FedEx reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain non-GAAP (or "adjusted") financial measures. Reconciliations of non-GAAP measures cited in our March 18, 2021 earnings release conference call to the most directly comparable GAAP measures are included below.
Full-Year Fiscal 2020
FedEx Corporation
Dollars in millions, except EPS
GAAP measure $2,417 3.5%
Mark-to-market (MTM) retirement plan accounting adjustment3 - - 211 | 583 2.22 |
Goodwill and other asset
impairment charges4
TNT Express integration expenses5 270 0.4% 61 | 209 0.80 |
Non-GAAP measure $3,122 4.5%
Operating | |||
Income Margin | Income Taxes1 | Net Income2 | Diluted Earnings Per Share |
$383 | $1,286 | $4.90 | |
19 | 416 | 1.58 | |
$674 | $2,494 | $9.50 |
435 0.6%
Notes:
1 - Income taxes are based on the company's approximate statutory tax rates applicable to each transaction.
2 - Effect of "total other (expense) income" on net income amount not shown.
3 - The MTM retirement plan accounting adjustment reflects the year-end adjustment to the valuation of the company's defined benefit pension and other postretirement plans.
4 - Goodwill impairment charges are not deductible for income tax purposes.
5 - These expenses were recognized at FedEx Corporate and FedEx Express.
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FedEx Corporation published this content on 16 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2021 20:21:08 UTC.