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

Required:

3. What are the cash payments FedEx made for interest and for income taxes in the three years reported? (Hint: 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 (asc.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?