FedEx (FDX) 10-Q 17 Sep 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	3 Months Ended
	Aug. 31, 2015	Sep. 16, 2015	Nov. 28, 2014
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Aug. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		282,379,446
TradingSymbol	FDX

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 31, 2015	May. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 3,543	$ 3,763
Receivables, less allowances of $190 and $185	5,617	5,719
Spare parts, supplies and fuel, less allowances of $214 and $207	488	498
Deferred income taxes	606	606
Prepaid expenses and other	449	355
Total current assets	10,703	10,941
PROPERTY AND EQUIPMENT, AT COST	43,989	42,864
Less accumulated depreciation and amortization	22,506	21,989
Net property and equipment	21,483	20,875
OTHER LONG-TERM ASSETS
Goodwill	3,792	3,810
Other assets	1,267	1,443
Total other long-term assets	5,059	5,253
ASSETS	37,245	37,069
CURRENT LIABILITIES
Current portion of long-term debt	14	19
Accrued salaries and employee benefits	1,355	1,436
Accounts payable	2,049	2,066
Accrued expenses	2,426	2,436
Total current liabilities	5,844	5,957
LONG-TERM DEBT, LESS CURRENT PORTION	7,244	7,249
OTHER LONG-TERM LIABILITIES
Deferred income taxes	1,781	1,747
Pension, postretirement healthcare and other benefit obligations	4,806	4,893
Self-insurance accruals	1,186	1,120
Deferred lease obligations	766	711
Deferred gains, principally related to aircraft transactions	174	181
Other liabilities	161	218
Total other long-term liabilities	$ 8,874	$ 8,870
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of August 31, 2015 and May 31, 2015	$ 32	$ 32
Additional paid-in capital	2,814	2,786
Retained earnings	17,434	16,900
Accumulated other comprehensive income	10	172
Treasury stock, at cost	(5,007)	(4,897)
Total common stockholders' investment	15,283	14,993
LIABILITIES AND STOCKHOLDERS' INVESTMENT	$ 37,245	$ 37,069

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Aug. 31, 2015	May. 31, 2015
CURRENT ASSETS
Allowances for receivables	$ 190	$ 185
Allowances for spare parts, supplies and fuel	$ 214	$ 207
COMMON STOCKHOLDERS' INVESTMENT
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	800	800
Common stock, shares issued	318	318

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Condensed Consolidated Statements of Income
REVENUES	$ 12,279	$ 11,684
OPERATING EXPENSES:
Salaries and employee benefits	4,525	4,114
Purchased transportation	2,344	2,054
Rentals and landing fees	695	660
Depreciation and amortization	648	651
Fuel	712	1,120
Maintenance and repairs	548	556
Other	1,663	1,467
OPERATING EXPENSES	11,135	10,622
OPERATING INCOME	1,144	1,062
OTHER INCOME (EXPENSE):
Interest, net	(63)	(48)
Other, net	3	(2)
OTHER INCOME (EXPENSE)	(60)	(50)
INCOME BEFORE INCOME TAXES	1,084	1,012
PROVISION FOR INCOME TAXES	392	359
NET INCOME	$ 692	$ 653
EARNINGS PER COMMON SHARE:
Basic	$ 2.45	$ 2.29
Diluted	2.42	2.26
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.50	$ 0.40

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Condensed Consolidated Statement of Other Comprehensive Income
NET INCOME	$ 692	$ 653
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $13 in 2015 and $9 in 2014	(138)	(31)
Amortization of prior service credit, net of tax of $7 in 2015 and $10 in 2014	(24)	(16)
Other comprehensive loss	(162)	(47)
COMPREHENSIVE INCOME	$ 530	$ 606

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax	$ 13	$ 9
Amortization of prior service credit, net of tax	$ 7	$ 10

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Operating Activities:
Net income	$ 692	$ 653
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	648	651
Provision for uncollectible accounts	28	35
Stock-based compensation	53	48
Deferred income taxes and other noncash items	20	(22)
Changes in assets and liabilities:
Receivables	50	(86)
Other assets	(89)	(30)
Accounts payable and other liabilities	(151)	(257)
Other, net	(10)	(10)
Cash provided by operating activities	1,241	982
Investing Activities:
Capital expenditures	(1,209)	(720)
Proceeds from asset dispositions and other	10	4
Cash used in investing activities	(1,199)	(716)
Financing Activities:
Principal payments on debt	(15)
Proceeds from stock issuances	46	97
Excess tax benefit on the exercise of stock options	6	10
Dividends paid	(71)	(57)
Purchase of treasury stock	(190)	(791)
Cash used in financing activities	(224)	(741)
Effect of exchange rate changes on cash	(38)	(17)
Net decrease in cash and cash equivalents	(220)	(492)
Cash and cash equivalents at beginning of period	3,763	2,908
Cash and cash equivalents at end of period	$ 3,543	$ 2,416

General

General	3 Months Ended
	Aug. 31, 2015
General [Abstract]
General	(1) General SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of FedEx Corporation (“FedEx”) have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10 - K for the year ended May 31, 2015 (“Annual Report”) . Accordingly, significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our A nnual R eport . In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of August 31, 2015 , and the results of our operations and cash flows for the three-month periods ended August 31, 2015 and 2014 . Operating results for the three-month period ended August 31, 2015 are not necessarily indicative of the results that may be expected for the year ending May 31, 2016 . Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2016 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. REVENUE RECOGNITION. On June 1, 2015, we began recording revenues associated with the FedEx SmartPost service on a gross basis including postal fees in revenues and expenses, versus our previous net treatment, due to operational changes occurring in 2016 which result in us being the principal in all cases for the FedEx SmartPost service. This change ha s been recognized prospective ly . BUSINESS ACQUISITIONS. As discussed in our Annual Report, on April 6, 2015, we entered into a conditional agreement to acquire TNT Express N.V. (“TNT Express”) for €4.4 bill ion (currently, approximately $5 . 0 billion). This combination is expected to expand our global portfolio, particularly in Europe, lower our costs to serve our European markets by increasing density in our pickup-and-delivery 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 approvals and competition clearances. We expect to secure all relevant competition approvals. As discussed in our Annual Report, we completed our acquisitions of GENCO Distribution System, Inc. (“GENCO”) and Bongo International, LLC (“Bongo”) in the third quarter of 2015 and have included the financial results and estimated fair values of the assets and liabilities related to these acquisitions in the FedEx Ground and FedEx Express segments , respectively. These acquisitions are included in the accompanying ba lance sheets based on a preliminary allocation of the purchase price (summarized in the table below , in millions) which reflects immaterial updates from the May 31, 2015 estimate . Current assets $ 350 Property and equipment 113 Goodwill 1,170 Intangible assets 139 Other non-current assets 25 Current liabilities (245) Long-term liabilities (97) Total purchase price $ 1,455 The goodwill recorded 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 are amortized on an accelerated basis over an estimated life of 15 years. 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. After participating in negotiations assisted by the National Mediation Board (“NMB”) , the parties reached a Tentative Agreement ( “ TA ” ) on August 19, 2015. The TA is currently out for a membership ratification vote which will close in mid-October. If the TA is ratifie d , it will become effective November 2, 2015 and will beco me amendable in November 2021. If the TA is not ratif ied , the parties will reent er NMB mediated negotiations. The NMB is the U.S. governmental agency that oversees labor agreements for entities covered by the Railway Labor Act of 1926, as amended. In addition to our pilots at FedEx Express, GENCO has a small number of employees who are members of unions, and certain non-U.S. employees are unionized. STOCK-BASED COMPENSATION. We have two types of equity-based compensation: stock options and restricted stock. The key terms of the stock option and restricted stock awards granted under our incentive stock plans and all financial disclosures about these programs are set forth in our Annual Report. Our stock -based compensation expense was $ 53 million for the three-month period ended August 31, 2015 and $ 4 8 million for the three-month period ended August 31, 2014 . Due to its immateriality, a dditional disclosures related to stock-based compensation have been excluded from this quarterly report . RECENT ACCOUNTING GUIDANCE . New accounting rules and disclosure requirements can significantly impact our reported results and the comparability of our financial statements. These matters are described in our Annual Report. We believe that no other new accounting guidance was adopted or issued during the first three months of 2016 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. TREASURY SHARES . In September 2014, our Board of Directors authorized the repurchase of up to 15 million shares of common stock. During the first quarter of 2016, we repurchased 1.1 million shares of FedEx common stock at an average price of $172 per share for a total of $190 million. As of August 31, 2015, 11.1 million shares remained under the share repurchase authorization. This authorization may be utilized to offset equity compensation dilution and for opportunistic re purchases based on market conditions and other factors. The timing and volume of repurchases are at the discretion of FedEx management. DIVIDENDS DECLARED PER COMMON SHARE . On August 14 , 201 5 , our Board of Direct ors declared a quarterly dividend of $0.2 5 per share of common stock. The dividend will be pai d on October 1 , 201 5 to stockholders of record as of the c lose of business on S eptember 10 , 20 1 5 . 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Aug. 31, 2015
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	(2 ) Accumul ated Other Comprehensive Income The following table provides changes in accumulated other comprehensive income (“AOCI”) , net of tax, reported in our unaudited condensed consolidated financial statements for the three-month periods ended August 31 (in milli ons ; amounts in parentheses indicate debits to AOCI ): 2015 2014 Foreign currency translation gain (loss): Balance at beginning of period $ (253) $ 81 Translation adjustments (138) (31) Balance at end of period (391) 50 Retirement plans adjustments: Balance at beginning of period 425 425 Reclassifications from AOCI (24) (16) Balance at end of period 401 409 Accumulated other comprehensive income at end of period $ 10 $ 459 The following table presents details of the reclassifications from AOCI for the three-month periods ended August 31 (in millions ; amounts in parentheses indicate debits to earnings ): Amount Reclassified from AOCI Affected Line Item in the Income Statement 2015 2014 Amortization of retirement plans prior service credits $ 31 $ 26 Salaries and employee benefits Income tax benefit (7) (10) Provision for income taxes AOCI reclassifications, net of tax $ 24 $ 16 Net income

Financing Arrangements

Financing Arrangements	3 Months Ended
	Aug. 31, 2015
Financing Arrangements [Abstract]
Financing Arrangements	( 3 ) Financing Arrangements In September 2015, we expect to file a new shelf registration statement with the SEC that will allow us to sell, in one or more future offerings, any combination of our unsecured debt securities and common stock. 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 August 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 restr ict 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 August 31, 2015 , no commercial paper was outstanding , and the entire $1 billion under the revolving credit facility was available for future borrowings. Long-term debt, e xclusive of capital leases, had a carrying value of $ 7.2 billion at August 31, 2015 and May 31, 2015 , compared with estimated fair value s of $ 7.2 billion at August 31, 2015 and $ 7 . 4 billion at May 31, 2015 . The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of o ur 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 .

Computation of Earnings Per Sha

Computation of Earnings Per Share	3 Months Ended
	Aug. 31, 2015
Earnings Per Share [Abstract]
Computation of Earnings Per Share	( 4 ) Computation of Earnings Per Share The calculation of basic and diluted earnings per common share for the three-month periods ended August 31 was as follows (in millions, except per share amounts): 2015 2014 Basic earnings per common share: Net earnings allocable to common shares (1) $ 691 $ 653 Weighted-average common shares 282 285 Basic earnings per common share $ 2.45 $ 2.29 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 691 $ 653 Weighted-average common shares 282 285 Dilutive effect of share-based awards 4 4 Weighted-average diluted shares 286 289 Diluted earnings per common share $ 2.42 $ 2.26 Anti-dilutive options excluded from diluted earnings per common share 3.5 2.1 (1) Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans

Retirement Plans	3 Months Ended
	Aug. 31, 2015
Retirement Plans [Abstract]
Retirement Plans	( 5 ) Retirement 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. Key terms of our retirement plans are provided in our Annual Report. O ur retirement plans costs for the three-month periods ended August 31 were as follows (in millions): 2015 2014 Defined benefit pension plans $ 53 $ (7) Defined contribution plans 102 94 Postretirement healthcare plans 21 20 $ 176 $ 107 Net periodic benefit cost of the pension and postretirement healthcare plans for the three-month periods ended August 31 includ ed the following components (in millions): Pension Plans Postretirement Healthcare Plans 2015 2014 2015 2014 Service cost $ 166 $ 164 $ 10 $ 10 Interest cost 295 275 11 10 Expected return on plan assets (377) (420) - - Amortization of prior service credit (31) (26) - - $ 53 $ (7) $ 21 $ 20 C ontributions to our tax qualified U.S. domestic pension plans (“U.S. Pension Plans”) for the three-month periods ended August 3 1 w ere as follows (in millions) : 2015 2014 Required $ 6 $ 82 Voluntary 159 83 $ 165 $ 165 In September 2015 , we made an additional required contribution of $165 million to our U .S. Pension Plans. Our U.S. Pension Plans have ample funds to m eet expected benefit payments.

Business Segment Information

Business Segment Information	3 Months Ended
	Aug. 31, 2015
Business Segment Information [Abstract]
Business Segment Information	( 6 ) Business Segment Information We provide a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively under the respected FedEx brand. Our primary operating companies include 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. provider of less-than-truckload ( “ LTL ” ) freight services. 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) 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 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 segments. 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 . O ur allocation methodologies are refined periodically, as necessary, to reflect changes in our businesses. Eliminations, Corporate and Other 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 an d expenses are eliminated in our consolidated results and are not separately identified in the following segment information , because the amounts are not material. Corporate and other includes corporate headquarters costs for executive officers, certain other legal and financial functions, as well as certain other costs and credits not attributed to our core busines s. These costs are not allocated to the business segments The following table provides a reconciliation of reportable segment revenues and operating income to our unaudited condensed consolidated financial statement totals for the three-month periods ended August 31 ( in millions): 2015 2014 Revenues FedEx Express segment $ 6,591 $ 6,862 FedEx Ground segment 3,830 2,960 FedEx Freight segment 1,601 1,609 FedEx Services segment 390 374 Eliminations and other (133) (121) $ 12,279 $ 11,684 Operating Income FedEx Express segment $ 545 $ 377 FedEx Ground segment 537 545 FedEx Freight segment 132 168 Eliminations, corporate and other (70) (28) $ 1,144 $ 1,062

Commitments

Commitments	3 Months Ended
	Aug. 31, 2015
Commitments [Abstract]
Commitments	( 7 ) Commitments As of August 31, 2015 , our purchase commitments under various contracts for the remainder of 2016 and annually thereafter were as follows (in millions): Aircraft and Aircraft-Related Other (1) Total 2016 (remainder) $ 657 $ 815 $ 1,472 2017 1,240 264 1,504 2018 1,739 149 1,888 2019 1,584 71 1,655 2020 1,638 23 1,661 Thereafter 5,962 98 6,060 Total $ 12,820 $ 1,420 $ 14,240 (1) Primarily equipment, advertising contracts and, for the remainder of 2016, $495 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 purch ase goods or services. As of August 31, 2015 , our obligation to purchase six Boeing 767-300 Freighter (“B767F”) aircraft and nine Boeing 777 Freighter (“B777F”) aircraft is 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. O pen purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above. On July 21, 2015, FedEx Express entered into a supplemental agreement to purchase 50 additional B767F aircraft from Boeing. Four of the 50 additional B767F aircraft purchases are 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. The 50 additional B767F aircraft are expected to be delivered from fiscal 2018 through fiscal 2023 and will enable FedEx Express to continue to improve the efficiency and reliability of its aircraft fleet. We had $ 4 11 million in deposits and progress payments as of August 31, 2015 on aircraft purchases and other pla nned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our consolidated balance sheets. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of August 31, 2015 with the year of expected delivery: B767F B777F Total 2016 (remainder) 6 1 7 2017 12 - 12 2018 16 2 18 2019 13 2 15 2020 12 3 15 Thereafter 26 9 35 Total 85 17 102 A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at August 31, 2015 is as follows (in millions): Operating Leases Aircraft Total and Related Facilities Operating Equipment and Other Leases 2016 (remainder) $ 430 $ 1,256 $ 1,686 2017 403 1,890 2,293 2018 332 1,472 1,804 2019 274 1,286 1,560 2020 190 1,126 1,316 Thereafter 360 7,354 7,714 Total $ 1,989 $ 14,384 $ 16,373 Future minimum lease payments under capital leases were immaterial at August 31, 2015 . 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.

Contingencies

Contingencies	3 Months Ended
	Aug. 31, 2015
Loss Contingency [Abstract]
Contingencies	(8) Contingencies 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 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 confirming the decision of the Kansas Supreme Court, concluding that the class members are employees, 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 in the fourth quarter of 2015 we increased the accrual to that amount. The settlement agreement is pending court 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, 2015, 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 DTSC and the C ounty 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 by 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. FedEx Ground and the County District Attorneys reached an agreement to resolve all claims between them, and on August 10, 2015, they filed a negotiated final judgment in Sacramento County Superior Court. In the fourth quarter of 2015, we established an accrual for the final judgment amount, which was immaterial. Loss 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. 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 submitted an answer to the FCA's report in early July. A hearing in this matter before the Board of the FCA has been set for September 30, 2015. Loss in this matter is probable, and in the fourth quarter of 2015 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.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Aug. 31, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	( 9 ) Supplemental Cash Flow Information Cash paid for interest expense and income taxes for the three-month periods ended August 31 was as follows (in millions): 2015 2014 Cash payments for: Interest (net of capitalized interest) $ 139 $ 96 Income taxes $ 115 $ 190 Income tax refunds received (2) (2) Cash tax payments, net $ 113 $ 188

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
	Aug. 31, 2015
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Financial Statements	(10 ) Condensed Consolidating Financial Statements W e 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 . F edEx Exp ress , however, currently 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 su bsidiary guarantor reporting. Prior year amounts have been recast to conform to the pension accounting changes as discussed in our Annual Report. Condensed consolidating financial statements for our guarantor subsidiaries and non-guarantor subsidiaries are presented in the following tables (in millions): CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) August 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,224 $ 446 $ 917 $ (44) $ 3,543 Receivables, less allowances 1 4,308 1,349 (41) 5,617 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 25 777 135 - 937 Deferred income taxes - 572 34 - 606 Total current assets 2,250 6,103 2,435 (85) 10,703 PROPERTY AND EQUIPMENT, AT COST 29 41,521 2,439 - 43,989 Less accumulated depreciation and amortization 23 21,202 1,281 - 22,506 Net property and equipment 6 20,319 1,158 - 21,483 INTERCOMPANY RECEIVABLE - 533 1,695 (2,228) - GOODWILL - 1,551 2,241 - 3,792 INVESTMENT IN SUBSIDIARIES 23,722 3,817 - (27,539) - OTHER ASSETS 2,761 781 416 (2,691) 1,267 $ 28,739 $ 33,104 $ 7,945 $ (32,543) $ 37,245 LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ - $ 6 $ 8 $ - $ 14 Accrued salaries and employee benefits 44 1,133 178 - 1,355 Accounts payable 77 1,326 731 (85) 2,049 Accrued expenses 745 1,400 281 - 2,426 Total current liabilities 866 3,865 1,198 (85) 5,844 LONG-TERM DEBT, LESS CURRENT PORTION 6,978 248 18 - 7,244 INTERCOMPANY PAYABLE 2,228 - - (2,228) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 4,237 235 (2,691) 1,781 Other liabilities 3,384 3,446 263 - 7,093 Total other long-term liabilities 3,384 7,683 498 (2,691) 8,874 STOCKHOLDERS' INVESTMENT 15,283 21,308 6,231 (27,539) 15,283 $ 28,739 $ 33,104 $ 7,945 $ (32,543) $ 37,245 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 STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended August 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 9,873 $ 2,509 $ (103) $ 12,279 OPERATING EXPENSES: Salaries and employee benefits 34 3,813 678 - 4,525 Purchased transportation - 1,434 965 (55) 2,344 Rentals and landing fees 1 587 108 (1) 695 Depreciation and amortization - 583 65 - 648 Fuel - 691 21 - 712 Maintenance and repairs - 508 40 - 548 Intercompany charges, net (69) (40) 109 - - Other 34 1,264 412 (47) 1,663 - 8,840 2,398 (103) 11,135 OPERATING INCOME - 1,033 111 - 1,144 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 692 61 - (753) - Interest, net (75) 8 4 - (63) Intercompany charges, net 78 (76) (2) - - Other, net (3) (3) 9 - 3 INCOME BEFORE INCOME TAXES 692 1,023 122 (753) 1,084 Provision for income taxes - 357 35 - 392 NET INCOME $ 692 $ 666 $ 87 $ (753) $ 692 COMPREHENSIVE INCOME $ 674 $ 651 $ (42) $ (753) $ 530 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended August 31, 2014 (As Adjusted) Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 9,769 $ 2,004 $ (89) $ 11,684 OPERATING EXPENSES: Salaries and employee benefits 30 3,534 550 - 4,114 Purchased transportation - 1,386 711 (43) 2,054 Rentals and landing fees 1 572 88 (1) 660 Depreciation and amortization - 595 56 - 651 Fuel - 1,095 25 - 1,120 Maintenance and repairs - 522 34 - 556 Intercompany charges, net (95) 2 93 - - Other 64 1,165 283 (45) 1,467 - 8,871 1,840 (89) 10,622 OPERATING INCOME - 898 164 - 1,062 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 653 98 - (751) - Interest, net (53) 4 1 - (48) Intercompany charges, net 54 (59) 5 - - Other, net (1) (3) 2 - (2) INCOME BEFORE INCOME TAXES 653 938 172 (751) 1,012 Provision for income taxes - 296 63 - 359 NET INCOME $ 653 $ 642 $ 109 $ (751) $ 653 COMPREHENSIVE INCOME $ 636 $ 638 $ 83 $ (751) $ 606 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended August 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (397) $ 1,533 $ 71 $ 34 $ 1,241 INVESTING ACTIVITIES Capital expenditures - (1,170) (39) - (1,209) Proceeds from asset dispositions and other (5) 15 - - 10 CASH USED IN INVESTING ACTIVITIES (5) (1,155) (39) - (1,199) FINANCING ACTIVITIES Net transfers from (to) Parent 452 (479) 27 - - Payment on loan between subsidiaries - 98 (98) - - Intercompany dividends - 4 (4) - - Principal payments on debt - (2) (13) - (15) Proceeds from stock issuances 46 - - - 46 Excess tax benefit on the exercise of stock options 6 - - - 6 Dividends paid (71) - - - (71) Purchase of treasury stock (190) - - - (190) Other, net - (25) 25 - - CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 243 (404) (63) - (224) Effect of exchange rate changes on cash - (15) (23) - (38) Net (decrease) increase in cash and cash equivalents (159) (41) (54) 34 (220) Cash and cash equivalents at beginning of period 2,383 487 971 (78) 3,763 Cash and cash equivalents at end of period $ 2,224 $ 446 $ 917 $ (44) $ 3,543 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended August 31, 2014 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (67) $ 934 $ 105 $ 10 $ 982 INVESTING ACTIVITIES Capital expenditures (1) (688) (31) - (720) Proceeds from asset dispositions and other - 7 (3) - 4 CASH USED IN INVESTING ACTIVITIES (1) (681) (34) - (716) FINANCING ACTIVITIES Net transfers from (to) Parent 358 (366) 8 - - Payment on loan between subsidiaries - 103 (103) - - Intercompany dividends - 2 (2) - - Proceeds from stock issuances 97 - - - 97 Excess tax benefit on the exercise of stock options 10 - - - 10 Dividends paid (57) - - - (57) Purchase of treasury stock (791) - - - (791) Other, net - (1) 1 - - CASH USED IN FINANCING ACTIVITIES (383) (262) (96) - (741) Effect of exchange rate changes on cash - (2) (15) - (17) Net (decrease) increase in cash and cash equivalents (451) (11) (40) 10 (492) Cash and cash equivalents at beginning of period 1,756 441 861 (150) 2,908 Cash and cash equivalents at end of period $ 1,305 $ 430 $ 821 $ (140) $ 2,416

General (Policies)

General (Policies)	3 Months Ended
	Aug. 31, 2015
General (Policies) [Abstract]
Summary of Significant Accounting Policies	(1) General SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of FedEx Corporation (“FedEx”) have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10 - K for the year ended May 31, 2015 (“Annual Report”) . Accordingly, significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our A nnual R eport . In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of August 31, 2015 , and the results of our operations and cash flows for the three-month periods ended August 31, 2015 and 2014 . Operating results for the three-month period ended August 31, 2015 are not necessarily indicative of the results that may be expected for the year ending May 31, 2016 . Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2016 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year.

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Aug. 31, 2015
Acquisition (Tables) [Abstract]
Schedule of Purchase Price Allocation	Current assets $ 350 Property and equipment 113 Goodwill 1,170 Intangible assets 139 Other non-current assets 25 Current liabilities (245) Long-term liabilities (97) Total purchase price $ 1,455

Accumulated Other Comprehensi20

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Aug. 31, 2015
Accumulated Other Comprehensive Income (Loss) (Tables) [Abstract]
Schedule Of Accumulated Other Comprehensive Income (Loss)	2015 2014 Foreign currency translation gain (loss): Balance at beginning of period $ (253) $ 81 Translation adjustments (138) (31) Balance at end of period (391) 50 Retirement plans adjustments: Balance at beginning of period 425 425 Reclassifications from AOCI (24) (16) Balance at end of period 401 409 Accumulated other comprehensive income at end of period $ 10 $ 459
Reclassification Out Of Accumulated Other Comprehensive Income (Loss)	Amount Reclassified from AOCI Affected Line Item in the Income Statement 2015 2014 Amortization of retirement plans prior service credits $ 31 $ 26 Salaries and employee benefits Income tax benefit (7) (10) Provision for income taxes AOCI reclassifications, net of tax $ 24 $ 16 Net income

Computation of Earnings Per S21

Computation of Earnings Per Share (Tables)	3 Months Ended
	Aug. 31, 2015
Computation Of Earnings Per Share (Tables) [Abstract]
Schedule of basic and diluted earnings per common share	2015 2014 Basic earnings per common share: Net earnings allocable to common shares (1) $ 691 $ 653 Weighted-average common shares 282 285 Basic earnings per common share $ 2.45 $ 2.29 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 691 $ 653 Weighted-average common shares 282 285 Dilutive effect of share-based awards 4 4 Weighted-average diluted shares 286 289 Diluted earnings per common share $ 2.42 $ 2.26 Anti-dilutive options excluded from diluted earnings per common share 3.5 2.1 (1) Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
	Aug. 31, 2015
Retirement Plan (Tables) [Abstract]
Schedule of Retirement Plan Costs	2015 2014 Defined benefit pension plans $ 53 $ (7) Defined contribution plans 102 94 Postretirement healthcare plans 21 20 $ 176 $ 107
Schedule of Net Periodic Benefit Cost	Pension Plans Postretirement Healthcare Plans 2015 2014 2015 2014 Service cost $ 166 $ 164 $ 10 $ 10 Interest cost 295 275 11 10 Expected return on plan assets (377) (420) - - Amortization of prior service credit (31) (26) - - $ 53 $ (7) $ 21 $ 20
Schedule of Pension Plans Contributions	2015 2014 Required $ 6 $ 82 Voluntary 159 83 $ 165 $ 165

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Aug. 31, 2015
Business Segment Information (Tables) [Abstract]
Schedule of Segment Information	2015 2014 Revenues FedEx Express segment $ 6,591 $ 6,862 FedEx Ground segment 3,830 2,960 FedEx Freight segment 1,601 1,609 FedEx Services segment 390 374 Eliminations and other (133) (121) $ 12,279 $ 11,684 Operating Income FedEx Express segment $ 545 $ 377 FedEx Ground segment 537 545 FedEx Freight segment 132 168 Eliminations, corporate and other (70) (28) $ 1,144 $ 1,062

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Aug. 31, 2015
Commitments (Tables) [Abstract]
Schedule of Purchase Commitments	Aircraft and Aircraft-Related Other (1) Total 2016 (remainder) $ 657 $ 815 $ 1,472 2017 1,240 264 1,504 2018 1,739 149 1,888 2019 1,584 71 1,655 2020 1,638 23 1,661 Thereafter 5,962 98 6,060 Total $ 12,820 $ 1,420 $ 14,240 (1) Primarily equipment, advertising contracts and, for the remainder of 2016, $495 million of estimated required quarterly contributions to our U.S. Pension Plans.
Schedule of Aircraft Purchase Commitments	B767F B777F Total 2016 (remainder) 6 1 7 2017 12 - 12 2018 16 2 18 2019 13 2 15 2020 12 3 15 Thereafter 26 9 35 Total 85 17 102
Schedule of Future Minimum Lease Payments, Operating Leases	Operating Leases Aircraft Total and Related Facilities Operating Equipment and Other Leases 2016 (remainder) $ 430 $ 1,256 $ 1,686 2017 403 1,890 2,293 2018 332 1,472 1,804 2019 274 1,286 1,560 2020 190 1,126 1,316 Thereafter 360 7,354 7,714 Total $ 1,989 $ 14,384 $ 16,373

Supplemental Cash Flow Inform25

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Aug. 31, 2015
Supplemental Cash Flow (Tables) [Abstract]
Supplemental Cash Flow Table	2015 2014 Cash payments for: Interest (net of capitalized interest) $ 139 $ 96 Income taxes $ 115 $ 190 Income tax refunds received (2) (2) Cash tax payments, net $ 113 $ 188

Condensed Consolidating Finan26

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
	Aug. 31, 2015
Condensed Consolidating Financial Statements (Tables) [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) August 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,224 $ 446 $ 917 $ (44) $ 3,543 Receivables, less allowances 1 4,308 1,349 (41) 5,617 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 25 777 135 - 937 Deferred income taxes - 572 34 - 606 Total current assets 2,250 6,103 2,435 (85) 10,703 PROPERTY AND EQUIPMENT, AT COST 29 41,521 2,439 - 43,989 Less accumulated depreciation and amortization 23 21,202 1,281 - 22,506 Net property and equipment 6 20,319 1,158 - 21,483 INTERCOMPANY RECEIVABLE - 533 1,695 (2,228) - GOODWILL - 1,551 2,241 - 3,792 INVESTMENT IN SUBSIDIARIES 23,722 3,817 - (27,539) - OTHER ASSETS 2,761 781 416 (2,691) 1,267 $ 28,739 $ 33,104 $ 7,945 $ (32,543) $ 37,245 LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ - $ 6 $ 8 $ - $ 14 Accrued salaries and employee benefits 44 1,133 178 - 1,355 Accounts payable 77 1,326 731 (85) 2,049 Accrued expenses 745 1,400 281 - 2,426 Total current liabilities 866 3,865 1,198 (85) 5,844 LONG-TERM DEBT, LESS CURRENT PORTION 6,978 248 18 - 7,244 INTERCOMPANY PAYABLE 2,228 - - (2,228) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 4,237 235 (2,691) 1,781 Other liabilities 3,384 3,446 263 - 7,093 Total other long-term liabilities 3,384 7,683 498 (2,691) 8,874 STOCKHOLDERS' INVESTMENT 15,283 21,308 6,231 (27,539) 15,283 $ 28,739 $ 33,104 $ 7,945 $ (32,543) $ 37,245 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 Statements of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended August 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 9,873 $ 2,509 $ (103) $ 12,279 OPERATING EXPENSES: Salaries and employee benefits 34 3,813 678 - 4,525 Purchased transportation - 1,434 965 (55) 2,344 Rentals and landing fees 1 587 108 (1) 695 Depreciation and amortization - 583 65 - 648 Fuel - 691 21 - 712 Maintenance and repairs - 508 40 - 548 Intercompany charges, net (69) (40) 109 - - Other 34 1,264 412 (47) 1,663 - 8,840 2,398 (103) 11,135 OPERATING INCOME - 1,033 111 - 1,144 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 692 61 - (753) - Interest, net (75) 8 4 - (63) Intercompany charges, net 78 (76) (2) - - Other, net (3) (3) 9 - 3 INCOME BEFORE INCOME TAXES 692 1,023 122 (753) 1,084 Provision for income taxes - 357 35 - 392 NET INCOME $ 692 $ 666 $ 87 $ (753) $ 692 COMPREHENSIVE INCOME $ 674 $ 651 $ (42) $ (753) $ 530 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended August 31, 2014 (As Adjusted) Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 9,769 $ 2,004 $ (89) $ 11,684 OPERATING EXPENSES: Salaries and employee benefits 30 3,534 550 - 4,114 Purchased transportation - 1,386 711 (43) 2,054 Rentals and landing fees 1 572 88 (1) 660 Depreciation and amortization - 595 56 - 651 Fuel - 1,095 25 - 1,120 Maintenance and repairs - 522 34 - 556 Intercompany charges, net (95) 2 93 - - Other 64 1,165 283 (45) 1,467 - 8,871 1,840 (89) 10,622 OPERATING INCOME - 898 164 - 1,062 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 653 98 - (751) - Interest, net (53) 4 1 - (48) Intercompany charges, net 54 (59) 5 - - Other, net (1) (3) 2 - (2) INCOME BEFORE INCOME TAXES 653 938 172 (751) 1,012 Provision for income taxes - 296 63 - 359 NET INCOME $ 653 $ 642 $ 109 $ (751) $ 653 COMPREHENSIVE INCOME $ 636 $ 638 $ 83 $ (751) $ 606
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended August 31, 2015 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (397) $ 1,533 $ 71 $ 34 $ 1,241 INVESTING ACTIVITIES Capital expenditures - (1,170) (39) - (1,209) Proceeds from asset dispositions and other (5) 15 - - 10 CASH USED IN INVESTING ACTIVITIES (5) (1,155) (39) - (1,199) FINANCING ACTIVITIES Net transfers from (to) Parent 452 (479) 27 - - Payment on loan between subsidiaries - 98 (98) - - Intercompany dividends - 4 (4) - - Principal payments on debt - (2) (13) - (15) Proceeds from stock issuances 46 - - - 46 Excess tax benefit on the exercise of stock options 6 - - - 6 Dividends paid (71) - - - (71) Purchase of treasury stock (190) - - - (190) Other, net - (25) 25 - - CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 243 (404) (63) - (224) Effect of exchange rate changes on cash - (15) (23) - (38) Net (decrease) increase in cash and cash equivalents (159) (41) (54) 34 (220) Cash and cash equivalents at beginning of period 2,383 487 971 (78) 3,763 Cash and cash equivalents at end of period $ 2,224 $ 446 $ 917 $ (44) $ 3,543 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended August 31, 2014 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (67) $ 934 $ 105 $ 10 $ 982 INVESTING ACTIVITIES Capital expenditures (1) (688) (31) - (720) Proceeds from asset dispositions and other - 7 (3) - 4 CASH USED IN INVESTING ACTIVITIES (1) (681) (34) - (716) FINANCING ACTIVITIES Net transfers from (to) Parent 358 (366) 8 - - Payment on loan between subsidiaries - 103 (103) - - Intercompany dividends - 2 (2) - - Proceeds from stock issuances 97 - - - 97 Excess tax benefit on the exercise of stock options 10 - - - 10 Dividends paid (57) - - - (57) Purchase of treasury stock (791) - - - (791) Other, net - (1) 1 - - CASH USED IN FINANCING ACTIVITIES (383) (262) (96) - (741) Effect of exchange rate changes on cash - (2) (15) - (17) Net (decrease) increase in cash and cash equivalents (451) (11) (40) 10 (492) Cash and cash equivalents at beginning of period 1,756 441 861 (150) 2,908 Cash and cash equivalents at end of period $ 1,305 $ 430 $ 821 $ (140) $ 2,416

General (Details)

General (Details) $ / shares in Units, € in Millions, $ in Millions	3 Months Ended
	Aug. 31, 2015USD ($)$ / sharesshares	Aug. 31, 2014USD ($)	Aug. 31, 2015EUR (€)shares	May. 31, 2015USD ($)
General Details [Abstract]
Dividends Payable, Date Declared	Aug. 14, 2015
Dividends Payable Amount Per Share | $ / shares	$ 0.25
Dividends Payable, Date To Be Paid	Oct. 1, 2015
Dividends Payable, Date Of Record	Sep. 10, 2015
Business Acquisition [Line Items]
Goodwill	$ 3,792			$ 3,810
Stock Based Compensation Details [Abstract]
Stock-based compensation	$ 53	$ 48
Treasury Shares [Abstract]
Number Of Shares Repurchased | shares	1,100,000		1,100,000
Treasury Stock Acquired, Average Cost Per Share | $ / shares	$ 172
Stock Repurchase Authorization, Number of Shares Authorized to Be Repurchased | shares	15,000,000		15,000,000
Stock Repurchase Authorization, Remaining Number of Shares | shares	11,100,000		11,100,000
Purchase of treasury stock	$ 190	$ 791
GENCOBONGOCOMBINED [Member]
Business Acquisition [Line Items]
Current Assets	350
Property and equipment	113
Goodwill	1,170
Intangible assets	139
Other non-current assets	25
Current liabilities	(245)
Long-term liabilities	(97)
Total purchase price	1,455
TNT acquisition [Member]
Business Acquisition [Line Items]
Business Acquisitions Conditional Acquisition Price | €			€ 4,400
TNT acquisiton USD [Member]
Business Acquisition [Line Items]
Business Acquisitions Conditional Acquisition Price	$ 5,000

Accumulated Other Comprehensi28

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ 172
Translation adjustment	(138)	$ (31)
Amortization of prior service credit, net of tax of $7 in 2015 and $10 in 2014	(24)	(16)
Ending balance	10	459
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	4,525	4,114
PROVISION FOR INCOME TAXES	392	359
Foreign currency translation gain (loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(253)	81
Translation adjustment	(138)	(31)
Ending balance	(391)	50
Retirement plans adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	425	425
Reclassification from AOCI	(24)	(16)
Ending balance	401	409
Reclassification Out Of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	31	26
PROVISION FOR INCOME TAXES	(7)	(10)
Net income	$ 24	$ 16

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	May. 31, 2015
Financing Arrangements (Details) [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity	$ 1,000
Line Of Credit Facility Current Borrowing Capacity	1,000
Long Term Debt Exclusive of Capital Leases Carrying Value	7,200	$ 7,200
Long Term Debt Exclusive Of Capital Leases Fair Value	$ 7,200	$ 7,400
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%

Computation of Earnings Per S30

Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Aug. 31, 2015	Aug. 31, 2014
Basic earnings per common share:
Net earnings allocable to common shares	[1]	$ 691	$ 653
Weighted-average common shares		282	285
Basic earnings per common share		$ 2.45	$ 2.29
Diluted earnings per common share:
Net earnings allocable to common shares	[1]	$ 691	$ 653
Weighted-average common shares		282	285
Dilutive effect of share-based awards		4	4
Weighted-average diluted shares		286	289
Diluted earnings per common share		$ 2.42	$ 2.26
Anti-dilutive options excluded from diluted earnings per common share		3.5	2.1
[1]	Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans (Details 1)

Retirement Plans (Details 1) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Pension and Other Postretirement Benefit Expense [Abstract]
Defined benefit pension plans	$ 53	$ (7)
Defined contribution plans	102	94
Postretirement healthcare plans	21	20
Retirement plans costs	$ 176	$ 107

Retirement Plans (Details 2)

Retirement Plans (Details 2) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Pension Plans
Net Periodic Benefit Cost
Service cost	$ 166	$ 164
Interest cost	295	275
Expected return on plan assets	(377)	(420)
Amortization of prior service credits	(31)	(26)
Total net periodic benefit cost	53	(7)
Postretirement Healthcare Plans
Net Periodic Benefit Cost
Service cost	10	10
Interest cost	11	10
Total net periodic benefit cost	$ 21	$ 20

Retirement Plans (Details 3)

Retirement Plans (Details 3) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Pension Plans Contributions [Abstract]
Required U.S. pension plan contributions	$ 6	$ 82
Voluntary U.S. pension plan contributions	159	83
U.S. domestic pension contributions	165	$ 165
September 2015 U.S. Pension Plans contribution	$ 165

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 12,279	$ 11,684
Operating Income	1,144	1,062
FedEx Express Segment [Member]
Segment Reporting Information [Line Items]
Revenues	6,591	6,862
Operating Income	545	377
FedEx Ground Segment [Member]
Segment Reporting Information [Line Items]
Revenues	3,830	2,960
Operating Income	537	545
FedEx Freight Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,601	1,609
Operating Income	132	168
FedEx Services Segment [Member]
Segment Reporting Information [Line Items]
Revenues	390	374
Eliminations, corporate and other
Segment Reporting Information [Line Items]
Revenues	(133)	(121)
Operating Income	$ (70)	$ (28)

Commitments (Details 1)

Commitments (Details 1) $ in Millions		Aug. 31, 2015USD ($)
Schedule of Purchase Commitments [Line Items]
2016 (remainder)		$ 1,472
2,017		1,504
2,018		1,888
2,019		1,655
2,020		1,661
Thereafter		6,060
Total		14,240
Aircraft And Related Equipment Commitments [Member]
Schedule of Purchase Commitments [Line Items]
2016 (remainder)		657
2,017		1,240
2,018		1,739
2,019		1,584
2,020		1,638
Thereafter		5,962
Total		12,820
Other Commitments [Member]
Schedule of Purchase Commitments [Line Items]
2016 (remainder)	[1]	815
2,017	[1]	264
2,018	[1]	149
2,019	[1]	71
2,020	[1]	23
Thereafter	[1]	98
Total	[1]	$ 1,420
[1]	Primarily equipment, advertising contracts and, for the remainder of 2016, $495 million of estimated required quarterly contributions to our U.S. Pension Plans.

Commitments (Details 2)

Commitments (Details 2) - Aug. 31, 2015	USD ($)
Schedule of Aircraft Commitments [Line Items]
2016 (remainder)	7
2,017	12
2,018	18
2,019	15
2,020	15
Thereafter	35
Total	102
Boeing 777 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2016 (remainder)	1
2,018	2
2,019	2
2,020	3
Thereafter	9
Total	17
Boeing 767 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2016 (remainder)	6
2,017	12
2,018	16
2,019	13
2,020	12
Thereafter	26
Total	85

Commitments (Details 3)

Commitments (Details 3) $ in Millions	Aug. 31, 2015USD ($)
Schedule of Future Minimum Operating Lease Payments [Line Items]
2016 (remainder)	$ 1,686
2,017	2,293
2,018	1,804
2,019	1,560
2,020	1,316
Thereafter	7,714
Total	16,373
Aircraft and Related Equipment [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2016 (remainder)	430
2,017	403
2,018	332
2,019	274
2,020	190
Thereafter	360
Total	1,989
Facilities and Other [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2016 (remainder)	1,256
2,017	1,890
2,018	1,472
2,019	1,286
2,020	1,126
Thereafter	7,354
Total	$ 14,384

Commitments (Details 4)

Commitments (Details 4) - Aug. 31, 2015 $ in Millions	USD ($)
Other Aircraft Commitments Disclosure [Abstract]
Boeing 777F Conditional Aircraft Commitments	9
Boeing 767F Conditional Aircraft Commitments	6
Boeing 767F Aircraft Purchases	50
Other Commitment Disclosures [Line Items]
Deposit and Progress Payments	$ 411
Required Pensions Contributions Remaining	$ 495

Contingencies (Details)

Contingencies (Details) $ in Millions	3 Months Ended
	Aug. 31, 2015USD ($)
Loss Contingency [Line Items]
Litigation settlement amount	$ 228

Supplemental Cash Flow Inform40

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Supplemental Cash Flow Information [Abstract]
Interest (net of capitalized interest)	$ 139	$ 96
Income taxes	115	190
Income tax refunds received	(2)	(2)
Cash tax payments, net	$ 113	$ 188

Condensed Consolidating Finan41

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

Condensed Consolidating Finan42

Condensed Consolidating Financial Statements (Details 2) - USD ($) $ in Millions	Aug. 31, 2015	May. 31, 2015	Aug. 31, 2014	May. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 3,543	$ 3,763	$ 2,416	$ 2,908
Receivables, less allowances	5,617	5,719
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	937	853
Deferred income taxes	606	606
Total current assets	10,703	10,941
PROPERTY AND EQUIPMENT, AT COST	43,989	42,864
Less accumulated depreciation and amortization	22,506	21,989
Net property and equipment	21,483	20,875
Goodwill	3,792	3,810
Other assets	1,267	1,443
ASSETS	37,245	37,069
CURRENT LIABILITIES
Current portion of long-term debt	14	19
Accrued salaries and employee benefits	1,355	1,436
Accounts payable	2,049	2,066
Accrued expenses	2,426	2,436
Total current liabilities	5,844	5,957
LONG-TERM DEBT, LESS CURRENT PORTION	7,244	7,249
OTHER LONG-TERM LIABILITIES
Deferred income taxes	1,781	1,747
Other liabilities	7,093	7,123
Total other long-term liabilities	8,874	8,870
STOCKHOLDERS' INVESTMENT	15,283	14,993
LIABILITIES AND STOCKHOLDERS' INVESTMENT	37,245	37,069
Parent Company Member
CURRENT ASSETS
Cash and cash equivalents	2,224	2,383	1,305	1,756
Receivables, less allowances	1	3
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	25	41
Total current assets	2,250	2,427
PROPERTY AND EQUIPMENT, AT COST	29	29
Less accumulated depreciation and amortization	23	23
Net property and equipment	6	6
INVESTMENT IN SUBSIDIARIES	23,722	23,173
Other assets	2,761	2,752
ASSETS	28,739	28,358
CURRENT LIABILITIES
Accrued salaries and employee benefits	44	34
Accounts payable	77	5
Accrued expenses	745	604
Total current liabilities	866	643
LONG-TERM DEBT, LESS CURRENT PORTION	6,978	6,978
INTERCOMPANY PAYABLE	2,228	2,249
OTHER LONG-TERM LIABILITIES
Other liabilities	3,384	3,495
Total other long-term liabilities	3,384	3,495
STOCKHOLDERS' INVESTMENT	15,283	14,993
LIABILITIES AND STOCKHOLDERS' INVESTMENT	28,739	28,358
Guarantor Subsidiaries Member
CURRENT ASSETS
Cash and cash equivalents	446	487	430	441
Receivables, less allowances	4,308	4,383
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	777	689
Deferred income taxes	572	571
Total current assets	6,103	6,130
PROPERTY AND EQUIPMENT, AT COST	41,521	40,364
Less accumulated depreciation and amortization	21,202	20,685
Net property and equipment	20,319	19,679
INTERCOMPANY RECEIVABLE	533	686
Goodwill	1,551	1,552
INVESTMENT IN SUBSIDIARIES	3,817	3,800
Other assets	781	898
ASSETS	33,104	32,745
CURRENT LIABILITIES
Current portion of long-term debt	6	7
Accrued salaries and employee benefits	1,133	1,208
Accounts payable	1,326	1,433
Accrued expenses	1,400	1,557
Total current liabilities	3,865	4,205
LONG-TERM DEBT, LESS CURRENT PORTION	248	248
OTHER LONG-TERM LIABILITIES
Deferred income taxes	4,237	4,206
Other liabilities	3,446	3,367
Total other long-term liabilities	7,683	7,573
STOCKHOLDERS' INVESTMENT	21,308	20,719
LIABILITIES AND STOCKHOLDERS' INVESTMENT	33,104	32,745
Non Guarantor Subsidiaries Member
CURRENT ASSETS
Cash and cash equivalents	917	971	821	861
Receivables, less allowances	1,349	1,385
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	135	123
Deferred income taxes	34	35
Total current assets	2,435	2,514
PROPERTY AND EQUIPMENT, AT COST	2,439	2,471
Less accumulated depreciation and amortization	1,281	1,281
Net property and equipment	1,158	1,190
INTERCOMPANY RECEIVABLE	1,695	1,563
Goodwill	2,241	2,258
Other assets	416	477
ASSETS	7,945	8,002
CURRENT LIABILITIES
Current portion of long-term debt	8	12
Accrued salaries and employee benefits	178	194
Accounts payable	731	758
Accrued expenses	281	275
Total current liabilities	1,198	1,239
LONG-TERM DEBT, LESS CURRENT PORTION	18	23
OTHER LONG-TERM LIABILITIES
Deferred income taxes	235	225
Other liabilities	263	261
Total other long-term liabilities	498	486
STOCKHOLDERS' INVESTMENT	6,231	6,254
LIABILITIES AND STOCKHOLDERS' INVESTMENT	7,945	8,002
Consolidation Eliminations Member
CURRENT ASSETS
Cash and cash equivalents	(44)	(78)	$ (140)	$ (150)
Receivables, less allowances	(41)	(52)
Total current assets	(85)	(130)
INTERCOMPANY RECEIVABLE	(2,228)	(2,249)
INVESTMENT IN SUBSIDIARIES	(27,539)	(26,973)
Other assets	(2,691)	(2,684)
ASSETS	(32,543)	(32,036)
CURRENT LIABILITIES
Accounts payable	(85)	(130)
Total current liabilities	(85)	(130)
INTERCOMPANY PAYABLE	(2,228)	(2,249)
OTHER LONG-TERM LIABILITIES
Deferred income taxes	(2,691)	(2,684)
Total other long-term liabilities	(2,691)	(2,684)
STOCKHOLDERS' INVESTMENT	(27,539)	(26,973)
LIABILITIES AND STOCKHOLDERS' INVESTMENT	$ (32,543)	$ (32,036)

Condensed Consolidating Finan43

Condensed Consolidating Financial Statements (Details 3) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Condensed Financial Statements Captions [Line Items]
REVENUES	$ 12,279	$ 11,684
OPERATING EXPENSES:
Salaries and employee benefits	4,525	4,114
Purchased transportation	2,344	2,054
Rentals and landing fees	695	660
Depreciation and amortization	648	651
Fuel	712	1,120
Maintenance and repairs	548	556
Other	1,663	1,467
OPERATING EXPENSES	11,135	10,622
OPERATING INCOME	1,144	1,062
OTHER INCOME (EXPENSE):
Interest, net	(63)	(48)
Other, net	3	(2)
INCOME BEFORE INCOME TAXES	1,084	1,012
PROVISION FOR INCOME TAXES	392	359
NET INCOME	692	653
COMPREHENSIVE INCOME	530	606
Parent Company Member
OPERATING EXPENSES:
Salaries and employee benefits	34	30
Rentals and landing fees	1	1
Intercompany charges, net	(69)	(95)
Other	34	64
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	692	653
Interest, net	(75)	(53)
Intercompany charges, net	78	54
Other, net	(3)	(1)
INCOME BEFORE INCOME TAXES	692	653
NET INCOME	692	653
COMPREHENSIVE INCOME	674	636
Guarantor Subsidiaries Member
Condensed Financial Statements Captions [Line Items]
REVENUES	9,873	9,769
OPERATING EXPENSES:
Salaries and employee benefits	3,813	3,534
Purchased transportation	1,434	1,386
Rentals and landing fees	587	572
Depreciation and amortization	583	595
Fuel	691	1,095
Maintenance and repairs	508	522
Intercompany charges, net	(40)	2
Other	1,264	1,165
OPERATING EXPENSES	8,840	8,871
OPERATING INCOME	1,033	898
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	61	98
Interest, net	8	4
Intercompany charges, net	(76)	(59)
Other, net	(3)	(3)
INCOME BEFORE INCOME TAXES	1,023	938
PROVISION FOR INCOME TAXES	357	296
NET INCOME	666	642
COMPREHENSIVE INCOME	651	638
Non Guarantor Subsidiaries Member
Condensed Financial Statements Captions [Line Items]
REVENUES	2,509	2,004
OPERATING EXPENSES:
Salaries and employee benefits	678	550
Purchased transportation	965	711
Rentals and landing fees	108	88
Depreciation and amortization	65	56
Fuel	21	25
Maintenance and repairs	40	34
Intercompany charges, net	109	93
Other	412	283
OPERATING EXPENSES	2,398	1,840
OPERATING INCOME	111	164
OTHER INCOME (EXPENSE):
Interest, net	4	1
Intercompany charges, net	(2)	5
Other, net	9	2
INCOME BEFORE INCOME TAXES	122	172
PROVISION FOR INCOME TAXES	35	63
NET INCOME	87	109
COMPREHENSIVE INCOME	(42)	83
Consolidation Eliminations Member
Condensed Financial Statements Captions [Line Items]
REVENUES	(103)	(89)
OPERATING EXPENSES:
Purchased transportation	(55)	(43)
Rentals and landing fees	(1)	(1)
Other	(47)	(45)
OPERATING EXPENSES	(103)	(89)
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	(753)	(751)
INCOME BEFORE INCOME TAXES	(753)	(751)
NET INCOME	(753)	(751)
COMPREHENSIVE INCOME	$ (753)	$ (751)

Condensed Consolidating Finan44

Condensed Consolidating Financial Statements (Details 4) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	$ 1,241	$ 982
Investing Activities:
Capital expenditures	(1,209)	(720)
Proceeds from asset dispositions and other	10	4
Cash used in investing activities	(1,199)	(716)
Financing Activities:
Principal payments on debt	(15)
Proceeds from stock issuances	46	97
Excess tax benefit on the exercise of stock options	6	10
Dividends paid	(71)	(57)
Purchase of treasury stock	(190)	(791)
Cash used in financing activities	(224)	(741)
Effect of exchange rate changes on cash	(38)	(17)
Net decrease in cash and cash equivalents	(220)	(492)
Cash and cash equivalents at beginning of period	3,763	2,908
Cash and cash equivalents at end of period	3,543	2,416
Parent Company Member
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	(397)	(67)
Investing Activities:
Capital expenditures		(1)
Proceeds from asset dispositions and other	(5)
Cash used in investing activities	(5)	(1)
Financing Activities:
Net transfers from (to) Parent	452	358
Proceeds from stock issuances	46	97
Excess tax benefit on the exercise of stock options	6	10
Dividends paid	(71)	(57)
Purchase of treasury stock	(190)	(791)
Cash used in financing activities	243	(383)
Net decrease in cash and cash equivalents	(159)	(451)
Cash and cash equivalents at beginning of period	2,383	1,756
Cash and cash equivalents at end of period	2,224	1,305
Guarantor Subsidiaries Member
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	1,533	934
Investing Activities:
Capital expenditures	(1,170)	(688)
Proceeds from asset dispositions and other	15	7
Cash used in investing activities	(1,155)	(681)
Financing Activities:
Net transfers from (to) Parent	(479)	(366)
Payment on loan between subsidiaries	98	103
Intercompany dividends	4	2
Principal payments on debt	(2)
Other, net	(25)	(1)
Cash used in financing activities	(404)	(262)
Effect of exchange rate changes on cash	(15)	(2)
Net decrease in cash and cash equivalents	(41)	(11)
Cash and cash equivalents at beginning of period	487	441
Cash and cash equivalents at end of period	446	430
Non Guarantor Subsidiaries Member
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	71	105
Investing Activities:
Capital expenditures	(39)	(31)
Proceeds from asset dispositions and other		(3)
Cash used in investing activities	(39)	(34)
Financing Activities:
Net transfers from (to) Parent	27	8
Payment on loan between subsidiaries	(98)	(103)
Intercompany dividends	(4)	(2)
Principal payments on debt	(13)
Other, net	25	1
Cash used in financing activities	(63)	(96)
Effect of exchange rate changes on cash	(23)	(15)
Net decrease in cash and cash equivalents	(54)	(40)
Cash and cash equivalents at beginning of period	971	861
Cash and cash equivalents at end of period	917	821
Consolidation Eliminations Member
Condensed Financial Statements Captions [Line Items]
Cash provided by (used in) operating activities	34	10
Financing Activities:
Net decrease in cash and cash equivalents	34	10
Cash and cash equivalents at beginning of period	(78)	(150)
Cash and cash equivalents at end of period	$ (44)	$ (140)