair value of plan assets at the beginning of year Actual return on plan assets Company contributions Benefits paid Other Fair value of plan assets at the end of year Funded Status of the Plans Amount Recognized in the Balance Sheet at May 31: Noncurrent asset Current...

  • Page 68
    ...) $ (2,676) Contributions to our U.S. Pension Plans for the years ended May 31 were as follows (in millions): Required Voluntary 2015 $ 388 272 $ 660 2014 $ 645 15 $ 660 For 2016, we anticipate making contributions to our U.S. Pension Plans totaling $660 million (approximately $500 million of...

  • Page 69
    ... TO CONSOLIDATED FINANCIAL STATEMENTS Net periodic benefit cost for the three years ended May 31 were as follows (in millions): Service cost Interest cost Expected return on plan assets Amortization of prior service credit Actuarial losses (gains) and other Net periodic benefit cost 2015 $ 653...

  • Page 70
    ... > FedEx Ground (small-package ground delivery) > FedEx SmartPost (small-parcel consolidator) > GENCO (third-party logistics) > FedEx Freight (LTL freight transportation) > FedEx Custom Critical (time-critical transportation) > FedEx Services (sales, marketing, information technology, communications...

  • Page 71
    ...to the current year segment presentation. This change did not impact our condensed consolidated financial statements included in Note 21. Other Intersegment Transactions Certain FedEx operating companies provide transportation and related services for other FedEx companies outside their reportable...

  • Page 72
    ... information for the years ended or as of May 31 (in millions): 2015 Revenue by Service Type FedEx Express segment: Package: U.S. overnight box $ 6,704 1,629 U.S. overnight envelope U.S. deferred 3,342 Total U.S. domestic package revenue 11,675 International priority 6,251 International economy...

  • Page 73
    ... Ground is involved in numerous class-action lawsuits (including 25 that have been certified as class actions), individual lawsuits and state tax and other administrative proceedings that claim that the company's owner-operators should be treated as employees, rather than independent contractors...

  • Page 74
    ... on the status of the owner-operators (i.e., independent contractor vs. employee). In sum, the court ruled on our summary judgment motions and entered judgment in favor of FedEx Ground on all claims in 20 of the 28 multidistrict litigation cases that had been certified as class actions, finding...

  • Page 75
    ... employer of the drivers of the company's independent contractors. CITY AND STATE OF NEW YORK CIGARETTE SUIT. On December 30, 2013, the City of New York filed suit against FedEx Express and FedEx Ground arising from our alleged shipments of cigarettes to New York City residents. The claims against...

  • Page 76
    ... Express and a $197 million reserve increase due to the settlement of a legal matter at FedEx Ground. In addition, the first, second and third quarters of 2015 and all quarters of 2014 have been recast to conform to the current year presentation reï¬,ecting the retirement plans accounting changes...

  • Page 77
    ... FINANCIAL STATEMENTS We are required to present condensed consolidating financial information in order for the subsidiary guarantors of our public debt to continue to be exempt from reporting under the Securities Exchange Act of 1934, as amended. FedEx Express, however, currently files reports...

  • Page 78
    ...' Investment Current Liabilities Current portion of long-term debt Accrued salaries and employee benefits Accounts payable Accrued expenses Total current liabilities Long-Term Debt, Less Current Portion Intercompany Payable Other Long-Term Liabilities Deferred income taxes Other liabilities Total...

  • Page 79
    ...77 Revenues Operating Expenses: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Retirement plans mark-to-market adjustment Intercompany charges, net Other Operating Income Other Income (Expense): Equity in...

  • Page 80
    ...: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Business realignment, impairment and other charges Retirement plans mark-to-market adjustment Intercompany charges, net Other Operating Income Other Income...

  • Page 81
    ... paid Purchase of treasury stock Other, net Cash used in financing activities Effect of exchange rate changes on cash Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Condensed Consolidating Statements...

  • Page 82
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors and Stockholders FedEx Corporation We have audited the accompanying consolidated balance sheets of FedEx Corporation as of May 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, ...

  • Page 83
    ... Financial Statements, MD&A and other financial data appearing elsewhere in this Annual Report. 2015(1) (5) 2014(5) 2013(2) (5) As Adjusted $ 44,287 4,434 4,338 2,716 2012(3) (5) 2011(4) (5) Operating Results Revenues Operating income (loss) Income (loss) before income taxes Net income (loss...

  • Page 84
    ... Inc. Apparel and home furnishings retailer Professor University of Maryland School of Public Policy Kimberly A. Jabal (1) (3) Frederick W. Smith Chairman, President and Chief Executive Officer FedEx Corporation Chief Financial Officer Path, Inc. Social networking company Shirley Ann Jackson...

  • Page 85
    ... Vice President, Market Development and Corporate Communications Robert B. Carter Executive Vice President, FedEx Information Services and Chief Information Officer John L. Merino Corporate Vice President and Principal Accounting Officer FedEx Express Segment FedEx Ground Segment David...

  • Page 86
    ...(901) 818-7500, fedex.com ANNUAL MEETING OF SHAREOWNERS: Monday, September 28, 2015, 8:00 a.m. local time, FedEx Express World Headquarters, 3670 Hacks Cross Road, Building G, Memphis, Tennessee 38125. STOCK LISTING: FedEx Corporation's common stock is listed on the New York Stock Exchange under the...

  • Page 87
    ..., including: Water treatment systems, water chlorinators and storage tanks designed to serve 430,000 people a day. Three daily meals for almost 1,700 people for a month. Maternity and infant supplies for 5,000 expectant mothers. Learn more about our global citizenship programs at csr.fedex.com.

  • Page 88
    FEDEX CORPORATION 942 South Shady Grove Road Memphis, Tennessee 38120 fedex.com In line with our commitment to sustainability, the FedEx Annual Report was produced using environmentally and socially responsible procurement and manufacturing practices to ensure a minimized environmental impact. See ...