Investor Presentaiton
7 – Represents the hypothetical interest expense implied within rentals expenses the company would
incur if property under operating leases were owned or accounted for as finance leases.
Estimated using the weighted-average discount rate for operating leases, which was 2.85% for
2022, applied to the total of the average current and long-term operating lease liabilities as of
May 31, 2022 and May 31, 2021, respectively. See "Fiscal 2022 and 2021 Financial Measures—
Return on Invested Capital and Adjusted Dividend Payout Ratio" above for additional information.
8 - Calculated as 2022 adjusted operating income with the add-back for interest on average
operating leases multiplied by the 2022 adjusted current income tax rate of 11.9%. Our current
income tax rate for 2022 of 15.3% is calculated by dividing our current tax provision by income
before income taxes, and has been adjusted as follows:
Current income tax rate (GAAP)
MTM retirement plans accounting adjustments
Business realignment costs
FedEx Ground legal matter
TNT Express integration expenses
Adjusted current income tax rate (non-GAAP)
15.3%
(3.7)%
0.5%
(0.4)%
0.2%
11.9%
See "Fiscal 2022 and 2021 Financial Measures-Return on Invested Capital and Adjusted
Dividend Payout Ratio" above for additional information.
9- Other than average adjusted net working capital, amounts are averages of the applicable line
items included in FedEx's condensed consolidated balance sheets for the fiscal years ended May
31, 2022 and May 31, 2021, respectively.
10 - Calculated as our average total current assets for the years ended May 31, 2022 and May 31,
2021, adjusted as follows, minus our average total current liabilities for the years ended May 31,
2022 and May 31, 2021, adjusted as follows:
Dollars in millions
Average total current assets (GAAP)
20,473
Average cash and cash equivalents in excess of
those required to support daily business operations
and those held in restricted offshore accounts
Adjusted average total current assets (non-GAAP)
(5,232)
$
15,241
Average total current liabilities (GAAP)
13,967
Average current portion of long-term debt
(114)
Average current portion of operating lease liabilities
(2,326)
Adjusted average total current liabilities (non-GAAP)
$
11,527
Average adjusted net working capital (non-GAAP)
$
3,714
See "Fiscal 2022 and 2021 Financial Measures-Return on Invested Capital and Adjusted
Dividend Payout Ratio" above for additional information.
11 Does not sum to total due to rounding.View entire presentation