FedEx

Last updated

FedEx Corporation
FDX
Formerly
  • Federal Express Corporation​ (1971–1997)
  • FDX Corporation​ (1997–2000)
Company type Public
ISIN US31428X1063
Industry
FoundedMay 5, 1971;52 years ago (1971-05-05) in Little Rock, Arkansas, U.S.
Founder Frederick W. Smith
Headquarters
Memphis, Tennessee
,
U.S.
Number of locations
1,950 FedEx locations (2020)
Area served
Worldwide
Key people
Services
RevenueDecrease2.svg US$90.16 billion (2023)
Decrease2.svg US$4.91 billion (2023)
Increase2.svg US$3.97 billion (2023)
Total assets Increase2.svg US$87.14 billion (2023)
Total equity Increase2.svg US$26.09 billion (2023)
Number of employees
529,000 (May 2023)
Subsidiaries
Website www.fedex.com OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[1] [2]

FedEx Corporation, formerly Federal Express Corporation and later FDX Corporation, is an American multinational conglomerate holding company focused on transportation, e-commerce and business services based in Memphis, Tennessee. [3] [4] The name "FedEx" is a syllabic abbreviation of the name of the company's original air division, Federal Express, which was used from 1973 until 2000. FedEx today is best known for its air delivery service, FedEx Express, which was one of the first major shipping companies to offer overnight delivery as a flagship service. Since then, FedEx also started FedEx Ground, FedEx Office (originally known as Kinko's), FedEx Supply Chain, FedEx Freight, and various other services across multiple subsidiaries, often meant to respond to its main competitor, UPS. The company is the fifth largest American-headquartered employer globally with 547,000 employees, and FedEx is also one of the top contractors of the US government and assists in the transport of some United States Postal Service packages through their Air Cargo Network contract. [5]

Contents

FedEx's prominence in both the United States and the world has made it a common topic in popular culture, with examples including the film Cast Away as well as some of its marketing slogans (most famously "when it absolutely positively has to be there overnight"). In addition, FedEx had purchased the naming rights to FedExField of the NFL's Washington Commanders from 1999 to 2024 and FedExForum of the NBA's Memphis Grizzlies. FedEx's air shipping services have made its "Superhub" at Memphis International Airport the busiest cargo airport in the world by 2020. [6]

History

Foundation and early history

FedEx's first van displayed at the FedEx World Headquarters First FedEx van Memphis TN 2013-05-17 002.jpg
FedEx's first van displayed at the FedEx World Headquarters

The company was founded in Little Rock, Arkansas in 1971 as Federal Express Corporation by Frederick W. Smith, a graduate of Yale University. He drew up the company's concept in a term paper at Yale, in which he called for a system specifically designed for urgent deliveries. While his professor didn't think much of the idea, Smith pressed on. He began formal operations in 1973, when he moved operations to Memphis. Smith said he chose Memphis International Airport for being near the mean population center of the country and for its placid weather. [7]

The company grew rapidly, and by 1983 had a billion dollars in revenue, a rarity for a startup company that had never taken part in mergers or acquisitions in its first decade. It expanded to Europe and Asia in 1984. In 1988, it acquired one of its major competitors, Flying Tiger Line, creating the largest full-service cargo airline in the world. In 1994, Federal Express shortened its name to "FedEx" for marketing purposes, officially adopting a nickname that had been used for years. [7]

Reorganization and Caliber acquisition

A Federal Express McDonnell Douglas MD-11 in 1995 FEDEX MD-11F(AF) (N612FE48605555).jpg
A Federal Express McDonnell Douglas MD-11 in 1995

On October 2, 1997, FedEx reorganized as a holding company, FDX Corporation, a Delaware corporation. [8] The new holding company began operations in January 1998, with the acquisition of Caliber System Inc. by Federal Express. With the purchase of Caliber, FedEx started offering other services besides express shipping. Caliber subsidiaries included RPS, a small-package ground service; Roberts Express, an expedited shipping provider; Viking Freight, a regional, less-than-truckload freight carrier serving the Western United States; Caribbean Transportation Services, a provider of airfreight forwarding between the United States and the Caribbean; and Caliber Logistics and Caliber Technology, providers of logistics and technology services. FDX Corporation was founded to oversee all of the operations of those companies and its original air division, Federal Express. [7]

In January 2000, FDX Corporation changed its name to FedEx Corporation and re-branded all of its subsidiaries. Federal Express became FedEx Express, RPS became FedEx Ground, Roberts Express became FedEx Custom Critical, and Caliber Logistics and Caliber Technology were combined to comprise FedEx Global Logistics. A new subsidiary, called FedEx Corporate Services, was formed to centralize the sales, marketing, and customer service for all of the subsidiaries. In February 2000, FedEx acquired Tower Group International, an international logistics company. FedEx also acquired WorldTariff, a customs duty and tax information company; TowerGroup and WorldTariff were re-branded to form FedEx Trade Networks. [7]

21st century

FedEx Express delivery van in Miami FedEx Truck Downtown Miami (25706470807).jpg
FedEx Express delivery van in Miami

FedEx Corp. acquired privately held Kinko's, Inc. in February 2004 and re-branded it FedEx Kinko's. The acquisition was made to expand FedEx's retail access to the general public. After the acquisition, all FedEx Kinko's locations offered only FedEx shipping. [7] In June 2008, FedEx announced that they would be dropping the Kinko's name from their ship centers; FedEx Kinko's would now be called FedEx Office. [9] [10] In September 2004, FedEx acquired Parcel Direct, a parcel consolidator, and re-branded it FedEx SmartPost. [7]

In April 2015, FedEx acquired their rival firm TNT Express for €4.4 billion ($4.8 billion; £3.2 billion) as it looked to expand their operations in Europe. [11] [12]

In February 2016, FedEx announced the launch of FedEx Cares, a global giving platform, and committed to invest $200 million to strengthen more than 200 communities by 2020. [13] [14]

In March 2018, FedEx announced the acquisition of P2P Mailing Limited, a last-mile delivery service, for £92 million to expand their portfolio. [15]

In June 2019, FedEx announced they would not be renewing their $850 million contract with Amazon for the company's U.S. domestic express delivery business. Amazon accounted for 1.3 percent of 2018 revenues. [16] In August 2019, FedEx announced the termination of ground deliveries for Amazon as well. [17]

In December 2020, FedEx acquired ShopRunner, an e-commerce platform. [18]

On March 29, 2022, founder Frederick W. Smith announced he would be retiring as CEO and become executive chairman effective June 1, 2022. The company named Raj Subramaniam, FedEx's current president and COO, as Smith's successor. [19] [20]

Operating units

FedEx Corporation divides its business into the following main operating units:

FedEx Express

FedEx Express Boeing 777F 04162016 FedEx B777F N861FD PANC NASEDIT2 (43991806764).jpg
FedEx Express Boeing 777F
TNT Express electric van in Europe TNT electric van .jpg
TNT Express electric van in Europe

FedEx Express is the company's original overnight courier services, providing next day air service within the US and time-definite international service. It operates one of the largest civil aircraft fleets in the world, has the largest fleet of wide bodied civil aircraft, and carries more freight than any other airline. [21] Included in this unit are:

FedEx Ground

FedEx Ground delivery truck FedEx Ground delivery truck Navistar.jpg
FedEx Ground delivery truck

FedEx Ground provides day-definite mail and package delivery to commercial locations in the US and Canada and residential locations in Canada. Its services are cheaper than the time-definite services offered by FedEx Express. The company was formerly Roadway Package System (RPS), a division of Caliber System. [7] The unit also includes:

FedEx Freight

FedEx Freight truck in Las Vegas FEDEX Freight (8915186339).jpg
FedEx Freight truck in Las Vegas

FedEx Freight is the largest less-than-truckload (LTL) freight carrier in the US, reporting US$8.9 billion in revenue for 2021, [25] and operates LTL and other freight services in the US and Canada. The unit was formed in 2002 when FedEx bought regional US LTL carrier American Freightways (AF) and established FedEx Freight as a parent company for AF, renamed FedEx Freight East, and FedEx's existing regional LTL subsidiary, Viking Freight, renamed FedEx Freight West. Viking had been a Caliber subsidiary when Caliber was acquired by FedEx in 1998. FedEx bought Lakeland, Florida-based national LTL carrier Watkins Motor Lines in 2006 and renamed it FedEx National LTL. All three operated as an independent subsidiaries of FedEx Freight [26] until January 2010 when they were merged with their parent to form a single entity, FedEx Freight Inc. [27] The unit is the parent of:

FedEx Logistics

FedEx Logistics provides supply chain, specialty transportation, cross border e-commerce, customs brokerage, and trade management technology and services. The division was known as FedEx Trade Networks until January 2019 [28] and is composed of a number of FedEx acquisitions as well as the operations of former Caliber subsidiaries Caliber Logistics and Caliber Technology. Divisions include:

FedEx Services

FedEx Services provides corporate services to other FedEx operating companies. Specifically, all marketing, sales, pricing, data analytics, forecasting, finance, customer service, information technology, and their respective organizations (and cost centers) reside inside FedEx Services. Customer facing transportation services and support managed by teams within FedEx Services include:

FedEx Dataworks

A spin-off of FedEx Services, FedEx Dataworks is the youngest of FedEx's Operating Companies. [29] Their first product was Surround, [30] a software based on proactive monitoring and intervention controls across a delivery network whose first use was used in tracking critical shipments of COVID-19 vaccines.

FedEx Office

FedEx Office is the retail arm of the corporation offering print and photocopy services, business services including signage and marketing, and retail sales of FedEx shipping services. The unit also included FedEx SameDay City, a same-day delivery service. FedEx Office was formerly an independent company, Kinko's, until it was acquired by FedEx in 2004 and rebranded FedEx Kinko's. It was again rebranded in June 2008 becoming FedEx Office. [31] Its divisions include:

Fleet

FedEx operates many different types of vehicles to deliver packages. They operate planes, trucks,vans and drones. According to the FedEx website, the company has over 210,000 motorized vehicles. [33]

Competitors

FedEx's primary competitor in the United States and most of its international destinations is United Parcel Service (UPS). Both companies employ generally similar strategies; both companies' largest hubs for its air delivery are in the southern United States (Memphis for FedEx and Louisville for UPS), both offer overnight, 2-day, and ground delivery as default options, both frequently use Ted Stevens Anchorage International Airport for trans-pacific shipments, [34] and both of their main hubs are some of the world's busiest airports by cargo traffic. FedEx's other main competitor is the United States Postal Service (USPS), as USPS offers an overnight service (Priority Mail Express), a 2-5 day service (Priority Mail), and an economy/ground service (First Class, Parcel Select Ground). To a lesser extent in the US, FedEx competes with SF Express and DHL, and while DHL's market share in the United States is rising, the shipping industry (not including USPS) in the United States is primarily dominated by UPS and FedEx; DHL is only a strong competitor to FedEx outside of the United States. [35]

Amazon, with its airline Amazon Air, its fleet of trucks, vans and ships and its worldwide staff of more than 1.4 million, plans to become the largest delivery service in the U.S. [36] [37]

Corporate identity

FedEx Ground - 2016 Logo.svg

The FedEx logo is a wordmark designed in 1994 by Lindon Leader of Landor Associates, of San Francisco. [38] It consists of Fed in purple and Ex in orange. The FedEx wordmark is notable for containing a subliminal right-pointing arrow in the negative space between the "E" and the "X", which was achieved by designing a proprietary font, based on Univers and Futura, to emphasize the arrow shape. [38] Leader believed the logo promoted FedEx as "getting from point A to point B reliably with speed and precision". [39]

Former logo Ex color by operating unit
UnitColor
FedEx ExpressOrange
FedEx Custom CriticalBlue then Red
FedEx GroundGreen
FedEx FreightRed
FedEx LogisticsPlatinum
FedEx ServicesPlatinum
FedEx OfficeBlue
FedEx SameDay CityPlatinum

In the early 2000s, the Ex was in a different color for each division and platinum for the overall corporation use. However, in August 2016, FedEx announced that all operating units would adopt the purple and orange color logo over the next five years (the same as the original FedEx logo, and later used by FedEx Express). [40]

Advertising

FedEx advertising slogans have included: [41] [42]

A FedEx Express Boeing 727 parked at Fairbanks International Airport. It was donated to the University of Alaska Fairbanks FedEx 727 N467FE Fairbanks (Quintin Soloviev).jpg
A FedEx Express Boeing 727 parked at Fairbanks International Airport. It was donated to the University of Alaska Fairbanks

In 1981, FedEx's advertising firm Ally & Gargano hired performer John Moschitta, Jr., known for his fast speech delivery, to do an ad for Federal Express titled "Fast Paced World". This single commercial was cited years later by New York as one of the most memorable ads ever. [43]

Sponsorships

Motorsports

The FedEx-sponsored No. 11 car at the 2012 Kobalt Tools 400, driven by Denny Hamlin Denny Hamlin at the 2012 Kobalt Tools 400 in Las Vegas.jpg
The FedEx-sponsored No. 11 car at the 2012 Kobalt Tools 400, driven by Denny Hamlin

Football

Other sports

FedExForum in Memphis, Tennessee FedExForum.jpg
FedExForum in Memphis, Tennessee

Reputation

The firm was named by Fortune magazine as one of the top 100 companies to work for in 2013, citing the company's choice to downsize with voluntary buyouts rather than involuntary layoffs. [50]

Corporate affairs

Board of directors

As of April 2022, the FedEx Corporation board of directors is: [51]

Finance

For the fiscal year 2020, FedEx reported earnings of US$1.286 billion, with an annual revenue of US$69.217 billion, a decline of 0.7% over the previous fiscal cycle. FedEx's shares traded at over $273 per share, and its market capitalization was valued at over US$2,459 billion in December 2020. [52] FedEx ranked No. 50 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. [53]

YearRevenue
in mil. USD$		Net income
in mil. USD$		Total Assets
in mil. USD$		Price per Share
in USD$		Employees
200529,3631,44920,40490.25138,100
200632,2941,80622,690109.67138,400
200735,2142,01624,000107.61143,000
200837,9531,12525,63381.50145,000
200935,4979824,24463.18140,000
201034,7341,18424,90285.15141,000
201139,3041,45227,38586.29143,000
201242,6802,03229,90389.74149,000
201344,2872,71633,567110.13160,700
201445,5672,32433,070149.32162,000
201547,4531,05036,531165.33166,000
201650,3651,82045,959162.31168,000
201760,3192,99748,552207.57169,000
201865,4504,57252,330238.46227,000
201969,69354054,403166.65239,000
202069,2171,28673,537184.60245,000

Environmental practices and initiatives

In early March 2021, FedEx announced plans to make its operations carbon-neutral by 2040. [54] [55] It's investing $2 billion in sustainable energy initiatives, including $100M for a new Yale Center for Natural Carbon Capture and upgrading its aircraft and ground transportation fleets. [56] It will be the first customer to take delivery of GM's electric Zevo delivery vans, as part of the goal of an all-electric ground fleet by 2040. [57]

FedEx's initiatives to be carbon-neutral by 2040 will allow them to reduce their negative contributions to climate change drastically, however they may fall short of this goal. As mentioned in their 2021 10-K filling, [58] [59] they are at risk of being unable to achieve being carbon neutral by 2040 due to potential inability to execute the business operations as planned. Such risks are the costs associated with vehicle electrification and renewable energies. Additionally, the pace at which research and technological developments occur at pose a threat to FedEx's goal.

Success of Current Environmental Practices

FedEx's current practices have allowed them to avoid several amounts of emissions. Their current fleet of electric vehicles and more efficient delivery routes have avoided roughly 950,000 metric tons of carbon dioxide emissions. Additionally, through the FedEx Fuel Sense program, FedEx was able to save about 221 million gallons of fuel and avoided nearly 2 million metric tons of carbon dioxide. [60]

Political donations and lobbying

According to OpenSecrets, FedEx Corp is the 174th largest campaign contributor in the United States, having donated over $35.96 million to federal candidates and committees since 1990, 37% of which went to Democrats and 63% to Republicans. [61] Strong ties to the White House and members of Congress allow access to international trade and tax cut rebates as well as the rules of the business practices of the United States Postal Service. In 2001, FedEx sealed a $9 billion deal with the USPS to transport all of the post office's overnight and express deliveries.

In 2005, FedEx was among 53 entities that contributed the maximum of $250,000 to sponsor the second inauguration of President George W. Bush. [62] [63] [64]

During the 2018 calendar year, FedEx spent nearly $10.2 million lobbying the federal government, [65] its lowest total since 2008 but more than any other company in the air transport industry. [66]

SCAC codes

The Standard Carrier Alpha Code (SCAC) is a unique code used to identify transportation companies. It is typically two to four alphabetic letters long. It was developed by the National Motor Freight Traffic Association in the 1960s to help the transportation industry for computerizing data and records. FedEx's codes include:

Criticism, controversies and incidents

Labor relations

In December 2007, the U.S. Internal Revenue Service "tentatively decided" the FedEx Ground Division might be facing a tax liability of $319 million for 2002, due to misclassification of its operatives as independent contractors. Reversing a 1994 decision which allowed FedEx to classify its operatives that own their own vehicles as independent contractors, the IRS audited the years 2003 to 2006, with a view to assessing whether similar misclassification of operatives had taken place. FedEx denied that any irregularities in classification had occurred, but faced legal action from operatives claiming benefits that would have accrued had they been classified as employees. [67]

In June 2009, FedEx began a campaign against UPS and the Teamsters union, accusing its competitor of receiving a bailout in an advertising campaign called "Brown Bailout". FedEx claimed that signing the Federal Aviation Administration re-authorization bill, which would let some of its workers unionize more easily (and, according to the Memphis-based company, "could expose [its] customers at any time to local work stoppages that interrupted the flow of their time-sensitive, high-value shipments"), [68] was equivalent to giving UPS a "bailout". Independent observers heavily criticized FedEx's wording, [68] claiming that it was "an abuse of the term". [68] FedEx Express employees are regulated under the Railway Labor Act. [69]

In July 2020, the Air Line Pilots Association International (ALPA), the union that represents FedEx Corp pilots, called for a suspension on the company's Hong Kong operations. According to the union, some members were subject to "extremely difficult conditions" at hospitals urged by government mandates due to the COVID-19 pandemic. [70] FedEx was criticized more broadly for providing inadequate protections and sick leave during the pandemic. [71]

Allegations of controlled substances distribution

On July 17, 2014, FedEx was indicted for conspiracy to distribute controlled substances in cooperation with the Chhabra-Smoley Organization and Superior Drugs. [72] According to the U.S. Department of Justice, "FedEx is alleged to have knowingly and intentionally conspired to distribute controlled substances and prescription drugs, including Phendimetrazine (Schedule III); Ambien, Phentermine, Diazepam, and Alprazolam (Schedule IV), to customers who had no legitimate medical need for them based on invalid prescriptions issued by doctors who were acting outside the usual course of professional practice." [73] A representative for the company contested these claims, stating that it would violate personal rights of customers to deny service and that "We are a transportation company—we are not law enforcement". [74] On July 17, 2016 the Department of Justice U.S. Attorney's Office confirmed in a statement that it had asked U.S. District Court Judge Charles Breyer to dismiss the indictment but also did not say why. [75] [76] [77]

Illegal parking criticism

FedEx vehicle illegally parked in a Washington, DC bike lane in January 2020 FedEx driver parked in bike lane.jpg
FedEx vehicle illegally parked in a Washington, DC bike lane in January 2020

Safe streets activists have criticized FedEx, along with other parcel delivery services, for frequently illegally parking their vehicles in bike lanes while making deliveries, a practice that endangers cyclists. [78] [79] [80] They were criticized alongside peers in a letter from Washington, D.C.'s transportation agency in 2018. [81]

Criticism of NRA partnership

FedEx was criticized for its partnership with the National Rifle Association of America, which it terminated in 2018 under pressure from activists. [82]

Huawei package delivery dispute

On June 1, 2019, China filed a case against FedEx for allegedly undermining the rights of Chinese clients. [83] The investigation stemmed from FedEx diverting Huawei packages destined for Asia to FedEx's headquarters in the United States instead without authorisation, after Huawei was added to the US Entity List. [84] [85] [86] FedEx later apologised for the "mistransportation". [84] [85] [87]

It has also been reported that FedEx refused to deliver a used Huawei phone into the US. Writers at PC Magazine tried to ship a Huawei P30 from a UK office to a US one to find it sent back a few days later. [88] [89]

In July 2019, China accused FedEx of holding back more than 100 packages that Huawei was trying to deliver to China. Chinese regulators said that the company committed "violations" when it diverted Huawei parcels. [90]

Allegations of tax avoidance

In December 2019, CNBC listed FedEx along with 378 additional Fortune 500 companies that "paid an effective federal tax rate of 0% or less" as a result of the Tax Cuts and Jobs Act of 2017. [91] The New York Times reported that FedEx paid $1.5 billion in taxes after the 2017 fiscal year (effective tax rate of 34%) and then $0 after the 2018 fiscal year (effective tax rate of 0%) as a result of lobbying done by the company. [92]

Mass shooting at Indianapolis facility

A FedEx Ground facility was the site of a mass shooting in Indianapolis on April 15, 2021, causing nine deaths (including the perpetrator) and at least 6 injuries. FedEx released a statement early the next morning, saying they were "deeply saddened" by the loss of their team members. [93]

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References

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  2. ↑ "Company structure & facts". Archived from the original on August 18, 2021. Retrieved August 17, 2021.
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