FedEx (FDX) 10-K 14 Jul 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	May. 31, 2015	Jul. 10, 2015	Nov. 28, 2014
Document and Entity Information [Abstract]
Document Type	10-K
Document Period End Date	May 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	FedEx Corporation
Entity Central Index Key	1,048,911
Current Fiscal Year End Date	--05-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 40.5
Entity Common Stock, Shares Outstanding		282,430,208
trading symbol	FDX

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	May. 31, 2015	May. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 3,763	$ 2,908
Receivables, less allowances of $185 and $164	5,719	5,460
Spare parts, supplies and fuel, less allowances of $207 and $212	498	463
Deferred income taxes	606	522
Prepaid expenses and other	355	330
Total current assets	10,941	9,683
PROPERTY AND EQUIPMENT, AT COST
Aircraft and related equipment	16,186	15,632
Package handling and ground support equipment	6,725	6,082
Computer and electronic equipment	5,208	5,097
Vehicles	5,816	5,514
Facilities and other	8,929	8,366
Gross property and equipment	42,864	40,691
Less accumulated depreciation and amortization	21,989	21,141
Net property and equipment	20,875	19,550
OTHER LONG-TERM ASSETS
Goodwill	3,810	2,790
Other assets	1,443	1,047
Total other long-term assets	5,253	3,837
ASSETS	37,069	33,070
CURRENT LIABILITIES
Current portion of long-term debt	19	1
Accrued salaries and employee benefits	1,436	1,277
Accounts payable	2,066	1,971
Accrued expenses	2,436	2,063
Total current liabilities	5,957	5,312
LONG-TERM DEBT, LESS CURRENT PORTION	7,249	4,736
OTHER LONG-TERM LIABILITIES
Deferred income taxes	1,747	2,114
Pension, postretirement healthcare and other benefit obligations	4,893	3,484
Self-insurance accruals	1,120	1,038
Deferred lease obligations	711	758
Deferred gains, principally related to aircraft transactions	181	206
Other liabilities	218	145
Total other long-term liabilities	$ 8,870	$ 7,745
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of May 31, 2015 and 2014	$ 32	$ 32
Additional paid-in capital	2,786	2,643
Retained earnings	16,900	16,229
Accumulated other comprehensive income	172	506
Treasury stock, at cost	(4,897)	(4,133)
Total common stockholders' investment	14,993	15,277
LIABILITIES AND STOCKHOLDERS' INVESTMENT	$ 37,069	$ 33,070

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	May. 31, 2015	May. 31, 2014
CURRENT ASSETS
Allowances for receivables	$ 185	$ 164
Allowances for spare parts, supplies and fuel	$ 207	$ 212
COMMON STOCKHOLDERS' INVESTMENT
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	800	800
Common stock, shares issued	318	318

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Consolidated Statements of Income
REVENUES	$ 47,453	$ 45,567	$ 44,287
OPERATING EXPENSES:
Salaries and employee benefits	17,110	16,171	16,055
Purchased transportation	8,483	8,011	7,272
Rentals and landing fees	2,682	2,622	2,521
Depreciation and amortization	2,611	2,587	2,386
Fuel	3,720	4,557	4,746
Maintenance and repairs	2,099	1,862	1,909
Business realignment, impairment and other charges	276		660
Retirement plans mark-to-market adjustment	2,190	15	(1,368)
Other	6,415	5,927	5,672
OPERATING EXPENSES	45,586	41,752	39,853
OPERATING INCOME	1,867	3,815	4,434
OTHER INCOME (EXPENSE):
Interest expense	(235)	(160)	(82)
Interest income	14	18	21
Other, net	(19)	(15)	(35)
OTHER INCOME (EXPENSE)	(240)	(157)	(96)
INCOME BEFORE INCOME TAXES	1,627	3,658	4,338
PROVISION FOR INCOME TAXES	577	1,334	1,622
NET INCOME	$ 1,050	$ 2,324	$ 2,716
EARNINGS PER COMMON SHARE
Basic	$ 3.70	$ 7.56	$ 8.61
Diluted	$ 3.65	$ 7.48	$ 8.55

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Consolidated Statements of Comprehensive Income
NET INCOME	$ 1,050	$ 2,324	$ 2,716
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax benefit of $45, $1 and $12	(334)	(25)	41
Amortization of prior service credit and other, net of tax expense of $1 in 2015 and tax benefit of $38 and $51 in 2014 and 2013		(76)	(63)
Other comprehensive income (loss)	(334)	(101)	(22)
Comprehensive income	$ 716	$ 2,223	$ 2,694

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income(Parentheticals) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax	$ 45	$ 1	$ 12
Amortization of unrealized pension actuarial gains/losses and other, tax	$ (1)	$ 38	$ 51

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Operating Activities:
Net income	$ 1,050	$ 2,324	$ 2,716
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	2,611	2,587	2,386
Provision for uncollectible accounts	145	130	167
Deferred income taxes and other noncash items	(572)	339	734
Business realignment, impairment and other charges	246		479
Stock-based compensation	133	117	109
Retirement plans mark-to-market adjustment	2,190	15	(1,368)
Changes in assets and liabilities:
Receivables	(392)	(516)	(451)
Other current assets	25	(22)	257
Pension and postretirement healthcare assets and liabilities, net	(692)	(453)	(335)
Accounts payable and other liabilities	659	(235)	10
Other, net	(37)	(22)	(16)
Cash provided by operating activities	5,366	4,264	4,688
Investing Activities:
Capital expenditures	(4,347)	(3,533)	(3,375)
Business acquisitions, net of cash acquired	(1,429)	(36)	(483)
Proceeds from asset dispositions and other	24	18	55
Cash used in investing activities	(5,752)	(3,551)	(3,803)
Financing Activities:
Principal payments on debt	(5)	(254)	(417)
Proceeds from debt issuance	2,491	1,997	1,739
Proceeds from stock issuances	320	557	280
Excess tax benefit on the exercise of stock options	51	44	23
Dividends paid	(227)	(187)	(177)
Purchase of treasury stock, including accelerated share repurchase agreements	(1,254)	(4,857)	(246)
Other, net	(27)	(19)	(18)
Cash provided by (used in) financing activities	1,349	(2,719)	1,184
Effect of exchange rate changes on cash	(108)	(3)	5
Net increase (decrease) in cash and cash equivalents	855	(2,009)	2,074
Cash and cash equivalents at beginning of period	2,908	4,917	2,843
Cash and cash equivalents at end of period	$ 3,763	$ 2,908	$ 4,917

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Beginning balance at May. 31, 2012	$ 14,727	$ 32	$ 2,595	$ 11,552	$ 629	$ (81)
Net income	2,716			2,716
Other comprehensive gain (loss), net of tax	(22)				(22)
Purchase of treasury stock	(246)					(246)
Cash dividends declared	(176)			(176)
Employee incentive plans and other	399		73			326
Ending balance at May. 31, 2013	17,398	32	2,668	14,092	607	(1)
Net income	2,324			2,324
Other comprehensive gain (loss), net of tax	(101)				(101)
Purchase of treasury stock	(4,857)					(4,857)
Cash dividends declared	(187)			(187)
Employee incentive plans and other	700		(25)			725
Ending balance at May. 31, 2014	15,277	32	2,643	16,229	506	(4,133)
Net income	1,050			1,050
Other comprehensive gain (loss), net of tax	(334)				(334)
Purchase of treasury stock	(1,254)					(1,254)
Cash dividends declared	(227)			(227)
Employee incentive plans and other	481		143	(152)		490
Ending balance at May. 31, 2015	$ 14,993	$ 32	$ 2,786	$ 16,900	$ 172	$ (4,897)

Consolidated Statements of Cha9

Consolidated Statements of Changes in Shareholders Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Other comprehensive (gain) loss, tax	$ 44	$ 39	$ 63
Treasury Stock Shares Acquired	8,100,000	36,800,000	2,700,000
Cash dividends declared, per share	$ 0.80	$ 0.60	$ 0.56
Employee incentive plans and other, shares issued	3,700,000	6,700,000	4,200,000

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	May. 31, 2015
Description of Business and Summary of Significant Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	NOTE 1: DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS. FedEx Corporation (“FedEx”) provides a broad portfolio of transportation, e-commerce and business services through companies com peting collectively, operating independently and managed collaboratively, under the respected FedEx brand. Our primary operating companies are Federal Express Corporation (“FedEx Express”), the world's largest express transportation company; FedEx Ground Package System, Inc. (“FedEx Ground”), a leading North American provider of small-package ground delivery services; and FedEx Freight, Inc. ( “FedEx Freight”), a leading U.S. p rovider of less-than-truckload (“ LTL ”) freight services . These companies represent our major service lines and, along with FedEx Corporate Services, Inc. (“FedEx Services”), form the core of our reportable segments. Our FedEx Services segment provides sales, marketing , information technology , communications and certain back-office support to our transportation segments. In addition, the FedEx Services segment provides customers with retail access to FedEx Express and FedEx Ground shipping services through FedEx Office and Print Services, Inc. (“FedEx Office”) , and provides customer service, technical support and billing and collection services through FedEx TechConnect , Inc. (“FedEx TechConnect ”). FISCAL YEARS . Except as otherwise specified, references to years indicate our fiscal year ended May 31, 2015 or ended May 31 of the year referenced. RECLASSIFICATIONS. Certain r eclassifications have been made to the prior years' consolidated financial statements to conform to the current year's presentation. PRINCIPLES OF CONSOLIDATION . The consolidated financial statements include the accounts of FedEx and its subsidiaries, substantially all of which are wholly owned. All significant intercompany accounts and transactions have been eliminated in consolidation. We are not the primary beneficiary of, nor do we have a controlling financial interest in, any variable interest entity. Accordingly, we have not consolidated any variable interest entity. REVENUE RECOGNITION . We recognize revenue upon delivery of shipments for our transportation businesses and upon completion of services for our business services, logistics and trade services businesses. T ransportation services are provided with the use of employees and independent contractors. FedEx is the prin cipal to the transaction for most of these services and revenue from these transactions is recognized on a gross basis. Costs associated with independent contractor settlements are recognized as incurred and included in the caption “Purchased transportation” in the accompanying consolidated statements of income. For shipments in transit, revenue is recorded based on the percentage of service completed at the balance sheet date. Estimates for future billing adjustments to revenue and accounts receivable are recognized at the time of shipment for money-back service guarantees and billing corrections. Delivery costs are accrued as incurred. Our contract logistics, global trade services and certain transportation businesses engage in some transactions wherein they act as agents. Revenue from these transactions is recorded on a net basis. Net revenue includes billings to customers less third-party charges, including transportation or handling costs, fees, commis sions and taxes and duties . Certain of our revenue-producing transactions are subject to taxes , such as sales tax, assessed by governmental authorities. We present these revenues net of tax. CREDIT RISK. We routinely grant credit to many of our customers for transportation and business services without collateral. The risk of credit loss in our trade receivables is substantially mitigated by our credit evaluation process, short collection terms and sales to a large number of customers, as well as the low revenue per transaction for most of our services. Allowances for potential credit losses are determined based on historical experience and the impact of current economic factors on the composition of accounts receivable. Historically, credit losses have been within management's expectations. ADVERTISING. Advertising and promotion costs are expensed as incurred and are classified in other operating expenses. Advertising and promotion expenses were $ 403 million in 2015 , $ 4 07 million in 2014 and $ 4 24 million in 2013 . CASH EQUIVALENTS. Cash in excess of current operating requirements is invested in short-term, interest-bearing instruments with maturities of three months or less at the date of purchase and is stated at cost, which approximates market value. SPARE PARTS, SUPPLIES AND FUEL . Spare parts (principally aircraft-related) are reported at weighted-average cost. Allowances for obsolescence are provided for spare parts currently identified as excess or obsolete as well as expected to be on hand at the date the aircraft are retired from service. These allowances are provided over the estimated useful life of the related aircraft and engines. The majority of our supplies and ou r fuel are reported at weighted- average cost. PROPERTY AND EQUIPMENT . Expenditures fo r major additions, improvements and flig ht equipment modifications are capitalized when such costs are determined to extend the useful life of the asset or are part of the cost of acquiring the asset. Expenditures for equipment overhaul costs of engines or airframes prior to their operational use are capitalized as part of the cost of such assets as they are co sts required to ready the asset for its intended use. M aintenance and repairs costs are charged to expense as incurred , except for certain aircraft engine maintenance costs incurred under third-party s ervice agreements . These agreements , which became effective June 1, 2014, result ed in costs being expensed based on cycles or hours flown and are subject to annual escalation . These service contracts transfer risk to third party service providers and generally fix the amount we pay for maintenance to the service provider as a rate per cycle or flight hour , in exchange for maintenance and repairs under a predefined maintenance program. We capitalize certain direct internal and external costs associated with the development of internal-use software. Gains and losses on sales of property used in operations are classified within operating expenses . For financial reporting purposes, we record depreciation and amortization of property and equipment on a straight-line basis over the asset's service life or related lease term, if shorter. For income tax purposes, depreciation is computed using accelerated methods when applicable. T he consolidated balance sheet for 2014 ref lects the reclassification of $ 1.1 b illion of vehicles that were previously presented in package handling and ground support equipment and $ 72 million of facilities and other that were previously presented in computer and electronic equipment. The reclassification has no impact on the net book value of property and equipment , total assets, or depreciation expense. The depreciable lives and net book value of our property and equipment are as follows (dollars in millions): Net Book Value at May 31, Range 2015 2014 Wide-body aircraft and related equipment 15 to 30 years $ 7,548 $ 7,223 Narrow-body and feeder aircraft and related equipment 5 to 18 years 2,943 2,639 Package handling and ground support equipment 3 to 30 years 2,410 2,024 Vehicles 3 to 15 years 2,717 2,615 Computer and electronic equipment 2 to 10 years 866 923 Facilities and other 2 to 40 years 4,391 4,126 Substantially all property and equipment have no material residual values. The majority of aircraft costs are depreciated on a straight-line basis over 15 to 30 years . We periodically evaluate the estimated service lives and residual values used to depreciate our property and equipment. In May 2015, we adjust ed the depreciable lives of 23 aircraft and 57 engines . These changes will not have a material impact on near-term depreciation expense . In May 2013, FedEx Express made the decision to accelerate the retirement of 76 aircraft and related engines to aid in our fleet modernization and improve our global network . In 2012, we shortened the depreciable lives for 54 aircraft and related engines to accelerate the retirement of these aircraft, resulting in a depreciation expense increase of $69 million in 2013. As a result of these accelerated retirements, we incurred an additional $74 million in year-over-year accelerated depreciation expense in 2014. Depreciation expense, excluding gains and losses on sales of property and equipm ent used in operations, was $ 2 . 6 billion in 201 5 and 201 4 and $ 2. 3 billion in 201 3 . Depreciation and amortization expense includes amortization of assets under capital lease. CAPITALIZED INTEREST . Interest on funds used to finance the acquisition and modification of aircraft, including purchase deposits, construction of certain facilities, and development of certain software up to the date the asset is ready for its intended use is capitalized and included in the cost of the asset if the asset is actively under construction. Capitalized interest was $ 37 million in 2015 , $ 29 million in 2014 and $ 4 5 million in 2013 . IMPAIRMENT OF LONG-LIVED ASSETS. Lo ng-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. For assets that are to be held and used, an impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, discounted cash flows or internal and external appraisals, as applicable. Assets to be disposed of are carried at the lower of carrying value or estimated net realizable value. We operate integrated transportation networks, and accordingly, cash flows for most of our operating assets to be held and used are assessed at a network level, not at an individual asset level, for our analysis of impairment. In the normal management of our aircraft fleet, we routinely idle aircraft and engines temporarily due to maintenance cycles and adjustments of our network capacity to match seasonality and overall customer demand levels. Temporarily idled assets are classified as available-for-use, and we continue to record depreciation expense associated with these assets. These temporarily idled assets are assessed for impairment on a quarterly basis. The criteria for determining whether an asset has been permanently removed from service (and, as a result, potentially impaired) include, but are not limited to, our global economic outlook and the impact of our outlook on our current and projected volume levels, including capacity needs during our peak shipping seasons; the introduction of new fleet types or decisions to permanently retire an aircraft fleet from operations; and changes to planned service expansion activities. At May 31, 2015, we had one aircraft temporarily idled. This aircraft has been idled for approximately two month s and is expected to return to revenue service. In May 2015, we retire d from service seven Boeing MD11 aircraft and 12 related engines, four Airbus A310-300 aircraft and three related engines, three Airbus A300-600 aircraft and three related engines and one Boeing MD10-10 aircraft and three related engines , and related parts. As a consequence of this decision, impairment and related charge s of $2 7 6 million ($ 175 million, net of tax, or $ 0 . 61 per diluted share) w ere recorded in the fourth quarter . Of this amount, $246 million was non-cash. The decision to permanently retire these aircraft and engines aligns with Fed Ex Express's plans to rationalize capacity and modernize its aircraft fleet to more effectively serve its customers . In 2013, we retire d from service two Airbus A310-200 aircraft and four related engines, three Airbus A310-300 aircraft and two related engines and five Boeing MD10-10 aircraft and 15 related engines . As a consequence of this decision, a noncash impair ment charge of $100 million ($63 million, net of tax, or $ 0.20 per diluted share) was recorded in 2013 . All of these aircraft were temporarily idled and not in revenue service. GOODWILL. Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Several factors give rise to goodwill in our acquisitions, such as the expected benefit from synergies of the combination and the existing workforce of the acquired business . Goodwill is reviewed at least annually for impairment . In our evaluation of goodwill impairment, we perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive , we proceed to a two-step process to test goodwill for impairment , including comparing the fair value of the reporting unit to its carrying value (including attributable goodwill). Fair value for our reporting units is determined using an income or market approach incorporating market participant considerations and management's assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Fair value determinations may include both internal and third-party valuations. Unless circumstances otherwise dictate, we perform our annual impairment testing in the fourth quarter. PENSION AND POSTRETIREMENT HEALTHCARE PLANS. Our defined benefit plans are measured using actuarial techniques that reflect management's assumptions for discount rate, investment returns on plan assets, salary increases, expected retirement, mortality, employee turnover and future increases in healthcare costs. We determine the discount rate (which is required to be the rate at which the projected benefit obligation could be effectively settled as of the measurement date) with the assistance of actuaries, who calculate the yield on a theoretical portfolio of high-grade corporate bonds (rated Aa or better) with cash flows that are designed to match our expected benefit payments in future years. Our expected rate of return is a judgmental matter which is reviewed on an annual basis and revised as appropriate. During the fourth quarter of 2015 we changed our method of accounting for our defined benefit pension and postretirement healthcare plans . Under our new method of accounting, we will immediately recognize changes in the fair value of plan assets and actuarial gains or losses in our operating results annually in the fourth quarter each year. Further, we voluntarily changed our method for determining the expected return on plan assets (“EROA”) , which is used in the calculation of pension and other postretirement expense for funded postretirement benefit plans for interim periods. We now use the fair value of plan assets to calculate the EROA . The new method s o f accounting are collectively referred to as “ mark-to-market ” or MTM accounting. Historically , we recognized actuarial gains and losses , subject to a corridor , as a component of other comprehensive income and amortized these gains and losses as a component of pension and postretirement healthcare expenses over the average future service period of the covered employees (13 years). Previously, we used a calculated value method to determine the value of plan assets and amortized changes in the fair value of plan assets over a period no longer than four years. We believe the immediate recognition of actuarial gains and losses under MTM accounting is a preferable method of accounting as it aligns the recognition of changes in the fair value of plan assets and liabilities in the income statement with the fair value accounting principles that are used to measure the net funded status of the plans in our balance sheet. MTM accounting also eliminates the impact on future periods of the amortization of the increasingly material amount of accumulated actuarial losses resulting from persistently low interest rates and changes in demographic assumptions. The adoption of MTM accounting is a voluntary change in accounting principle that is required to be adopted retrospectively. Therefore all periods presented have been r ecast to conform to the current year presentation reflecting the retirement plan accounting changes as discussed further in Note 13 and Note 14 . The cumulative effect of the change on retained earnings as of June 1, 2012, was a pre-tax reduction of $8.9 billion, with an offset to accumulated other comprehensive income (OCI) and therefore no net impact to shareholders' equity . The impact of all adjustments made to the financial statements presented is summarized below (amounts in millions, except per share data): 2014 2013 Previously Effect of Previously Effect of Reported Adjusted Change Reported Adjusted Change Consolidated Statements of Income Operating expenses Salaries and employee benefits $ 16,555 $ 16,171 $ (384) $ 16,570 $ 16,055 $ (515) Retirement plans MTM adjustment - 15 15 - (1,368) (1,368) Operating Income 3,446 3,815 369 2,551 4,434 1,883 Income Before Income Taxes 3,289 3,658 369 2,455 4,338 1,883 Provision for Income Taxes 1,192 1,334 142 894 1,622 728 Net Income 2,097 2,324 227 1,561 2,716 1,155 Basic Earnings per Common Share 6.82 7.56 0.74 4.95 8.61 3.66 Diluted Earnings per Common Share 6.75 7.48 0.73 4.91 8.55 3.64 Consolidated Statements of Comprehensive Income Net Income 2,097 2,324 227 1,561 2,716 1,155 Amortization of prior service credit and other, net of tax 151 (76) (227) 1,092 (63) (1,155) Consolidated Balance Sheets Retained Earnings 20,429 16,229 (4,200) 18,519 14,092 (4,427) Accumulated other comprehensive income (loss) (3,694) 506 4,200 (3,820) 607 4,427 Consolidated Statements of Cash Flows Operating Activities Net Income 2,097 2,324 227 1,561 2,716 1,155 Deferred income taxes and other noncash items 581 339 (242) 521 734 213 Retirement plans MTM adjustment - 15 15 - (1,368) (1,368) INC OME TAXES. Deferred income taxes are provided for the tax effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The liability method is used to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. We recognize liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we must determine the probability of various possible outcomes. We reevaluate these uncertain tax positions on a quarterly basis or when new information becomes available to management. These reevaluations are based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the related provision. We classify interest related to income tax liabilities as interest expense and, if applicable, penalties are recognized as a component of income tax expense. The income tax liabilities and accrued interest and penalties that are due within one year of the balance sheet date are presented as current liabilities. The noncurrent portion of our income tax liabilities and accrued interest and penalties are recorded in the caption “Other liabilities” in the accompanying consolidated balance sheets. SELF-INSURANCE ACCRUALS. We are self-insured for costs associated with workers' compensation claims, vehicle accidents and general business liabilities, and benefits paid under employee healthcare and long-term disability programs. Accruals are primarily based on the actuarially estimated cost of claims, which includes incurred-but-not-reported claims. Current workers' compensation claims, vehicle and general liability, employee healthcare claims and long-term disability are included in accrued expenses. We self-insure up to certain limits that vary by operating company and type of risk. Periodically, we evaluate the level of insurance coverage and adjust insurance levels based on risk tolerance and premium expense. LEASES. We lease certain aircraft, facilities, equipment and vehicles under capital and operating leases. The commencement date of all leases is the earlier of the date we become legally obligated to make rent payments or the date we may exercise control over the use of the property. In addition to minimum rental payments, certain leases provide for contingent rentals based on equipment usage, principally related to aircraft leases at FedEx Express and copier usage at FedEx Office. Rent expense associated with contingent rentals is recorded as incurred. Certain of our leases contain fluctuating or escalating payments and rent holiday periods. The related rent expense is recorded on a straight-line basis over the lease term. The cumulative excess of rent payments over rent expense is accounted for as a deferred lease asset and recorded in “Other assets” in the accompanying consolidated balance sheets. The cumulative excess of rent expense over rent payments is accounted for as a deferred lease obligation. Leasehold improvements associated with assets utilized under capital or operating leases are amortized over the shorter of the asset's useful life or the lease term. DEFERRED GAINS. Gains on the sale and leaseback of aircraft and other property and equipment are deferred and amortized ratably over the life of the lease as a reduction of rent expense. Substantially all of these deferred gains are related to aircraft transactions. FOREIGN CURRENCY TRANSLATION. Translation gains and losses of foreign operations that use local currencies as the functional currency are accumulated and reported, net of applicable deferred income taxes, as a component of accumulated other comprehensive income within common stockholders' investment. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local currency are included in the caption “Other, net” in the accompanying consolidated statements of income and were immaterial for each period presented. EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of FedEx Express, which represent a small number of FedEx Express's total employees, are employed under a collective bargaining agreement. The contract became amendable in March 2013, and the parties are currently in negotiations. In October 2014, FedEx Express formally requested assistance from the National Mediation Board (“NMB”) to mediate the negotiations , and the NMB has been actively mediating the talks since that time. The NMB is the U.S. governmental agency that oversees labor agreements for entities covered by the Railwa y Labor Act of 1926, as amended . The conduct of mediated negotiations has no impact on our operations. In addition to our pilots at FedEx Express, GENCO Distribution System, Inc. (“GENCO”) has a small number of employees who are members of unions , and certain non-U.S. employees are unionized. STOCK-BASED COMPENSATION. We recognize compensation expense for stock-based awards under the provisions of the accounting guidance related to share-based payments. This guidance requires recognition of compensation expense for stock-based awards using a fair value method. We issue new shares or repurchase shares on the open market to cover employee share option exercises and restricted stock grants. TREASURY SHARES. In September 2014, our Board of Directors authorized the repurchase of up to 15 million shares of common stock. It is expected that the share authorization will primarily be utilized to offset equity compensation dilution over the next several years. During 2015, we repurchased 8 . 1 million shares of FedEx common stock at an average price of $ 154 .03 per share for a total of $ 1.3 b illion. As of May 31, 2015, 12.2 million shares remained under the share repurchase authorization. Under this program, s hares may be purchased from time to time in the open market or in privately negotiated transactions. Repurchases are made at the company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. No time limit was set for the completion of the repurchase program, and the program may be suspended or discontinued at any time. In 2014, we repurchased 36.8 million shares of FedEx common stock at an average price of $131.83 per share for a total of $4.9 billion . DIVIDENDS DECLARED PER COMMON SHARE. On June 8, 2015, our Board of Directors declared a quarterly dividend of $0.2 5 per share of common stock. The dividend was paid on July 2, 2015 to stockholders of record as of the close of business on June 18 , 2015. Each quarterly dividend payment is subject to review and approval by our Board of Directors, and we evaluate our dividend payment amount on an annual basis at the end of each fiscal year. BUSINESS REALIGNMENT COSTS . During 2013, we announced profit improvement programs primarily through initiatives at FedEx Express and FedEx Services and completed a program to offer voluntary cash buyouts to eligible U.S.-based employees in certain staff functions. As a result of this program, a pproximately 3,600 employees left the company by the end of 2014. Costs of the benefits provided under the voluntary employee severance program were recognized as special termination benefits in the period that eligible employees accepted their offers. Payments under this program were made at the time of departure and totaled approximately $300 million in 2014 and $180 million in 2013. The voluntary buyout program included voluntary severance payments and funding to healthcare reimbursement accounts, with the voluntary severance calculated based on four weeks of gross base salary for every year of FedEx service up to a maximum payment of two years of pay. Of the total population leaving the company, approximately 40% of the employees vacated positions on May 31, 2013. An additional 35% departed throughout 2014 and approximately 25% of this population remained until May 31, 2014. We incurred costs of $560 million ($353 million, net of tax, or $1.11 per diluted share) during 2013 associated with our business realignment activities. These costs related primarily to severance for employees who accepted voluntary buyouts in the third and fourth quarters of 2013. The cost of the buyout program is included in the caption “Business realignment, impairment and other charges” in our consolidated statements of income. Also included in that caption are other external costs directly attributable to our business realignment activities, such as professional fees. USE OF ESTIMATES . The preparation of our consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent liabilities. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, whi ch is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include: self-insurance accruals; retirement plan obligations; long-term incentive accruals; tax liabilities; loss contingencies ; litigation claims; and impairment assessments on long-lived assets (including goodwill).

Recent Accounting Guidance

Recent Accounting Guidance	12 Months Ended
	May. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Guidance	NOTE 2: RECENT ACCOUNTING GUIDANCE New accounting rules and disclosure requirements can significantly impact our reported results and the comparabilit y of our financial statements . On June 1, 2013, we adopted the authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) requiring additional information about reclassification adjustments out of accumulated other comprehensive income, including changes in accumulated other comprehensive income balances by component and significant items reclassified out of accumulated other comprehensive income. We have adopted this guidance by including expanded accumulated other comprehensive income disclosure requirements in Note 9 of our consolidated financial statements. On May 28, 2014, the FASB and International Accounting Standards Board issued a new accounting standard that will supersede virtually all existing revenue recognition guidance under generally accepted accounting principles in the United States (and International Financial Reporting Standards) which has been subsequently updated to defer the effective date of the new revenue recognition standard by one year. This standard will be effective for us beginning in fiscal 2019. The fundamental principles of the new guidance are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and the amount of revenue recognized reflects the consideration that a company expects to receive for the goods and services provided. The new guidance establishes a five-step approach for the recognition of revenue. Based on our preliminary assessment, we do not anticipate that the new guidance will fundamentally change our revenue recognition policies, practices or systems. We believe that no other new accounting guidance was adopted or issued during 201 5 that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting.

Business Combinations

Business Combinations	12 Months Ended
	May. 31, 2015
Business Combinations [Abstract]
Business Combinations	NOTE 3: BUSINESS COMBINATIONS On April 6, 2015, FedEx entered into a conditional agreement to acquire TNT Express N.V. for €4.4 billion ( currently, approximately $ 4 . 9 billion). This combination is expected to expand our global portfolio , particular l y in Europe, lower our cost to serve European markets by i ncreasing density in our pickup- and - deliver y operations and accelerate our global growth. This acquisition is expected to be completed in the first half of calendar year 2016 . The closing of the acquisition is subject to customary conditions , including obtaining all necessary approva ls and competition clearances. During 2015, we acquired two businesses, expanding our portfolio in e-commerce and supply chain solutions. On January 30, 2015, we acquired GENCO, a leading North American third-party logistics provider, for $1.4 billion, which was funded using a portion of the proceeds from our January 2015 debt issuance. The financial results of this business are included in the FedEx Ground segment from the date of acquisition. In addition, on December 16, 2014, FedEx acquired Bongo International, LLC (“Bongo”), a leader in cross-border enablement technologies and solutions, for $42 million in cash from operations. The financial results of this business are included in the FedEx Express segment from the date of acquisition. These acquisitions will allow us to enter new markets, as well as strengthen our current service offerings to existing customers. We expect that the goodwill of $40 million associated with our Bongo acquisition will be entirely attributable to our FedEx Express reporting unit. We expect that the goodwill of approximately $1.1 billion associated with our GENCO acquisition will be primarily attributable to our FedEx Ground and GENCO reporting units. The estimated fair values of the assets and liabilities related to these acquisitions have been recorded in the FedEx Ground and FedEx Express segments and are included in the accompanying balance sheets based on a preliminary allocation of the purchase price (summarized in the table below in millions). These allocations are expected to be completed during the first quarter of our fiscal year 2016. Current assets $ 349 Property and equipment 113 Goodwill 1,133 Identifiable intangible assets 172 Other non-current assets 26 Current liabilities (245) Long-term liabilities (92) Total purchase price $ 1,456 The goodwill recorded of approximately $1.1 billion is primarily attributable to expected benefits from synergies of the combinations with existing businesses and other acquired entities and the work force in place at GENCO . The majority of the purchase price allocated to goodwill is not deductible for U.S. income tax purposes. The intangible assets acquired consist primarily of customer-related intangible assets, which will be amort ized on an accelerated basis over an estimated life of 15 years. In 2014, we expanded the international service offerings of FedEx Express by completing our acquisition of the businesses operated by our previous service provider , Supaswift (Pty) Ltd. , in seven countries in Southern Africa, for $36 million in cash from operations. The financial results of th ese business es are included in the FedEx Express segment from the ir respective date of acquisition. In 2013, we completed our acquisitions of Rapidão Cometa Log í stica e Transporte S.A., a Brazilian transportation and logistics company, for $398 million; TATEX, a French express transportation company, for $55 million; and Opek Sp. z o.o ., a Polish domestic express package delivery company, for $54 million. The financial results of these business es are included in the FedEx Express segment from the ir respective date of acquisition. The financial results of these acquired businesses were not material, individually or in the aggregate, to our results of operations and therefore, pro forma financial information has not been presented.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	May. 31, 2015
Goodwill and Other Intangible Assets [Abstract]
Goodwill And Other Intangible Assets	NOTE 4 : GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL. The carrying amount of goodwill attributable to each reportable operating segment and changes there in are as follows (in million s ): FedEx Express Segment FedEx Ground Segment FedEx Freight Segment FedEx Services Segment Total Goodwill at May 31, 2013 $ 1,715 $ 90 $ 735 $ 1,525 $ 4,065 Accumulated impairment charges - - (133) (1,177) (1,310) Balance as of May 31, 2013 1,715 90 602 348 2,755 Goodwill acquired (1) 24 - - - 24 Purchase adjustments and other (2) 11 - - - 11 Balance as of May 31, 2014 1,750 90 602 348 2,790 Goodwill acquired (1) 40 1,055 38 - 1,133 Purchase adjustments and other (2) (113) - - - (113) Balance as of May 31, 2015 $ 1,677 $ 1,145 $ 640 $ 348 $ 3,810 Accumulated goodwill impairment charges as of May 31, 2015 $ - $ - $ (133) $ (1,177) $ (1,310) (1) Goodwill acquired relates to the acquisitions of transportation companies in Poland, France and Brazil in 2013, the acquisition of transportation companies in Southern Africa in 2014, and the acquisition of e-commerce and supply chain solutions companies in 2015. See Note 3 for related disclosures. (2) Primarily currency translation adjustments and acquired goodwill related to immaterial acquisitions. Our reporting units with significant recorded goodwill include FedEx Express, FedEx Ground, FedEx Freight, FedEx Office (reported in the FedEx Services s egment) and GENCO (reported in the FedEx Ground segment) . We evaluated reporting units for impairment durin g the fourth quarter of 201 5 . The estimated fair value of each of these reporting units exceeded their carrying values in 201 5 and 201 4 , and we do not believe that any of these reporting units were at risk as of May 31, 201 5 . OTHER INTANGIBLE ASSETS. The net book value of our other intangible assets was $ 207 million at May 31, 201 5 of which $164 million wa s related to GENCO , and $ 57 million at May 31, 201 4 . Amortization expense for intangible assets was $ 21 million in 201 5 , $ 2 3 million in 201 4 and $ 27 million in 201 3 . Estimated amortization expense is expected to be $30 million in 201 6 and immaterial beyond.

Selected Current Liabilities

Selected Current Liabilities	12 Months Ended
	May. 31, 2015
Selected Current Liabilities Details [Abstract]
Selected Current Liabilities	NOTE 5 : SELECTED CURRE NT LIABILITIES The components of selected current liability captions at May 31 were as follows (in millions): 2015 2014 Accrued Salaries and Employee Benefits Salaries $ 345 $ 267 Employee benefits, including variable compensation 507 434 Compensated absences 584 576 $ 1,436 $ 1,277 Accrued Expenses Self-insurance accruals $ 865 $ 811 Taxes other than income taxes 328 339 Other 1,243 913 $ 2,436 $ 2,063

Long-Term Debt and Other Financ

Long-Term Debt and Other Financing Arrangements	12 Months Ended
	May. 31, 2015
Long-Term Debt and Other Financing Arrangements [Abstract]
Long-term Debt and Other Financing Arrangements	NOTE 6 : LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS The components of long-term debt (net of discounts) , along with maturity dates for the years subsequent to May 31, 201 5 , are as follows (in millions): May 31, 2015 2014 Senior unsecured debt: Interest Rate % Maturity 8.00 2019 $ 750 $ 750 2.30 2020 399 - 2.625-2.70 2023 749 748 4.00 2024 749 749 3.20 2025 699 - 4.90 2034 499 499 3.90 2035 498 - 3.875-4.10 2043 992 992 5.10 2044 749 749 4.10 2045 646 - 4.50 2065 248 - 7.60 2098 239 239 Total senior unsecured debt 7,217 4,726 Capital lease obligations 51 11 7,268 4,737 Less current portion 19 1 $ 7,249 $ 4,736 Interest on our fixed-rate notes is paid semi-annually. Long-term debt, exclusive of capital leases, had estimated fair value s of $ 7.4 billion at May 31, 2015 and $ 5 . 0 billion at May 31, 2014 . The estimated fair values were determined based on quoted market prices and the current rates offered for debt wi th similar terms and maturities. The fair value of our long-term debt is classified as Level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the liability, either directly or indirectly. We have a shelf registration statement filed with the Securities and Exchange Commission that allows us to sell, in one or more future offerings, any combination of our unsecured debt securities and common stock. In January 2015, we issued $2.5 billion of senior unsecured debt under our current shelf registration statement, comprised of $400 million of 2.30% fixed-rate notes due in February 2020, $700 million of 3.20% fixed-rate notes due in February 2025, $500 million of 3.90% fixed-rate notes due in February 2035, $650 million of 4.10% fixed-rate notes due in February 2045, and $250 million of 4.50% fixed-rate notes due in February 2065. We utilized $1.4 billion of the net proceeds to fund our acquisition of GENCO and the remaining proceeds for working capital and general corporate purposes. A $1 billion revolving credit facility is available to finance our operations and other cash flow needs and to provide support for the issuance of commercial paper. The revolving credit agreement expires in March 2018. The agreement contains a financial covenant, which requires us to maintain a leverage ratio of adjusted debt (long-term debt, including the current portion of such debt, plus six times our last four fiscal quarters' rentals and landing fees) to capital (adjusted debt plus total common stockholders' investment) that does not exceed 70%. Our leverage ratio of adjusted debt to capital was 61 % at May 31 , 2015 . We believe the leverage ratio covenant is our only significant restrictive covenant in our revolving credit agreement. Our revolving credit agreement contains other customary covenants that do not, individually or in the aggregate, materially restrict the conduct of our business. We are in compliance with the leverage ratio covenant and all other covenants of our revolving credit agreement and do not expect the covenants to affect our operations, including our liquidity or expected funding needs . As of May 31, 2015 , no commercial paper was outstanding, and the entire $1 billion under the revolving credit facility was available for future borrowings. We issue other financial instruments in the normal course of business to support our operations , including standby l etters of credit and surety bonds . We had a total of $ 481 million in letters of credit outstanding at May 31, 2015 , with $ 182 million un used under o u r primary $ 500 million letter of credit facility , and $ 867 million in outstanding surety bonds placed by third-party insurance providers . These instruments are required under certain U.S. self-insurance programs and are also used in the normal course of international operations. The underlying liabilities insured by these instruments are reflected in our balance sheets, where applicable. Therefore, no additional liability is reflected for the letters of credit and surety bonds themselves.

Leases

Leases	12 Months Ended
	May. 31, 2015
Leases [Abstract]
Leases	NOTE 7 : LEASES We utilize certain aircraft, land, facilities, retail locations and equipment under capital and operating leases that expire at various dates through 2046 . We leased 10 % of our total aircraft fleet under operating leases as of May 31, 2015 and May 31, 2014 . A portion of our supplemental aircraft are leased by us under agreements that provid e for cancellation upon 30 days' notice . Our leased facilities include national, regional and metropolitan sorting facilities, retail facilities and administrative buildings. Rent expense under operating leases for the years ended May 31 was as follows (in millions): 2015 2014 2013 Minimum rentals $ 2,249 $ 2,154 $ 2,061 Contingent rentals (1) 194 197 192 $ 2,443 $ 2,351 $ 2,253 (1) Contingent rentals are based on equipment usage. A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at May 31, 2015 is as follows (in millions): Operating Leases Aircraft Total and Related Facilities Operating Equipment and Other Leases 2016 $ 461 $ 1,667 $ 2,128 2017 400 1,841 2,241 2018 329 1,422 1,751 2019 273 1,238 1,511 2020 190 1,075 1,265 Thereafter 360 7,129 7,489 Total $ 2,013 $ 14,372 $ 16,385 Property and equipment recorded under capital leases and f uture minimum lease payments under capital leases were immaterial at May 31, 2015 and 2014 . The weighted-average remaining lease term of all operating leases outstanding at May 31, 2015 was approximately six years. While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations. FedEx Express makes payments under certain leveraged operating leases that are sufficient to pay principal and interest on certain pass-through certificates. The pass-through certificates are not direct obligations of, or guaranteed by, FedEx or FedEx Express. We are the lessee in a series of operating leases covering a portion of our leased aircraft. The lessors are trusts established specifically to purchase, finance and lease aircraft to us. These leasing entities meet the criteria for variable interest entities. We are not the primary beneficiary of the leasing entities , as the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed-price purchase option or similar feature that obligates us to absorb decreases in value or entitles us to participate in increases in the value of the aircraft. As such, we are not required to consolidate the entity as the primary beneficiary. Our maximum exposure under these leases is included in the summary of future minimum lease payments.

Preferred Stock

Preferred Stock	12 Months Ended
	May. 31, 2015
Preferred Stock [Abstract]
Preferred Stock	NOTE 8 : PREFER RED STOCK Our Certificate of Incorporation authorizes the Board of Directors, at its discretion, to issue up to 4,000,000 shares of preferred stock. The stock is issuable in series, which may vary as to certain rights and preferences, and has no par value. As of May 31, 2015 , none of these shares had been issued .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	May. 31, 2015
Accumulated Other Comprehensive Income Net Of Tax [Abstract]
Accumulated Other Comprehensive Income	NOTE 9: ACCUMULATED OTHER COMPREHENSIVE INCOME The following table provides changes in accumulated other comprehensive income (loss) (“AOCI”) , net of tax, reported in our financial statements for the years ended May 31 (in millions ; amounts in parentheses indicate debits to AOCI 2015 2014 2013 Foreign currency translation gain (loss): Balance at beginning of period $ 81 $ 106 $ 65 Translation adjustments (334) (25) 41 Balance at end of period (253) 81 106 Retirement plans adjustments: Balance at beginning of period 425 501 564 Prior service credit and other arising during period 72 1 - Reclassifications from AOCI (72) (77) (63) Balance at end of period 425 425 501 Accumulated other comprehensive income at end of period $ 172 $ 506 $ 607 The following table presents details of the reclassifications from AOCI for the years ended May 31 ( in millions; amounts in parentheses indicate debits to earnings ) : Amount Reclassified from Affected Line Item in the AOCI Income Statement 2015 2014 2013 Retirement plans: Amortization of prior service credits $ 115 $ 115 $ 114 Salaries and employee benefits Total before tax 115 115 114 Income tax expense (43) (38) (51) Provision for income taxes AOCI reclassifications, net of tax $ 72 $ 77 $ 63 Net income

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	May. 31, 2015
Stock-Based Compensation [Abstract]
Stock-Based Compensation	NOTE 10 : STOCK-BASED COMPENSATION Our total stock-based compensation expense for the years ended May 31 was as follows (in millions): 2015 2014 2013 Stock-based compensation expense $ 133 $ 117 $ 109 We have two types of equity-based compensation: stock options and restricted stock. STOCK OPTIONS . Under the provisions of our incentive stock plans, key employees and non-employee directors may be granted options to purchase shares of our common stock at a price not less than its fair market value on the date of grant. Vesting requirements are determined at the discretion of the Compensation Committee of our Board of Directors. Option-vesting periods range from one to four years, with 83 % of our options ve sting ratably over four years. Compensation expense associated with these awards is recognized on a straight-line basis over the requisite service period of the award. RESTRICTED STOCK. Under the terms of our incentive stock plans, restricted shares of our common stock are awarded to key employees. All restrictions on the shares expire ratably over a four-year period. Shares are valued at the market price on the date of award. The terms of our restricted stock provide for continued vesting subsequent to the employee's retirement. Compensation expense associated with these awards is recognized on a straight-line basis over the shorter of the remaining service or vesting period. VALUATION AND ASSUMPTIONS . We use the Black-Scholes option pricing model to calculate the fair value of stock options. The value of restricted stock awards is based on the stock price of the award on the grant date. We record stock-based compensation expense in the “Salaries and employee benefits” caption in the accompanying consolidated statements of income. The key assumptions for the Black-Scholes valuation method include the expected life of the option, stock price volatility, a risk-free interest rate and dividend yield. Following is a table of the weighted-average Black-Scholes value of our stock option grants, the intrinsic value of options exercised (in millions) and the key weighted-average assumptions used in the valuation calculations for options granted during the years ended May 31, and then a discussion of our methodology for developing each of the assumptions used in the valuation model : 2015 2014 2013 Weighted-average Black-Scholes value $ 53.33 $ 35.79 $ 29.20 Intrinsic value of options exercised $ 253 $ 347 $ 107 Black-Scholes Assumptions: Expected lives 6.3 years 6.2 years 6.1 years Expected volatility 34 % 35 % 35 % Risk-free interest rate 2.02 % 1.47 % 0.94 % Dividend yield 0.448 % 0.561 % 0.609 % The expected life represents an estimate of the period of time options are expected to remain outstanding, and we examine actual stock option exercises to determine the expected life of the options. Options granted have a maximum term of 10 years. Expected volatilities are based on the actual changes in the market value of our stock and are calculated using daily market value changes from the date of grant over a past period equal to the expected life of the options. The risk-free interest rate is the U.S. Treasury Strip rate posted at the date of grant having a term equal to the expected life of the option. The expected dividend yield is the annual rate of dividends per share over the exercise price of the option. The following table summarizes information about stock option activity for the year ended May 31, 2015 : Stock Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) (1) Outstanding at June 1, 2014 15,634,856 $ 91.71 Granted 2,445,146 150.32 Exercised (3,516,512) 91.18 Forfeited (341,666) 107.62 Outstanding at May 31, 2015 14,221,824 $ 101.54 6.1 $ 1,031 Exercisable 7,994,368 $ 89.19 4.5 $ 678 Expected to vest 5,853,809 $ 117.39 8.2 $ 331 Available for future grants 13,157,142 (1) Only presented for options with market value at May 31, 2015 in excess of the exercise price of the option. The options granted during the year ended May 31, 2015 are primarily related to our principal annual stock option grant in June 2014. The following table summarizes information about vested and unvested restricted stock for the year ende d May 31, 2015: Restricted Stock Shares Weighted-Average Grant Date Fair Value Unvested at June 1, 2014 480,157 $ 91.46 Granted 154,115 148.89 Vested (192,920) 88.33 Forfeited (2,310) 116.12 Unvested at May 31, 2015 439,042 $ 112.87 During the year ended May 31, 2014 , there were 191 , 964 shares of restricted stock granted with a weigh ted-average fair value of $ 100 . 80 . During the year ended May 31, 2013, there were 2 20 , 391 shares of restricted stock granted with a weighted-average fair value of $ 8 5 . 4 5 . The following table summarizes information about stock option vesting during the years ended May 31: Stock Options Vested during the year Fair value (in millions) 2015 2,611,524 $ 83 2014 2,408,179 65 2013 2,824,757 81 As of May 31, 2015 , there was $ 183 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements. This compensation expense is expected to be recognized on a straight-line basis over the remaining weighted-average ves ting period of approximately two years. Total shares outstanding or available for grant related to equity compensation at May 31, 2015 represented 9 % of the total outstanding common and equity compensation shares and equity compensation shares available for grant.

Computation of Earnings Per Sha

Computation of Earnings Per Share	12 Months Ended
	May. 31, 2015
Earnings Per Share [Abstract]
Computation of Earnings Per Share	NOTE 11 : COMPUTATION OF EARNINGS PER SHARE The calculation of basic and diluted earnings per common share for the years ended May 31 was as follows (in millions, except per share amounts ) : 2015 2014 2013 Basic earnings per common share: Net earnings allocable to common shares (1) $ 1,048 $ 2,320 $ 2,711 Weighted-average common shares 283 307 315 Basic earnings per common share $ 3.70 $ 7.56 $ 8.61 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 1,048 $ 2,320 $ 2,711 Weighted-average common shares 283 307 315 Dilutive effect of share-based awards 4 3 2 Weighted-average diluted shares 287 310 317 Diluted earnings per common share $ 3.65 $ 7.48 $ 8.55 Anti-dilutive options excluded from diluted earnings per common share 2.1 3.3 11.1 (1) Net earnings available to participating securities were immaterial in all periods presented.

Income Taxes

Income Taxes	12 Months Ended
	May. 31, 2015
Income Taxes [Abstract]
Income Taxes	NOTE 1 2 : INCOME TAXES The components of the provision for income taxes for the years ended May 31 were as follows (in millions) : 2015 2014 2013 Current provision (benefit) Domestic: Federal $ 795 $ 624 $ 512 State and local 102 56 86 Foreign 214 194 170 1,111 874 768 Deferred provision (benefit) Domestic: Federal (474) 360 802 State and local (47) 82 93 Foreign (13) 18 (41) (534) 460 854 $ 577 $ 1,334 $ 1,622 Pre - tax earnings (loss) of foreign operations for 2015 , 2014 and 2013 were $ 773 million , $ 412 million and $ ( 5 5 ) million, respectively . These amounts represent only a portion of total results associated with international shipments and accordingly, do not represent our international results of operations . A reconciliation of total income tax expense (benefit) and the amount computed by applying the statutory federal income tax rate (35%) to income before taxes for the years ended May 31 is as follows (in millions) : 2015 2014 2013 Taxes computed at federal statutory rate $ 569 $ 1,280 $ 1,518 Increases (decreases) in income tax from: State and local income taxes, net of federal benefit 36 90 117 Foreign operations (43) (38) (21) Other, net 15 2 8 $ 577 $ 1,334 $ 1,622 Effective Tax Rate 35.5% 36.5% 37.4% The significant components of deferred tax assets and liabilities as of May 31 were as follows (in millions) : 2015 2014 Deferred Tax Assets Deferred Tax Liabilities Deferred Tax Assets Deferred Tax Liabilities Property, equipment, leases and intangibles $ 93 $ 3,872 $ 120 $ 3,730 Employee benefits 2,029 13 1,464 11 Self-insurance accruals 607 - 555 - Other 477 414 368 366 Net operating loss/credit carryforwards 326 - 333 - Valuation allowances (224) - (245) - $ 3,308 $ 4,299 $ 2,595 $ 4,107 The net deferred tax liabilities as of May 31 have been classified in the balance sheets as follows (in millions) : 2015 2014 Current deferred tax assets $ 606 $ 522 Noncurrent deferred tax assets (1) 150 80 Noncurrent deferred tax liabilities (1,747) (2,114) $ (991) $ (1,512) (1) Noncurrent deferred tax assets are included in the line item Other Assets in our Consolidated Balance Sheet. We have $ 968 m illion of net operating loss carryovers in various foreign jurisdictions and $ 589 million of state operating loss carryovers. The valuation allowances primarily represent amounts reserved for operating loss and tax credit carryforwards , which expire over varying periods starting in 201 6 . As a result of this and other factors, we believe that a substantial portion of these deferred tax assets may not be realized. We establish valuation allowances if it is not likely we will realize our deferred income tax assets. In making this determination, we consider all available positive and negative evidence and make certain assumptions. We consider, among other things, our future projections of sustained profitability, deferred income tax liabilities, the overall business environment, our historical financial results and potential current and future tax planning strategies. If we were to identify and implement tax planning strategies to recover these deferred tax assets or generate sufficient income of the appropriate character in these jurisdictions in the future, it could lead to the reversal of these valuation allowances and a reduction of income tax expense. We believe that we will generate sufficient future taxable income to realize the tax benefits related to the remaining net deferred tax assets in our consolidated balance sheets. Permanently reinvested earnings of our foreign subsidia ries amounted to $ 1 . 9 billion at the end of 2015 and $ 1 . 6 b illion at the end of 2014 . We have not recognized deferred taxes for U.S. federal incom e tax purposes on those earnings . In 2015 , our permanent reinvestment strategy with respect to unremitted earnings of our foreign subsidiaries provided an approximate $48 million benefit to our provision for income taxes . Were the earnings to be distributed, in the form of dividends or otherwise, these earnings c ould be subject to U.S. federal income tax and non-U.S. withholding taxes. Unrecognized f oreign tax credits potentially c ould be available to reduce a portion of any U.S. tax liability. D etermination of the amount of unrecognized deferred U.S. inco me tax liability is not practicable d ue to uncertainties related to the timing and source of any potential distribution of such funds, along with other important factors such as the amount of associated foreign tax credits. C ash in offshore jurisdictions associated with our permanent reinvestment strategy totaled $ 478 million at the end of 2015 and $ 4 71 million at the end of 2014 . In 201 5 , approximately 75 % of our total enterprise-wide income was earned in U.S. companies of FedEx that are taxable in the United States , a reduction from 2014 due to our adoption of MTM accounting . As a U.S. airline, our FedEx Express unit is required by Federal Aviation Administration and other rules to conduct its air operations, domestic and international, through a U.S. company. However, w e serve more than 220 countries and territories around the world, and are required to establish legal entities in many of them. Most of our entities in those countries are operating entities, engaged in picking up and delivering packages and performing other transportation services. W e are c ontinu ally expand ing our global network to meet our customers' needs , which requires increasing investment outside the U.S. We typically use cash generated overseas to fund these investments and have a foreign holding company which manages our investments in seve ral foreign operating companies. We are subject to taxation in the U.S. and various U.S. state , lo cal and foreign jurisdictions. T he IRS is currently examining our 2012 and 2013 tax returns. It is reasonably possible that certain income tax return proceedings will be completed during the next 12 months and could result in a change in our balance of unrecognized tax benefits. The expected impact of any changes would not be material to our consolidated financial statements. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions) : 2015 2014 2013 Balance at beginning of year $ 38 $ 47 $ 51 Increases for tax positions taken in the current year 1 1 1 Increases for tax positions taken in prior years 6 3 3 Decreases for tax positions taken in prior years (2) (3) (3) Settlements (2) (6) (9) Increases due to acquisitions - - 4 Decrease from lapse of statute of limitations - (3) (2) Changes due to currency translation (5) (1) 2 Balance at end of year $ 36 $ 38 $ 47 Our liabilities recorded for uncertain tax positions include $ 31 million at May 31, 2015 and $ 33 mil lion at May 31, 2014 associated with positions that if favorably resolved would provide a benefit to our effective tax rate. We classify interest related to income tax liabilities as interest expense and , if applicable, penalties are recognized as a component of income tax expense. The balance of accrued interest and penalties was $ 19 million on May 31, 2015 and May 31, 2014 . Total interest and penalties included in our consolidated statements of income are immaterial. It is difficult to predict the ultimate outcome or the timing of resolution for tax positions. Changes may result from the conclusion of ongoing audits, appeals or litigation in state, local, federal and foreign tax jurisdictions, or from the resolution of various proceedings between the U.S. and foreign tax authorities. Our liability for uncertain tax positions includes no matters that are individually or collectively material to us. It is reasonably possible that the amount of the benefit with respect to certain of our unrecognized tax positions will increase or decrease within the next 12 months, but an estimate of the range of the reasonably possible changes cannot be made. However, we do not expect that the resolution of any of our uncertain tax positions will have a material effect on us .

Retirement Plans

Retirement Plans	12 Months Ended
	May. 31, 2015
Retirement Plans [Abstract]
Retirement Plans	NOTE 13 : RETI REMENT PLANS We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans and postretirement healthcare plans. The accounting for pension and postretirement healthcare plans includes numerous assumptions, such as: discount rates; expected long-term investment returns on plan assets; future salary increases; employee turnover; mortality ; and retirement ages. During the fourth quarter of 2015, we adopted mark-to-market accounting for the recognition of our actuarial gains and losses related to our defined benefit pension and postretirement healthcare plans as described in Note 1 . The accounting guidance related to postretirement benefits requires recognition in the balance sheet of the funded status of defined benefit pension and other postretirement benefit plans, and the recognition in either expense or AOCI of unrecognized gains or losses and prior service costs or credits. The funded status is measured as the difference between the fair value of the plan's assets and the projected benefit obligation (“PBO”) of the plan. A summary of our retirement plans costs over the past three years is as follows, as well as the amounts associated with each component of the pre-tax mark-to-market loss (gain) (in millions): 2015 2014 2013 Defined benefit pension plans $ (41) $ 99 $ 163 Defined contribution plans 385 363 354 Postretirement healthcare plans 81 78 78 Retirement plans mark-to-market adjustment 2,190 15 (1,368) $ 2,615 $ 555 $ (773) The components of the pre-tax mark-to-market losses (gains) are as follows, in millions: Discount rate changes $ 791 $ 705 $ (1,076) Actual versus expected return on assets (35) (1,013) (696) Demographic assumption changes 1,434 323 404 Total mark-to-market loss (gain) $ 2,190 $ 15 $ (1,368) 2015 The implementation of new U.S. mortality tables in 2015 resulted in an increased participant life expectancy assumption, which increased the overall projected benefit obligation by $1.2 billion. The weighted average discount rate for all of our pension and postretirement healthcare plans declined from 4.57% at May 31, 2014 to 4.38% at May 31, 2015. 2014 The actual rate of return on our U.S. Pension Plan assets of 13.3% exceeded our expected return of 7.75% primarily due to a favorable investment environment for global equity markets. The weighted average discount rate for all of our pension and postretirement healthcare plans decreased from 4.76% at May 31, 2013 to 4.57% at May 31, 2014. 2013 The weighted average discount rate for all of our pension and postretirement healthcare plans increased from 4.44% at May 31, 2012 to 4.76% at May 31, 2013. The actual rate of return on our U.S. Pension Plan assets of 12.1% exceeded our expected return of 8.0% primarily due to a favorable investment environment for global equity and credit markets. PENSION PLANS . Our largest pension plan covers certain U.S. employees age 21 and over, with at least one year of service. Pension benefits for most employees are accrued under a cash balance formula we call the Portable Pension Account . Under the Portable Pension Account, the retirement benefit is expressed as a dollar amount in a notional account that grows with annual credits based on pay, age and years of credited service, and interest on the notional account balance. The Portable Pension Account benefit is payable as a lump sum or an annuity at retirement at the election of the employee. The plan interest credit rate varies from year to year based on a U.S. Treasury index. Prior to 2009, certain employees earned benefits using a traditional pension formula (based on average earnings and years of service). B enefits under this formula were capped on May 31, 2008 for most employees . We also sponsor or participate in nonqualified benefit plans covering certain of our U.S. employee groups and other pension plans covering certain of our international employees. The international defined benefit pension plans provide benefits primarily based on earnings and years of service and are funded in compliance with local laws and practices. POSTRETIREMENT HEALTHCARE PLANS . Certain of our subsidiaries offer medical, dental and vision coverage to eligible U.S. retirees and their eligible dependents. U.S. employees covered by the principal plan become eligible for these benefits at age 55 and older, if they have permanent, continuous service of at least 10 years after attainment of age 45 if hired prior to January 1, 1988, or at least 20 years after attainment of age 35 if hired on or after January 1, 1988. Postretirement healthcare benefits are capped at 150% of the 1993 per capita projected employer cost, which has been reached and, therefore, these benefits are not subject to additional future inflation. PENSION PLAN ASSUMPTIONS. Our pension cost is materially affected by the discount rate used to measure pension obligations, the level of plan assets available to fund those obligations and the expected long-term rate of return on plan assets. W e use a measurement date of May 31 for our pension and postretirement h ealthcare plans. Management reviews the assumptions used to measure pension costs on an annual basis. Economic and market conditions at the measurement date impact thes e assumptions from year to year. Actuarial gains or losses are generated for changes in assumptions and to the extent that actual results differ from those assumed. These actuarial gains and losses are immediately recognized and expensed in a fourth quarter mark-to-market adjustment . Weighted-average actuarial assumptions for our primary U.S. retirement plans, which represent substantially all of our PBO and accumulated postretirement benefit obligation ("APBO"), are as follows: Pension Plans Postretirement Healthcare Plans 2015 2014 2013 2015 2014 2013 Discount rate used to determine benefit obligation 4.42 % 4.60 % 4.79 % 4.60 % 4.70 % 4.91 % Discount rate used to determine net periodic benefit cost 4.60 4.79 4.44 4.70 4.91 4.55 Rate of increase in future compensation levels used to determine benefit obligation 4.62 4.56 4.54 - - - Rate of increase in future compensation levels used to determine net periodic benefit cost 4.56 4.54 4.62 - - - Expected long-term rate of return on assets - Consolidated 7.75 7.75 8.00 - - - Expected long-term rate of return on assets - Segment Reporting 6.50 6.50 6.50 - - - The e xpected average rate of return on plan assets is the expected future long-term rate of earnings on plan assets and is a forward-looking assumption that materially affects our pension cost. Establishing the expected future rate of investment return on our pension assets is a judgmental matter. We review the expected long-term rate of return on an annual basis and revise it as appropriate . Management considers the following factors in determining this assumption: the duration of our pension plan liabilities, which drives the investment strategy we can employ with our pension plan assets; the types of investment classes in which we invest our pension plan assets and the expected compound geometric return we can reasonably expect those investment classes to earn over time ; and the investment returns we can reasonably expect our investment management program to achieve in excess of the returns we could expect if investments were made strictly in indexed funds. Our consolidated expected long-term rate of return on plan assets was 7.75 % in 201 5 and 2014 and 8% in 201 3 . Our actual return in each of th e past three years exceeded those amount s for our principal U.S. domestic pension plan. However, f or 2016 , w e have lower ed our EROA assumption for long-t erm returns on plan assets to 6.50 % as we continue to implement our asset and liability management strategy. In lowering this assumption we considered our historical returns, our current capital markets outlook and o ur investment strategy for our pl an assets, including the impact of the duration of our plan liability . Our actual return on plan assets has contr acted from 2014 as we have inc reased our asset allocation to lower yielding fixed income investments . For the 15-year period ended May 31, 2015 , our actual annual returns were 6.70 %. The investment strategy for pension plan assets is to utilize a diversified mix of global public and private equity portfolios, together with fixed-income portfolios, to earn a long-term investment return that meets our pension plan obligations. Our pension plan assets are invested primarily in publicly tradeable securities, and our pension plans hold only a minimal investment in FedEx common stock that is entirely at the discretion of third-party pension fund investment managers. Our largest holding classes are Corporate Fixed Income Securities and Government Fixed Income Securities (which are largely benchmarked against the Barclays Long Government/Long Corporate Index), and U.S. and International Large Cap Equities ( which are mainly indexed to the S&P 500 Index and other global indices ) . Accordingly, we do not have any significant concentrations of risk. Active management strategies are utilized within the plan in an effort to realize investment returns in excess of market indices. As part of our strategy to manage pension costs and funded status volatility, we have transitioned to a liability-driven investment strategy to better align plan assets with liabilities. O ur investment strategy also includes the limited use of derivative financial instruments on a discretionary basis to improve investment returns and manage exposure to market risk. In all cases, our investment managers are prohibited from using derivatives for speculative purposes and are not permitted to use derivatives to leverage a portfolio. Following is a description of the valuation methodologies used for investments meas ured at fair value: Cash and cash equivalents . These Level 1 investments include cash , cash equivalents and foreign currency valued using exchange rates . The Level 2 investments include commingled funds valued using the net asset value. Domestic, international and global equities . These Level 1 investments are valued at the closing price or last trade reported on the major market on which the individual securities are traded. The Level 2 investments are commingled funds valued using the net asset value . Private equity . The valuation of these Level 3 investments requires significant judgment due to the absence of quoted market prices, the inherent lack of liquidity and the long-term nature of such assets. Investments are valued based upon recommendations of our investment managers incorporating factors such as contributions and distributions, market transactions, market comparables and performance multiples. Fixed income . We determine the fair value of these Level 2 c orporate bonds , U.S. and non-U.S. government securities and other fixed income securities by using bid evaluation pricing models or quoted prices of securities with similar characteristics. The fair values of investments by level and asset category and the weighted-average asset allocations for our domestic pension plans at the measurement date are presented in the following table (in millions): Plan Assets at Measurement Date 2015 Target Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs Asset Class Fair Value Actual % Range % Level 1 Level 2 Level 3 Cash and cash equivalents $ 738 3 % 0-5 % $ 36 $ 702 Equities 35-55 U.S. large cap equity 4,291 19 302 3,989 International equities 3,064 14 2,429 635 Global equities 2,579 11 2,579 U.S. SMID cap equity 979 4 979 Private equities 226 1 $ 226 Fixed income securities 45-65 Corporate 6,455 28 6,455 Government 4,645 20 4,645 Mortgage backed and other 213 1 213 Other (184) (1) (181) (3) $ 23,006 100 % $ 3,565 $ 19,215 $ 226 2014 Target Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs Asset Class Fair Value Actual % Range % Level 1 Level 2 Level 3 Cash and cash equivalents $ 313 2 % 0 - 5 % $ 55 $ 258 Equities 35 - 55 U.S. large cap equity 5,196 24 55 5,141 International equities 2,652 12 2,206 446 Global equities 1,367 7 1,367 U.S. SMID cap equity 886 4 886 Private equities 276 1 $ 276 Fixed income securities 45 - 65 Corporate 5,758 27 5,758 Government 4,782 22 4,782 Mortgage backed and other 275 1 275 Other (61) - (61) $ 21,444 100 % $ 3,141 $ 18,027 $ 276 The change in fair value of Level 3 assets that use significant unobservable inputs is shown in the table below (in millions): 2015 2014 Balance at beginning of year $ 276 $ 332 Actual return on plan assets: Assets held during current year (15) (17) Assets sold during the year 43 53 Purchases, sales and settlements (78) (92) Balance at end of year $ 226 $ 276 The following table provides a reconciliation of the changes in the pension and postretirement healthcare plans' benefit obligations and fair value of assets over the two-year period ended May 31, 2015 and a statement of the funded status as of May 31, 2015 and 2014 (in millions): Pension Plans Postretirement Healthcare Plans 2015 2014 2015 2014 Accumulated Benefit Obligation ("ABO") $ 26,793 $ 23,805 Changes in Projected Benefit Obligation ("PBO") and Accumulated Postretirement Benefit Obligation ("APBO") PBO/APBO at the beginning of year $ 24,578 $ 22,600 $ 883 $ 828 Service cost 653 657 40 38 Interest cost 1,096 1,055 41 40 Actuarial loss 2,231 1,021 6 5 Benefits paid (815) (801) (73) (62) Other (231) 46 32 34 PBO/APBO at the end of year $ 27,512 $ 24,578 $ 929 $ 883 Change in Plan Assets Fair value of plan assets at the beginning of year $ 21,907 $ 19,433 $ - $ - Actual return on plan assets 1,718 2,509 - - Company contributions 746 727 37 28 Benefits paid (815) (801) (73) (62) Other (51) 39 36 34 Fair value of plan assets at the end of year $ 23,505 $ 21,907 $ - $ - Funded Status of the Plans $ (4,007) $ (2,671) $ (929) $ (883) Amount Recognized in the Balance Sheet at May 31: Noncurrent asset $ 26 5 Current pension, postretirement healthcare and other benefit obligations (34) $ (41) $ (42) $ (41) Noncurrent pension, postretirement healthcare and other benefit obligations (3,999) (2,635) (887) (842) Net amount recognized $ (4,007) $ (2,671) $ (929) $ (883) Amounts Recognized in AOCI and not yet reflected in Net Periodic Benefit Cost: Prior service (credit) cost and other $ (668) $ (670) $ - $ 1 Amounts Recognized in AOCI and not yet reflected in Net Periodic Benefit Cost expected to be amortized in next year's Net Periodic Benefit Cost: Prior service credit and other $ (121) $ (115) $ - $ - Our pension plans included the following components at May 31 (in millions): PBO Fair Value of Plan Assets Funded Status 2015 Qualified $ 26,365 $ 23,006 $ (3,359) Nonqualified 271 - (271) International Plans 876 499 (377) Total $ 27,512 $ 23,505 $ (4,007) 2014 Qualified $ 23,439 $ 21,444 $ (1,995) Nonqualified 280 - (280) International Plans 859 463 (396) Total $ 24,578 $ 21,907 $ (2,671) The table above provides the PBO, fair value of plan assets and funded status of our pension plans on an aggregated basis. The following table presents our plans on a disaggregated basis to show those plans (as a group) whose assets did not exceed their liabilities. These plans are comprised of our unfunded nonqualified plans, certain international plans and our U.S. Pension P lans . T he fair value of plan assets for pension plans with a PBO or ABO in excess of plan assets at May 31 were as follows (in millions): PBO Exceeds the Fair Value of Plan Assets 2015 2014 Pension Benefits Fair value of plan assets $ 23,099 $ 21,543 PBO (27,132) (24,219) Net funded status $ (4,033) $ (2,676) ABO Exceeds the Fair Value of Plan Assets 2015 2014 Pension Benefits ABO (1) $ (26,413) $ (23,447) Fair value of plan assets 23,099 21,542 PBO (27,132) (24,218) Net funded status $ (4,033) $ (2,676) (1) ABO not used in determination of funded status. Cont ributions to our U.S. Pension P lans for the years ended May 31 were as follows (in millions): 2015 2014 Required $ 388 $ 645 Voluntary 272 15 $ 660 $ 660 For 201 6 , we anticipate making contributions to our U.S. Pension Plans totaling $ 66 0 million (approximately $500 million of which are required) . Net periodic benefit cost for the three years ended May 31 were as follows (in millions): Pension Plans Postretirement Healthcare Plans 2015 2014 2013 2015 2014 2013 Service cost $ 653 $ 657 $ 692 $ 40 $ 38 $ 42 Interest cost 1,096 1,055 968 41 40 36 Expected return on plan assets (1,678) (1,495) (1,383) - - - Amortization of prior service credit (115) (115) (114) - - - Actuarial losses (gains) and other 2,190 7 (1,350) 6 5 (17) Net periodic benefit cost $ 2,146 $ 109 $ (1,187) $ 87 $ 83 $ 61 Amounts recognized in OCI for all plans for the years ended May 31 were as follows (in millions): 2015 2014 Pension Plans Postretirement Healthcare Plans Pension Plans Postretirement Healthcare Plans Gross Amount Net of Tax Amount Gross Amount Net of Tax Amount Gross Amount Net of Tax Amount Gross Amount Net of Tax Amount Prior service cost arising during period $ (113) $ (72) $ (1) $ - $ (1) $ (1) $ - $ - Amortizations: Prior services credit 115 72 - - 115 77 - - Total recognized in OCI $ 2 $ - $ (1) $ - $ 114 $ 76 $ - $ - Benefit payments, which reflect expected future service, are expected to be paid as follows for the years ending May 31 (millions): Pension Plans Postretirement Healthcare Plans 2016 $ 913 $ 42 2017 998 42 2018 1,047 45 2019 1,147 46 2020 1,258 48 2021-2025 8,107 275 These estimates are based on assumptions about future events. Actual benefit payments may vary significantly from these estimates. Future medical benefit claims costs are estimated t o increase at an annual rate of 7. 3 % during 201 6 , decreasing to an annual growth rate of 4.5 % in 2029 and thereafter. A 1% change in these annual trend rates would not have a significant impact on the APBO at May 31, 20 1 5 or 20 1 5 benefit expense because the level of these benefits is capped.

Business Segment Information

Business Segment Information	12 Months Ended
	May. 31, 2015
Business Segment Information [Abstract]
Business Segment Information	NOTE 1 4 : BUSINESS SEGMENT INFORMATION FedEx Express, FedEx Ground and FedEx Freight represent our major service lines and, along with FedEx Services, form the core of our reportable segments. Our reportable segments include the following businesses: FedEx Express Segment FedEx Express (express transportation) FedEx Trade Networks (air and ocean freight forwarding and customs brokerage) FedEx SupplyChain Systems (logistics services) Bongo (cross-border enablement technology and solutions) FedEx Ground Segment FedEx Ground (small-package ground delivery) FedEx SmartPost (small-parcel consolidator) GENCO (third-party logistics) FedEx Freight Segment FedEx Freight (LTL freight transportation) FedEx Custom Critical (time-critical transportation) FedEx Services Segment FedEx Services (sales, marketing, information technology, communications and back-office functions) FedEx TechConnect (customer service, technical support, billings and collections) FedEx Office (document and business services and package acceptance) FedEx Services Segment The FedEx Services segment operates combined sales, marketing, administrative and information technology functions in shared services operations that support our transportation businesses and allow us to obtain synergies from the combination of these functions. For the international regions of FedEx Express, some of these functions are performed on a regional basis by FedEx Express and reported in the FedEx Express segment in their natural expense line items. The FedEx Services segment includes: FedEx Services, which provides sales, marketing, information technology , communications and certain back-office support to our other companies; FedEx TechConnect , which is responsible for customer service, technical support, billings and collections for U.S. customers of our major business units; and FedEx Office, which provides an array of document and business services and retail access to our customers for our package transportation businesses. The FedEx Services segment provides direct and indirect support to our transportation businesses, and we allocate all of the net operating costs of the FedEx Services segment (including the net operating results of FedEx Office) to reflect the full cost of operating our transportation businesses in the results of those segments. Within the FedEx Services segment allocation, the net operating results of FedEx Office, which are an immaterial component of our allocations, are allocated to FedEx Express and FedEx Ground. We review and evaluate the performance of our transportation segments based on operating income (inclusive of FedEx Services segment allocations). For the FedEx Services segment, performance is evaluated based on the impact of its total allocated net operating costs on our transportation segmen ts. Operating expenses for each of our transportation segments include the allocations from the FedEx Services segment to the respective transportation segments. These allocations also include charges and credits for administrative services provided between operating companies. The allocations of net operating costs are based on metrics such as relative revenues or estimated services provided. We believe these allocations approximate the net cost of providing these functions and our allocation methodologies are ref ined periodically, as necessary , to reflect changes in our businesses. During the fourth quarter of 2015 , we change d our method of accounting for our defined benefit pension and postretirement healthcare plans to immediately recognize actuarial gains and losses resulting from the remeasurement of these plans in earnings in the fourth quarter of each fiscal year. In addition, for purposes of calculating the EROA , we will no longer use an averaging technique for the market-related value of plan assets but instead will use actual fair value of plan assets. This method of accounting is referred to as MTM accounting as described in Note 1. Our segment operating results follow internal management reporting, which is used for making operating decisions and assessing performance. Historically, net total benefit cost was allocated to each segment. We continue to record service cost, interest cost and EROA at the business segments. Annual recognition of actuarial gains and losses will be reflected in our segment results only at the corporate level. Additionally, although the actual asset returns are recognized in each fiscal year through a MTM adjustment, we continue to recognize an EROA in the determination of net pension cost. At the segment level, we have set our EROA at 6.5% for all periods presented, which will equal our consolidated EROA assumption for 2016. In fiscal years where the consolidated EROA is greater than 6.5%, that difference is reflected as a credit in “Corporate, eliminations and other . ” We have adjusted prior-period segment information to conform to the current period's presentation to ensure comparability of the segment results across all periods , including comparisons going forward in 2016 . In addition, in 2015, w e ceased allocating to our transportation segments the costs associated with our corporate headquarters division. These costs included services related to general oversight functions, including executive officers and certain legal and finance functions. This change allows for additional transparency and improved management of our corporate oversight costs. T hese costs are included in “Corporate, eliminations and other” in our segment reporting and reconciliations. Prior year amounts have been revised to conform to the current year segment presentation. This change did not impact our condensed consolidated financia l statements included in N ote 21 . Other Intersegment Transactions Certain FedEx operating companies provide transportation and related services for other FedEx companies outside their reportable segment. Billings for such services are based on negotiated rates, which we believe approximate fair value, and are reflected as revenues of the billing segment. These rates are adjusted from time to time based on market conditions. Such intersegment revenues and expenses are eliminated in our consolidated results and are not separately identified in the f ollowing segment information, because the amounts are not material. The following table provides a reconciliation of reportable segment revenues, depreciation and amortization, operating income and segment assets to consolidated financial statement totals (in millions) for the years ended or as of May 31 : FedEx Express Segment (1) FedEx Ground Segment (2) FedEx Freight Segment (3) FedEx Services Segment Corporate, eliminations and other (5) Consolidated Total Revenues 2015 $ 27,239 $ 12,984 $ 6,191 $ 1,545 $ (506) $ 47,453 2014 27,121 11,617 5,757 1,536 (464) 45,567 2013 27,171 10,578 5,401 1,580 (443) 44,287 Depreciation and amortization 2015 $ 1,460 $ 530 $ 230 $ 390 $ 1 $ 2,611 2014 1,488 468 231 399 1 2,587 2013 1,350 434 217 384 1 2,386 Operating income 2015 $ 1,584 $ 2,172 $ 484 $ - $ (2,373) $ 1,867 2014 1,428 2,021 351 - 15 3,815 2013 929 1,859 246 - 1,400 4,434 Segment assets (4) 2015 $ 20,759 $ 11,764 $ 3,530 $ 5,357 $ (4,341) $ 37,069 2014 19,901 8,466 3,216 5,186 (3,699) 33,070 2013 18,935 7,353 2,953 4,879 (553) 33,567 (1) FedEx Express segment 2015 operating income includes $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines. FedEx Express segment 2013 operating income includes $405 million of direct and allocated business realignment costs and an impairment charge of $100 million resulting from the decision to retire 10 aircraft and related engines. (2) FedEx Ground segment 2013 operating income includes $105 million of allocated business realignment costs. (3) FedEx Freight segment 2013 operating income includes $50 million in direct and allocated business realignment costs. (4) Segment assets include intercompany receivables. (5) Operating income includes a loss of $2.2 billion in 2015, a loss of $15 million in 2014 and a gain of $1.4 billion in 2013 associated with our mark-to-market pension accounting. Operating income in 2015 also includes a $197 million charge in the fourth quarter to increase the legal reserve associated with the settlement of a legal matter at FedEx Ground to the amount of the settlement. The following table provides a reconciliation of reportable segment capital expenditures to consolidated totals for the years ended May 31 (in millions): FedEx Express Segment FedEx Ground Segment FedEx Freight Segment FedEx Services Segment Other Consolidated Total 2015 $ 2,380 $ 1,248 $ 337 $ 381 $ 1 $ 4,347 2014 1,994 850 325 363 1 3,533 2013 2,067 555 326 424 3 3,375 The following table presents revenue by service type and geographic information for the years ended or as of May 31 (in millions): REVENUE BY SERVICE TYPE 2015 2014 2013 FedEx Express segment: Package: U.S. overnight box $ 6,704 $ 6,555 $ 6,513 U.S. overnight envelope 1,629 1,636 1,705 U.S. deferred 3,342 3,188 3,020 Total U.S. domestic package revenue 11,675 11,379 11,238 International priority 6,251 6,451 6,586 International economy 2,301 2,229 2,046 Total international export package revenue 8,552 8,680 8,632 International domestic (1) 1,406 1,446 1,398 Total package revenue 21,633 21,505 21,268 Freight: U.S. 2,300 2,355 2,562 International priority 1,588 1,594 1,678 International airfreight 180 205 276 Total freight revenue 4,068 4,154 4,516 Other (2) 1,538 1,462 1,387 Total FedEx Express segment 27,239 27,121 27,171 FedEx Ground segment: FedEx Ground 11,563 10,634 9,652 FedEx SmartPost 1,005 983 926 GENCO 416 - - Total FedEx Ground segment 12,984 11,617 10,578 FedEx Freight segment 6,191 5,757 5,401 FedEx Services segment 1,545 1,536 1,580 Other and eliminations (506) (464) (443) $ 47,453 $ 45,567 $ 44,287 GEOGRAPHICAL INFORMATION (3) Revenues: U.S. $ 34,216 $ 32,259 $ 30,948 International: FedEx Express segment 12,772 12,916 12,959 FedEx Ground segment 311 248 234 FedEx Freight segment 142 130 112 FedEx Services segment 12 14 34 Total international revenue 13,237 13,308 13,339 $ 47,453 $ 45,567 $ 44,287 Noncurrent assets: U.S. $ 23,514 $ 20,658 $ 19,637 International 2,614 2,729 2,656 $ 26,128 $ 23,387 $ 22,293 (1) International domestic revenues represent our international intra-country express operations. (2) Includes FedEx Trade Networks, FedEx SupplyChain Systems and Bongo. (3) International revenue includes shipments that either originate in or are destined to locations outside the United States which could include U.S. payors. Noncurrent assets include property and equipment, goodwill and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	May. 31, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	NOTE 15 : SU PPLEMENTAL CASH FLOW INFORMATION Cash paid for interest expense and income taxes for the years ended May 31 was as follows (in millions): 2015 2014 2013 Cash payments for: Interest (net of capitalized interest) $ 201 $ 131 $ 80 Income taxes $ 1,122 $ 820 $ 687 Income tax refunds received (9) (54) (219) Cash tax payments, net $ 1,113 $ 766 $ 468

Guarantees and Indemnifications

Guarantees and Indemnifications	12 Months Ended
	May. 31, 2015
Guarantees and Indemnifications [Abstract]
Guarantees and Indemnifications	NOTE 1 6 : GUARANTEES AND INDEMNIFICATIONS In conjunction with certain transactions, primarily the lease, sale or purchase of operating assets or services in the ordinary course of business, we may provide routine guarantees or indemnifications (e.g., environmental, fuel, tax and software infringement), the terms of which range in duration, and often they are not limited and have no specified maximum obligation. As a result, the overall maximum potential amount of the obligation under such guarantees and indemnifications cannot be reasonably estimated. Historically, we have not been required to make significant payments under our guarantee or indemnification obligations and no amounts have been recognized in our financial statements for the underlying fair value of these obligations. Special facility revenue bonds have been issued by certain municipalities primarily to finance the acquisition and construction of various airport facilities and equipment. These facilities were leased to us and are accounted for as operating leases. FedEx Express has unconditionally guaranteed $ 483 million in principal of these bonds (with total future principal and interest payments of approximately $ 578 million as of May 31, 20 1 5 ) through these leases.

Commitments

Commitments	12 Months Ended
	May. 31, 2015
Commitments [Abstract]
Commitments	NOTE 17 : COM MITMENTS Annual purchase commitments under various contracts as of May 31, 2015 were as follows (in millions): Aircraft and Aircraft Related Other (1) Total 2016 $ 1,255 $ 1,060 $ 2,315 2017 1,024 235 1,259 2018 1,399 128 1,527 2019 1,017 69 1,086 2020 662 22 684 Thereafter 3,786 89 3,875 Total $ 9,143 $ 1,603 $ 10,746 (1) Primarily equipment, advertising contracts and in 2016, approximately $500 million of estimated required quarterly contributions to our U.S. Pension Plans. The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of May 31, 201 5 , our obligation to purchase three Boeing 767-300 Freighter (“B767F”) aircraft and nine Boeing 777 Freighter (“ B777F ”) aircraft i s conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the Railway Labor Act of 1926, as amended . Commitments to purchase aircraft in passenger configuration do not include the attendant costs to modify these aircraft for cargo transport unless we have entered into noncancelable commitments to modify such aircraft. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above. We have several aircraft modernization programs underway that are sup por ted by the purchase of B777F, B767F and B757 aircraft. These aircraft are significantly more fuel-efficient per unit than the aircraft type s previously utilized, and these expenditures are necessary to achieve significant long-term operating savings and to replace older aircraft . Our ability to delay the timing of these aircraft-related expenditures is limited without incurring significant costs to modify existing purchase agreements. During September 2014, FedEx Express entered into an agreement to purchase four additional B767F aircraft, the delivery of which will begin in 2017 and continue through 2019. We had $ 472 million in deposits and prog ress payments as of May 31, 201 5 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other a ssets” caption of our con solidated balance sheets. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committe d to purchase as of May 31, 201 5 , with the year of expected delivery: B767F B777F Total 2016 11 2 13 2017 12 - 12 2018 11 2 13 2019 6 2 8 2020 - 3 3 Thereafter - 9 9 Total 40 18 58

Contingencies

Contingencies	12 Months Ended
	May. 31, 2015
Loss Contingency [Abstract]
Contingencies	NOTE 18 : C ONTINGENCIES Wage-and-Hour. We are a defendant in a number of lawsuits containing various class-action allegations of wage-and-hour violations. The plaintiffs in these lawsuits allege, among other things, that they were forced to work “off the clock,” were not paid overtime or were not provided work breaks or other benefits. The complaints generally seek unspecified monetary damages, injunctive relief, or both. We do not believe that a material loss is reasonably possible with respect to any of these matters. Independent Contractor — Lawsuits and State Administrative Proceedings. FedEx Ground is involved in numerous class-action lawsuits (including 25 that have been certified as class actions), individual lawsuits and state tax and other administrative proceedings that claim that the company's owner-operators should be treated as employees, rather than independent contractors. Most of the class-action lawsuits were consolidated for administration of the pre-trial proceedings by a single federal court, the U.S. District Court for the Northern District of Indiana. The multidistrict litigation court granted class certification in 28 cases and denied it in 14 cases. On December 13, 2010, the court entered an opinion and order addressing all outstanding motions for summary judgment on the status of the owner-operators (i.e., independent contractor vs. employee). In sum, the court ruled on our summary judgment motions and entered judgment in favor of FedEx Ground on all claims in 20 of the 28 multidistrict litigation cases that had been certified as class actions, finding that the owner-operators in those cases were contractors as a matter of the law of 20 states. The plaintiffs filed notices of appeal in all of these 20 cases. The Seventh Circuit heard the appeal in the Kansas case in January 2012 and, in July 2012, issued an opinion that did not make a determination with respect to the correctness of the district court's decision and, instead, certified two questions to the Kansas Supreme Court related to the classification of the plaintiffs as independent contractors under the Kansas Wage Payment Act. The other 19 cases that are before the Seventh Circuit were stayed pending a decision of the Kansas Supreme Court. On October 3, 2014, the Kansas Supreme Court determined that a 20 factor right to control test applies to claims under the Kansas Wage Payment Act and concluded that under that test, the class members were employees, not independent contractors. The case was subsequently transferred back to the Seventh Circuit, where both parties made filings requesting the action necessary to complete the resolution of the appeals. The parties also made recommendations to the court regarding next steps for the other 19 cases that are before the Seventh Circuit. FedEx Ground has requested that each of those cases be separately briefed given the potential differences in the applicable state law from that in Kansas. During the second quarter of 2015, we established an accrual for the estimated probable loss in the Kansas case that was required to be recognized pursuant to applicable accounting standards. This amount was immaterial. On July 8, 2015, the Seventh Circuit issued an order and opinion confir ming the decision of the Kansas Supreme Court, concluding that the class members are employee s, not independent contractors. Additionally , the Seventh Circuit referred the other 19 cases to a representative of the court for purposes of setting a case management conference to address briefing and argument for those cases. The multidistrict litigation court remanded the other eight certified class actions back to the district courts where they were originally filed because its summary judgment ruling did not completely dispose of all of the claims in those lawsuits. Three of these matters settled for immaterial amounts and have received court approval. One of the cases is currently pending in the Eastern District of Arkansas. Another case was appealed to the Eleventh Circuit Court of Appeals where the court reversed the class-wide summary judgment decision on May 28, 2015 and remanded the case for trial, holding that there are disputed issues of fact as to whether the class members are employees or independent contractors. Two cases in Oregon and one in California were appealed to the Ninth Circuit Court of Appeals, where the court reversed the district court decisions and held that the plaintiffs in California and Oregon were employees as a matter of law and remanded the cases to their respective district courts for further proceedings. In the first quarter of 2015, we recognized an accrual for the then-estimated probable loss in those cases that was required to be recognized pursuant to applicable accounting standards. This amount was immaterial. In June 2015, the parties in the California case engaged in mediation and reached an agreement to settle the matter for $228 million, and we have increased the accrual to that amount. The settlement agreement has been filed with the court for approval. In the Oregon cases, material exposure above the accrued amount is reasonably possible. We continue to evaluate what facts may arise in the course of discovery and what legal rulings the courts may render and how these facts and rulings might impact FedEx Ground's loss. For a number of reasons, we are not currently able to estimate a range of reasonably possible loss in excess of the amount accrued. The number and identities of plaintiffs in these lawsuits are uncertain, as they are dependent on how the class of full-time drivers is defined and how many individuals will qualify based on whatever criteria may be established. In addition, the parties have conducted only very limited discovery into damages, which could vary considerably from plaintiff to plaintiff and be dependent on evidence pertaining to individual plaintiffs, which has yet to be produced in the cases. Further, the range of potential loss could be impacted substantially by future rulings by the court, including on the merits of the claims, on FedEx Ground's defenses, and on evidentiary issues. With respect to the matters that are pending outside of Oregon, it is reasonably possible that potential loss in some of these lawsuits or changes to the independent contractor status of FedEx Ground's owner-operators could be material. Similar to our analysis of loss contingency in the Oregon cases, we continue to evaluate what facts may arise in the course of discovery and what legal rulings the courts may render and how these facts and rulings might impact FedEx Ground's loss. As a consequence of many of the same factors described above, as well as others that are specific to these cases, we are not currently able to estimate a range of reasonably possible loss. We do not believe that a material loss is probable in these matters. In addition, we are defending contractor-model cases that are not or are no longer part of the multidistrict litigation. These cases are in varying stages of litigation, and we do not expect to incur a material loss in any of these matters. Adverse determinations in matters related to FedEx Ground's independent contractors, could, among other things, entitle certain of our owner-operators and their drivers to the reimbursement of certain expenses and to the benefit of wage-and-hour laws and result in employment and withholding tax and benefit liability for FedEx Ground, and could result in changes to the independent contractor status of FedEx Ground's owner-operators in certain jurisdictions. We believe that FedEx Ground's owner-operators are properly classified as independent contractors and that FedEx Ground is not an employer of the drivers of the company's independent contractors. City and State of New York Cigarette Suit. On December 30, 2013, the City of New York filed suit against FedEx Express and FedEx Ground arising from our alleged shipments of cigarettes to New York City residents. The claims against FedEx Express were subsequently dismissed. On March 30, 2014, the complaint was amended adding the State of New York as a plaintiff. Beyond the addition of the State as a plaintiff, the amended complaint contains several amplifications of the previous claims. First, the claims now relate to four shippers, none of which continues to ship in our network. Second, the amended complaint contains a count for violation of the Assurance of Compliance (“AOC”) we had previously entered into with the State of New York, claiming that since 2006, FedEx has made shipments of cigarettes to residences in New York in violation of the AOC. Lastly, the amendment contains new theories of Racketeer Influenced and Corrupt Organizations Act (“RICO”) violations. In May 2014, we filed a motion to dismiss almost all of the claims. On November 12, 2014 , the City and State of New York filed a separate but almost identical lawsuit that includes two additional shippers. This complaint was amended in May 2015 to include additional shippers. On March 9, the court ruled on our motion to dismiss in the first case, granting our motions to limit the applicable statute of limitations to four years and to dismiss a portion of the claims. The court, however, denied our motion to dismiss some of the claims, including the RICO claims. Loss in these lawsuits is reasonably possible, but the amount of any loss is expected to be immaterial. Environmental Matters. SEC regulations require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions that management reasonably believes could exceed $100,000. In February 2014, FedEx Ground received oral communications from District Attorneys' Offices (representing California's county environmental authorities) and the California Attorney General's Office (representing the California Division of Toxic Substances Control (“DTSC”)) that they were seeking civil penalties for alleged violations of the state's hazardous waste regulations. Specifically, the California environmental authorities alleged that FedEx Ground improperly generates and/or handles, stores and transports hazardous waste from its stations to its hubs in California. In April 2014, FedEx Ground filed a declaratory judgment action in the United States District Court for the Eastern District of California against the Director of the California Division of Toxic Substances Control and the county District Attorneys with whom we have been negotiating. In June 2014, the California Attorney General filed a complaint against FedEx Ground in Sacramento County Superior Court alleging violations of FedEx Ground as described above. The County District Attorneys filed a similar complaint in Sacramento County Superior Court in July 2014. The county and state authorities filed a motion to dismiss FedEx Ground's declaratory judgment action, and their motion was granted on January 22, 2015. FedEx Ground filed a notice of appeal with the Ninth Circuit Court of Appeals on February 23, 2015. Loss is probable as to the enforcement action commenced by the county authorities , and we have established an accrual for the estimated probable loss. This amount was immaterial. L oss is reasonably possible as to the action commenced by the DTSC; however, the amount of any loss is expected to be immaterial. On January 14, 2014, the U.S. Department of Justice (“DOJ”) issued a Grand Jury Subpoena to FedEx Express relating to an asbestos matter previously investigated by the U.S. Environmental Protection Agency. On May 1, 2014, the DOJ informed us that it had determined to continue to pursue the matter as a criminal case, citing seven asbestos-related regulatory violations associated with removal of roof materials from a hangar in Puerto Rico during cleaning and repair activity, as well as violation of waste disposal requirements. Loss is reasonably possible; however, the amount of any loss is expected to be immaterial. Department of Justice Indictment — Internet Pharmacy Shipments. In the past, we received requests for information from the DOJ in the Northern District of California in connection with a criminal investigation relating to the transportation of packages for online pharmacies that may have shipped pharmaceuticals in violation of federal law. In July 2014, the DOJ filed a criminal indictment in the United States District Court for the Northern District of California in connection with the matter. A superseding indictment was filed in August 2014. The indictment alleges that FedEx Corporation, FedEx Express and FedEx Services, together with certain pharmacies, conspired to unlawfully distribute controlled substances, unlawfully distributed controlled substances and conspired to unlawfully distribute misbranded drugs. The superseding indictment adds conspiracy to launder money counts related to services provided to and payments from online pharmacies. We continue to believe that our employees have acted in good faith at all times and that we have not engaged in any illegal activities. Accordingly, we will vigorously defend ourselves in this matter. If we are convicted, remedies could include fines, penalties, forfeiture and compliance conditions. Given the early stage of this proceeding, we cannot estimate the amount or range of loss, if any; however, it is reasonably possible that it could be material if we are convicted. Other Matters. In August 2010, a third-party consultant who works with shipping customers to negotiate lower rates filed a lawsuit in federal district court in California against FedEx and United Parcel Service, Inc. (“UPS”) alleging violations of U.S. antitrust law. This matter was dismissed in May 2011, but the court granted the plaintiff permission to file an amended complaint, which FedEx received in June 2011. In November 2011, the court granted our motion to dismiss this complaint, but again allowed the plaintiff to file an amended complaint. The plaintiff filed a new complaint in December 2011. On April 30, 2015, the court dismissed the case, finding that the plaintiff failed to provide certain evidence necessary to allow the case to proceed. The plaintiff filed a notice of appeal on May 26, 2015. In February 2011, shortly after the initial lawsuit was filed, we received a demand for the production of information and documents in connection with a civil investigation by the DOJ into the policies and practices of FedEx and UPS for dealing with third-party consultants who work with shipping customers to negotiate lower rates. In November 2012, the DOJ served a civil investigative demand on the third-party consultant seeking all pleadings, depositions and documents produced in the lawsuit. We are cooperating with the investigation, do not believe that we have engaged in any anti-competitive activities and will vigorously defend ourselves in any action that may result from the investigation. While the litigation proceedings and the DOJ investigation move forward, and the amount of loss, if any, is dependent on a number of factors that are not yet fully developed or resolved, the amount of any loss is expected to be immaterial. On June 30, 2014, we received a Statement of Objections from the French Competition Authority (“FCA”) addressed to FedEx Express France, formerly known as TATEX, regarding an investigation by the FCA into anticompetitive behavior that is alleged to have occurred primarily in the framework of trade association meetings that included the former general managers of TATEX prior to our acquisition of that company in July 2012. In September 2014, FedEx Express France submitted its observations in response to the Statement of Objections to the FCA. In April 2015, the FCA issued a report responding to the observations submitted by all companies involved in the investigation. We submit ted an answer to the FCA's report in early July. Loss in this matter is probable , and we established an accrual for the estimated probable loss. This amount was immaterial. FedEx and its subsidiaries are subject to other legal proceedings that arise in the ordinary course of their business. In the opinion of management, the aggregate liability, if any, with respect to these other actions will not have a material adverse effect on our financial position, results of operations or cash flows.

Related Party Transactions

Related Party Transactions	12 Months Ended
	May. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 19 : RELATED PARTY TRANSACTIONS Our Chairman, President and Chief Executive Officer, Frederick W. Smith, currently holds an approximate 10 % ownership interest in the National Football League Washington Redskins professional football team and is a member of its board of directors. FedEx has a multi-year naming rights agreement with Washington Football, Inc. granting us certain marketing rights, including the right to name the stad ium where the team plays and other events are held “FedExField.”

Summary of Quarterly Operating

Summary of Quarterly Operating Results (Unaudited)	12 Months Ended
	May. 31, 2015
Summary of Quarterly Operating Results [Abstract]
Summary of Quarterly Operating Results (Unaudited)	NOTE 20 : SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED) First Second Third Fourth (in millions, except per share amounts) Quarter Quarter Quarter Quarter 2015 (1) Revenues $ 11,684 $ 11,939 $ 11,716 $ 12,114 Operating income (loss) 1,062 1,088 1,038 (1,321) Net income (loss) 653 663 628 (895) Basic earnings (loss) per common share (2) 2.29 2.34 2.21 (3.16) Diluted earnings (loss) per common share (2) 2.26 2.31 2.18 (3.16) 2014 (1) Revenues $ 11,024 $ 11,403 $ 11,301 $ 11,839 Operating income 891 923 737 1,264 Net income 548 559 437 780 Basic earnings per common share (2) 1.73 1.77 1.44 2.66 Diluted earnings per common share (2) 1.72 1.75 1.42 2.62 (1) The fourth quarter of 2015 includes a $2.2 billion retirement plans mark-to-market loss, $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines at FedEx Express and a $197 million reserve increase due to the settlement of a legal matter at FedEx Ground. In addition, the first, second and third quarters of 2015 and all quarters of 2014 have been recast to conform to the current year presentation reflecting the retirement plans accounting changes discussed further in Note 1 and Note 13 and that were included in our June 12, 2015, Form 8-K filing with the Securities and Exchange Commission. (2) The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	12 Months Ended
	May. 31, 2015
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Financial Statements	NOTE 21 : CONDENSED CONSOLIDATING FINANCIAL STATEMENTS We are required to present condensed consolidating financial information in order for the subsidiary guarantors of our public debt to continue to be exempt from reporting under the Securities Exchange Act of 1934 , as amended . FedEx Express, however, current ly files reports under such act . The guarantor subsidiaries, which are wholly owned by FedEx, guarantee $ 7 . 0 billion of our debt. The guarantees are full and unconditional and joint and several. Our guarantor subsidiaries were not determined using geographic, service line or other similar criteria, and as a result, the "Guarantor Subsidiaries " and "Non- g uarantor Subsidiaries " columns each include portions of our domestic and international operations. Accordingly, this basis of presentation is not intended to present our financial condition, results of operations or cash flows for any purpose other than to comply with the specific requirements for subsidiary guarantor reporting. Condensed consolidating financial statements for our guarantor subsidiaries and non-guarantor subsidiaries are presented in the following tables (in millions) CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,383 $ 487 $ 971 $ (78) $ 3,763 Receivables, less allowances 3 4,383 1,385 (52) 5,719 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 41 689 123 - 853 Deferred income taxes - 571 35 - 606 Total current assets 2,427 6,130 2,514 (130) 10,941 PROPERTY AND EQUIPMENT, AT COST 29 40,364 2,471 - 42,864 Less accumulated depreciation and amortization 23 20,685 1,281 - 21,989 Net property and equipment 6 19,679 1,190 - 20,875 INTERCOMPANY RECEIVABLE - 686 1,563 (2,249) - GOODWILL - 1,552 2,258 - 3,810 INVESTMENT IN SUBSIDIARIES 23,173 3,800 - (26,973) - OTHER ASSETS 2,752 898 477 (2,684) 1,443 $ 28,358 $ 32,745 $ 8,002 $ (32,036) $ 37,069 LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ - $ 7 $ 12 $ - $ 19 Accrued salaries and employee benefits 34 1,208 194 - 1,436 Accounts payable 5 1,433 758 (130) 2,066 Accrued expenses 604 1,557 275 - 2,436 Total current liabilities 643 4,205 1,239 (130) 5,957 LONG-TERM DEBT, LESS CURRENT PORTION 6,978 248 23 - 7,249 INTERCOMPANY PAYABLE 2,249 - - (2,249) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 4,206 225 (2,684) 1,747 Other liabilities 3,495 3,367 261 - 7,123 Total other long-term liabilities 3,495 7,573 486 (2,684) 8,870 STOCKHOLDERS' INVESTMENT 14,993 20,719 6,254 (26,973) 14,993 $ 28,358 $ 32,745 $ 8,002 $ (32,036) $ 37,069 CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2014 (As Adjusted) Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,756 $ 441 $ 861 $ (150) $ 2,908 Receivables, less allowances 2 4,338 1,151 (31) 5,460 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 59 674 60 - 793 Deferred income taxes - 501 21 - 522 Total current assets 1,817 5,954 2,093 (181) 9,683 PROPERTY AND EQUIPMENT, AT COST 28 38,303 2,360 - 40,691 Less accumulated depreciation and amortization 22 19,899 1,220 - 21,141 Net property and equipment 6 18,404 1,140 - 19,550 INTERCOMPANY RECEIVABLE - 2,366 1,320 (3,686) - GOODWILL - 1,552 1,238 - 2,790 INVESTMENT IN SUBSIDIARIES 22,148 3,745 - (25,893) - OTHER ASSETS 2,088 747 250 (2,038) 1,047 $ 26,059 $ 32,768 $ 6,041 $ (31,798) $ 33,070 LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ - $ 1 $ - $ - $ 1 Accrued salaries and employee benefits 55 1,042 180 - 1,277 Accounts payable 2 1,530 620 (181) 1,971 Accrued expenses 405 1,444 214 - 2,063 Total current liabilities 462 4,017 1,014 (181) 5,312 LONG-TERM DEBT, LESS CURRENT PORTION 4,487 249 - - 4,736 INTERCOMPANY PAYABLE 3,686 - - (3,686) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 4,059 93 (2,038) 2,114 Other liabilities 2,147 3,230 254 - 5,631 Total other long-term liabilities 2,147 7,289 347 (2,038) 7,745 STOCKHOLDERS' INVESTMENT 15,277 21,213 4,680 (25,893) 15,277 $ 26,059 $ 32,768 $ 6,041 $ (31,798) $ 33,070 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended May 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 39,420 $ 8,414 $ (381) $ 47,453 OPERATING EXPENSES: Salaries and employee benefits 106 14,626 2,378 - 17,110 Purchased transportation - 5,802 2,878 (197) 8,483 Rentals and landing fees 5 2,322 360 (5) 2,682 Depreciation and amortization 1 2,370 240 - 2,611 Fuel - 3,632 88 - 3,720 Maintenance and repairs 1 1,949 149 - 2,099 Impairment and other charges - 276 - - 276 Retirement plans mark-to-market adjustment - 2,075 115 - 2,190 Intercompany charges, net (450) 117 333 - - Other 337 4,946 1,311 (179) 6,415 - 38,115 7,852 (381) 45,586 OPERATING INCOME - 1,305 562 - 1,867 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,050 337 - (1,387) - Interest, net (247) 23 3 - (221) Intercompany charges, net 253 (265) 12 - - Other, net (6) (32) 19 - (19) INCOME BEFORE INCOME TAXES 1,050 1,368 596 (1,387) 1,627 Provision for income taxes - 390 187 - 577 NET INCOME $ 1,050 $ 978 $ 409 $ (1,387) $ 1,050 COMPREHENSIVE INCOME $ 1,053 $ 929 $ 121 $ (1,387) $ 716 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended May 31, 2014 (As Adjusted) Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 38,088 $ 7,820 $ (341) $ 45,567 OPERATING EXPENSES: Salaries and employee benefits 99 13,936 2,136 - 16,171 Purchased transportation - 5,374 2,796 (159) 8,011 Rentals and landing fees 5 2,282 340 (5) 2,622 Depreciation and amortization 1 2,379 207 - 2,587 Fuel - 4,460 97 - 4,557 Maintenance and repairs 1 1,734 127 - 1,862 Retirement plans mark-to-market adjustment - 13 2 - 15 Intercompany charges, net (209) (125) 334 - - Other 103 4,823 1,178 (177) 5,927 - 34,876 7,217 (341) 41,752 OPERATING INCOME - 3,212 603 - 3,815 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,324 412 - (2,736) - Interest, net (167) 16 9 - (142) Intercompany charges, net 172 (194) 22 - - Other, net (5) (14) 4 - (15) INCOME BEFORE INCOME TAXES 2,324 3,432 638 (2,736) 3,658 Provision for income taxes - 1,141 193 - 1,334 NET INCOME $ 2,324 $ 2,291 $ 445 $ (2,736) $ 2,324 COMPREHENSIVE INCOME $ 2,248 $ 2,294 $ 417 $ (2,736) $ 2,223 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended May 31, 2013 (As Adjusted) Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 37,073 $ 7,543 $ (329) $ 44,287 OPERATING EXPENSES: Salaries and employee benefits 103 13,877 2,075 - 16,055 Purchased transportation - 4,839 2,574 (141) 7,272 Rentals and landing fees 5 2,198 324 (6) 2,521 Depreciation and amortization 1 2,200 185 - 2,386 Fuel - 4,650 96 - 4,746 Maintenance and repairs 1 1,791 117 - 1,909 Business realignment, impairment and other charges 21 639 - - 660 Retirement plans mark-to-market adjustment - (1,335) (33) - (1,368) Intercompany charges, net (227) (329) 556 - - Other 96 4,565 1,193 (182) 5,672 - 33,095 7,087 (329) 39,853 OPERATING INCOME - 3,978 456 - 4,434 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,716 245 - (2,961) - Interest, net (108) 42 5 - (61) Intercompany charges, net 113 (131) 18 - - Other, net (5) (20) (10) - (35) INCOME BEFORE INCOME TAXES 2,716 4,114 469 (2,961) 4,338 Provision for income taxes - 1,416 206 - 1,622 NET INCOME $ 2,716 $ 2,698 $ 263 $ (2,961) $ 2,716 COMPREHENSIVE INCOME $ 2,644 $ 2,697 $ 314 $ (2,961) $ 2,694 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended May 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (727) $ 5,446 $ 575 $ 72 $ 5,366 INVESTING ACTIVITIES Capital expenditures (1) (4,139) (207) - (4,347) Business acquisitions, net of cash acquired (1,429) - - - (1,429) Proceeds from asset dispositions and other - 42 (18) - 24 CASH USED IN INVESTING ACTIVITIES (1,430) (4,097) (225) - (5,752) FINANCING ACTIVITIES Net transfers from (to) Parent 1,431 (1,502) 71 - - Payment on loan between subsidiaries - 267 (267) - - Intercompany dividends - 68 (68) - - Principal payments on debt - (1) (4) - (5) Proceeds from debt issuance 2,491 - - - 2,491 Proceeds from stock issuances 320 - - - 320 Excess tax benefit on the exercise of stock options 51 - - - 51 Dividends paid (227) - - - (227) Purchase of treasury stock (1,254) - - - (1,254) Other, net (27) (105) 105 - (27) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 2,785 (1,273) (163) - 1,349 Effect of exchange rate changes on cash (1) (30) (77) - (108) Net increase in cash and cash equivalents 627 46 110 72 855 Cash and cash equivalents at beginning of period 1,756 441 861 (150) 2,908 Cash and cash equivalents at end of period $ 2,383 $ 487 $ 971 $ (78) $ 3,763 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended May 31, 2014 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (8) $ 3,790 $ 535 $ (53) $ 4,264 INVESTING ACTIVITIES Capital expenditures (1) (3,230) (302) - (3,533) Business acquisitions, net of cash acquired - (36) - - (36) Proceeds from asset dispositions and other - 37 (19) - 18 CASH USED IN INVESTING ACTIVITIES (1) (3,229) (321) - (3,551) FINANCING ACTIVITIES Net transfers from (to) Parent 588 (546) (42) - - Payment on loan between subsidiaries - (4) 4 - - Intercompany dividends - 54 (54) - - Principal payments on debt (250) (4) - - (254) Proceeds from debt issuances 1,997 - - - 1,997 Proceeds from stock issuances 557 - - - 557 Excess tax benefit on the exercise of stock options 44 - - - 44 Dividends paid (187) - - - (187) Purchase of treasury stock (4,857) - - - (4,857) Other, net (19) (16) 16 - (19) CASH USED IN FINANCING ACTIVITIES (2,127) (516) (76) - (2,719) Effect of exchange rate changes on cash - (9) 6 - (3) Net (decrease) increase in cash and cash equivalents (2,136) 36 144 (53) (2,009) Cash and cash equivalents at beginning of period 3,892 405 717 (97) 4,917 Cash and cash equivalents at end of period $ 1,756 $ 441 $ 861 $ (150) $ 2,908 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended May 31, 2013 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY OPERATING ACTIVITIES $ 247 $ 3,936 $ 486 $ 19 $ 4,688 INVESTING ACTIVITIES Capital expenditures (3) (3,029) (343) - (3,375) Business acquisitions, net of cash acquired - - (483) - (483) Proceeds from asset dispositions and other - 49 6 - 55 CASH USED IN INVESTING ACTIVITIES (3) (2,980) (820) - (3,803) FINANCING ACTIVITIES Net transfers from (to) Parent 141 (58) (83) - - Payment on loan between subsidiaries - (385) 385 - - Intercompany dividends - 21 (21) - - Principal payments on debt - (417) - - (417) Proceeds from debt issuance 1,739 - - - 1,739 Proceeds from stock issuances 280 - - - 280 Excess tax benefit on the exercise of stock options 23 - - - 23 Dividends paid (177) - - - (177) Purchase of treasury stock (246) - - - (246) Other, net (18) (119) 119 - (18) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,742 (958) 400 - 1,184 Effect of exchange rate changes on cash - (10) 15 - 5 Net increase (decrease) in cash and cash equivalents 1,986 (12) 81 19 2,074 Cash and cash equivalents at beginning of period 1,906 417 636 (116) 2,843 Cash and cash equivalents at end of period $ 3,892 $ 405 $ 717 $ (97) $ 4,917

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	May. 31, 2015
Schedule of Valuation and Qualifying Accounts [Abstract]
Schedule Of Valuation And Qualifying Accounts	SCHEDULE II FEDEX CORPORATION VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED MAY 31, 2015, 2014, AND 2013 (IN MILLIONS) ADDITIONS BALANCE CHARGED BALANCE AT CHARGED TO AT BEGINNING TO OTHER END OF DESCRIPTION OF YEAR EXPENSES ACCOUNTS DEDUCTIONS YEAR Accounts Receivable Reserves: Allowance for Doubtful Accounts 2015……………………………………. $ 81 $ 145 $ - $ 140 (a) $ 86 2014……………………………………. 94 130 - 143 (a) 81 2013……………………………………. 94 167 - 167 (a) 94 Allowance for Revenue Adjustments 2015……………………………………. $ 83 $ - $ 740 (b) $ 724 (c) $ 99 2014……………………………………. 82 - 626 (b) 625 (c) 83 2013……………………………………. 84 - 573 (b) 575 (c) 82 Inventory Valuation Allowance: 2015……………………………………. $ 212 $ 23 $ - $ 28 $ 207 2014……………………………………. 205 20 - 13 212 2013……………………………………. 184 24 - 3 205 (a) Uncollectible accounts written off, net of recoveries. (b) Principally charged against revenue. (c) Service failures, rebills and other.

Description of Business and S32

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	May. 31, 2015
Description of Business and Summary of Significant Accounting Policies [Abstract]
Description of Business	DESCRIPTION OF BUSINESS. FedEx Corporation (“FedEx”) provides a broad portfolio of transportation, e-commerce and business services through companies com peting collectively, operating independently and managed collaboratively, under the respected FedEx brand. Our primary operating companies are Federal Express Corporation (“FedEx Express”), the world's largest express transportation company; FedEx Ground Package System, Inc. (“FedEx Ground”), a leading North American provider of small-package ground delivery services; and FedEx Freight, Inc. ( “FedEx Freight”), a leading U.S. p rovider of less-than-truckload (“ LTL ”) freight services . These companies represent our major service lines and, along with FedEx Corporate Services, Inc. (“FedEx Services”), form the core of our reportable segments. Our FedEx Services segment provides sales, marketing , information technology , communications and certain back-office support to our transportation segments. In addition, the FedEx Services segment provides customers with retail access to FedEx Express and FedEx Ground shipping services through FedEx Office and Print Services, Inc. (“FedEx Office”) , and provides customer service, technical support and billing and collection services through FedEx TechConnect , Inc. (“FedEx TechConnect ”).
Fiscal Years	FISCAL YEARS . Except as otherwise specified, references to years indicate our fiscal year ended May 31, 2015 or ended May 31 of the year referenced.
Reclassifications	RECLASSIFICATIONS. Certain r eclassifications have been made to the prior years' consolidated financial statements to conform to the current year's presentation.
Principles of Consolidation	PRINCIPLES OF CONSOLIDATION . The consolidated financial statements include the accounts of FedEx and its subsidiaries, substantially all of which are wholly owned. All significant intercompany accounts and transactions have been eliminated in consolidation. We are not the primary beneficiary of, nor do we have a controlling financial interest in, any variable interest entity. Accordingly, we have not consolidated any variable interest entity.
Revenue Recognition	REVENUE RECOGNITION . We recognize revenue upon delivery of shipments for our transportation businesses and upon completion of services for our business services, logistics and trade services businesses. T ransportation services are provided with the use of employees and independent contractors. FedEx is the prin cipal to the transaction for most of these services and revenue from these transactions is recognized on a gross basis. Costs associated with independent contractor settlements are recognized as incurred and included in the caption “Purchased transportation” in the accompanying consolidated statements of income. For shipments in transit, revenue is recorded based on the percentage of service completed at the balance sheet date. Estimates for future billing adjustments to revenue and accounts receivable are recognized at the time of shipment for money-back service guarantees and billing corrections. Delivery costs are accrued as incurred. Our contract logistics, global trade services and certain transportation businesses engage in some transactions wherein they act as agents. Revenue from these transactions is recorded on a net basis. Net revenue includes billings to customers less third-party charges, including transportation or handling costs, fees, commis sions and taxes and duties . Certain of our revenue-producing transactions are subject to taxes , such as sales tax, assessed by governmental authorities. We present these revenues net of tax.
Credit Risk	CREDIT RISK. We routinely grant credit to many of our customers for transportation and business services without collateral. The risk of credit loss in our trade receivables is substantially mitigated by our credit evaluation process, short collection terms and sales to a large number of customers, as well as the low revenue per transaction for most of our services. Allowances for potential credit losses are determined based on historical experience and the impact of current economic factors on the composition of accounts receivable. Historically, credit losses have been within management's expectations.
Advertising	ADVERTISING. Advertising and promotion costs are expensed as incurred and are classified in other operating expenses. Advertising and promotion expenses were $ 403 million in 2015 , $ 4 07 million in 2014 and $ 4 24 million in 2013 .
Cash Equivalents	CASH EQUIVALENTS. Cash in excess of current operating requirements is invested in short-term, interest-bearing instruments with maturities of three months or less at the date of purchase and is stated at cost, which approximates market value.
Spare Parts, Supplies And Fuel	SPARE PARTS, SUPPLIES AND FUEL . Spare parts (principally aircraft-related) are reported at weighted-average cost. Allowances for obsolescence are provided for spare parts currently identified as excess or obsolete as well as expected to be on hand at the date the aircraft are retired from service. These allowances are provided over the estimated useful life of the related aircraft and engines. The majority of our supplies and ou r fuel are reported at weighted- average cost.
Property And Equipment	PROPERTY AND EQUIPMENT . Expenditures fo r major additions, improvements and flig ht equipment modifications are capitalized when such costs are determined to extend the useful life of the asset or are part of the cost of acquiring the asset. Expenditures for equipment overhaul costs of engines or airframes prior to their operational use are capitalized as part of the cost of such assets as they are co sts required to ready the asset for its intended use. M aintenance and repairs costs are charged to expense as incurred , except for certain aircraft engine maintenance costs incurred under third-party s ervice agreements . These agreements , which became effective June 1, 2014, result ed in costs being expensed based on cycles or hours flown and are subject to annual escalation . These service contracts transfer risk to third party service providers and generally fix the amount we pay for maintenance to the service provider as a rate per cycle or flight hour , in exchange for maintenance and repairs under a predefined maintenance program. We capitalize certain direct internal and external costs associated with the development of internal-use software. Gains and losses on sales of property used in operations are classified within operating expenses . For financial reporting purposes, we record depreciation and amortization of property and equipment on a straight-line basis over the asset's service life or related lease term, if shorter. For income tax purposes, depreciation is computed using accelerated methods when applicable. T he consolidated balance sheet for 2014 ref lects the reclassification of $ 1.1 b illion of vehicles that were previously presented in package handling and ground support equipment and $ 72 million of facilities and other that were previously presented in computer and electronic equipment. The reclassification has no impact on the net book value of property and equipment , total assets, or depreciation expense. The depreciable lives and net book value of our property and equipment are as follows (dollars in millions): Net Book Value at May 31, Range 2015 2014 Wide-body aircraft and related equipment 15 to 30 years $ 7,548 $ 7,223 Narrow-body and feeder aircraft and related equipment 5 to 18 years 2,943 2,639 Package handling and ground support equipment 3 to 30 years 2,410 2,024 Vehicles 3 to 15 years 2,717 2,615 Computer and electronic equipment 2 to 10 years 866 923 Facilities and other 2 to 40 years 4,391 4,126 Substantially all property and equipment have no material residual values. The majority of aircraft costs are depreciated on a straight-line basis over 15 to 30 years . We periodically evaluate the estimated service lives and residual values used to depreciate our property and equipment. In May 2015, we adjust ed the depreciable lives of 23 aircraft and 57 engines . These changes will not have a material impact on near-term depreciation expense . In May 2013, FedEx Express made the decision to accelerate the retirement of 76 aircraft and related engines to aid in our fleet modernization and improve our global network . In 2012, we shortened the depreciable lives for 54 aircraft and related engines to accelerate the retirement of these aircraft, resulting in a depreciation expense increase of $69 million in 2013. As a result of these accelerated retirements, we incurred an additional $74 million in year-over-year accelerated depreciation expense in 2014. Depreciation expense, excluding gains and losses on sales of property and equipm ent used in operations, was $ 2 . 6 billion in 201 5 and 201 4 and $ 2. 3 billion in 201 3 . Depreciation and amortization expense includes amortization of assets under capital lease.
Capitalized Interest	CAPITALIZED INTEREST . Interest on funds used to finance the acquisition and modification of aircraft, including purchase deposits, construction of certain facilities, and development of certain software up to the date the asset is ready for its intended use is capitalized and included in the cost of the asset if the asset is actively under construction. Capitalized interest was $ 37 million in 2015 , $ 29 million in 2014 and $ 4 5 million in 2013 .
Impairment of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETS. Lo ng-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. For assets that are to be held and used, an impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, discounted cash flows or internal and external appraisals, as applicable. Assets to be disposed of are carried at the lower of carrying value or estimated net realizable value. We operate integrated transportation networks, and accordingly, cash flows for most of our operating assets to be held and used are assessed at a network level, not at an individual asset level, for our analysis of impairment. In the normal management of our aircraft fleet, we routinely idle aircraft and engines temporarily due to maintenance cycles and adjustments of our network capacity to match seasonality and overall customer demand levels. Temporarily idled assets are classified as available-for-use, and we continue to record depreciation expense associated with these assets. These temporarily idled assets are assessed for impairment on a quarterly basis. The criteria for determining whether an asset has been permanently removed from service (and, as a result, potentially impaired) include, but are not limited to, our global economic outlook and the impact of our outlook on our current and projected volume levels, including capacity needs during our peak shipping seasons; the introduction of new fleet types or decisions to permanently retire an aircraft fleet from operations; and changes to planned service expansion activities. At May 31, 2015, we had one aircraft temporarily idled. This aircraft has been idled for approximately two month s and is expected to return to revenue service. In May 2015, we retire d from service seven Boeing MD11 aircraft and 12 related engines, four Airbus A310-300 aircraft and three related engines, three Airbus A300-600 aircraft and three related engines and one Boeing MD10-10 aircraft and three related engines , and related parts. As a consequence of this decision, impairment and related charge s of $2 7 6 million ($ 175 million, net of tax, or $ 0 . 61 per diluted share) w ere recorded in the fourth quarter . Of this amount, $246 million was non-cash. The decision to permanently retire these aircraft and engines aligns with Fed Ex Express's plans to rationalize capacity and modernize its aircraft fleet to more effectively serve its customers . In 2013, we retire d from service two Airbus A310-200 aircraft and four related engines, three Airbus A310-300 aircraft and two related engines and five Boeing MD10-10 aircraft and 15 related engines . As a consequence of this decision, a noncash impair ment charge of $100 million ($63 million, net of tax, or $ 0.20 per diluted share) was recorded in 2013 . All of these aircraft were temporarily idled and not in revenue service.
Goodwill	GOODWILL. Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Several factors give rise to goodwill in our acquisitions, such as the expected benefit from synergies of the combination and the existing workforce of the acquired business . Goodwill is reviewed at least annually for impairment . In our evaluation of goodwill impairment, we perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive , we proceed to a two-step process to test goodwill for impairment , including comparing the fair value of the reporting unit to its carrying value (including attributable goodwill). Fair value for our reporting units is determined using an income or market approach incorporating market participant considerations and management's assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Fair value determinations may include both internal and third-party valuations. Unless circumstances otherwise dictate, we perform our annual impairment testing in the fourth quarter.
Pension and Postretirement Healthcare Plans	PENSION AND POSTRETIREMENT HEALTHCARE PLANS. Our defined benefit plans are measured using actuarial techniques that reflect management's assumptions for discount rate, investment returns on plan assets, salary increases, expected retirement, mortality, employee turnover and future increases in healthcare costs. We determine the discount rate (which is required to be the rate at which the projected benefit obligation could be effectively settled as of the measurement date) with the assistance of actuaries, who calculate the yield on a theoretical portfolio of high-grade corporate bonds (rated Aa or better) with cash flows that are designed to match our expected benefit payments in future years. Our expected rate of return is a judgmental matter which is reviewed on an annual basis and revised as appropriate. During the fourth quarter of 2015 we changed our method of accounting for our defined benefit pension and postretirement healthcare plans . Under our new method of accounting, we will immediately recognize changes in the fair value of plan assets and actuarial gains or losses in our operating results annually in the fourth quarter each year. Further, we voluntarily changed our method for determining the expected return on plan assets (“EROA”) , which is used in the calculation of pension and other postretirement expense for funded postretirement benefit plans for interim periods. We now use the fair value of plan assets to calculate the EROA . The new method s o f accounting are collectively referred to as “ mark-to-market ” or MTM accounting. Historically , we recognized actuarial gains and losses , subject to a corridor , as a component of other comprehensive income and amortized these gains and losses as a component of pension and postretirement healthcare expenses over the average future service period of the covered employees (13 years). Previously, we used a calculated value method to determine the value of plan assets and amortized changes in the fair value of plan assets over a period no longer than four years. We believe the immediate recognition of actuarial gains and losses under MTM accounting is a preferable method of accounting as it aligns the recognition of changes in the fair value of plan assets and liabilities in the income statement with the fair value accounting principles that are used to measure the net funded status of the plans in our balance sheet. MTM accounting also eliminates the impact on future periods of the amortization of the increasingly material amount of accumulated actuarial losses resulting from persistently low interest rates and changes in demographic assumptions. The adoption of MTM accounting is a voluntary change in accounting principle that is required to be adopted retrospectively. Therefore all periods presented have been r ecast to conform to the current year presentation reflecting the retirement plan accounting changes as discussed further in Note 13 and Note 14 . The cumulative effect of the change on retained earnings as of June 1, 2012, was a pre-tax reduction of $8.9 billion, with an offset to accumulated other comprehensive income (OCI) and therefore no net impact to shareholders' equity . The impact of all adjustments made to the financial statements presented is summarized below (amounts in millions, except per share data): 2014 2013 Previously Effect of Previously Effect of Reported Adjusted Change Reported Adjusted Change Consolidated Statements of Income Operating expenses Salaries and employee benefits $ 16,555 $ 16,171 $ (384) $ 16,570 $ 16,055 $ (515) Retirement plans MTM adjustment - 15 15 - (1,368) (1,368) Operating Income 3,446 3,815 369 2,551 4,434 1,883 Income Before Income Taxes 3,289 3,658 369 2,455 4,338 1,883 Provision for Income Taxes 1,192 1,334 142 894 1,622 728 Net Income 2,097 2,324 227 1,561 2,716 1,155 Basic Earnings per Common Share 6.82 7.56 0.74 4.95 8.61 3.66 Diluted Earnings per Common Share 6.75 7.48 0.73 4.91 8.55 3.64 Consolidated Statements of Comprehensive Income Net Income 2,097 2,324 227 1,561 2,716 1,155 Amortization of prior service credit and other, net of tax 151 (76) (227) 1,092 (63) (1,155) Consolidated Balance Sheets Retained Earnings 20,429 16,229 (4,200) 18,519 14,092 (4,427) Accumulated other comprehensive income (loss) (3,694) 506 4,200 (3,820) 607 4,427 Consolidated Statements of Cash Flows Operating Activities Net Income 2,097 2,324 227 1,561 2,716 1,155 Deferred income taxes and other noncash items 581 339 (242) 521 734 213 Retirement plans MTM adjustment - 15 15 - (1,368) (1,368)
Income Taxes	INC OME TAXES. Deferred income taxes are provided for the tax effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The liability method is used to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. We recognize liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we must determine the probability of various possible outcomes. We reevaluate these uncertain tax positions on a quarterly basis or when new information becomes available to management. These reevaluations are based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the related provision. We classify interest related to income tax liabilities as interest expense and, if applicable, penalties are recognized as a component of income tax expense. The income tax liabilities and accrued interest and penalties that are due within one year of the balance sheet date are presented as current liabilities. The noncurrent portion of our income tax liabilities and accrued interest and penalties are recorded in the caption “Other liabilities” in the accompanying consolidated balance sheets.
Self-Insurance Accruals	SELF-INSURANCE ACCRUALS. We are self-insured for costs associated with workers' compensation claims, vehicle accidents and general business liabilities, and benefits paid under employee healthcare and long-term disability programs. Accruals are primarily based on the actuarially estimated cost of claims, which includes incurred-but-not-reported claims. Current workers' compensation claims, vehicle and general liability, employee healthcare claims and long-term disability are included in accrued expenses. We self-insure up to certain limits that vary by operating company and type of risk. Periodically, we evaluate the level of insurance coverage and adjust insurance levels based on risk tolerance and premium expense.
Leases	LEASES. We lease certain aircraft, facilities, equipment and vehicles under capital and operating leases. The commencement date of all leases is the earlier of the date we become legally obligated to make rent payments or the date we may exercise control over the use of the property. In addition to minimum rental payments, certain leases provide for contingent rentals based on equipment usage, principally related to aircraft leases at FedEx Express and copier usage at FedEx Office. Rent expense associated with contingent rentals is recorded as incurred. Certain of our leases contain fluctuating or escalating payments and rent holiday periods. The related rent expense is recorded on a straight-line basis over the lease term. The cumulative excess of rent payments over rent expense is accounted for as a deferred lease asset and recorded in “Other assets” in the accompanying consolidated balance sheets. The cumulative excess of rent expense over rent payments is accounted for as a deferred lease obligation. Leasehold improvements associated with assets utilized under capital or operating leases are amortized over the shorter of the asset's useful life or the lease term.
Deferred Gains	DEFERRED GAINS. Gains on the sale and leaseback of aircraft and other property and equipment are deferred and amortized ratably over the life of the lease as a reduction of rent expense. Substantially all of these deferred gains are related to aircraft transactions.
Foreign Currency Translation	FOREIGN CURRENCY TRANSLATION. Translation gains and losses of foreign operations that use local currencies as the functional currency are accumulated and reported, net of applicable deferred income taxes, as a component of accumulated other comprehensive income within common stockholders' investment. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local currency are included in the caption “Other, net” in the accompanying consolidated statements of income and were immaterial for each period presented.
Employees Under Collective Bargaining Arrangements	EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of FedEx Express, which represent a small number of FedEx Express's total employees, are employed under a collective bargaining agreement. The contract became amendable in March 2013, and the parties are currently in negotiations. In October 2014, FedEx Express formally requested assistance from the National Mediation Board (“NMB”) to mediate the negotiations , and the NMB has been actively mediating the talks since that time. The NMB is the U.S. governmental agency that oversees labor agreements for entities covered by the Railwa y Labor Act of 1926, as amended . The conduct of mediated negotiations has no impact on our operations. In addition to our pilots at FedEx Express, GENCO Distribution System, Inc. (“GENCO”) has a small number of employees who are members of unions , and certain non-U.S. employees are unionized.
Stock-Based Compensation	STOCK-BASED COMPENSATION. We recognize compensation expense for stock-based awards under the provisions of the accounting guidance related to share-based payments. This guidance requires recognition of compensation expense for stock-based awards using a fair value method. We issue new shares or repurchase shares on the open market to cover employee share option exercises and restricted stock grants.
Treasury Shares	TREASURY SHARES. In September 2014, our Board of Directors authorized the repurchase of up to 15 million shares of common stock. It is expected that the share authorization will primarily be utilized to offset equity compensation dilution over the next several years. During 2015, we repurchased 8 . 1 million shares of FedEx common stock at an average price of $ 154 .03 per share for a total of $ 1.3 b illion. As of May 31, 2015, 12.2 million shares remained under the share repurchase authorization. Under this program, s hares may be purchased from time to time in the open market or in privately negotiated transactions. Repurchases are made at the company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. No time limit was set for the completion of the repurchase program, and the program may be suspended or discontinued at any time. In 2014, we repurchased 36.8 million shares of FedEx common stock at an average price of $131.83 per share for a total of $4.9 billion .
Dividends Declared per Common Share	DIVIDENDS DECLARED PER COMMON SHARE. On June 8, 2015, our Board of Directors declared a quarterly dividend of $0.2 5 per share of common stock. The dividend was paid on July 2, 2015 to stockholders of record as of the close of business on June 18 , 2015. Each quarterly dividend payment is subject to review and approval by our Board of Directors, and we evaluate our dividend payment amount on an annual basis at the end of each fiscal year.
Business Realignment Costs	BUSINESS REALIGNMENT COSTS . During 2013, we announced profit improvement programs primarily through initiatives at FedEx Express and FedEx Services and completed a program to offer voluntary cash buyouts to eligible U.S.-based employees in certain staff functions. As a result of this program, a pproximately 3,600 employees left the company by the end of 2014. Costs of the benefits provided under the voluntary employee severance program were recognized as special termination benefits in the period that eligible employees accepted their offers. Payments under this program were made at the time of departure and totaled approximately $300 million in 2014 and $180 million in 2013. The voluntary buyout program included voluntary severance payments and funding to healthcare reimbursement accounts, with the voluntary severance calculated based on four weeks of gross base salary for every year of FedEx service up to a maximum payment of two years of pay. Of the total population leaving the company, approximately 40% of the employees vacated positions on May 31, 2013. An additional 35% departed throughout 2014 and approximately 25% of this population remained until May 31, 2014. We incurred costs of $560 million ($353 million, net of tax, or $1.11 per diluted share) during 2013 associated with our business realignment activities. These costs related primarily to severance for employees who accepted voluntary buyouts in the third and fourth quarters of 2013. The cost of the buyout program is included in the caption “Business realignment, impairment and other charges” in our consolidated statements of income. Also included in that caption are other external costs directly attributable to our business realignment activities, such as professional fees.
Use Of Estimates	USE OF ESTIMATES . The preparation of our consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent liabilities. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, whi ch is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include: self-insurance accruals; retirement plan obligations; long-term incentive accruals; tax liabilities; loss contingencies ; litigation claims; and impairment assessments on long-lived assets (including goodwill).

Description of Business and S33

Description of Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	May. 31, 2015
Mark to Market (Tables) [Abstract]
Impacts of All Adjustments Made to Financial Statements	2014 2013 Previously Effect of Previously Effect of Reported Adjusted Change Reported Adjusted Change Consolidated Statements of Income Operating expenses Salaries and employee benefits $ 16,555 $ 16,171 $ (384) $ 16,570 $ 16,055 $ (515) Retirement plans MTM adjustment - 15 15 - (1,368) (1,368) Operating Income 3,446 3,815 369 2,551 4,434 1,883 Income Before Income Taxes 3,289 3,658 369 2,455 4,338 1,883 Provision for Income Taxes 1,192 1,334 142 894 1,622 728 Net Income 2,097 2,324 227 1,561 2,716 1,155 Basic Earnings per Common Share 6.82 7.56 0.74 4.95 8.61 3.66 Diluted Earnings per Common Share 6.75 7.48 0.73 4.91 8.55 3.64 Consolidated Statements of Comprehensive Income Net Income 2,097 2,324 227 1,561 2,716 1,155 Amortization of prior service credit and other, net of tax 151 (76) (227) 1,092 (63) (1,155) Consolidated Balance Sheets Retained Earnings 20,429 16,229 (4,200) 18,519 14,092 (4,427) Accumulated other comprehensive income (loss) (3,694) 506 4,200 (3,820) 607 4,427 Consolidated Statements of Cash Flows Operating Activities Net Income 2,097 2,324 227 1,561 2,716 1,155 Deferred income taxes and other noncash items 581 339 (242) 521 734 213 Retirement plans MTM adjustment - 15 15 - (1,368) (1,368)
Property And Equipment (Tables) [Abstract]
Schedule of Depreciable Lives and Net Book Value of Property and Equipment	Net Book Value at May 31, Range 2015 2014 Wide-body aircraft and related equipment 15 to 30 years $ 7,548 $ 7,223 Narrow-body and feeder aircraft and related equipment 5 to 18 years 2,943 2,639 Package handling and ground support equipment 3 to 30 years 2,410 2,024 Vehicles 3 to 15 years 2,717 2,615 Computer and electronic equipment 2 to 10 years 866 923 Facilities and other 2 to 40 years 4,391 4,126

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	May. 31, 2015
Acquisitions (Tables) [Abstract]
Schedule of Business Acquisitions	Current assets $ 349 Property and equipment 113 Goodwill 1,133 Identifiable intangible assets 172 Other non-current assets 26 Current liabilities (245) Long-term liabilities (92) Total purchase price $ 1,456

Goodwill and Other Intagible As

Goodwill and Other Intagible Assets (Tables)	12 Months Ended
	May. 31, 2015
Goodwill and Other Intangible Assets (Tables) [Abstract]
Schedule Of Goodwill	FedEx Express Segment FedEx Ground Segment FedEx Freight Segment FedEx Services Segment Total Goodwill at May 31, 2013 $ 1,715 $ 90 $ 735 $ 1,525 $ 4,065 Accumulated impairment charges - - (133) (1,177) (1,310) Balance as of May 31, 2013 1,715 90 602 348 2,755 Goodwill acquired (1) 24 - - - 24 Purchase adjustments and other (2) 11 - - - 11 Balance as of May 31, 2014 1,750 90 602 348 2,790 Goodwill acquired (1) 40 1,055 38 - 1,133 Purchase adjustments and other (2) (113) - - - (113) Balance as of May 31, 2015 $ 1,677 $ 1,145 $ 640 $ 348 $ 3,810 Accumulated goodwill impairment charges as of May 31, 2015 $ - $ - $ (133) $ (1,177) $ (1,310) (1) Goodwill acquired relates to the acquisitions of transportation companies in Poland, France and Brazil in 2013, the acquisition of transportation companies in Southern Africa in 2014, and the acquisition of e-commerce and supply chain solutions companies in 2015. See Note 3 for related disclosures. (2) Primarily currency translation adjustments and acquired goodwill related to immaterial acquisitions.

Selected Current Liabilities (T

Selected Current Liabilities (Tables)	12 Months Ended
	May. 31, 2015
Selected Current Liabilities (Tables) [Abstract]
Selected Current Liabilities	2015 2014 Accrued Salaries and Employee Benefits Salaries $ 345 $ 267 Employee benefits, including variable compensation 507 434 Compensated absences 584 576 $ 1,436 $ 1,277 Accrued Expenses Self-insurance accruals $ 865 $ 811 Taxes other than income taxes 328 339 Other 1,243 913 $ 2,436 $ 2,063

Long Term Debt and Other Financ

Long Term Debt and Other Financing Arrangements (Tables)	12 Months Ended
	May. 31, 2015
Long Term Debt (Tables) [Abstract]
Components of Long-term Debt (Net of Discounts)	May 31, 2015 2014 Senior unsecured debt: Interest Rate % Maturity 8.00 2019 $ 750 $ 750 2.30 2020 399 - 2.625-2.70 2023 749 748 4.00 2024 749 749 3.20 2025 699 - 4.90 2034 499 499 3.90 2035 498 - 3.875-4.10 2043 992 992 5.10 2044 749 749 4.10 2045 646 - 4.50 2065 248 - 7.60 2098 239 239 Total senior unsecured debt 7,217 4,726 Capital lease obligations 51 11 7,268 4,737 Less current portion 19 1 $ 7,249 $ 4,736

Leases (Tables)

Leases (Tables)	12 Months Ended
	May. 31, 2015
Leases (Tables) [Abstract]
Schedule of Rent Expense Under Operating Leases	Rent expense under operating leases for the years ended May 31 was as follows (in millions): 2015 2014 2013 Minimum rentals $ 2,249 $ 2,154 $ 2,061 Contingent rentals (1) 194 197 192 $ 2,443 $ 2,351 $ 2,253 (1) Contingent rentals are based on equipment usage.
Schedule of Future Minimum Lease Payments, Operating Leases	Operating Leases Aircraft Total and Related Facilities Operating Equipment and Other Leases 2016 $ 461 $ 1,667 $ 2,128 2017 400 1,841 2,241 2018 329 1,422 1,751 2019 273 1,238 1,511 2020 190 1,075 1,265 Thereafter 360 7,129 7,489 Total $ 2,013 $ 14,372 $ 16,385

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	May. 31, 2015
Accumulated Other Comprehensive Income (Tables) [Abstract]
Schedule Of Accumulated Other Comprehensive Income	2015 2014 2013 Foreign currency translation gain (loss): Balance at beginning of period $ 81 $ 106 $ 65 Translation adjustments (334) (25) 41 Balance at end of period (253) 81 106 Retirement plans adjustments: Balance at beginning of period 425 501 564 Prior service credit and other arising during period 72 1 - Reclassifications from AOCI (72) (77) (63) Balance at end of period 425 425 501 Accumulated other comprehensive income at end of period $ 172 $ 506 $ 607 Amount Reclassified from Affected Line Item in the AOCI Income Statement 2015 2014 2013 Retirement plans: Amortization of prior service credits $ 115 $ 115 $ 114 Salaries and employee benefits Total before tax 115 115 114 Income tax expense (43) (38) (51) Provision for income taxes AOCI reclassifications, net of tax $ 72 $ 77 $ 63 Net income

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	May. 31, 2015
Stock Based Compensation (Tables) [Abstract]
Stock-based compensation expense	2015 2014 2013 Stock-based compensation expense $ 133 $ 117 $ 109
Schedule of Stock Based Compensation Key Assumptions for Valuation	2015 2014 2013 Weighted-average Black-Scholes value $ 53.33 $ 35.79 $ 29.20 Intrinsic value of options exercised $ 253 $ 347 $ 107 Black-Scholes Assumptions: Expected lives 6.3 years 6.2 years 6.1 years Expected volatility 34 % 35 % 35 % Risk-free interest rate 2.02 % 1.47 % 0.94 % Dividend yield 0.448 % 0.561 % 0.609 %
Schedule of Stock Option Activity	Stock Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) (1) Outstanding at June 1, 2014 15,634,856 $ 91.71 Granted 2,445,146 150.32 Exercised (3,516,512) 91.18 Forfeited (341,666) 107.62 Outstanding at May 31, 2015 14,221,824 $ 101.54 6.1 $ 1,031 Exercisable 7,994,368 $ 89.19 4.5 $ 678 Expected to vest 5,853,809 $ 117.39 8.2 $ 331 Available for future grants 13,157,142 (1) Only presented for options with market value at May 31, 2015 in excess of the exercise price of the option.
Schedule of Vested and Unvested Restricted Stock	Restricted Stock Shares Weighted-Average Grant Date Fair Value Unvested at June 1, 2014 480,157 $ 91.46 Granted 154,115 148.89 Vested (192,920) 88.33 Forfeited (2,310) 116.12 Unvested at May 31, 2015 439,042 $ 112.87
Schedule of Stock Option Vesting	Stock Options Vested during the year Fair value (in millions) 2015 2,611,524 $ 83 2014 2,408,179 65 2013 2,824,757 81

Computation of Earnings Per S41

Computation of Earnings Per Share (Tables)	12 Months Ended
	May. 31, 2015
Computation Of Earnings Per Share (Tables) [Abstract]
Schedule of basic and diluted earnings per common share	2015 2014 2013 Basic earnings per common share: Net earnings allocable to common shares (1) $ 1,048 $ 2,320 $ 2,711 Weighted-average common shares 283 307 315 Basic earnings per common share $ 3.70 $ 7.56 $ 8.61 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 1,048 $ 2,320 $ 2,711 Weighted-average common shares 283 307 315 Dilutive effect of share-based awards 4 3 2 Weighted-average diluted shares 287 310 317 Diluted earnings per common share $ 3.65 $ 7.48 $ 8.55 Anti-dilutive options excluded from diluted earnings per common share 2.1 3.3 11.1 (1) Net earnings available to participating securities were immaterial in all periods presented.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	May. 31, 2015
Income Taxes (Tables) [Abstract]
Schedule of Components of the Provision for Income Taxes	2015 2014 2013 Current provision (benefit) Domestic: Federal $ 795 $ 624 $ 512 State and local 102 56 86 Foreign 214 194 170 1,111 874 768 Deferred provision (benefit) Domestic: Federal (474) 360 802 State and local (47) 82 93 Foreign (13) 18 (41) (534) 460 854 $ 577 $ 1,334 $ 1,622
Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Effective Income Tax Rate	2015 2014 2013 Taxes computed at federal statutory rate $ 569 $ 1,280 $ 1,518 Increases (decreases) in income tax from: State and local income taxes, net of federal benefit 36 90 117 Foreign operations (43) (38) (21) Other, net 15 2 8 $ 577 $ 1,334 $ 1,622 Effective Tax Rate 35.5% 36.5% 37.4%
Schedule of Significant Components of Deferred Tax Assets and Liabilities	2015 2014 Deferred Tax Assets Deferred Tax Liabilities Deferred Tax Assets Deferred Tax Liabilities Property, equipment, leases and intangibles $ 93 $ 3,872 $ 120 $ 3,730 Employee benefits 2,029 13 1,464 11 Self-insurance accruals 607 - 555 - Other 477 414 368 366 Net operating loss/credit carryforwards 326 - 333 - Valuation allowances (224) - (245) - $ 3,308 $ 4,299 $ 2,595 $ 4,107
Schedule of Net Deferred Tax Liabilities	2015 2014 Current deferred tax assets $ 606 $ 522 Noncurrent deferred tax assets (1) 150 80 Noncurrent deferred tax liabilities (1,747) (2,114) $ (991) $ (1,512) (1) Noncurrent deferred tax assets are included in the line item Other Assets in our Consolidated Balance Sheet.
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits	2015 2014 2013 Balance at beginning of year $ 38 $ 47 $ 51 Increases for tax positions taken in the current year 1 1 1 Increases for tax positions taken in prior years 6 3 3 Decreases for tax positions taken in prior years (2) (3) (3) Settlements (2) (6) (9) Increases due to acquisitions - - 4 Decrease from lapse of statute of limitations - (3) (2) Changes due to currency translation (5) (1) 2 Balance at end of year $ 36 $ 38 $ 47

Retirement Plans (Tables)

Retirement Plans (Tables)	12 Months Ended
	May. 31, 2015
Retirement Plan (Tables) [Abstract]
Schedule of Retirement Plan Costs	2015 2014 2013 Defined benefit pension plans $ (41) $ 99 $ 163 Defined contribution plans 385 363 354 Postretirement healthcare plans 81 78 78 Retirement plans mark-to-market adjustment 2,190 15 (1,368) $ 2,615 $ 555 $ (773) The components of the pre-tax mark-to-market losses (gains) are as follows, in millions: Discount rate changes $ 791 $ 705 $ (1,076) Actual versus expected return on assets (35) (1,013) (696) Demographic assumption changes 1,434 323 404 Total mark-to-market loss (gain) $ 2,190 $ 15 $ (1,368)
Schedule of Weighted-Average Actuarial Assumptions for Primary U.S. Retirement Plans	Weighted-average actuarial assumptions for our primary U.S. retirement plans, which represent substantially all of our PBO and accumulated postretirement benefit obligation ("APBO"), are as follows: Pension Plans Postretirement Healthcare Plans 2015 2014 2013 2015 2014 2013 Discount rate used to determine benefit obligation 4.42 % 4.60 % 4.79 % 4.60 % 4.70 % 4.91 % Discount rate used to determine net periodic benefit cost 4.60 4.79 4.44 4.70 4.91 4.55 Rate of increase in future compensation levels used to determine benefit obligation 4.62 4.56 4.54 - - - Rate of increase in future compensation levels used to determine net periodic benefit cost 4.56 4.54 4.62 - - - Expected long-term rate of return on assets - Consolidated 7.75 7.75 8.00 - - - Expected long-term rate of return on assets - Segment Reporting 6.50 6.50 6.50 - - -
Schedule of Plan Assets at Measurement Date	Plan Assets at Measurement Date 2015 Target Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs Asset Class Fair Value Actual % Range % Level 1 Level 2 Level 3 Cash and cash equivalents $ 738 3 % 0-5 % $ 36 $ 702 Equities 35-55 U.S. large cap equity 4,291 19 302 3,989 International equities 3,064 14 2,429 635 Global equities 2,579 11 2,579 U.S. SMID cap equity 979 4 979 Private equities 226 1 $ 226 Fixed income securities 45-65 Corporate 6,455 28 6,455 Government 4,645 20 4,645 Mortgage backed and other 213 1 213 Other (184) (1) (181) (3) $ 23,006 100 % $ 3,565 $ 19,215 $ 226 2014 Target Quoted Prices in Active Markets Other Observable Inputs Unobservable Inputs Asset Class Fair Value Actual % Range % Level 1 Level 2 Level 3 Cash and cash equivalents $ 313 2 % 0 - 5 % $ 55 $ 258 Equities 35 - 55 U.S. large cap equity 5,196 24 55 5,141 International equities 2,652 12 2,206 446 Global equities 1,367 7 1,367 U.S. SMID cap equity 886 4 886 Private equities 276 1 $ 276 Fixed income securities 45 - 65 Corporate 5,758 27 5,758 Government 4,782 22 4,782 Mortgage backed and other 275 1 275 Other (61) - (61) $ 21,444 100 % $ 3,141 $ 18,027 $ 276
Schedule of Change in Fair Value of Level 3 Assets	2015 2014 Balance at beginning of year $ 276 $ 332 Actual return on plan assets: Assets held during current year (15) (17) Assets sold during the year 43 53 Purchases, sales and settlements (78) (92) Balance at end of year $ 226 $ 276
Schedule of Changes in the Pension and Postretirement Healthcare Plans' Benefit Obligation and Fair Value of Assets and Funded Status	Pension Plans Postretirement Healthcare Plans 2015 2014 2015 2014 Accumulated Benefit Obligation ("ABO") $ 26,793 $ 23,805 Changes in Projected Benefit Obligation ("PBO") and Accumulated Postretirement Benefit Obligation ("APBO") PBO/APBO at the beginning of year $ 24,578 $ 22,600 $ 883 $ 828 Service cost 653 657 40 38 Interest cost 1,096 1,055 41 40 Actuarial loss 2,231 1,021 6 5 Benefits paid (815) (801) (73) (62) Other (231) 46 32 34 PBO/APBO at the end of year $ 27,512 $ 24,578 $ 929 $ 883 Change in Plan Assets Fair value of plan assets at the beginning of year $ 21,907 $ 19,433 $ - $ - Actual return on plan assets 1,718 2,509 - - Company contributions 746 727 37 28 Benefits paid (815) (801) (73) (62) Other (51) 39 36 34 Fair value of plan assets at the end of year $ 23,505 $ 21,907 $ - $ - Funded Status of the Plans $ (4,007) $ (2,671) $ (929) $ (883) Amount Recognized in the Balance Sheet at May 31: Noncurrent asset $ 26 5 Current pension, postretirement healthcare and other benefit obligations (34) $ (41) $ (42) $ (41) Noncurrent pension, postretirement healthcare and other benefit obligations (3,999) (2,635) (887) (842) Net amount recognized $ (4,007) $ (2,671) $ (929) $ (883) Amounts Recognized in AOCI and not yet reflected in Net Periodic Benefit Cost: Prior service (credit) cost and other $ (668) $ (670) $ - $ 1 Amounts Recognized in AOCI and not yet reflected in Net Periodic Benefit Cost expected to be amortized in next year's Net Periodic Benefit Cost: Prior service credit and other $ (121) $ (115) $ - $ -
Schedule of Components of Pension Plans	Our pension plans included the following components at May 31 (in millions): PBO Fair Value of Plan Assets Funded Status 2015 Qualified $ 26,365 $ 23,006 $ (3,359) Nonqualified 271 - (271) International Plans 876 499 (377) Total $ 27,512 $ 23,505 $ (4,007) 2014 Qualified $ 23,439 $ 21,444 $ (1,995) Nonqualified 280 - (280) International Plans 859 463 (396) Total $ 24,578 $ 21,907 $ (2,671)
Schedule of Fair Value of Plan Assets for Pension Plans with an Obligation in Excess of Plan Assets	PBO Exceeds the Fair Value of Plan Assets 2015 2014 Pension Benefits Fair value of plan assets $ 23,099 $ 21,543 PBO (27,132) (24,219) Net funded status $ (4,033) $ (2,676) ABO Exceeds the Fair Value of Plan Assets 2015 2014 Pension Benefits ABO (1) $ (26,413) $ (23,447) Fair value of plan assets 23,099 21,542 PBO (27,132) (24,218) Net funded status $ (4,033) $ (2,676) (1) ABO not used in determination of funded status.
Schedule of Pension Plans Contributions	2015 2014 Required $ 388 $ 645 Voluntary 272 15 $ 660 $ 660
Schedule of Net Periodic Benefit Cost	Pension Plans Postretirement Healthcare Plans 2015 2014 2013 2015 2014 2013 Service cost $ 653 $ 657 $ 692 $ 40 $ 38 $ 42 Interest cost 1,096 1,055 968 41 40 36 Expected return on plan assets (1,678) (1,495) (1,383) - - - Amortization of prior service credit (115) (115) (114) - - - Actuarial losses (gains) and other 2,190 7 (1,350) 6 5 (17) Net periodic benefit cost $ 2,146 $ 109 $ (1,187) $ 87 $ 83 $ 61
Schedule of Amounts Recognized in Other Comprehensive Income for All Plans	Amounts recognized in OCI for all plans for the years ended May 31 were as follows (in millions): 2015 2014 Pension Plans Postretirement Healthcare Plans Pension Plans Postretirement Healthcare Plans Gross Amount Net of Tax Amount Gross Amount Net of Tax Amount Gross Amount Net of Tax Amount Gross Amount Net of Tax Amount Prior service cost arising during period $ (113) $ (72) $ (1) $ - $ (1) $ (1) $ - $ - Amortizations: Prior services credit 115 72 - - 115 77 - - Total recognized in OCI $ 2 $ - $ (1) $ - $ 114 $ 76 $ - $ -
Schedule of Expected Future Benefit Payments	Benefit payments, which reflect expected future service, are expected to be paid as follows for the years ending May 31 (millions): Pension Plans Postretirement Healthcare Plans 2016 $ 913 $ 42 2017 998 42 2018 1,047 45 2019 1,147 46 2020 1,258 48 2021-2025 8,107 275

Business Segment Information (T

Business Segment Information (Tables)	12 Months Ended
	May. 31, 2015
Business Segment Information (Tables) [Abstract]
Schedule of Segment Information	FedEx Express Segment (1) FedEx Ground Segment (2) FedEx Freight Segment (3) FedEx Services Segment Corporate, eliminations and other (5) Consolidated Total Revenues 2015 $ 27,239 $ 12,984 $ 6,191 $ 1,545 $ (506) $ 47,453 2014 27,121 11,617 5,757 1,536 (464) 45,567 2013 27,171 10,578 5,401 1,580 (443) 44,287 Depreciation and amortization 2015 $ 1,460 $ 530 $ 230 $ 390 $ 1 $ 2,611 2014 1,488 468 231 399 1 2,587 2013 1,350 434 217 384 1 2,386 Operating income 2015 $ 1,584 $ 2,172 $ 484 $ - $ (2,373) $ 1,867 2014 1,428 2,021 351 - 15 3,815 2013 929 1,859 246 - 1,400 4,434 Segment assets (4) 2015 $ 20,759 $ 11,764 $ 3,530 $ 5,357 $ (4,341) $ 37,069 2014 19,901 8,466 3,216 5,186 (3,699) 33,070 2013 18,935 7,353 2,953 4,879 (553) 33,567 (1) FedEx Express segment 2015 operating income includes $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines. FedEx Express segment 2013 operating income includes $405 million of direct and allocated business realignment costs and an impairment charge of $100 million resulting from the decision to retire 10 aircraft and related engines. (2) FedEx Ground segment 2013 operating income includes $105 million of allocated business realignment costs. (3) FedEx Freight segment 2013 operating income includes $50 million in direct and allocated business realignment costs. (4) Segment assets include intercompany receivables. (5) Operating income includes a loss of $2.2 billion in 2015, a loss of $15 million in 2014 and a gain of $1.4 billion in 2013 associated with our mark-to-market pension accounting. Operating income in 2015 also includes a $197 million charge in the fourth quarter to increase the legal reserve associated with the settlement of a legal matter at FedEx Ground to the amount of the settlement.
Schedule of Segment Capital Expenditures	The following table provides a reconciliation of reportable segment capital expenditures to consolidated totals for the years ended May 31 (in millions): FedEx Express Segment FedEx Ground Segment FedEx Freight Segment FedEx Services Segment Other Consolidated Total 2015 $ 2,380 $ 1,248 $ 337 $ 381 $ 1 $ 4,347 2014 1,994 850 325 363 1 3,533 2013 2,067 555 326 424 3 3,375
Schedule of Revenue by Service Type and Geographical Information	The following table presents revenue by service type and geographic information for the years ended or as of May 31 (in millions): REVENUE BY SERVICE TYPE 2015 2014 2013 FedEx Express segment: Package: U.S. overnight box $ 6,704 $ 6,555 $ 6,513 U.S. overnight envelope 1,629 1,636 1,705 U.S. deferred 3,342 3,188 3,020 Total U.S. domestic package revenue 11,675 11,379 11,238 International priority 6,251 6,451 6,586 International economy 2,301 2,229 2,046 Total international export package revenue 8,552 8,680 8,632 International domestic (1) 1,406 1,446 1,398 Total package revenue 21,633 21,505 21,268 Freight: U.S. 2,300 2,355 2,562 International priority 1,588 1,594 1,678 International airfreight 180 205 276 Total freight revenue 4,068 4,154 4,516 Other (2) 1,538 1,462 1,387 Total FedEx Express segment 27,239 27,121 27,171 FedEx Ground segment: FedEx Ground 11,563 10,634 9,652 FedEx SmartPost 1,005 983 926 GENCO 416 - - Total FedEx Ground segment 12,984 11,617 10,578 FedEx Freight segment 6,191 5,757 5,401 FedEx Services segment 1,545 1,536 1,580 Other and eliminations (506) (464) (443) $ 47,453 $ 45,567 $ 44,287 GEOGRAPHICAL INFORMATION (3) Revenues: U.S. $ 34,216 $ 32,259 $ 30,948 International: FedEx Express segment 12,772 12,916 12,959 FedEx Ground segment 311 248 234 FedEx Freight segment 142 130 112 FedEx Services segment 12 14 34 Total international revenue 13,237 13,308 13,339 $ 47,453 $ 45,567 $ 44,287 Noncurrent assets: U.S. $ 23,514 $ 20,658 $ 19,637 International 2,614 2,729 2,656 $ 26,128 $ 23,387 $ 22,293 (1) International domestic revenues represent our international intra-country express operations. (2) Includes FedEx Trade Networks, FedEx SupplyChain Systems and Bongo. (3) International revenue includes shipments that either originate in or are destined to locations outside the United States which could include U.S. payors. Noncurrent assets include property and equipment, goodwill and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally.

Supplemental Cash Flow Inform45

Supplemental Cash Flow Information (Tables)	12 Months Ended
	May. 31, 2015
Supplemental Cash Flow (Tables) [Abstract]
Supplemental Cash Flow Table	2015 2014 2013 Cash payments for: Interest (net of capitalized interest) $ 201 $ 131 $ 80 Income taxes $ 1,122 $ 820 $ 687 Income tax refunds received (9) (54) (219) Cash tax payments, net $ 1,113 $ 766 $ 468

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	May. 31, 2015
Commitments (Tables) [Abstract]
Schedule of Purchase Commitments	Aircraft and Aircraft Related Other (1) Total 2016 $ 1,255 $ 1,060 $ 2,315 2017 1,024 235 1,259 2018 1,399 128 1,527 2019 1,017 69 1,086 2020 662 22 684 Thereafter 3,786 89 3,875 Total $ 9,143 $ 1,603 $ 10,746 (1) Primarily equipment, advertising contracts and in 2016, approximately $500 million of estimated required quarterly contributions to our U.S. Pension Plans.
Schedule of Aircraft Purchase Commitments	B767F B777F Total 2016 11 2 13 2017 12 - 12 2018 11 2 13 2019 6 2 8 2020 - 3 3 Thereafter - 9 9 Total 40 18 58

Summary of Quarterly Operatin47

Summary of Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	May. 31, 2015
Quarterly Operating Results (Tables) [Abstract]
Summary of Quarterly Operating Results (Unaudited)	First Second Third Fourth (in millions, except per share amounts) Quarter Quarter Quarter Quarter 2015 (1) Revenues $ 11,684 $ 11,939 $ 11,716 $ 12,114 Operating income (loss) 1,062 1,088 1,038 (1,321) Net income (loss) 653 663 628 (895) Basic earnings (loss) per common share (2) 2.29 2.34 2.21 (3.16) Diluted earnings (loss) per common share (2) 2.26 2.31 2.18 (3.16) 2014 (1) Revenues $ 11,024 $ 11,403 $ 11,301 $ 11,839 Operating income 891 923 737 1,264 Net income 548 559 437 780 Basic earnings per common share (2) 1.73 1.77 1.44 2.66 Diluted earnings per common share (2) 1.72 1.75 1.42 2.62 (1) The fourth quarter of 2015 includes a $2.2 billion retirement plans mark-to-market loss, $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines at FedEx Express and a $197 million reserve increase due to the settlement of a legal matter at FedEx Ground. In addition, the first, second and third quarters of 2015 and all quarters of 2014 have been recast to conform to the current year presentation reflecting the retirement plans accounting changes discussed further in Note 1 and Note 13 and that were included in our June 12, 2015, Form 8-K filing with the Securities and Exchange Commission. (2) The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods.

Condensed Consolidating Finan48

Condensed Consolidating Financial Statements (Tables)	12 Months Ended
	May. 31, 2015
Condensed Consolidating Financial Statements (Tables) [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,383 $ 487 $ 971 $ (78) $ 3,763 Receivables, less allowances 3 4,383 1,385 (52) 5,719 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 41 689 123 - 853 Deferred income taxes - 571 35 - 606 Total current assets 2,427 6,130 2,514 (130) 10,941 PROPERTY AND EQUIPMENT, AT COST 29 40,364 2,471 - 42,864 Less accumulated depreciation and amortization 23 20,685 1,281 - 21,989 Net property and equipment 6 19,679 1,190 - 20,875 INTERCOMPANY RECEIVABLE - 686 1,563 (2,249) - GOODWILL - 1,552 2,258 - 3,810 INVESTMENT IN SUBSIDIARIES 23,173 3,800 - (26,973) - OTHER ASSETS 2,752 898 477 (2,684) 1,443 $ 28,358 $ 32,745 $ 8,002 $ (32,036) $ 37,069 LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ - $ 7 $ 12 $ - $ 19 Accrued salaries and employee benefits 34 1,208 194 - 1,436 Accounts payable 5 1,433 758 (130) 2,066 Accrued expenses 604 1,557 275 - 2,436 Total current liabilities 643 4,205 1,239 (130) 5,957 LONG-TERM DEBT, LESS CURRENT PORTION 6,978 248 23 - 7,249 INTERCOMPANY PAYABLE 2,249 - - (2,249) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 4,206 225 (2,684) 1,747 Other liabilities 3,495 3,367 261 - 7,123 Total other long-term liabilities 3,495 7,573 486 (2,684) 8,870 STOCKHOLDERS' INVESTMENT 14,993 20,719 6,254 (26,973) 14,993 $ 28,358 $ 32,745 $ 8,002 $ (32,036) $ 37,069 CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2014 (As Adjusted) Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,756 $ 441 $ 861 $ (150) $ 2,908 Receivables, less allowances 2 4,338 1,151 (31) 5,460 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 59 674 60 - 793 Deferred income taxes - 501 21 - 522 Total current assets 1,817 5,954 2,093 (181) 9,683 PROPERTY AND EQUIPMENT, AT COST 28 38,303 2,360 - 40,691 Less accumulated depreciation and amortization 22 19,899 1,220 - 21,141 Net property and equipment 6 18,404 1,140 - 19,550 INTERCOMPANY RECEIVABLE - 2,366 1,320 (3,686) - GOODWILL - 1,552 1,238 - 2,790 INVESTMENT IN SUBSIDIARIES 22,148 3,745 - (25,893) - OTHER ASSETS 2,088 747 250 (2,038) 1,047 $ 26,059 $ 32,768 $ 6,041 $ (31,798) $ 33,070 LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ - $ 1 $ - $ - $ 1 Accrued salaries and employee benefits 55 1,042 180 - 1,277 Accounts payable 2 1,530 620 (181) 1,971 Accrued expenses 405 1,444 214 - 2,063 Total current liabilities 462 4,017 1,014 (181) 5,312 LONG-TERM DEBT, LESS CURRENT PORTION 4,487 249 - - 4,736 INTERCOMPANY PAYABLE 3,686 - - (3,686) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 4,059 93 (2,038) 2,114 Other liabilities 2,147 3,230 254 - 5,631 Total other long-term liabilities 2,147 7,289 347 (2,038) 7,745 STOCKHOLDERS' INVESTMENT 15,277 21,213 4,680 (25,893) 15,277 $ 26,059 $ 32,768 $ 6,041 $ (31,798) $ 33,070
Condensed Consolidating Statements of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended May 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 39,420 $ 8,414 $ (381) $ 47,453 OPERATING EXPENSES: Salaries and employee benefits 106 14,626 2,378 - 17,110 Purchased transportation - 5,802 2,878 (197) 8,483 Rentals and landing fees 5 2,322 360 (5) 2,682 Depreciation and amortization 1 2,370 240 - 2,611 Fuel - 3,632 88 - 3,720 Maintenance and repairs 1 1,949 149 - 2,099 Impairment and other charges - 276 - - 276 Retirement plans mark-to-market adjustment - 2,075 115 - 2,190 Intercompany charges, net (450) 117 333 - - Other 337 4,946 1,311 (179) 6,415 - 38,115 7,852 (381) 45,586 OPERATING INCOME - 1,305 562 - 1,867 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,050 337 - (1,387) - Interest, net (247) 23 3 - (221) Intercompany charges, net 253 (265) 12 - - Other, net (6) (32) 19 - (19) INCOME BEFORE INCOME TAXES 1,050 1,368 596 (1,387) 1,627 Provision for income taxes - 390 187 - 577 NET INCOME $ 1,050 $ 978 $ 409 $ (1,387) $ 1,050 COMPREHENSIVE INCOME $ 1,053 $ 929 $ 121 $ (1,387) $ 716 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended May 31, 2014 (As Adjusted) Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 38,088 $ 7,820 $ (341) $ 45,567 OPERATING EXPENSES: Salaries and employee benefits 99 13,936 2,136 - 16,171 Purchased transportation - 5,374 2,796 (159) 8,011 Rentals and landing fees 5 2,282 340 (5) 2,622 Depreciation and amortization 1 2,379 207 - 2,587 Fuel - 4,460 97 - 4,557 Maintenance and repairs 1 1,734 127 - 1,862 Retirement plans mark-to-market adjustment - 13 2 - 15 Intercompany charges, net (209) (125) 334 - - Other 103 4,823 1,178 (177) 5,927 - 34,876 7,217 (341) 41,752 OPERATING INCOME - 3,212 603 - 3,815 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,324 412 - (2,736) - Interest, net (167) 16 9 - (142) Intercompany charges, net 172 (194) 22 - - Other, net (5) (14) 4 - (15) INCOME BEFORE INCOME TAXES 2,324 3,432 638 (2,736) 3,658 Provision for income taxes - 1,141 193 - 1,334 NET INCOME $ 2,324 $ 2,291 $ 445 $ (2,736) $ 2,324 COMPREHENSIVE INCOME $ 2,248 $ 2,294 $ 417 $ (2,736) $ 2,223 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended May 31, 2013 (As Adjusted) Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 37,073 $ 7,543 $ (329) $ 44,287 OPERATING EXPENSES: Salaries and employee benefits 103 13,877 2,075 - 16,055 Purchased transportation - 4,839 2,574 (141) 7,272 Rentals and landing fees 5 2,198 324 (6) 2,521 Depreciation and amortization 1 2,200 185 - 2,386 Fuel - 4,650 96 - 4,746 Maintenance and repairs 1 1,791 117 - 1,909 Business realignment, impairment and other charges 21 639 - - 660 Retirement plans mark-to-market adjustment - (1,335) (33) - (1,368) Intercompany charges, net (227) (329) 556 - - Other 96 4,565 1,193 (182) 5,672 - 33,095 7,087 (329) 39,853 OPERATING INCOME - 3,978 456 - 4,434 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,716 245 - (2,961) - Interest, net (108) 42 5 - (61) Intercompany charges, net 113 (131) 18 - - Other, net (5) (20) (10) - (35) INCOME BEFORE INCOME TAXES 2,716 4,114 469 (2,961) 4,338 Provision for income taxes - 1,416 206 - 1,622 NET INCOME $ 2,716 $ 2,698 $ 263 $ (2,961) $ 2,716 COMPREHENSIVE INCOME $ 2,644 $ 2,697 $ 314 $ (2,961) $ 2,694
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended May 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (727) $ 5,446 $ 575 $ 72 $ 5,366 INVESTING ACTIVITIES Capital expenditures (1) (4,139) (207) - (4,347) Business acquisitions, net of cash acquired (1,429) - - - (1,429) Proceeds from asset dispositions and other - 42 (18) - 24 CASH USED IN INVESTING ACTIVITIES (1,430) (4,097) (225) - (5,752) FINANCING ACTIVITIES Net transfers from (to) Parent 1,431 (1,502) 71 - - Payment on loan between subsidiaries - 267 (267) - - Intercompany dividends - 68 (68) - - Principal payments on debt - (1) (4) - (5) Proceeds from debt issuance 2,491 - - - 2,491 Proceeds from stock issuances 320 - - - 320 Excess tax benefit on the exercise of stock options 51 - - - 51 Dividends paid (227) - - - (227) Purchase of treasury stock (1,254) - - - (1,254) Other, net (27) (105) 105 - (27) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 2,785 (1,273) (163) - 1,349 Effect of exchange rate changes on cash (1) (30) (77) - (108) Net increase in cash and cash equivalents 627 46 110 72 855 Cash and cash equivalents at beginning of period 1,756 441 861 (150) 2,908 Cash and cash equivalents at end of period $ 2,383 $ 487 $ 971 $ (78) $ 3,763 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended May 31, 2014 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (8) $ 3,790 $ 535 $ (53) $ 4,264 INVESTING ACTIVITIES Capital expenditures (1) (3,230) (302) - (3,533) Business acquisitions, net of cash acquired - (36) - - (36) Proceeds from asset dispositions and other - 37 (19) - 18 CASH USED IN INVESTING ACTIVITIES (1) (3,229) (321) - (3,551) FINANCING ACTIVITIES Net transfers from (to) Parent 588 (546) (42) - - Payment on loan between subsidiaries - (4) 4 - - Intercompany dividends - 54 (54) - - Principal payments on debt (250) (4) - - (254) Proceeds from debt issuances 1,997 - - - 1,997 Proceeds from stock issuances 557 - - - 557 Excess tax benefit on the exercise of stock options 44 - - - 44 Dividends paid (187) - - - (187) Purchase of treasury stock (4,857) - - - (4,857) Other, net (19) (16) 16 - (19) CASH USED IN FINANCING ACTIVITIES (2,127) (516) (76) - (2,719) Effect of exchange rate changes on cash - (9) 6 - (3) Net (decrease) increase in cash and cash equivalents (2,136) 36 144 (53) (2,009) Cash and cash equivalents at beginning of period 3,892 405 717 (97) 4,917 Cash and cash equivalents at end of period $ 1,756 $ 441 $ 861 $ (150) $ 2,908 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended May 31, 2013 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY OPERATING ACTIVITIES $ 247 $ 3,936 $ 486 $ 19 $ 4,688 INVESTING ACTIVITIES Capital expenditures (3) (3,029) (343) - (3,375) Business acquisitions, net of cash acquired - - (483) - (483) Proceeds from asset dispositions and other - 49 6 - 55 CASH USED IN INVESTING ACTIVITIES (3) (2,980) (820) - (3,803) FINANCING ACTIVITIES Net transfers from (to) Parent 141 (58) (83) - - Payment on loan between subsidiaries - (385) 385 - - Intercompany dividends - 21 (21) - - Principal payments on debt - (417) - - (417) Proceeds from debt issuance 1,739 - - - 1,739 Proceeds from stock issuances 280 - - - 280 Excess tax benefit on the exercise of stock options 23 - - - 23 Dividends paid (177) - - - (177) Purchase of treasury stock (246) - - - (246) Other, net (18) (119) 119 - (18) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,742 (958) 400 - 1,184 Effect of exchange rate changes on cash - (10) 15 - 5 Net increase (decrease) in cash and cash equivalents 1,986 (12) 81 19 2,074 Cash and cash equivalents at beginning of period 1,906 417 636 (116) 2,843 Cash and cash equivalents at end of period $ 3,892 $ 405 $ 717 $ (97) $ 4,917

Valuation and Qualifying Acco49

Valuation and Qualifying Accounts (Tables)	12 Months Ended
	May. 31, 2015
Valuation And Qualifying Accounts (Tables) [Abstract]
Schedule of Valuation and Qualifying Accounts	SCHEDULE II FEDEX CORPORATION VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED MAY 31, 2015, 2014, AND 2013 (IN MILLIONS) ADDITIONS BALANCE CHARGED BALANCE AT CHARGED TO AT BEGINNING TO OTHER END OF DESCRIPTION OF YEAR EXPENSES ACCOUNTS DEDUCTIONS YEAR Accounts Receivable Reserves: Allowance for Doubtful Accounts 2015……………………………………. $ 81 $ 145 $ - $ 140 (a) $ 86 2014……………………………………. 94 130 - 143 (a) 81 2013……………………………………. 94 167 - 167 (a) 94 Allowance for Revenue Adjustments 2015……………………………………. $ 83 $ - $ 740 (b) $ 724 (c) $ 99 2014……………………………………. 82 - 626 (b) 625 (c) 83 2013……………………………………. 84 - 573 (b) 575 (c) 82 Inventory Valuation Allowance: 2015……………………………………. $ 212 $ 23 $ - $ 28 $ 207 2014……………………………………. 205 20 - 13 212 2013……………………………………. 184 24 - 3 205 (a) Uncollectible accounts written off, net of recoveries. (b) Principally charged against revenue. (c) Service failures, rebills and other.

Description of Business and S50

Description of Business and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions	3 Months Ended																12 Months Ended
	May. 31, 2015USD ($)$ / sharesshares		Feb. 28, 2015USD ($)$ / shares		Nov. 30, 2014USD ($)$ / shares		Aug. 31, 2014USD ($)$ / shares		May. 31, 2014USD ($)$ / shares		Feb. 28, 2014USD ($)$ / shares		Nov. 30, 2013USD ($)$ / shares		Aug. 31, 2013USD ($)$ / shares		May. 31, 2015USD ($)$ / sharesshares	May. 31, 2014USD ($)$ / sharesshares	May. 31, 2013USD ($)$ / sharesshares	May. 31, 2012USD ($)
Advertising [Abstract]
Advertising and promotion expenses																	$ 403	$ 407	$ 424
Business Realignment Costs [Abstract]
Business Realignment Costs																			560
Business Realignment Costs, Net Of Tax																			$ 353
Business Realignment Costs, Diluted EPS Impact | $ / shares																			$ 1.11
Business Realignment Costs Paid																		$ 300	$ 180
Number of Employees Accepted Voluntary Buyout																		3,600
Percent Employees Departed May 31, 2013																			40.00%
Percent Employees Departed Throughout 2014																		35.00%
Percent Employees Departed on May 31, 2014																		25.00%
Capitalized Interest [Abstract]
Interest Costs Capitalized																	$ 37	$ 29	$ 45
Dividends Declared [Abstract]
Dividends Payable, Date Declared																	Jun. 8, 2015
Dividends Payable Amount Per Share | $ / shares	$ 0.25																$ 0.25
Dividends Payable, Date Paid																	Jul. 2, 2015
Dividends Payable, Date Of Record																	Jun. 18, 2015
Impairment of Long Lived Assets [Abstract]
Asset impairments Diluted EPS impact | $ / shares																	$ 0.61		$ 0.20
Asset impairments, net of tax																	$ 175		$ 63
Number of Impaired Airbus A310-200 Aircraft																			2
Number of Impaired Airbus A310-300 Aircraft	4																4		3
Number of Impaired Airbus A300-600 Aircraft	3																3
Number of Impaired Boeing MD10-10 Aircraft	1																1		5
Number of Impaired Boeing MD11 Aircraft	7																7
Number of Impaired Airbus A300-600 Aircraft Engines	3																3
Number of Impaired Boeing MD10-10 Aircraft Engines	3																3		15
Number of Impaired Boeing MD11 Aircraft Engines	12																12
Number of Impaired Airbus 310-200 Aircraft Engines																			4
Number of Impaired Airbus A310-300 Aircraft Engines	3																3		2
Number of Idle Aircraft	1																1
Aircraft Idle Term																	2 months
Asset impairments																	$ 276
Asset impairment non-cash																	246		$ 100
Pension And Postretirement Healthcare Plans Equity Impact [Abstract]
MTM Accounting Cumulative Effect on Retained Earnings																				$ 8,900
OPERATING EXPENSES:
Salaries and employee benefits																	17,110	16,171	16,055
Retirement plans mark-to-market adjustment																	2,190	15	(1,368)
Operating income	$ (1,321)	[1]	$ 1,038	[1]	$ 1,088	[1]	$ 1,062	[1]	$ 1,264	[1]	$ 737	[1]	$ 923	[1]	$ 891	[1]	1,867	3,815	4,434
Income Before Income Taxes																	1,627	3,658	4,338
Provision for Income Taxes																	577	1,334	1,622
Net income	$ (895)	[1]	$ 628	[1]	$ 663	[1]	$ 653	[1]	$ 780	[1]	$ 437	[1]	$ 559	[1]	$ 548	[1]	$ 1,050	$ 2,324	$ 2,716
Basic earnings per common share | $ / shares	$ (3.16)	[2]	$ 2.21	[2]	$ 2.34	[2]	$ 2.29	[2]	$ 2.66	[2]	$ 1.44	[2]	$ 1.77	[2]	$ 1.73	[2]	$ 3.70	$ 7.56	$ 8.61
Diluted earnings per common share | $ / shares	$ (3.16)	[2]	$ 2.18	[2]	$ 2.31	[2]	$ 2.26	[2]	$ 2.62	[2]	$ 1.42	[2]	$ 1.75	[2]	$ 1.72	[2]	$ 3.65	$ 7.48	$ 8.55
Consolidated Statements of Comprehensive Income
Net income	$ (895)	[1]	$ 628	[1]	$ 663	[1]	$ 653	[1]	$ 780	[1]	$ 437	[1]	$ 559	[1]	$ 548	[1]	$ 1,050	$ 2,324	$ 2,716
Amortization of prior service credit and other, net of tax																		76	63
CONSOLIDATED BALANCE SHEETS
Retained earnings	16,900								16,229								16,900	16,229
Accumulated other comprehensive income	172								506								172	506	607
Operating Activities:
Net income	(895)	[1]	$ 628	[1]	$ 663	[1]	$ 653	[1]	780	[1]	$ 437	[1]	$ 559	[1]	$ 548	[1]	1,050	2,324	2,716
Deferred income taxes and other noncash items																	(572)	339	734
Retirement plans MTM adjustment																	2,190	15	(1,368)
Property And Equipment [Line Items]
Net property and equipment	$ 20,875								19,550								20,875	19,550
Depreciation expense, excluding gains and losses on sales of property and equipment																	$ 2,600	2,600	$ 2,300
Depreciable Life Range For Majority Of Aircraft Costs																	15 to 30
Number of Aircraft With Shortened Depreciable Lives	23																23		76	54
Number of Aircraft Engines With Shortened Depreciable Lives	57																57
Incremental Depreciation Expense																		74	$ 69
Balance Sheet reclassification of vehicles									1,100									1,100
Balance Sheet reclassification of facilities and other									72									$ 72
Treasury Shares [Abstract]
Treasury Stock Acquired, Average Cost Per Share | $ / shares																	$ 154.03	$ 131.83
Purchase of treasury stock																	$ 1,254	$ 4,857	$ 246
Stock Repurchase Program, Number Of Shares Authorized To Be Repurchased | shares	15,000,000																15,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares	12,200,000																12,200,000
Treasury Stock Shares Acquired | shares																	8,100,000	36,800,000	2,700,000
Wide Body Aircraft And Related Equipment [Member]
Property And Equipment [Line Items]
Depreciable lives range																	15 to 30 years
Net property and equipment	$ 7,548								7,223								$ 7,548	$ 7,223
Narrow Body And Feeder Aircraft And Related Equipment [Member]
Property And Equipment [Line Items]
Depreciable lives range																	5 to 18 years
Net property and equipment	2,943								2,639								$ 2,943	2,639
Package Handling And Ground Support Equipment [Member]
Property And Equipment [Line Items]
Depreciable lives range																	3 to 30 years
Net property and equipment	2,410								2,024								$ 2,410	2,024
Vehicles [Member]
Property And Equipment [Line Items]
Depreciable lives range																	3 to 15 years
Net property and equipment	2,717								2,615								$ 2,717	2,615
Computer And Electronic Equipment [Member]
Property And Equipment [Line Items]
Depreciable lives range																	2 to 10 years
Net property and equipment	866								923								$ 866	923
Facilities And Other Property [Member]
Property And Equipment [Line Items]
Depreciable lives range																	2 to 40 years
Net property and equipment	$ 4,391								4,126								$ 4,391	4,126
Previously Reported [Member]
OPERATING EXPENSES:
Salaries and employee benefits																		16,555	$ 16,570
Operating income																		3,446	2,551
Income Before Income Taxes																		3,289	2,455
Provision for Income Taxes																		1,192	894
Net income																		$ 2,097	$ 1,561
Basic earnings per common share | $ / shares																		$ 6.82	$ 4.95
Diluted earnings per common share | $ / shares																		$ 6.75	$ 4.91
Consolidated Statements of Comprehensive Income
Net income																		$ 2,097	$ 1,561
Amortization of prior service credit and other, net of tax																		151	1,092
CONSOLIDATED BALANCE SHEETS
Retained earnings									20,429									20,429	18,519
Accumulated other comprehensive income									(3,694)									(3,694)	(3,820)
Operating Activities:
Net income																		2,097	1,561
Deferred income taxes and other noncash items																		581	521
Adjusted [Member]
OPERATING EXPENSES:
Salaries and employee benefits																		16,171	16,055
Retirement plans mark-to-market adjustment																		15	(1,368)
Operating income																		3,815	4,434
Income Before Income Taxes																		3,658	4,338
Provision for Income Taxes																		1,334	1,622
Net income																		$ 2,324	$ 2,716
Basic earnings per common share | $ / shares																		$ 7.56	$ 8.61
Diluted earnings per common share | $ / shares																		$ 7.48	$ 8.55
Consolidated Statements of Comprehensive Income
Net income																		$ 2,324	$ 2,716
Amortization of prior service credit and other, net of tax																		(76)	(63)
CONSOLIDATED BALANCE SHEETS
Retained earnings									16,229									16,229	14,092
Accumulated other comprehensive income									506									506	607
Operating Activities:
Net income																		2,324	2,716
Deferred income taxes and other noncash items																		339	734
Retirement plans MTM adjustment																		15	(1,368)
Effect of Change [Member]
OPERATING EXPENSES:
Salaries and employee benefits																		(384)	(515)
Retirement plans mark-to-market adjustment																		15	(1,368)
Operating income																		369	1,883
Income Before Income Taxes																		369	1,883
Provision for Income Taxes																		142	728
Net income																		$ 227	$ 1,155
Basic earnings per common share | $ / shares																		$ 0.74	$ 3.66
Diluted earnings per common share | $ / shares																		$ 0.73	$ 3.64
Consolidated Statements of Comprehensive Income
Net income																		$ 227	$ 1,155
Amortization of prior service credit and other, net of tax																		(227)	(1,155)
CONSOLIDATED BALANCE SHEETS
Retained earnings									(4,200)									(4,200)	(4,427)
Accumulated other comprehensive income									$ 4,200									4,200	4,427
Operating Activities:
Net income																		227	1,155
Deferred income taxes and other noncash items																		(242)	213
Retirement plans MTM adjustment																		$ 15	$ (1,368)
[1]	The fourth quarter of 2015 includes a $2.2 billion retirement plans mark-to-market loss, $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines at FedEx Express and a $197 million reserve increase due to the settlement of a legal matter at FedEx Ground. In addition, the first, second and third quarters of 2015 and all quarters of 2014 have been recast to conform to the current year presentation reflecting the retirement plans accounting changes discussed further in Note 1 and Note 13 and that were included in our June 12, 2015, Form 8-K filing with the Securities and Exchange Commission.
[2]	The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods.

Business Combinations (Details)

Business Combinations (Details) € in Millions, $ in Millions	May. 31, 2015USD ($)	May. 31, 2015EUR (€)	May. 31, 2014USD ($)	May. 31, 2013USD ($)
Business Acquisition Cost Of Acquired Entity [Abstract]
Goodwill	$ 3,810		$ 2,790	$ 2,755
Poland acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Acquisition price				54
Brazil acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Acquisition price				398
France acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Acquisition price				$ 55
Southern Africa acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Acquisition price			$ 36
Bongo acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Goodwill	40
Acquisition price	42
GENCO acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Goodwill	1,100
Acquisition price	1,400
TNT acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Business Acquisitions Conditional Acquisition Price | €		€ 4,400
GENCO Bongo acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Current assets	349
Property and equipment	113
Goodwill	1,133
Identifiable intangible assets	172
Other non-current assets	26
Current liabilities	(245)
Long-term liabilities	(92)
Acquisition price	1,456
TNT acquisition USD [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Business Acquisitions Conditional Acquisition Price	$ 4,900

Goodwill and Other Intangible52

Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Millions		12 Months Ended
		May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2013
Net Goodwill Detail [Abstract]
Gross Goodwill at May 31					$ 4,065
Accumulated impairment charges					(1,310)
GOODWILL		$ 2,790	$ 2,790	$ 3,810	2,755
Goodwill Roll Forward
Beginning Goodwill at May 31		2,790	2,755
Goodwill acquired	[1]	1,133	24
Purchase adjustments and other	[2]	(113)	11
Ending Goodwill at May 31		3,810	2,790
FedEx Express Segment [Member]
Net Goodwill Detail [Abstract]
Gross Goodwill at May 31					1,715
GOODWILL		1,750	1,715	1,677	1,715
Goodwill Roll Forward
Beginning Goodwill at May 31		1,750	1,715
Goodwill acquired	[1]	40	24
Purchase adjustments and other	[2]	(113)	11
Ending Goodwill at May 31		1,677	1,750
FedEx Ground Segment [Member]
Net Goodwill Detail [Abstract]
Gross Goodwill at May 31					90
GOODWILL		90	90	1,145	90
Goodwill Roll Forward
Beginning Goodwill at May 31		90	90
Goodwill acquired		1,055
Ending Goodwill at May 31		1,145	90
FedEx Freight Segment [Member]
Net Goodwill Detail [Abstract]
Gross Goodwill at May 31					735
Accumulated impairment charges				(133)	(133)
GOODWILL		602	602	640	602
Goodwill Roll Forward
Beginning Goodwill at May 31		602	602
Goodwill acquired		38
Ending Goodwill at May 31		640	602
FedEx Services Segment [Member]
Net Goodwill Detail [Abstract]
Gross Goodwill at May 31					1,525
Accumulated impairment charges				(1,177)	(1,177)
GOODWILL		348	348	$ 348	$ 348
Goodwill Roll Forward
Beginning Goodwill at May 31		348	348
Ending Goodwill at May 31		$ 348	$ 348
[1]	Goodwill acquired relates to the acquisitions of transportation companies in Poland, France and Brazil in 2013, the acquisition of transportation companies in Southern Africa in 2014, and the acquisition of e-commerce and supply chain solutions companies in 2015. See Note 3 for related disclosures.
[2]	Primarily currency translation adjustments and acquired goodwill related to immaterial acquisitions.

Goodwill and Other Intangible53

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Goodwill and Other Intangible Assets [Abstract]
Intangible assets amortization expense	$ 21	$ 23	$ 27
Estimated 2016 amortization expense	30
Finite Lived Intangible Assets [Line Items]
Net Book Value	207	$ 57
GENCO intangible [Member]
Finite Lived Intangible Assets [Line Items]
Net Book Value	$ 164

Selected Current Liabilities (D

Selected Current Liabilities (Details) - USD ($) $ in Millions	May. 31, 2015	May. 31, 2014
Selected Current Liabilities Details [Abstract]
Salaries	$ 345	$ 267
Employee benefits, including variable compensation	507	434
Compensated absences	584	576
Accrued salaries and employee benefits	1,436	1,277
Self-insurance accruals	865	811
Taxes other than income taxes	328	339
Other	1,243	913
Accrued expenses	$ 2,436	$ 2,063

Long-term Debt and Other Fina55

Long-term Debt and Other Financing Arrangements (Details 1) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014
Debt Instrument [Line Items]
Capital lease obligations	$ 51	$ 11
Total Debt And Capital Lease Obligations	7,268	4,737
Less current portion	19	1
LONG-TERM DEBT, LESS CURRENT PORTION	7,249	4,736
Senior Unsecured Debt Due 2019 8.00% [Member]
Debt Instrument [Line Items]
Long Term Debt	750	750
Senior Unsecured Debt Due 2020 2.30% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 399
Debt Instrument Interest Rate Stated Percentage	2.30%
Debt Instrument, Maturity Date	Feb. 1, 2020
Senior Unsecured Debt Due 2023 2.625-2.70% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 749	748
Senior Unsecured Debt Due 2024 4.00% [Member]
Debt Instrument [Line Items]
Long Term Debt	749	749
Senior Unsecured Debt Due 2025 3.20% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 699
Debt Instrument Interest Rate Stated Percentage	3.20%
Debt Instrument, Maturity Date	Feb. 1, 2025
Senior Unsecured Debt Issued 2034 4.90% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 499	499
Senior Unsecured Debt Due 2035 3.90% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 498
Debt Instrument Interest Rate Stated Percentage	3.90%
Debt Instrument, Maturity Date	Feb. 1, 2035
Senior Unsecured Debt Due 2043 3.875-4.10% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 992	992
Senior Unsecured Debt Due 2044 5.10% [Member]
Debt Instrument [Line Items]
Long Term Debt	749	749
Senior Unsecured Debt Due 2045 4.10% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 646
Debt Instrument Interest Rate Stated Percentage	4.10%
Debt Instrument, Maturity Date	Feb. 1, 2045
Senior Unsecured Debt Due 2065 4.50% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 248
Debt Instrument Interest Rate Stated Percentage	4.50%
Debt Instrument, Maturity Date	Feb. 1, 2065
Senior Unsecured Debt Due 2098 7.60% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 239	239
Total Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 7,217	$ 4,726

Long Term Debt and Other Fina56

Long Term Debt and Other Financing Arrangements (Details 2) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014
Long Term Debt And Other Financing Arrangements [Line Items]
Long Term Debt Exclusive Of Capital Leases Fair Value	$ 7,400	$ 5,000
Line Of Credit Facility Maximum Borrowing Capacity	1,000
Line Of Credit Facility Current Borrowing Capacity	$ 1,000
Line Of Credit Facility Expiration Date	Mar. 1, 2018
Line Of Credit Facility Covenant Terms Maximum Leverage Ratio	70%
Line Of Credit Facility Covenant Terms Leverage Ratio	61%
Letters Of Credit Outstanding	$ 481
Unused Portion Of Letter Of Credit Facility	182
Letter Of Credit Maximum Facility	500
Surety Bonds Placed	867
Total Senior Unsecured Debt Issued January 2014 [Member]
Long Term Debt And Other Financing Arrangements [Line Items]
Senior Unsecured Debt Issued	2,500
Senior Unsecured Debt Due In 2020 2.30% [Member]
Long Term Debt And Other Financing Arrangements [Line Items]
Senior Unsecured Debt Issued	$ 400
Debt Instrument, Issuance Date	Jan. 6, 2015
Senior Unsecured Debt Due In 2025 3.20% [Member]
Long Term Debt And Other Financing Arrangements [Line Items]
Senior Unsecured Debt Issued	$ 700
Debt Instrument, Issuance Date	Jan. 6, 2015
Senior Unsecured Debt Due In 2035 3.90% [Member]
Long Term Debt And Other Financing Arrangements [Line Items]
Senior Unsecured Debt Issued	$ 500
Debt Instrument, Issuance Date	Jan. 6, 2015
Senior Unsecured Debt Due In 2045 4.10% [Member]
Long Term Debt And Other Financing Arrangements [Line Items]
Senior Unsecured Debt Issued	$ 650
Debt Instrument, Issuance Date	Jan. 6, 2015
Senior Unsecured Debt Due In 2065 4.50% [Member]
Long Term Debt And Other Financing Arrangements [Line Items]
Senior Unsecured Debt Issued	$ 250
Debt Instrument, Issuance Date	Jan. 6, 2015

Leases (Details 1)

Leases (Details 1) - USD ($) $ in Millions		12 Months Ended
		May. 31, 2015	May. 31, 2014	May. 31, 2013
Operating Leases Rent Expense [Abstract]
Minimum rentals		$ 2,249	$ 2,154	$ 2,061
Contingent rentals	[1]	194	197	192
Operating leases rent expense, total		$ 2,443	$ 2,351	$ 2,253
[1]	Contingent rentals are based on equipment usage.

Leases (Details 2)

Leases (Details 2) $ in Millions	May. 31, 2015USD ($)
Schedule of Future Minimum Operating Lease Payments [Line Items]
2,016	$ 2,128
2,017	2,241
2,018	1,751
2,019	1,511
2,020	1,265
Thereafter	7,489
Total	16,385
Aircraft and Related Equipment [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2,016	461
2,017	400
2,018	329
2,019	273
2,020	190
Thereafter	360
Total	2,013
Facilities and Other [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2,016	1,667
2,017	1,841
2,018	1,422
2,019	1,238
2,020	1,075
Thereafter	7,129
Total	$ 14,372

Leases (Details 3)

Leases (Details 3)	12 Months Ended
	May. 31, 2015	May. 31, 2014
Other Lease Information (Details) [Abstract]
Percentage Total Aircraft Fleet Leased	10.00%	10.00%
Operating Leases Weighted-Average Remaining Lease Term	6 years

Preferred Stock (Details)

Preferred Stock (Details) - May. 31, 2015 - $ / shares	Total
Preferred Stock Number Of Shares Par Value And Other Disclosures [Abstract]
Preferred Stock Shares Authorized	4,000,000
Preferred Stock Par Value	$ 0
Preferred Stock Shares Issued	0

Accumulated Other Comprehensi61

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Accumulated Other Comprehensive Income [Line Items]
Beginning balance	$ 506	$ 607
Ending balance	172	506	$ 607
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	17,110	16,171	16,055
PROVISION FOR INCOME TAXES	577	1,334	1,622
Amortization of prior service credits [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	115	115	114
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income [Line Items]
Beginning balance	81	106	65
Translation adjustment	(334)	(25)	41
Ending balance	(253)	81	106
Retirement Plans Adjustments [Member]
Accumulated Other Comprehensive Income [Line Items]
Beginning balance	425	501	564
Net gain (loss) and other arising during period	72	1	0
Reclassification from AOCI	(72)	(77)	(63)
Ending balance	425	425	501
Reclassification Out Of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	115	115	114
PROVISION FOR INCOME TAXES	(43)	(38)	(51)
Net Income	$ 72	$ 77	$ 63

Stock Based Compensation (Detai

Stock Based Compensation (Details 1) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Share Based Compensation Allocation And Classification In Financial Statements [Abstract]
Stock-based compensation expense	$ 133	$ 117	$ 109
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Stock-based compensation valuation method	Black-Scholes
Weighted-average Black-Scholes value	$ 53.33	$ 35.79	$ 29.20
Intrinsic value of options exercised	$ 253	$ 347	$ 107
Expected lives	6.3 years	6.2 years	6.1 years
Expected volatility	34.00%	35.00%	35.00%
Risk-free interest rate	2.02%	1.47%	0.94%
Dividend Yield	0.448%	0.561%	0.609%
Share Based Compensation Arrangement Stock Options [Abstract]
Stock option vesting period range	1 to 4 years
Percentage of options vesting ratably over four years	83.00%
Restricted stock expiration period	ratably over 4 years
Maximum term of stock options	10 years

Stock Based Compensation (Det63

Stock Based Compensation (Details 2) - May. 31, 2015 $ / shares in Units, $ in Millions		USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value [Abstract]
Outstanding at May 31, 2015 | $	[1]	$ 1,031
Stock options exercisable | $	[1]	678
Stock options expected to vest | $	[1]	$ 331
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll Forward
Outstanding at June 1, 2014		15,634,856
Stock options granted		2,445,146
Stock options exercised		(3,516,512)
Stock options forfeited		(341,666)
Outstanding at May 31, 2015		14,221,824
Stock options exercisable		7,994,368
Stock options expected to vest		5,853,809
Stock options available for future grants		13,157,142
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term (in years) [Abstract]
Outstanding at May 31, 2015		6.1
Stock options exercisable		4.5
Stock options expected to vest		8.2
Share Based Compensation Arrangement By Share Based Payment Award Options Weighted Average Exercise Price [Abstract]
Outstanding at June 1, 2014 | $ / shares		$ 91.71
Stock options granted | $ / shares		150.32
Stock options exercised | $ / shares		91.18
Stock options forfeited | $ / shares		107.62
Outstanding at May 31, 2015 | $ / shares		101.54
Stock options exercisable | $ / shares		89.19
Stock options expected to vest | $ / shares		$ 117.39
[1]	Only presented for options with market value at May 31, 2015 in excess of the exercise price of the option.

Stock Based Compensation (Det64

Stock Based Compensation (Details 3) - $ / shares	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward
Unvested at June 1, 2014	480,157
Restricted stock granted	154,115	191,964	220,391
Restricted stock vested	(192,920)
Restricted stock forfeited	(2,310)
Unvested at May 31, 2015	439,042	480,157
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Unvested at June 1, 2014	$ 91.46
Restricted stock granted	148.89	$ 100.8	$ 85.45
Restricted stock vested	88.33
Restricted stock forfeited	116.12
Unvested at May 31, 2015	$ 112.87	$ 91.46

Stock Based Compensation (Det65

Stock Based Compensation (Details 4) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Ratio Of Outstanding And Available To Grant Shares To Total Outstanding Common And Equity Compensation Shares And Equity Compensation Shares Available For Grant [Abstract]
Ratio Of Outstanding And Available To Grant Shares To Total Outstanding Common And Equity Compensation Shares And Equity Compensation Shares Available For Grant	9.00%
Share Based Compensation Arrangement By Share Based Award Options Vesting During Years [Abstract]
Vested during the year	2,611,524	2,408,179	2,824,757
Fair Value	$ 83	$ 65	$ 81
Unrecognized Compensation Cost Related To Unvested Share Based Compensation Arrangements [Abstract]
Total unrecognized compensation cost, net of estimated forfeitures	$ 183
Stock option remaining weighted average vesting period

Computation of Earnings Per S66

Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended																12 Months Ended
		May. 31, 2015	[2]	Feb. 28, 2015	[2]	Nov. 30, 2014	[2]	Aug. 31, 2014	[2]	May. 31, 2014	[2]	Feb. 28, 2014	[2]	Nov. 30, 2013	[2]	Aug. 31, 2013	[2]	May. 31, 2015	May. 31, 2014	May. 31, 2013
Basic earnings per common share:
Net earnings allocable to common shares	[1]																	$ 1,048	$ 2,320	$ 2,711
Weighted-average common shares																		283	307	315
Basic earnings per common share		$ (3.16)		$ 2.21		$ 2.34		$ 2.29		$ 2.66		$ 1.44		$ 1.77		$ 1.73		$ 3.70	$ 7.56	$ 8.61
Diluted earnings per common share:
Net earnings allocable to common shares	[1]																	$ 1,048	$ 2,320	$ 2,711
Weighted-average common shares																		283	307	315
Dilutive effect of share-based awards																		4	3	2
Weighted-average diluted shares																		287	310	317
Diluted earnings per common share		$ (3.16)		$ 2.18		$ 2.31		$ 2.26		$ 2.62		$ 1.42		$ 1.75		$ 1.72		$ 3.65	$ 7.48	$ 8.55
Anti-dilutive options excluded from diluted earnings per common share																		2.1	3.3	11.1
[1]	Net earnings available to participating securities were immaterial in all periods presented.
[2]	The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods.

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Current provision (benefit)
Federal	$ 795	$ 624	$ 512
State and local	102	56	86
Foreign	214	194	170
Current Provision, Total	1,111	874	768
Deferred provision (benefit)
Federal	(474)	360	802
State and local	(47)	82	93
Foreign	(13)	18	(41)
Deferred Provision, Total	(534)	460	854
Provision for Income Taxes, Total	$ 577	$ 1,334	$ 1,622

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Pre Tax Earnings Of Foreign Operations [Abstract]
Earnings (Loss) From Foreign Operations	$ 773	$ 412	$ (55)

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]
Statutory U.S. income tax rate	35.00%	35.00%	35.00%
Effective tax rate	35.50%	36.50%	37.40%
IncomeTax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Taxes computed at federal statutory rate	$ 569	$ 1,280	$ 1,518
State and local income taxes, net of federal benefit	36	90	117
Foreign operations	(43)	(38)	(21)
Other, net	15	2	8
PROVISION FOR INCOME TAXES	$ 577	$ 1,334	$ 1,622

Income Taxes (Details 4)

Income Taxes (Details 4) - USD ($) $ in Millions	May. 31, 2015	May. 31, 2014
Components Of Deferred Tax Assets [Abstract]
Property, equipment, leases and intangibles	$ 93	$ 120
Employee benefits	2,029	1,464
Self-insurance accruals	607	555
Other	477	368
Net operating loss/credit carryforwards	326	333
Valuation allowances	(224)	(245)
Deferred Tax Assets, Net	3,308	2,595
Components Of Deferred Tax Liabilities [Abstract]
Property, equipment, leases and intangibles	3,872	3,730
Employee benefits	13	11
Other	414	366
Deferred Tax Liabilities	$ 4,299	$ 4,107

Income Taxes (Details 5)

Income Taxes (Details 5) - USD ($) $ in Millions		May. 31, 2015	May. 31, 2014
Deferred Tax Assets Liabilities Net [Abstract]
Current deferred tax assets		$ 606	$ 522
Noncurrent deferred tax assets	[1]	150	80
Noncurrent deferred tax liabilities		(1,747)	(2,114)
Net deferred tax liabilities		$ (991)	$ (1,512)
[1]	Noncurrent deferred tax assets are included in the line item Other Assets in our Consolidated Balance Sheet.

Income Taxes (Details 6)

Income Taxes (Details 6) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward
Balance at beginning of year	$ 38	$ 47	$ 51
Increases for tax positions taken in the current year	1	1	1
Increases for tax positions taken in prior years	6	3	3
Decreases for tax positions taken in prior years	(2)	(3)	(3)
Settlements	(2)	(6)	(9)
Increases due to acquisitions			4
Decrease from lapse of statute of limitations		(3)	(2)
Changes due to currency translation	(5)	(1)	2
Balance at end of year	$ 36	$ 38	$ 47

Income Taxes (Details 7)

Income Taxes (Details 7) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014
Income Tax Uncertainties [Abstract]
Unrecognized Tax Benefits That Would Impact Effective Tax Rate	$ 31	$ 33
Unrecognized Tax Benefits Accrued Income Tax Penalties And Interest	19	19
Permanently Reinvested Earnings Of Foreign Subsidiaries [Abstract]
Permanently Reinvested Earnings of Foreign Subsidiaries	1,900	1,600
Permanent Reinvestment Strategy Benefit To Effective Tax Rate	$ 48
Percent Income Earned in US Companies	75.00%
Cash in Offshore Jurisdictions Associated With Permanent Reinvestment Strategy	$ 478	$ 471
Foreign Country [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	968
State And Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 589

Retirement Plans (Details 1)

Retirement Plans (Details 1) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013	May. 31, 2012
Acturial gain/loss by component pre-tax [Abstract]
Discount rates	$ 791	$ 705	$ (1,076)
Return on assets	(35)	(1,013)	(696)
Demographic assumptions	1,434	$ 323	$ 404
Increase in overall projected benefit obligation	$ 1,200
U.S. pension plan actual rate of return on assets		13.30%	12.10%
Weighted Average Discount Rate Percent all pension postretirement plans	4.38%	4.57%	4.76%	4.44%
Total mark-to-market loss (gain)	$ 2,190	$ 15	$ (1,368)
Pension and Other Postretirement Benefit Expense [Abstract]
Defined benefit pension plans	(41)	99	163
Defined contribution plans	385	363	354
Postretirement healthcare plans	81	78	78
Retirement plans mark to market	2,190	15	(1,368)
Retirement plans costs	$ 2,615	$ 555	$ (773)

Retirement Plans (Details 2)

Retirement Plans (Details 2)	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Pension Plans [Member]
Defined Benefit Plan Assumptions Used In Calculations [Abstract]
Discount rate used to determine benefit obligation	4.42%	4.60%	4.79%
Discount rate used to determine net periodic benefit cost	4.60%	4.79%	4.44%
Rate of increase in future compensation levels used to determine benefit obligation	4.62%	4.56%	4.54%
Rate of increase in future compensation levels used to determine net periodic benefit cost	4.56%	4.54%	4.62%
Expected long-term rate of return on assets	7.75%	7.75%	8.00%
Expected long-term rate of return on assets - Segment Reporting	6.50%	6.50%	6.50%
Postretirement Healthcare Plans [Member]
Defined Benefit Plan Assumptions Used In Calculations [Abstract]
Discount rate used to determine benefit obligation	4.60%	4.70%	4.91%
Discount rate used to determine net periodic benefit cost	4.70%	4.91%	4.55%

Retirement Plans (Details 3)

Retirement Plans (Details 3)	12 Months Ended
	May. 31, 2015
Defined Benefit Plan Assets Other Information [Abstract]
Actual rate of return on plan assets for the 15-year period	6.70%

Retirement Plans (Details 4)

Retirement Plans (Details 4) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 23,006	$ 21,444
Quoted Prices In Active Markets Level 1	3,565	3,141
Other Observable Inputs Level 2	19,215	18,027
Unobservable Inputs Level 3	226	276
Cash And Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 738	$ 313
Actual %	3.00%	2.00%
Target %	0 - 5%	0 - 5%
Quoted Prices In Active Markets Level 1	$ 36	$ 55
Other Observable Inputs Level 2	702	258
U.S. Large Cap Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 4,291	$ 5,196
Actual %	19.00%	24.00%
Quoted Prices In Active Markets Level 1	$ 302	$ 55
Other Observable Inputs Level 2	3,989	5,141
U.S. SMID Cap Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 979	$ 886
Actual %	4.00%	4.00%
Quoted Prices In Active Markets Level 1	$ 979	$ 886
International Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 3,064	$ 2,652
Actual %	14.00%	12.00%
Quoted Prices In Active Markets Level 1	$ 2,429	$ 2,206
Other Observable Inputs Level 2	635	446
Global Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 2,579	$ 1,367
Actual %	11.00%	7.00%
Other Observable Inputs Level 2	$ 2,579	$ 1,367
Private Equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 226	$ 276
Actual %	1.00%	1.00%
Unobservable Inputs Level 3	$ 226	$ 276
Total Equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Target %	35 - 55%	35 - 55%
Corporate Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 6,455	$ 5,758
Actual %	28.00%	27.00%
Other Observable Inputs Level 2	$ 6,455	$ 5,758
Government Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 4,645	$ 4,782
Actual %	20.00%	22.00%
Other Observable Inputs Level 2	$ 4,645	$ 4,782
Mortgage Backed And Other Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 213	$ 275
Actual %	1.00%	1.00%
Other Observable Inputs Level 2	$ 213	$ 275
Total Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Target %	45 - 65%	45 - 65%
Other Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ (184)	$ (61)
Actual %	(1.00%)
Quoted Prices In Active Markets Level 1	$ (181)	$ (61)
Other Observable Inputs Level 2	$ (3)
Total Asset Class [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual %	100.00%	100.00%

Retirement Plans (Details 5)

Retirement Plans (Details 5) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014
Defined Benefit Plan Change In Fair Value Of Plan Assets Roll Forward
Beginning balance May 31	$ 21,444
Actual return on plan assets
Ending balance May 31	23,006	$ 21,444
Fair Value Inputs Level 3 [Member]
Defined Benefit Plan Change In Fair Value Of Plan Assets Roll Forward
Beginning balance May 31	276	332
Actual return on plan assets
Assets held during current year	(15)	(17)
Assets sold during the year	43	53
Purchases, sales and settlements	(78)	(92)
Ending balance May 31	$ 226	$ 276

Retirement Plans (Details 6)

Retirement Plans (Details 6) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Change in Plan Assets
Beginning balance May 31	$ 21,444
Ending balance May 31	23,006	$ 21,444
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation ("ABO")	26,793	23,805
Changes in Projected Benefit Obligation ("PBO") and Accumulated Postretirement Benefit Obligation ("APBO")
PBO/APBO at the beginning of year	24,578	22,600
Service cost	653	657	$ 692
Interest cost	1,096	1,055	968
Actuarial loss	2,231	1,021
Benefits paid	(815)	(801)
Other	(231)	46
PBO/APBO at the end of year	27,512	24,578	22,600
Change in Plan Assets
Beginning balance May 31	21,907	19,433
Actual return on plan assets	1,718	2,509
Company contributions	746	727
Benefits paid	(815)	(801)
Other	(51)	39
Ending balance May 31	23,505	21,907	19,433
Funded Status of the Plans	(4,007)	(2,671)
Amount Recognized in the Balance Sheet at May 31
Noncurrent asset	26	5
Current pension, postretirement healthcare and other benefit obligations	(34)	(41)
Noncurrent pension, postretirement healthcare and other benefit obligations	(3,999)	(2,635)
Net amount recognized	(4,007)	(2,671)
Amounts Recognized in AOCI and not yet reflected in Net Periodic Benefit Cost
Prior service (credit) cost and other	(668)	(670)
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year Abstract
Prior service credit and other	(121)	(115)
Postretirement Healthcare Plans [Member]
Changes in Projected Benefit Obligation ("PBO") and Accumulated Postretirement Benefit Obligation ("APBO")
PBO/APBO at the beginning of year	883	828
Service cost	40	38	42
Interest cost	41	40	36
Actuarial loss	6	5
Benefits paid	(73)	(62)
Other	32	34
PBO/APBO at the end of year	929	883	$ 828
Change in Plan Assets
Company contributions	37	28
Benefits paid	(73)	(62)
Other	36	34
Funded Status of the Plans	(929)	(883)
Amount Recognized in the Balance Sheet at May 31
Current pension, postretirement healthcare and other benefit obligations	(42)	(41)
Noncurrent pension, postretirement healthcare and other benefit obligations	(887)	(842)
Net amount recognized	$ (929)	(883)
Amounts Recognized in AOCI and not yet reflected in Net Periodic Benefit Cost
Prior service (credit) cost and other		$ 1

Retirement Plans (Details 7)

Retirement Plans (Details 7) - USD ($) $ in Millions	May. 31, 2015	May. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	$ 23,006	$ 21,444
Qualified [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation ("PBO")	26,365	23,439
Fair Value of Plan Assets	23,006	21,444
Funded Status of the Plans	(3,359)	(1,995)
Nonqualified [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation ("PBO")	271	280
Funded Status of the Plans	(271)	(280)
International Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation ("PBO")	876	859
Fair Value of Plan Assets	499	463
Funded Status of the Plans	(377)	(396)
Components Total [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation ("PBO")	27,512	24,578
Fair Value of Plan Assets	23,505	21,907
Funded Status of the Plans	$ (4,007)	$ (2,671)

Retirement Plans (Details 8)

Retirement Plans (Details 8) - USD ($) $ in Millions		May. 31, 2015	May. 31, 2014
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract]
ABO	[1]	$ (26,413)	$ (23,447)
Fair value of plan assets		23,099	21,542
PBO		(27,132)	(24,218)
Net funded status		(4,033)	(2,676)
Defined Benefit Plan Plans With Benefit Obligations In Excess Of Plan Assets [Abstract]
Fair value of plan assets		23,099	21,543
PBO		(27,132)	(24,219)
Net funded status		$ (4,033)	$ (2,676)
[1]	ABO not used in determination of funded status.

Retirement Plans (Details 9)

Retirement Plans (Details 9) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014
Pension Plans Contributions [Abstract]
Required U.S. pension plans contributions	$ 388	$ 645
Voluntary U.S. pension plans contributions	272	15
Company contributions	$ 660	$ 660
Required U.S. pension plans contributions in 2016	500
U.S. pension plans contributions in 2016	660

Retirement Plans (Details 10)

Retirement Plans (Details 10) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	$ 653	$ 657	$ 692
Interest cost	1,096	1,055	968
Expected return on plan assets	(1,678)	(1,495)	(1,383)
Amortization of prior service credit	(115)	(115)	(114)
Recognized actuarial losses (gains) and other	2,190	7	(1,350)
Total net periodic benefit cost	2,146	109	(1,187)
Postretirement Healthcare Plans [Member]
Net Periodic Benefit Cost
Service cost	40	38	42
Interest cost	41	40	36
Recognized actuarial losses (gains) and other	6	5	(17)
Total net periodic benefit cost	$ 87	$ 83	$ 61

Retirement Plans (Details 11)

Retirement Plans (Details 11) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income [Abstract]
Total recognized in OCI, Net of Tax Amount		$ 76	$ 63
Pension Plans [Member]
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income [Abstract]
Net (gain) loss and other arising during period, Gross Amount	$ (113)	(1)
Other Comprehensive Income Loss Amortization Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax	115	115
Total recognized in OCI, Gross Amount	2	114
Net (gain) loss and other arising during period, Net of Tax Amount	(72)	(1)
Other Comprehensive Income Loss Amortization Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax	72	77
Total recognized in OCI, Net of Tax Amount	0	$ 76
Postretirement Healthcare Plans [Member]
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income [Abstract]
Net (gain) loss and other arising during period, Gross Amount	(1)
Total recognized in OCI, Gross Amount	$ (1)

Retirement Plans (Details 12)

Retirement Plans (Details 12) $ in Millions	May. 31, 2015USD ($)
Pension Plans [Member]
Defined Benefit Plan Estimated Future Benefit Payments Abstract
2,016	$ 913
2,017	998
2,018	1,047
2,019	1,147
2,020	1,258
2021-2025	8,107
Postretirement Healthcare Plans [Member]
Defined Benefit Plan Estimated Future Benefit Payments Abstract
2,016	42
2,017	42
2,018	45
2,019	46
2,020	48
2021-2025	$ 275

Retirement Plans (Details 13)

Retirement Plans (Details 13) - May. 31, 2015	Total
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract]
Defined Benefit Plan Health Care Cost Trend Rate Assumed For Next Fiscal Year	7.30%
Defined Benefit Plan Ultimate Health Care Cost Trend Rate	4.50%
Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate	2,029

Business Segment Information (D

Business Segment Information (Details 1) - USD ($) $ in Millions		3 Months Ended																12 Months Ended
		May. 31, 2015		Feb. 28, 2015		Nov. 30, 2014		Aug. 31, 2014		May. 31, 2014		Feb. 28, 2014		Nov. 30, 2013		Aug. 31, 2013		May. 31, 2015		May. 31, 2014	May. 31, 2013
Segment Reporting Information [Line Items]
Revenues		$ 12,114		$ 11,716		$ 11,939		$ 11,684		$ 11,839		$ 11,301		$ 11,403		$ 11,024		$ 47,453		$ 45,567	$ 44,287
Depreciation and amortization																		2,611		2,587	2,386
Operating income		(1,321)	[1]	$ 1,038	[1]	$ 1,088	[1]	$ 1,062	[1]	1,264	[1]	$ 737	[1]	$ 923	[1]	$ 891	[1]	1,867		3,815	4,434
Segment assets		37,069								33,070								37,069		33,070
Capital expenditures																		4,347		3,533	3,375
FedEx Express Segment [Member]
Segment Reporting Information [Line Items]
Revenues																		27,239		27,121	27,171
Depreciation and amortization																		1,460		1,488	1,350
Operating income																		1,584	[2]	1,428	929	[2]
Segment assets	[3]	20,759								19,901								20,759		19,901	18,935
Capital expenditures																		2,380		1,994	2,067
FedEx Ground Segment [Member]
Segment Reporting Information [Line Items]
Revenues																		12,984		11,617	10,578
Depreciation and amortization																		530		468	434
Operating income																		2,172		2,021	1,859	[4]
Segment assets	[3]	11,764								8,466								11,764		8,466	7,353
Capital expenditures																		1,248		850	555
FedEx Freight Segment [Member]
Segment Reporting Information [Line Items]
Revenues																		6,191		5,757	5,401
Depreciation and amortization																		230		231	217
Operating income																		484		351	246	[5]
Segment assets	[3]	3,530								3,216								3,530		3,216	2,953
Capital expenditures																		337		325	326
FedEx Services Segment [Member]
Segment Reporting Information [Line Items]
Revenues																		1,545		1,536	1,580
Depreciation and amortization																		390		399	384
Segment assets	[3]	5,357								5,186								5,357		5,186	4,879
Capital expenditures																		381		363	424
Corporate, eliminations and other [Member]
Segment Reporting Information [Line Items]
Revenues																		(506)		(464)	(443)
Depreciation and amortization																		1		1	1
Operating income	[6]																	(2,373)		15	1,400
Segment assets	[3]	(4,341)								(3,699)								(4,341)		(3,699)	(553)
Capital expenditures																		1		1	3
Consolidated Total [Member]
Segment Reporting Information [Line Items]
Revenues																		47,453		45,567	44,287
Operating income																		1,867		3,815	4,434
Segment assets		$ 37,069								$ 33,070								37,069		33,070	33,567
Capital expenditures																		$ 4,347		$ 3,533	$ 3,375
[1]	The fourth quarter of 2015 includes a $2.2 billion retirement plans mark-to-market loss, $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines at FedEx Express and a $197 million reserve increase due to the settlement of a legal matter at FedEx Ground. In addition, the first, second and third quarters of 2015 and all quarters of 2014 have been recast to conform to the current year presentation reflecting the retirement plans accounting changes discussed further in Note 1 and Note 13 and that were included in our June 12, 2015, Form 8-K filing with the Securities and Exchange Commission.
[2]	FedEx Express segment 2015 operating income includes $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines. FedEx Express segment 2013 operating income includes $405 million of direct and allocated business realignment costs and an impairment charge of $100 million resulting from the decision to retire 10 aircraft and related engines.
[3]	Segment assets include intercompany receivables.
[4]	FedEx Ground segment 2013 operating income includes $105 million of allocated business realignment costs.
[5]	FedEx Freight segment 2013 operating income includes $50 million in direct and allocated business realignment costs.
[6]	Operating income includes a loss of $2.2 billion in 2015, a loss of $15 million in 2014 and a gain of $1.4 billion in 2013 associated with our mark-to-market pension accounting. Operating income in 2015 also includes a $197 million charge in the fourth quarter to increase the legal reserve associated with the settlement of a legal matter at FedEx Ground to the amount of the settlement.

Business Segment Information 88

Business Segment Information (Details 2) $ in Millions	3 Months Ended	12 Months Ended
	May. 31, 2015USD ($)	May. 31, 2015USD ($)	May. 31, 2014USD ($)	May. 31, 2013USD ($)
Business Segment Information Table Detail [Line Items]
Business Realignment Costs				$ 560
Asset Impairment Charges	$ 276
Ground legal reserve	197
Mark to Market pension accounting	$ 2,200
FedEx Express Segment [Member]
Business Segment Information Table Detail [Line Items]
Business Realignment Costs			$ 405
Asset Impairment Charges		$ 276	$ 100
Number Of Impaired Aircraft			10
FedEx Ground Segment [Member]
Business Segment Information Table Detail [Line Items]
Business Realignment Costs				105
Ground legal reserve		197
FedEx Freight Segment [Member]
Business Segment Information Table Detail [Line Items]
Business Realignment Costs				50
Corporate, eliminations and other [Member]
Business Segment Information Table Detail [Line Items]
Mark to Market pension accounting		$ 2,200	$ 15	$ (1,400)

Business Segment Information 89

Business Segment Information (Details 3) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		May. 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May. 31, 2014	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	May. 31, 2015	May. 31, 2014	May. 31, 2013
Entity Wide Information Revenue From External Customer [Line Items]
Total revenue		$ 12,114	$ 11,716	$ 11,939	$ 11,684	$ 11,839	$ 11,301	$ 11,403	$ 11,024	$ 47,453	$ 45,567	$ 44,287
FedEx Express Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
U.S. overnight box										6,704	6,555	6,513
U.S. overnight envelope										1,629	1,636	1,705
U.S. deferred										3,342	3,188	3,020
Total U.S. domestic package revenue										11,675	11,379	11,238
International priority										6,251	6,451	6,586
International economy										2,301	2,229	2,046
Total international export package revenue										8,552	8,680	8,632
International domestic	[1]									1,406	1,446	1,398
Total package revenue										21,633	21,505	21,268
U.S. freight										2,300	2,355	2,562
International priority freight										1,588	1,594	1,678
International airfreight										180	205	276
Total freight revenue										4,068	4,154	4,516
Other	[2]									1,538	1,462	1,387
Total revenue										27,239	27,121	27,171
FedEx Ground Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
FedEx Ground										11,563	10,634	9,652
FedEx SmartPost										1,005	983	926
GENCO Revenue										416
Total revenue										12,984	11,617	10,578
FedEx Freight Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Total revenue										6,191	5,757	5,401
FedEx Services Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Total revenue										1,545	1,536	1,580
Corporate, eliminations and other
Entity Wide Information Revenue From External Customer [Line Items]
Total revenue										(506)	(464)	(443)
Consolidated Total [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Total revenue										$ 47,453	$ 45,567	$ 44,287
[1]	International domestic revenues represent our international intra-country express operations.
[2]	Includes FedEx Trade Networks, FedEx SupplyChain Systems and Bongo.

Business Segment Information 90

Business Segment Information (Details 4) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		May. 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May. 31, 2014	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	May. 31, 2015	May. 31, 2014	May. 31, 2013
Revenues From External Customers And Long Lived Assets [Line Items]
U.S. revenue										$ 34,216	$ 32,259	$ 30,948
Total revenue		$ 12,114	$ 11,716	$ 11,939	$ 11,684	$ 11,839	$ 11,301	$ 11,403	$ 11,024	47,453	45,567	44,287
U.S. Noncurrent assets	[1]	23,514				20,658				23,514	20,658	19,637
International Noncurrent assets	[1]	2,614				2,729				2,614	2,729	2,656
Total Noncurrent Assets	[1]	$ 26,128				$ 23,387				26,128	23,387	22,293
FedEx Express Segment [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
International revenue	[1]									12,772	12,916	12,959
Total revenue										27,239	27,121	27,171
FedEx Ground Segment [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
International revenue	[1]									311	248	234
Total revenue										12,984	11,617	10,578
FedEx Freight Segment [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
International revenue	[1]									142	130	112
Total revenue										6,191	5,757	5,401
FedEx Services Segment [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
International revenue	[1]									12	14	34
Total revenue										1,545	1,536	1,580
International Total [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
International revenue	[1]									13,237	13,308	13,339
Consolidated Total [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue										$ 47,453	$ 45,567	$ 44,287
[1]	International revenue includes shipments that either originate in or are destined to locations outside the United States which could include U.S. payors. Noncurrent assets include property and equipment, goodwill and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally.

Supplemental Cash Flow Inform91

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Supplemental Cash Flow Information [Abstract]
Interest (net of capitalized interest)	$ 201	$ 131	$ 80
Income taxes	1,122	820	687
Income tax refunds received	(9)	(54)	(219)
Cash tax payments, net	$ 1,113	$ 766	$ 468

Guarantees and Indemnificatio92

Guarantees and Indemnifications (Details) $ in Millions	May. 31, 2015USD ($)
Guarantees [Abstract]
Guaranteed Principal Amount Of Special Facility Revenue Bonds	$ 483
Future Principal And Interest Payments For Special Facility Revenue Bonds	$ 578

Commitments (Details 1)

Commitments (Details 1) $ in Millions		May. 31, 2015USD ($)
Schedule of Purchase Commitments [Line Items]
2,016		$ 2,315
2,017		1,259
2,018		1,527
2,019		1,086
2,020		684
Thereafter		3,875
Total		10,746
Aircraft And Related Equipment Commitments [Member]
Schedule of Purchase Commitments [Line Items]
2,016		1,255
2,017		1,024
2,018		1,399
2,019		1,017
2,020		662
Thereafter		3,786
Total		9,143
Other [Member]
Schedule of Purchase Commitments [Line Items]
2,016	[1]	1,060
2,017	[1]	235
2,018	[1]	128
2,019	[1]	69
2,020	[1]	22
Thereafter	[1]	89
Total	[1]	$ 1,603
[1]	Primarily equipment, advertising contracts and in 2016, approximately $500 million of estimated required quarterly contributions to our U.S. Pension Plans.

Commitments (Details 2)

Commitments (Details 2)	May. 31, 2015
Schedule of Aircraft Commitments [Line Items]
2,016	13
2,017	12
2,018	13
2,019	8
2,020	3
Thereafter	9
Total	58
Boeing 777 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2,016	2
2,018	2
2,019	2
2,020	3
Thereafter	9
Total	18
Boeing 767 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2,016	11
2,017	12
2,018	11
2,019	6
Total	40

Commitments (Details 3)

Commitments (Details 3) - May. 31, 2015 $ in Millions	USD ($)
Other Commitment Disclosures [Abstract]
Deposit and Progress Payments	$ 472
Required U.S. pension plans contributions in 2016	500
Other Aircraft Disclosures [Line Items]
Boeing 777F Conditional Aircraft Commitments	9
Boeing 767F Conditional Aircraft Commitments	3

Contingencies (Details)

Contingencies (Details) $ in Millions	12 Months Ended
	May. 31, 2015USD ($)
GainLossRelatedToLitigationSettlementAbstract
LitigationSettlementAmount	$ 228

Related Party Transactions (Det

Related Party Transactions (Details)	12 Months Ended
	May. 31, 2015
Related Party Transactions [Abstract]
Related Party Ownership Interest	10.00%

Summary of Quarterly Operatin98

Summary of Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended																12 Months Ended
	May. 31, 2015		Feb. 28, 2015		Nov. 30, 2014		Aug. 31, 2014		May. 31, 2014		Feb. 28, 2014		Nov. 30, 2013		Aug. 31, 2013		May. 31, 2015	May. 31, 2014	May. 31, 2013
Selected Quarterly Financial Information Special Items [Abstract]
Asset Impairment Charges	$ 276
Ground legal reserve	197
Mark to Market pension accounting	2,200
Selected Quarterly Financial Information [Abstract]
Revenues	12,114		$ 11,716		$ 11,939		$ 11,684		$ 11,839		$ 11,301		$ 11,403		$ 11,024		$ 47,453	$ 45,567	$ 44,287
Operating income	(1,321)	[1]	1,038	[1]	1,088	[1]	1,062	[1]	1,264	[1]	737	[1]	923	[1]	891	[1]	1,867	3,815	4,434
Net income	$ (895)	[1]	$ 628	[1]	$ 663	[1]	$ 653	[1]	$ 780	[1]	$ 437	[1]	$ 559	[1]	$ 548	[1]	$ 1,050	$ 2,324	$ 2,716
Basic earnings per common share	$ (3.16)	[2]	$ 2.21	[2]	$ 2.34	[2]	$ 2.29	[2]	$ 2.66	[2]	$ 1.44	[2]	$ 1.77	[2]	$ 1.73	[2]	$ 3.70	$ 7.56	$ 8.61
Diluted earnings per common share	$ (3.16)	[2]	$ 2.18	[2]	$ 2.31	[2]	$ 2.26	[2]	$ 2.62	[2]	$ 1.42	[2]	$ 1.75	[2]	$ 1.72	[2]	$ 3.65	$ 7.48	$ 8.55
[1]	The fourth quarter of 2015 includes a $2.2 billion retirement plans mark-to-market loss, $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines at FedEx Express and a $197 million reserve increase due to the settlement of a legal matter at FedEx Ground. In addition, the first, second and third quarters of 2015 and all quarters of 2014 have been recast to conform to the current year presentation reflecting the retirement plans accounting changes discussed further in Note 1 and Note 13 and that were included in our June 12, 2015, Form 8-K filing with the Securities and Exchange Commission.
[2]	The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods.

Condensed Consolidating Finan99

Condensed Consolidating Financial Statements (Details 1) $ in Millions	May. 31, 2015USD ($)
Guarantor Obligations [Abstract]
Debt Guarantee	$ 7,000

Condensed Consolidating Fina100

Condensed Consolidating Financial Statements (Details 2) - USD ($) $ in Millions	May. 31, 2015	May. 31, 2014	May. 31, 2013	May. 31, 2012
CURRENT ASSETS
Cash and cash equivalents	$ 3,763	$ 2,908	$ 4,917	$ 2,843
Receivables, less allowances	5,719	5,460
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	853	793
Deferred income taxes	606	522
Total current assets	10,941	9,683
PROPERTY AND EQUIPMENT, AT COST	42,864	40,691
Less accumulated depreciation and amortization	21,989	21,141
Net property and equipment	20,875	19,550
GOODWILL	3,810	2,790	2,755
Other assets	1,443	1,047
ASSETS	37,069	33,070
CURRENT LIABILITIES
Current portion of long-term debt	19	1
Accrued salaries and employee benefits	1,436	1,277
Accounts payable	2,066	1,971
Accrued expenses	2,436	2,063
Total current liabilities	5,957	5,312
LONG-TERM DEBT, LESS CURRENT PORTION	7,249	4,736
OTHER LONG-TERM LIABILITIES
Deferred income taxes	1,747	2,114
Other liabilities	7,123	5,631
Total other long-term liabilities	8,870	7,745
STOCKHOLDERS' INVESTMENT	14,993	15,277	17,398	14,727
LIABILITIES AND STOCKHOLDERS' INVESTMENT	37,069	33,070
Parent Company [Member]
CURRENT ASSETS
Cash and cash equivalents	2,383	1,756	3,892	1,906
Receivables, less allowances	3	2
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	41	59
Total current assets	2,427	1,817
PROPERTY AND EQUIPMENT, AT COST	29	28
Less accumulated depreciation and amortization	23	22
Net property and equipment	6	6
INVESTMENT IN SUBSIDIARIES	23,173	22,148
Other assets	2,752	2,088
ASSETS	28,358	26,059
CURRENT LIABILITIES
Accrued salaries and employee benefits	34	55
Accounts payable	5	2
Accrued expenses	604	405
Total current liabilities	643	462
LONG-TERM DEBT, LESS CURRENT PORTION	6,978	4,487
INTERCOMPANY PAYABLE	2,249	3,686
OTHER LONG-TERM LIABILITIES
Other liabilities	3,495	2,147
Total other long-term liabilities	3,495	2,147
STOCKHOLDERS' INVESTMENT	14,993	15,277
LIABILITIES AND STOCKHOLDERS' INVESTMENT	28,358	26,059
Guarantor Subsidiaries [Member]
CURRENT ASSETS
Cash and cash equivalents	487	441	405	417
Receivables, less allowances	4,383	4,338
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	689	674
Deferred income taxes	571	501
Total current assets	6,130	5,954
PROPERTY AND EQUIPMENT, AT COST	40,364	38,303
Less accumulated depreciation and amortization	20,685	19,899
Net property and equipment	19,679	18,404
INTERCOMPANY RECEIVABLE	686	2,366
GOODWILL	1,552	1,552
INVESTMENT IN SUBSIDIARIES	3,800	3,745
Other assets	898	747
ASSETS	32,745	32,768
CURRENT LIABILITIES
Current portion of long-term debt	7	1
Accrued salaries and employee benefits	1,208	1,042
Accounts payable	1,433	1,530
Accrued expenses	1,557	1,444
Total current liabilities	4,205	4,017
LONG-TERM DEBT, LESS CURRENT PORTION	248	249
OTHER LONG-TERM LIABILITIES
Deferred income taxes	4,206	4,059
Other liabilities	3,367	3,230
Total other long-term liabilities	7,573	7,289
STOCKHOLDERS' INVESTMENT	20,719	21,213
LIABILITIES AND STOCKHOLDERS' INVESTMENT	32,745	32,768
Non Guarantor Subsidiaries [Member]
CURRENT ASSETS
Cash and cash equivalents	971	861	717	636
Receivables, less allowances	1,385	1,151
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	123	60
Deferred income taxes	35	21
Total current assets	2,514	2,093
PROPERTY AND EQUIPMENT, AT COST	2,471	2,360
Less accumulated depreciation and amortization	1,281	1,220
Net property and equipment	1,190	1,140
INTERCOMPANY RECEIVABLE	1,563	1,320
GOODWILL	2,258	1,238
Other assets	477	250
ASSETS	8,002	6,041
CURRENT LIABILITIES
Current portion of long-term debt	12
Accrued salaries and employee benefits	194	180
Accounts payable	758	620
Accrued expenses	275	214
Total current liabilities	1,239	1,014
LONG-TERM DEBT, LESS CURRENT PORTION	23
OTHER LONG-TERM LIABILITIES
Deferred income taxes	225	93
Other liabilities	261	254
Total other long-term liabilities	486	347
STOCKHOLDERS' INVESTMENT	6,254	4,680
LIABILITIES AND STOCKHOLDERS' INVESTMENT	8,002	6,041
Consolidation Eliminations [Member]
CURRENT ASSETS
Cash and cash equivalents	(78)	(150)	$ (97)	$ (116)
Receivables, less allowances	(52)	(31)
Total current assets	(130)	(181)
INTERCOMPANY RECEIVABLE	(2,249)	(3,686)
INVESTMENT IN SUBSIDIARIES	(26,973)	(25,893)
Other assets	(2,684)	(2,038)
ASSETS	(32,036)	(31,798)
CURRENT LIABILITIES
Accounts payable	(130)	(181)
Total current liabilities	(130)	(181)
INTERCOMPANY PAYABLE	(2,249)	(3,686)
OTHER LONG-TERM LIABILITIES
Deferred income taxes	(2,684)	(2,038)
Total other long-term liabilities	(2,684)	(2,038)
STOCKHOLDERS' INVESTMENT	(26,973)	(25,893)
LIABILITIES AND STOCKHOLDERS' INVESTMENT	$ (32,036)	$ (31,798)

Condensed Consolidating Fina101

Condensed Consolidating Financial Statements (Details 3) - USD ($) $ in Millions	3 Months Ended																12 Months Ended
	May. 31, 2015		Feb. 28, 2015		Nov. 30, 2014		Aug. 31, 2014		May. 31, 2014		Feb. 28, 2014		Nov. 30, 2013		Aug. 31, 2013		May. 31, 2015	May. 31, 2014	May. 31, 2013
Condensed Financial Statements Captions [Line Items]
REVENUES	$ 12,114		$ 11,716		$ 11,939		$ 11,684		$ 11,839		$ 11,301		$ 11,403		$ 11,024		$ 47,453	$ 45,567	$ 44,287
OPERATING EXPENSES:
Salaries and employee benefits																	17,110	16,171	16,055
Purchased transportation																	8,483	8,011	7,272
Rentals and landing fees																	2,682	2,622	2,521
Depreciation and amortization																	2,611	2,587	2,386
Fuel																	3,720	4,557	4,746
Maintenance and repairs																	2,099	1,862	1,909
Business realignment, impairment and other charges																	276		660
Retirement plans mark-to-market adjustment																	2,190	15	(1,368)
Other																	6,415	5,927	5,672
OPERATING EXPENSES																	45,586	41,752	39,853
OPERATING INCOME	(1,321)	[1]	1,038	[1]	1,088	[1]	1,062	[1]	1,264	[1]	737	[1]	923	[1]	891	[1]	1,867	3,815	4,434
OTHER INCOME (EXPENSE):
Interest, net																	(221)	(142)	(61)
Other, net																	(19)	(15)	(35)
INCOME BEFORE INCOME TAXES																	1,627	3,658	4,338
PROVISION FOR INCOME TAXES																	577	1,334	1,622
NET INCOME	$ (895)	[1]	$ 628	[1]	$ 663	[1]	$ 653	[1]	$ 780	[1]	$ 437	[1]	$ 559	[1]	$ 548	[1]	1,050	2,324	2,716
COMPREHENSIVE INCOME (LOSS)																	716	2,223	2,694
Parent Company [Member]
OPERATING EXPENSES:
Salaries and employee benefits																	106	99	103
Rentals and landing fees																	5	5	5
Depreciation and amortization																	1	1	1
Maintenance and repairs																	1	1	1
Business realignment, impairment and other charges																			21
Intercompany charges, net																	(450)	(209)	(227)
Other																	337	103	96
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries																	1,050	2,324	2,716
Interest, net																	(247)	(167)	(108)
Intercompany charges, net																	253	172	113
Other, net																	(6)	(5)	(5)
INCOME BEFORE INCOME TAXES																	1,050	2,324	2,716
NET INCOME																	1,050	2,324	2,716
COMPREHENSIVE INCOME (LOSS)																	1,053	2,248	2,644
Guarantor Subsidiaries [Member]
Condensed Financial Statements Captions [Line Items]
REVENUES																	39,420	38,088	37,073
OPERATING EXPENSES:
Salaries and employee benefits																	14,626	13,936	13,877
Purchased transportation																	5,802	5,374	4,839
Rentals and landing fees																	2,322	2,282	2,198
Depreciation and amortization																	2,370	2,379	2,200
Fuel																	3,632	4,460	4,650
Maintenance and repairs																	1,949	1,734	1,791
Business realignment, impairment and other charges																	276		639
Retirement plans mark-to-market adjustment																	2,075	13	(1,335)
Intercompany charges, net																	117	(125)	(329)
Other																	4,946	4,823	4,565
OPERATING EXPENSES																	38,115	34,876	33,095
OPERATING INCOME																	1,305	3,212	3,978
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries																	337	412	245
Interest, net																	23	16	42
Intercompany charges, net																	(265)	(194)	(131)
Other, net																	(32)	(14)	(20)
INCOME BEFORE INCOME TAXES																	1,368	3,432	4,114
PROVISION FOR INCOME TAXES																	390	1,141	1,416
NET INCOME																	978	2,291	2,698
COMPREHENSIVE INCOME (LOSS)																	929	2,294	2,697
Non Guarantor Subsidiaries [Member]
Condensed Financial Statements Captions [Line Items]
REVENUES																	8,414	7,820	7,543
OPERATING EXPENSES:
Salaries and employee benefits																	2,378	2,136	2,075
Purchased transportation																	2,878	2,796	2,574
Rentals and landing fees																	360	340	324
Depreciation and amortization																	240	207	185
Fuel																	88	97	96
Maintenance and repairs																	149	127	117
Retirement plans mark-to-market adjustment																	115	2	(33)
Intercompany charges, net																	333	334	556
Other																	1,311	1,178	1,193
OPERATING EXPENSES																	7,852	7,217	7,087
OPERATING INCOME																	562	603	456
OTHER INCOME (EXPENSE):
Interest, net																	3	9	5
Intercompany charges, net																	12	22	18
Other, net																	19	4	(10)
INCOME BEFORE INCOME TAXES																	596	638	469
PROVISION FOR INCOME TAXES																	187	193	206
NET INCOME																	409	445	263
COMPREHENSIVE INCOME (LOSS)																	121	417	314
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
REVENUES																	(381)	(341)	(329)
OPERATING EXPENSES:
Purchased transportation																	(197)	(159)	(141)
Rentals and landing fees																	(5)	(5)	(6)
Other																	(179)	(177)	(182)
OPERATING EXPENSES																	(381)	(341)	(329)
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries																	(1,387)	(2,736)	(2,961)
INCOME BEFORE INCOME TAXES																	(1,387)	(2,736)	(2,961)
NET INCOME																	(1,387)	(2,736)	(2,961)
COMPREHENSIVE INCOME (LOSS)																	$ (1,387)	$ (2,736)	$ (2,961)
[1]	The fourth quarter of 2015 includes a $2.2 billion retirement plans mark-to-market loss, $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines at FedEx Express and a $197 million reserve increase due to the settlement of a legal matter at FedEx Ground. In addition, the first, second and third quarters of 2015 and all quarters of 2014 have been recast to conform to the current year presentation reflecting the retirement plans accounting changes discussed further in Note 1 and Note 13 and that were included in our June 12, 2015, Form 8-K filing with the Securities and Exchange Commission.

Condensed Consolidating Fina102

Condensed Consolidating Financial Statements (Details 4) - USD ($) $ in Millions	12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2013
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	$ 5,366	$ 4,264	$ 4,688
Investing Activities:
Capital expenditures	(4,347)	(3,533)	(3,375)
Business acquisitions, net of cash acquired	(1,429)	(36)	(483)
Proceeds from asset dispositions and other	24	18	55
Cash used in investing activities	(5,752)	(3,551)	(3,803)
Financing Activities:
Principal payments on debt	(5)	(254)	(417)
Proceeds from debt issuance	2,491	1,997	1,739
Proceeds from stock issuances	320	557	280
Excess tax benefit on the exercise of stock options	51	44	23
Dividends paid	(227)	(187)	(177)
Purchase of treasury stock, including accelerated share repurchase agreements	(1,254)	(4,857)	(246)
Other, net	(27)	(19)	(18)
Cash provided by (used in) financing activities	1,349	(2,719)	1,184
Effect of exchange rate changes on cash	(108)	(3)	5
Net increase (decrease) in cash and cash equivalents	855	(2,009)	2,074
Cash and cash equivalents at beginning of period	2,908	4,917	2,843
Cash and cash equivalents at end of period	3,763	2,908	4,917
Parent Company [Member]
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	(727)	(8)	247
Investing Activities:
Capital expenditures	(1)	(1)	(3)
Business acquisitions, net of cash acquired	(1,429)
Cash used in investing activities	(1,430)	(1)	(3)
Financing Activities:
Net transfers from (to) Parent	1,431	588	141
Principal payments on debt		(250)
Proceeds from debt issuance	2,491	1,997	1,739
Proceeds from stock issuances	320	557	280
Excess tax benefit on the exercise of stock options	51	44	23
Dividends paid	(227)	(187)	(177)
Purchase of treasury stock, including accelerated share repurchase agreements	(1,254)	(4,857)	(246)
Other, net	(27)	(19)	(18)
Cash provided by (used in) financing activities	2,785	(2,127)	1,742
Effect of exchange rate changes on cash	(1)
Net increase (decrease) in cash and cash equivalents	627	(2,136)	1,986
Cash and cash equivalents at beginning of period	1,756	3,892	1,906
Cash and cash equivalents at end of period	2,383	1,756	3,892
Guarantor Subsidiaries [Member]
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	5,446	3,790	3,936
Investing Activities:
Capital expenditures	(4,139)	(3,230)	(3,029)
Business acquisitions, net of cash acquired		(36)
Proceeds from asset dispositions and other	42	37	49
Cash used in investing activities	(4,097)	(3,229)	(2,980)
Financing Activities:
Net transfers from (to) Parent	(1,502)	(546)	(58)
Payment on loan between subsidiaries	267	(4)	(385)
Intercompany dividends	68	54	21
Principal payments on debt	(1)	(4)	(417)
Other, net	(105)	(16)	(119)
Cash provided by (used in) financing activities	(1,273)	(516)	(958)
Effect of exchange rate changes on cash	(30)	(9)	(10)
Net increase (decrease) in cash and cash equivalents	46	36	(12)
Cash and cash equivalents at beginning of period	441	405	417
Cash and cash equivalents at end of period	487	441	405
Non Guarantor Subsidiaries [Member]
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	575	535	486
Investing Activities:
Capital expenditures	(207)	(302)	(343)
Business acquisitions, net of cash acquired			(483)
Proceeds from asset dispositions and other	(18)	(19)	6
Cash used in investing activities	(225)	(321)	(820)
Financing Activities:
Net transfers from (to) Parent	71	(42)	(83)
Payment on loan between subsidiaries	(267)	4	385
Intercompany dividends	(68)	(54)	(21)
Principal payments on debt	(4)
Other, net	105	16	119
Cash provided by (used in) financing activities	(163)	(76)	400
Effect of exchange rate changes on cash	(77)	6	15
Net increase (decrease) in cash and cash equivalents	110	144	81
Cash and cash equivalents at beginning of period	861	717	636
Cash and cash equivalents at end of period	971	861	717
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	72	(53)	19
Financing Activities:
Net increase (decrease) in cash and cash equivalents	72	(53)	19
Cash and cash equivalents at beginning of period	(150)	(97)	(116)
Cash and cash equivalents at end of period	$ (78)	$ (150)	$ (97)

Valuation and Qualifying Acc103

Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions		12 Months Ended
		May. 31, 2015	May. 31, 2014	May. 31, 2013
Allowance For Doubtful Accounts [Member]
Movement In Valuation Allowances And Reserves Roll Forward
Valuation Allowances And Reserves Beginning Balance		$ 81	$ 94	$ 94
Charged To Expenses		145	130	167
Deductions	[1]	140	143	167
Valuation Allowances And Reserves Ending Balance		86	81	94
Allowance For Revenue Adjustments [Member]
Movement In Valuation Allowances And Reserves Roll Forward
Valuation Allowances And Reserves Beginning Balance		83	82	84
Charged To Other Accounts	[2]	740	626	573
Deductions	[3]	724	625	575
Valuation Allowances And Reserves Ending Balance		99	83	82
Inventory Valuation Allowance [Member]
Movement In Valuation Allowances And Reserves Roll Forward
Valuation Allowances And Reserves Beginning Balance		212	205	184
Charged To Expenses		23	20	24
Deductions		28	13	3
Valuation Allowances And Reserves Ending Balance		$ 207	$ 212	$ 205
[1]	(a) Uncollectible accounts written off, net of recoveries.
[2]	(b) Principally charged against revenue.
[3]	(c) Service failures, rebills and other.