-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ENW/FKRYg1ttGGlOB8I1GHwXoNaLYOAQCA94pDpV+Ruu2XZsD6FlcJdqhmMjiiIF ictsR4iyoxDjz1coFIp+4A== <SEC-DOCUMENT>0000950123-09-011005.txt : 20090603 <SEC-HEADER>0000950123-09-011005.hdr.sgml : 20090603 <ACCEPTANCE-DATETIME>20090603163114 ACCESSION NUMBER: 0000950123-09-011005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090529 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Material Impairments FILED AS OF DATE: 20090603 DATE AS OF CHANGE: 20090603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDEX CORP CENTRAL INDEX KEY: 0001048911 STANDARD INDUSTRIAL CLASSIFICATION: AIR COURIER SERVICES [4513] IRS NUMBER: 621721435 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15829 FILM NUMBER: 09871661 BUSINESS ADDRESS: STREET 1: 942 SOUTH SHADY GROVE ROAD CITY: MEMPHIS STATE: TN ZIP: 38120- BUSINESS PHONE: 9018187500 MAIL ADDRESS: STREET 1: 942 SOUTH SHADY GROVE ROAD CITY: MEMPHIS STATE: TN ZIP: 38120- FORMER COMPANY: FORMER CONFORMED NAME: FDX CORP DATE OF NAME CHANGE: 19971103 </SEC-HEADER> <DOCUMENT> <TYPE>8-K <SEQUENCE>1 <FILENAME>c86413e8vk.htm <DESCRIPTION>FORM 8-K <TEXT> <HTML> <HEAD> <TITLE>Form 8-K</TITLE> </HEAD> <BODY bgcolor="#FFFFFF"> <!-- PAGEBREAK --> <DIV style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif"> <DIV style="font-size: 10pt"> <DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid"> </DIV> <DIV style="font-size: 1pt; width: 100%; border-bottom: black 1pt solid"> </DIV> <P style="font-size: 14pt" align="center"><B>UNITED STATES<BR> SECURITIES AND EXCHANGE COMMISSION<BR> <FONT style="font-size: 12pt">Washington, D.C. 20549 </FONT></B> <P style="font-size: 18pt" align="center"><B>FORM 8-K</B> <P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR> Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B> <P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest event reported): May 29, 2009</B> <P style="font-size: 24pt" align="center"><B>FedEx Corporation<BR> </B><FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter) </FONT> <TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0"> <TR> <TD width="32%"> </TD> <TD width="1%"> </TD> <TD width="33%"> </TD> <TD width="1%"> </TD> <TD width="32%"> </TD> </TR> <TR valign="bottom"> <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD> <TD> </TD> <TD style="border-bottom: #000000 1px solid"><B>1-15829</B></TD> <TD> </TD> <TD style="border-bottom: #000000 1px solid"><B>62-1721435</B></TD> </TR> <TR valign="top"> <TD>(State or other Jurisdiction of Incorporation)</TD> <TD> </TD> <TD>(Commission File Number)</TD> <TD> </TD> <TD>(IRS Employer Identification No.)</TD> </TR> </TABLE> <TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0"> <TR> <TD width="49%"> </TD> <TD width="1%"> </TD> <TD width="49%"> </TD> </TR> <TR valign="bottom"> <TD style="border-bottom: #000000 1px solid"><B>942 South Shady Grove Road, Memphis, Tennessee<BR> </B></TD> <TD> </TD> <TD style="border-bottom: #000000 1px solid"><B>38120</B></TD> </TR> <TR valign="top"> <TD>(Address of Principal Executive Offices)</TD> <TD> </TD> <TD>(Zip Code)</TD> </TR> </TABLE> <P style="font-size: 10pt" align="center">Registrant’s telephone number, including area code: <B>(901) 818-7500</B> <TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="30%" border="0"> <TR> <TD width="100%"> </TD> </TR> <TR> <TD style="border-bottom: #000000 1px solid" nowrap><B> </B></TD> </TR> <TR> <TD nowrap>(Former name or former address if changed since last report.)</TD> </TR> </TABLE> <P style="font-size: 10pt" align="left">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: <P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR> <BR> <FONT face="Wingdings">o</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR> <BR> <FONT face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR> <BR> <FONT face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR> <DIV style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid"> </DIV> <DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid"> </DIV> </DIV> <P style="font-size: 10pt" align="center"> <P style="display: none; font-size: 10pt" align="center">1 </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif"> <P style="font-size: 10pt" align="left"><B>SECTION 2 – FINANCIAL INFORMATION</B> <P> <TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0"> <TR style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000" valign="top"> <TD nowrap align="left" width="3%"><B>Item 2.02.</B></TD> <TD width="1%"> </TD> <TD><B>Results of Operations and Financial Condition.</B></TD> </TR> </TABLE> <TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0"> <TR style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000" valign="top"> <TD nowrap align="left" width="3%"><B>Item 2.06.</B></TD> <TD width="1%"> </TD> <TD><B>Material Impairments.</B></TD> </TR> </TABLE> <P style="font-size: 10pt; text-indent: 4%" align="left">On May 29, 2009, FedEx Corporation management concluded that a noncash charge of approximately $900 million ($885 million, net of tax) for impairment of the value of goodwill would need to be recorded in the fourth quarter ended May 31, 2009 — $810 million related to reduction of the value of the goodwill recorded as a result of the February 2004 acquisition of Kinko’s, Inc. (now known as FedEx Office), and $90 million related to reduction of the value of the goodwill recorded as a result of the September 2006 acquisition of the U.S. and Canadian less-than-truckload freight operations of Watkins Motor Lines and certain affiliates (now known as FedEx National LTL). <P style="font-size: 10pt; text-indent: 4%" align="left">The conclusion was made in connection with FedEx’s annual impairment testing of goodwill and other intangible assets conducted in the fourth quarter in accordance with Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets,” and in connection with the preparation of the financial statements to be included in FedEx’s annual report on Form 10-K for the fiscal year ended May 31, 2009. The key factor contributing to the goodwill impairment was a decline in FedEx Office’s and FedEx National LTL’s recent and forecasted financial performance as a result of weak economic conditions. FedEx does not expect to be required to make any current or future cash expenditures as a result of these impairments. <P style="font-size: 10pt; text-indent: 4%" align="left">Total charges for the fourth quarter ended May 31, 2009 are expected to approximate $1.2 billion. This includes the goodwill impairments discussed above, previously disclosed aircraft-related asset impairments, an immaterial amount of additional aircraft-related charges and other charges primarily associated with employee severance and facility reduction costs. Substantially all of these charges (approximately $1.1 billion) are noncash. <P style="font-size: 10pt; text-indent: 4%" align="left">Certain statements in this report are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to future events and financial performance. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements, because of, among other things, the risks and uncertainties you can find in our press releases and other SEC filings, including the risk factors identified under the heading “Risk Factors” in “Management’s Discussion and Analysis of Results of Operations and Financial Condition” in our most recent annual report on Form 10-K, as updated by our quarterly reports on Form 10-Q. <P style="font-size: 10pt" align="center">2 <P style="font-size: 10pt" align="center"> <P style="display: none; font-size: 10pt" align="center">2 </DIV> <!-- PAGEBREAK --> <P><HR noshade><P> <H5 align="left" style="page-break-before:always"> </H5><P> <DIV style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif"> <P style="font-size: 10pt" align="center"><B>SIGNATURES</B> <P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. <P style="font-size: 10pt; margin-left: 46%" align="left"><B>FedEx Corporation</B> <P style="font-size: 10pt" align="left">Date: June 3, 2009 <P style="margin-top: -11pt; font-size: 10pt; margin-left: 46%" align="left">By: <U>/s/ John L. Merino </U><br> John L. Merino<BR> Corporate Vice President and<BR> Principal Accounting Officer <P style="font-size: 10pt" align="center">3 <P style="font-size: 10pt" align="center"> <P style="display: none; font-size: 10pt" align="center">3 </DIV> </BODY> </HTML> </TEXT> </DOCUMENT> </SEC-DOCUMENT> -----END PRIVACY-ENHANCED MESSAGE-----