Locate the 2015 financial statements and related disclosure notes of FedEx Corporation. You can locate the report online at www.fedex.com.

Required:

1. From the information provided in the statement of cash flows, explain what allows FedEx Corporation to expand its business, as evidenced by the investing activities, while at the same time not raising as much cash through financing activities.

2. Describe the activities listed under financing activities for the most recent fiscal year. FedEx's Statement of Changes in Common Stockholders' Investment (statement of shareholders' equity) will help you determine the nature of the stock activity. What is the most notable financing activity reported?

3. What are the cash payments FedEx made for interest and for income taxes in the three years reported? See the disclosure notes.

4. Obtain the relevant authoritative literature on disclosure of interest and income taxes using the FASB Accounting Standards Codification. You might gain access at the FASB website (www.fasb.org). What is the specific citation that specifies the way FedEx reports interest and income taxes separately that enabled you to answer requirement 3?