DC Velocity - March 2018

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FedEx Corp. will spend $1.5 billion over the next seven years
to upgrade its Indianapolis hub operation, part of a $3.2
billion investment package that will be implemented in the
wake of the recently signed federal tax reform bill.
The Indianapolis facility is the hub of FedEx Express,
FedEx’s air and international unit. The company did not
provide details of the pending improvements.

FedEx also said it would expand and modernize its main global hub in Memphis, Tenn. Details of the program will be disclosed in the spring, the company said. The cost of the upgrades to the Memphis facility was not included in the package.

In addition to the planned improvements at Indianapolis, FedEx said it will contribute $1.5 billion to its pension plan and will increase employee compensation by more than The announcement is the biggest step yet by a transport or logistics company to capitalize on what many businesses view as favorable language in the new tax law. The measure cut corporate tax rates to 21 percent from levels that had ranged from 15 percent to 35 percent. It allows all companies to fully deduct the cost of equipment purchases the first year that the asset is placed into service, through the so-called Section 179 expense deduction. The full depreciation benefit expires after five years. In addition, the bill nearly doubles the size of the Section 179 expense deduction, to $1 million. That provision was made permanent.

Frederick W. Smith, FedEx’s founder, chairman, and chief executive officer, strongly supports the new law. Smith told Fox Business News that FedEx will “be doing a lot of things” as a result of tax reform, adding that the law will allow it to “put more into the business with less risk.” A poll of 84 respondents taken at the SMC3 annual winter meeting in Atlanta found that 49 percent would use savings from the new law to reinvest in their businesses.