FedEx (FDX) 10-K 18 Jul 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	May 31, 2016	Jul. 14, 2016	Nov. 30, 2015
Document and Entity Information [Abstract]
Document Type	10-K
Document Period End Date	May 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
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			$ 40.6
Entity Common Stock, Shares Outstanding		265,524,323
trading symbol	FDX

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	May 31, 2016	May 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 3,534	$ 3,763
Receivables, less allowances of $178 and $185	7,252	5,719
Spare parts, supplies and fuel, less allowances of $218 and $207	496	498
Prepaid expenses and other	707	355
Total current assets	11,989	10,335
PROPERTY AND EQUIPMENT, AT COST
Aircraft and related equipment	17,499	16,186
Package handling and ground support equipment	7,961	6,725
Computer and electronic equipment	5,149	5,208
Vehicles	6,422	5,816
Facilities and other	9,987	8,929
Gross property and equipment	47,018	42,864
Less accumulated depreciation and amortization	22,734	21,989
Net property and equipment	24,284	20,875
OTHER LONG-TERM ASSETS
Goodwill	6,747	3,810
Other assets	3,044	1,511
Total other long-term assets	9,791	5,321
ASSETS	46,064	36,531
CURRENT LIABILITIES
Current portion of long-term debt	29	19
Accrued salaries and employee benefits	1,972	1,436
Accounts payable	2,944	2,066
Accrued expenses	3,063	2,435
Total current liabilities	8,008	5,956
LONG-TERM DEBT, LESS CURRENT PORTION	13,838	7,249
OTHER LONG-TERM LIABILITIES
Deferred income taxes	1,567	1,210
Pension, postretirement healthcare and other benefit obligations	6,227	4,893
Self-insurance accruals	1,314	1,120
Deferred lease obligations	400	711
Deferred gains, principally related to aircraft transactions	155	181
Other liabilities	771	218
Total other long-term liabilities	10,434	8,333
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of May 31, 2016 and 2015	32	32
Additional paid-in capital	2,892	2,786
Retained earnings	18,371	16,900
Accumulated other comprehensive (loss) income at end of period	(169)	172
Treasury stock, at cost	(7,342)	(4,897)
Total common stockholders' investment	13,784	14,993
LIABILITIES AND STOCKHOLDERS' INVESTMENT	$ 46,064	$ 36,531

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	May 31, 2016	May 31, 2015
CURRENT ASSETS
Allowances for receivables	$ 178	$ 185
Allowances for spare parts, supplies and fuel	$ 218	$ 207
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, 2016	May 31, 2015	May 31, 2014
Consolidated Statements of Income
REVENUES	$ 50,365	$ 47,453	$ 45,567
OPERATING EXPENSES:
Salaries and employee benefits	18,581	17,110	16,171
Purchased transportation	9,966	8,483	8,011
Rentals and landing fees	2,854	2,682	2,622
Depreciation and amortization	2,631	2,611	2,587
Fuel	2,399	3,720	4,557
Maintenance and repairs	2,108	2,099	1,862
Impairment and other charges		276
Retirement plans mark-to-market adjustment	1,498	2,190	15
Other	7,251	6,415	5,927
OPERATING EXPENSES	47,288	45,586	41,752
OPERATING INCOME	3,077	1,867	3,815
OTHER INCOME (EXPENSE):
Interest expense	(336)	(235)	(160)
Interest income	21	14	18
Other, net	(22)	(19)	(15)
OTHER INCOME (EXPENSE)	(337)	(240)	(157)
INCOME BEFORE INCOME TAXES	2,740	1,627	3,658
PROVISION FOR INCOME TAXES	920	577	1,334
NET INCOME	$ 1,820	$ 1,050	$ 2,324
EARNINGS PER COMMON SHARE
Basic	$ 6.59	$ 3.70	$ 7.56
Diluted	$ 6.51	$ 3.65	$ 7.48

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Consolidated Statements of Comprehensive Income
NET INCOME	$ 1,820	$ 1,050	$ 2,324
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax benefit of $22, $45, and $1	(261)	(334)	(25)
Amortization of prior service credit and other, net of tax benefit of $45 in 2016, tax expense of $1 in 2015, and tax benefit of $38 in 2014	(80)		(76)
Other comprehensive loss	(341)	(334)	(101)
Comprehensive income	$ 1,479	$ 716	$ 2,223

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income(Parentheticals) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax	$ 22	$ 45	$ 1
Amortization of prior service credit and other, tax	$ 45	$ (1)	$ 38

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Operating Activities:
Net income	$ 1,820	$ 1,050	$ 2,324
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	2,631	2,611	2,587
Provision for uncollectible accounts	121	145	130
Deferred income taxes and other noncash items	31	(572)	339
Impairment and other charges		246
Stock-based compensation	144	133	117
Retirement plans mark-to-market adjustment	1,498	2,190	15
Changes in assets and liabilities:
Receivables	(199)	(392)	(516)
Other current assets	(234)	25	(22)
Pension and postretirement healthcare assets and liabilities, net	(346)	(692)	(453)
Accounts payable and other liabilities	467	659	(235)
Other, net	(225)	(37)	(22)
Cash provided by operating activities	5,708	5,366	4,264
Investing Activities:
Capital expenditures	(4,818)	(4,347)	(3,533)
Business acquisitions, net of cash acquired	(4,618)	(1,429)	(36)
Proceeds from asset dispositions and other	(10)	24	18
Cash used in investing activities	(9,446)	(5,752)	(3,551)
Financing Activities:
Principal payments on debt	(41)	(5)	(254)
Proceeds from debt issuance	6,519	2,491	1,997
Proceeds from stock issuances	183	320	557
Excess tax benefit on the exercise of stock options	3	51	44
Dividends paid	(277)	(227)	(187)
Purchase of treasury stock	(2,722)	(1,254)	(4,857)
Other, net	(54)	(27)	(19)
Cash provided by (used in) financing activities	3,611	1,349	(2,719)
Effect of exchange rate changes on cash	(102)	(108)	(3)
Net (decrease) increase in cash and cash equivalents	(229)	855	(2,009)
Cash and cash equivalents at beginning of period	3,763	2,908	4,917
Cash and cash equivalents at end of period	$ 3,534	$ 3,763	$ 2,908

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, 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)
Net income	1,820			1,820
Other comprehensive gain (loss), net of tax	(341)				(341)
Purchase of treasury stock	(2,722)					(2,722)
Cash dividends declared	(277)			(277)
Employee incentive plans and other	311		106	(72)		277
Ending balance at May. 31, 2016	$ 13,784	$ 32	$ 2,892	$ 18,371	$ (169)	$ (7,342)

Consolidated Statements of Cha9

Consolidated Statements of Changes in Shareholders Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Other comprehensive (gain) loss, tax	$ 67	$ 44	$ 39
Purchase of treasury stock	18,200,000	8,100,000	36,800,000
Cash dividends declared, per share	$ 1	$ 0.80	$ 0.60
Employee incentive plans and other, shares issued	2,000,000	3,700,000	6,700,000

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	May 31, 2016
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; TNT Express B .V. , formerly TNT Express N.V. (“TNT Express”) , an international express, small-package ground delivery and freight transportation company that was acquired near the end of our 2016 fourth quarter ; 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 , customer service, technical support , billing and collection services, and certain back-office functions that support 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”) . FISCAL YEARS . Except as otherwise specified, references to years indicate our fiscal year ended May 31, 2016 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 $ 417 million in 2016 , $ 4 0 3 million in 2015 and $ 4 07 million in 2014 . 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 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 and historically have been nomina l . 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. 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 2016 2015 Wide-body aircraft and related equipment 15 to 30 years $ 8,356 $ 7,548 Narrow-body and feeder aircraft and related equipment 5 to 18 years 3,180 2,943 Package handling and ground support equipment 3 to 30 years 3,249 2,410 Vehicles 3 to 15 years 3,084 2,717 Computer and electronic equipment 2 to 10 years 1,051 866 Facilities and other 2 to 40 years 5,364 4,391 The fair value of TNT Express property and equipment included in the table above at May 31, 2016 was $ 1.1 b illion. Given the timing of the TNT Express acquisition, this value is preliminary and likely to change during the purchase price allocation measurement period, which ends no later than the fourth quarter of 2017. 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 . As a result of these accelerated retirements, we incurred an additional $74 million in year-over-year accelerated depreciation expense in 2014. Depreciation and amortization expense, excluding gains and losses on sales of property and equipm ent used in operations, was $ 2.6 billion in 201 6 , 2015 and 201 4 . 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 $ 42 million in 2016 , $ 37 million in 2015 and $ 29 million in 2014 . 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, is 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, 201 6 , we had four aircraft temporarily idled. These aircraft ha ve been idled for less than one year and are 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 , 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 2015 . 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 . 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. INTANGIBLE ASSETS . Intangible assets primarily include customer relationships, technology assets and trademarks acquired in business combinations. Intangible assets are amortized over periods ranging from 3 to 15 years, either on a straight-line basis or on a basis consistent with the pattern in which the economic benefits are realized. 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. W e use the fair value of plan assets to calculate the expected return on plan assets (“EROA”) for interim and segment reporting purposes . Our EROA is a judgmental matter which is reviewed on an annual basis and revised as appropriate. The accounting guidance related to employers' accounting for defined benefit pension and other postretirement plans requires recognition in the balance sheet of the funded status of defined benefit pension and other postretirement benefit plans. We use “mark-to-market” or MTM accounting and 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. The annual MTM adjustment is recognized at the corporate level and does not impact segment results. The remaining components of pension and postretirement healthcare expense, primarily service and interest costs and the EROA , are recorded on a quarterly basis. INCOME 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 d isability 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. DERIVATIVE FINANCIAL INSTRUMENTS . Our recently acquired TNT Express segment maintains a risk management strategy that includes the use of derivative instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. In accordance with our risk management policies, we do not hold or issue derivative instruments for trading or speculative p urposes. We account for derivative instruments under the provisions of the accounting guidance related to derivatives and hedging, which requires all derivative instruments to be recognized in the financial statements and measured at fair value, regardless of the purpose or intent for holding them. Derivatives are recognized in our consolidated balance sheets at their fair values . When we become a party to a derivative instrument and intend to apply hedge accounting, we formally document the hedge relationship and the risk management objective for undertaking the hedge , which includes designating the instrument for financial reporting purposes as a fair value hedge, a cash flow hedge, or a net investment hedge. If a derivative is designated as a cash flow or net investment hedge, changes in its fair value are considered to be effective and are recorded in accumulated other comprehensive income until the hedged item is recorded in income. Any portion of a change in the fair value of a derivative that is considered to be ineffective, along with the change in fair value of any derivatives not designated in a hedging relationship, is immediately recorded in the income statement. For derivative instruments designated as hedg e s, we assess, both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. In addition, when we determine that a derivative is not highly effective as a hedge, hedge accounting is discontinued . When a hedging instrument expires or is sold, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gains or losses existing in equity at that time, remain in equity until the forecasted transaction is ultimately recognized in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gains or losses that were reported in equity are immediately transferred to the income statement. The financial statement impact of d erivative transactions w ere immaterial for the year ended May 31, 2016 and as such, additional disclosures have been excluded from this report . 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 w ere immaterial for each period presented. EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of Fed Ex Express, which represent a small number of FedEx Express's total employees, are employed under a collective bargaining agreement that took effect on November 2, 2015. This collective bargaining agreement is scheduled to become amendable in November 2021, after a six-year term. 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 s tock option exercises and restricted stock grants. TREASURY SHARES. In January 2016, the stock repurchase authorization announced in September 2014 for 15 million shares was completed. On January 26, 2016, our Board of Directors approved a new share repurchase program of up to 25 million shares. During 2016, we repurchased 18.2 million shares of FedEx common stock at an average price of $ 149.35 per share for a total of $ 2.7 billion. As of May 31, 201 6 , 19 million shares remained under the share repurchase authorization. Shares under the current repurchase program may be repurchased from time to time in the open market or in privately negotiated transactions. The timing and volume of repurchases are at the discretion of management, based on the capital needs of the business, the market price of FedEx common stock and general market conditions. No time limit was set for the completion of the program, and the program may be suspended or discontinued at any time. In 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. 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 6, 2016 , our Board of Directors decla red a quarterly dividend of $0.40 per share of common stock. The dividend was paid on July 1 , 201 6 to stockholders of record as of the close of bus iness on June 16 , 201 6 . 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. 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, which 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; impairment assessments on long-lived assets (including goodwill) ; and purchase price allocations .

Recent Accounting Guidance

Recent Accounting Guidance	12 Months Ended
	May 31, 2016
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 . In the second quarter of 2016, we chose to early adopt the authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) requiring acquirers in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period that the adjustment amounts are determined and eliminates the requirement to retrospectively account for these adjustments. It also requires additional disclosure about the effects of the adjustments on prior periods. Adoption of this guidance had no impact on our financial reporting. See Note 3 for further discussion regarding our recent business acquisitions. 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 have a material impact on our revenue recognition policies, practices or systems. On February 25, 2016, the FASB issued the new lease accounting standard which requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Expense related to leases determined to be operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile in which interest and amortization are presented separately in the income statement. We are currently evaluating the impact of this new standard on our financial reporting, but recognizing the lease liability and related right-of-use asset will significantly impact our balance sheet. These changes will be effective for our fiscal year beginning June 1, 2019 (fiscal 2020), with a modified retrospective adoption method to the beginning of 2018. On November 20, 2015, the FASB issued an Accounting Standards Update that will require companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This new guidance ha d minimal impact on our accounting and financial reporting, and we chose to early adopt on a retrospective basis in the fourth quarter of 2016. In May 2015, the FASB issued an Accounting Standards Update that removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by Accounting Standards Codification 820, Fair Value Measurement . This new guidance is effective for entities for fiscal years beginning after December 15, 2016, with retrospective application to all periods presented. We elected to early adopt this standard, which impacted our fair value disclosures related to retirement benefit plan investments in Note 1 3 of the accompanying consolidated financial statements but did not otherwise impact our financial statements. In March 2016, the FASB issued an Accounting Standards Update to simplify the accounting for share-based payment transactions. The new guidance requires companies to recognize the income tax effects of awards that vest or are settled as income tax expense or benefit in the income statement as opposed to additional paid- in capital as is current practice . The guidance also provides clarification of the presentation of certain components of share-based awards in the statement of cash flows. Additionally, the guidance allows companies to make a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. We are currently evaluating the impact of this new standard on our financial reporting. These changes will be effective for our fiscal year beginning June 1, 2017 (fiscal 2018). We believe that no other new accounting guidance was adopted or issued during 201 6 that is relevant to the readers of our financial statements.

Business Combinations

Business Combinations	12 Months Ended
	May 31, 2016
Business Combinations [Abstract]
Business Combinations	NOTE 3: BUSINESS COMBINATIONS On May 25, 2016, we acquired TNT Express for €4.4 billion (approximately $4.9 billion) . C ash acquired in the acquisition was approximately €250 million ($280 million). As of May 31, 2016, $28 7 million of shares associated with the transaction remained untendered , the majority of which were tendered subsequent to May 31, 2016 , and are included in the “Other liabilities” caption of our consolidated balance sheets . We funded the acquisition with proceeds from our April 2016 debt issuance and existing cash balances. TNT Express's financial results are immaterial from the time of acquisition and are included in “ E liminations , corporate and other . ” TNT Express collects, transports and delivers documents, parcels and freight to over 200 countries. This strategic acquisition broadens our portfolio of international transportation solutions with the combined strength of TNT Express's strong European road platform and our strength in other regions globally, including North America and Asia. This acquisition is included in the accompanying balance sheet s based on an allocation of the purchase price (summarized in the table below, in millions). Given the timing and complexity of the acquisition, the presentation of TNT Express in our financial statements, including the allocation of the purchase price, is preliminary and will likely change in future periods , perhaps significantly as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period . We will complete our purchase price allocation no later than the fourth quarter of 2017. Current assets (1) $ 1,905 Property and equipment 1,104 Goodwill 2,964 Identifiable intangible assets 920 Other non-current assets 289 Current liabilities (2) (1,644) Long-term liabilities (644) Total purchase price $ 4,894 (1) Primarily accounts receivable and cash. (2) Primarily accounts payable and other accrued expenses. As a result of thi s acquisition, we recognized a preliminary value of $ 3 . 0 billion of goodwill, which is primarily attributable to the TNT Express workforce and the expected benefits from synergies of the combination with existing businesses and growth opportunities. The majority of the purchase price allocated to goodwill is not deductible for income tax purposes. The purchase price was preliminarily allocated to the identifiable intangible assets acquired as follows (in millions) : Intangible assets with finite lives Customer relationships (15-year useful life) $ 685 Technology (4-year useful life) 90 Trademarks (4-year useful life) 145 Total intangible assets $ 920 See Note 4 for further discussion of our intangible assets. T he following unaudited pro forma consolidated financial information presents the combined operations of FedEx and TNT Express as if the acquisition had occurred at the beginning of 2015 ( dollars in millions , except per share amounts ) : (Unaudited) 2016 2015 Consolidated revenues $ 57,899 $ 55,862 Consolidated net income 1,566 595 Diluted earnings per share $ 5.60 $ 2.07 The accounting literature establishes guidelines regarding the presentation of this unaudited pro forma information . Therefore, this unaudited pro forma information is not intended to represent, nor do we believe it is indicative of, the consolidated results of operations of FedEx that would have been reported had the acquisition been completed as of the beginning of 2015. Furthermore, this unaudited pro forma information does not give effect to the anticipated business and tax synergies of the acquisition and is not representative or indicative of the anticipated future consolidated results of operations of FedEx. The unaudited pro forma consolidated financial information reflects our historical financial information and the historical results of TNT Express, after conversion of TNT Express's accounting methods from International Financial Reporting Standards to U.S. generally accepted accounting principles, adjusted to reflect the acquisition had it been complete d as of the beginning of 2015. The most significant pro forma adjustments to the historical results of operations relate to the application of purchase accounting and the financing for the acquisition. The unaudited pro forma financial information includes various assumptions, including those related to the preliminary purchase price allocation that may be impacted upon the finalization of the purchase price allocation. The tax impact of these adjustments was calculated based on TNT Express's statutory rate. Included in the unaudited pro forma net income (net of tax) are nonrecurring acquisition - related costs incurred by TNT Express associated with the sale of TNT Express's airline operations, a condition precedent to the acquisition, and transaction and integration planning expenses of $115 million in 2016. In addition, the TNT Express results include expenses for restructuring, impairments, litigation matters and pension adjustments of approximately $ 40 million in 2016 and $32 0 million in 2015. 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 logi stics 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, we acquired Bongo International, LLC , now FedEx CrossBorder , LLC (“FedEx CrossBorder ”) , 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. In 2014, we expanded the international service offerings of FedEx Express by a cqu iring businesses operated by our previous service provider , Supaswift (Pty) Ltd. (“ Supaswift ”) , 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. The financial results of the GENCO, FedEx CrossBorder and Supaswift 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, 2016
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 TNT Express Segment FedEx Ground Segment FedEx Freight Segment FedEx Services Segment Total Goodwill at May 31, 2014 $ 1,750 $ - $ 90 $ 735 $ 1,525 $ 4,100 Accumulated impairment charges - - - (133) (1,177) (1,310) 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 Goodwill acquired (1) - 2,964 - - - 2,964 Purchase adjustments and other (2) (88) - 66 (5) - (27) Balance as of May 31, 2016 $ 1,589 $ 2,964 $ 1,211 $ 635 $ 348 $ 6,747 Accumulated goodwill impairment charges as of May 31, 2016 $ - $ - $ - $ (133) $ (1,177) $ (1,310) (1) Goodwill acquired relates to the acquisition of transportation companies in Southern Africa in 2014, the acquisition of e-commerce and supply chain solutions companies in 2015, and the acquisition of TNT Express in 2016. See Note 3 for related disclosures. (2) Primarily currency translation adjustments, acquired goodwill related to immaterial acquisitions, and purchase related adjustments. Our reporting units with significant recorded goodwill include FedEx Express, TNT 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 6 and 2015 . The estimated fair value of each of these reporting units exceeded their carrying values in 201 6 and 201 5 , and we do not believe that any of these reporting units were impaired as of the balance sheet dates . The goodwill for our TNT Express reporting unit will be tested beginning in 2017. Given the timing and complexity of the TNT Express acquisition, the full amount of acquired goodwill has been presented in the TNT Express segment for 2016 as we continue to evaluate benefits from synergies with our FedEx Express segment. Therefore, a ttribution of this goodwill could change in future periods. OTHER INTANGIBLE ASSETS. The summary of our intangible assets and related accumulated amortization at May 31, 2016 and 2015 is as follows (in millions): 2016 2015 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 912 $ (156) $ 756 $ 338 $ (151) $ 187 Technology 123 (16) 107 34 (14) 20 Trademarks and other 202 (57) 145 60 (60) - Total $ 1,237 $ (229) $ 1,008 $ 432 $ (225) $ 207 Amortization expense for intangible assets was $ 1 4 million in 201 6 , $2 1 million in 201 5 and $2 3 million in 201 4 . Expected amortization expense for the next five years is as follows (in millions): 2017 $ 130 2018 116 2019 115 2020 112 2021 54 Given the timing and complexity of the TNT Express acquisition, the amount and timing of expected amortization expense may change once the purchase price allocation is complete.

Selected Current Liabilities

Selected Current Liabilities	12 Months Ended
	May 31, 2016
Accrued Liabilities Fair Value Disclosure 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): 2016 2015 Accrued Salaries and Employee Benefits Salaries $ 478 $ 345 Employee benefits, including variable compensation 804 507 Compensated absences 690 584 $ 1,972 $ 1,436 Accrued Expenses Self-insurance accruals $ 837 $ 865 Taxes other than income taxes 311 328 Other 1,915 1,242 $ 3,063 $ 2,435

Long-Term Debt and Other Financ

Long-Term Debt and Other Financing Arrangements	12 Months Ended
	May 31, 2016
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 6 , are as follows (in millions): May 31, 2016 2015 Interest Rate % Maturity Senior unsecured debt: 8.00 2019 $ 750 $ 750 2.30 2020 399 399 2.625-2.70 2023 749 749 4.00 2024 749 749 3.20 2025 699 699 3.25 2026 749 - 4.90 2034 499 499 3.90 2035 498 498 3.875-4.10 2043 992 992 5.10 2044 749 749 4.10 2045 646 646 4.55-4.75 2046 2,483 - 4.50 2065 248 248 7.60 2098 240 239 Euro senior unsecured debt: floating rate 2019 559 - 0.50 2020 558 - 1.00 2023 836 - 1.625 2027 1,389 - Total senior unsecured debt 13,792 7,217 Other debt 12 - Capital lease obligations 63 51 13,867 7,268 Less current portion 29 19 $ 13,838 $ 7,249 Interest on our U . S . dollar fixed-rate notes is paid semi-annually. Interest on our Euro fixed-rate notes is paid annually. Our floating - rate Euro senior note s bear interest at three-month EURIBOR plus a spread of 55 basis points , and reset s quarterly. Long-term debt, exclusive of capital leases, had estimated fair value s of $ 14.3 billion at May 31, 2016 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 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 (“SEC”) that allows us to sell, in one or more future offerings, any combination of our unsecured debt securities and common stock. On April 11 , 2016, we issued €3 billion of senior unsecured debt under our current shelf registration statement, comprised of €500 million of senior unsecured floating rate notes due in April 2019 with interest payments quarterly, €500 million of senior unsecured 0.5% fixed-rate notes due in April 2020, €750 million of senior unsecured 1.00% fixed-rate notes due in January 2023, and €1.25 billion of senior unsecured 1.625% fixed - rate notes due in January 2027 . Interest on the fixed-rate notes is paid annually. We utilized the net proceeds for working capital and general corporate purposes, including our acquisition of TNT Express . On March 24, 2016, we issued $2 billion of senior unsecured debt under our current s hel f registration statement, comprised of $ 750 million of senior unsecured 3 . 2 5% fixed-rate notes due in April 2026 and $1.25 billion of senior unsecured 4.55% fixed - rate notes due in April 2046 . Interest on the notes is paid semiannually. We utilized the net proceeds for working capital and general corporate purposes, including the redemption and the p repayment and defeasance of the underlying debt of certain leveraged operating leases and share repurchases. On October 23, 2015, we issued under our current shelf registration statement $1.25 billion of senior unsecured 4.75% fixed-rate notes due in November 2045. Interest on the notes is paid semiannually. We utilized the net proceeds for working capital and general corporate purposes, including share repurchases. On November 13, 2015, we replaced our revolving and letter of credit facilities with a new, single five-year $1.75 billion revolving credit facility that expires in November 2020. The facility, which includes a $500 million letter of credit sublimit, is available to finance our operations and other cash flow needs. The agreement contains a financial covenant, which requires us to maintain a ratio of debt to consolidated earnings (excluding non-cash pension mark-to-market adjustments and non-cash asset impairment charges) before interest, taxes, depreciation and amortization (“adjusted EBITDA”) of not more than 3.5 to 1.0, calculated as of the end of the applicable quarter on a rolling four quarters basis. The ratio of our debt to adjusted EBITDA was 1. 9 to 1.0 at May 31 , 2016. We believe this covenant is the 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 financial 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 , 2016 , no commercial paper was outstanding. However, we had a total of $ 318 million in letters of credit outstanding at May 31, 2016, with $182 million of the letter of credit sublimit unused under our revolving credit facility.

Leases

Leases	12 Months Ended
	May 31, 2016
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, 2016 and May 31, 2015 . 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): 2016 2015 2014 Minimum rentals $ 2,394 $ 2,249 $ 2,154 Contingent rentals (1) 214 194 197 $ 2,608 $ 2,443 $ 2,351 (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, 2016 is as follows (in millions): Operating Leases Aircraft Total and Related Facilities Operating Equipment and Other Leases 2017 $ 454 $ 2,021 $ 2,475 2018 383 1,860 2,243 2019 321 1,632 1,953 2020 240 1,428 1,668 2021 182 1,269 1,451 Thereafter 352 7,671 8,023 Total $ 1,932 $ 15,881 $ 17,813 Property and equipment recorded under capital leases and f uture minimum lease payments under capital leases were immaterial at May 31, 2016 and 201 5 . The weighted-average remaining lease term of all operating leases outstanding at May 31, 2016 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, 2016
Preferred Stock [Abstract]
Preferred Stock	NOTE 8 : PREFERRED 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, 2016 , none of these shares had been issued .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	May 31, 2016
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 the consolidated financial statements for the years ended May 31 (in millions ; amounts in parentheses indicate debits to AOCI ) : 2016 2015 2014 Foreign currency translation gain (loss): Balance at beginning of period $ (253) $ 81 $ 106 Translation adjustments (261) (334) (25) Balance at end of period (514) (253) 81 Retirement plans adjustments: Balance at beginning of period 425 425 501 Prior service credit and other arising during period (4) 72 1 Reclassifications from AOCI (76) (72) (77) Balance at end of period 345 425 425 Accumulated other comprehensive (loss) income at end of period $ (169) $ 172 $ 506 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 2016 2015 2014 Amortization of retirement plans prior service credits, before tax $ 121 $ 115 $ 115 Salaries and employee benefits Income tax benefit (45) (43) (38) Provision for income taxes AOCI reclassifications, net of tax $ 76 $ 72 $ 77 Net income

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	May 31, 2016
Stock-Based Compensation [Abstract]
Stock-Based Compensation	NOTE 1 0 : STOCK-BASED COMPENSATION Our total stock-based compensation expense for the years ended May 31 was as follows (in millions): 2016 2015 2014 Stock-based compensation expense $ 144 $ 133 $ 117 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 (or our Board of Directors with respect to grants to non-employee directors) . Option-vesting periods range from one to four years, with 82 % 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. The f ollowing 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 : 2016 2015 2014 Weighted-average Black-Scholes value $ 52.40 $ 53.33 $ 35.79 Intrinsic value of options exercised $ 115 $ 253 $ 347 Black-Scholes Assumptions: Expected lives 6.4 years 6.3 years 6.2 years Expected volatility 28 % 34 % 35 % Risk-free interest rate 1.94 % 2.02 % 1.47 % Dividend yield 0.519 % 0.448 % 0.561 % 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, 2016 : Stock Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) (1) Outstanding at June 1, 2015 14,221,824 $ 101.54 Granted 2,229,582 171.41 Exercised (1,822,547) 100.40 Forfeited (187,428) 138.40 Outstanding at May 31, 2016 14,441,431 $ 111.99 6.0 $ 795 Exercisable 8,717,768 $ 92.93 4.6 $ 629 Expected to vest 5,408,862 $ 141.03 8.1 $ 156 Available for future grants 10,948,196 (1) Only presented for options with market value at May 31, 2016 in excess of the exercise price of the option. The options granted during the year ended May 31, 2016 are primarily related to our principal annual stock option grant in June 2015. The following table summarizes information about vested and unvested restricted stock for the year ende d May 31, 2016: Restricted Stock Shares Weighted-Average Grant Date Fair Value Unvested at June 1, 2015 439,042 $ 112.87 Granted 139,838 168.83 Vested (185,933) 104.42 Forfeited (3,795) 158.82 Unvested at May 31, 2016 389,152 $ 136.57 During the year ended May 31, 2015 , there were 154,115 shares of restricted stock granted with a weigh ted-average fair value of $ 148.89 . During the year ended May 31, 2014, there were 191,964 shares of restricted stock granted with a weighted-average fair value of $ 100 . 80 . 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) 2016 2,572,129 $ 98 2015 2,611,524 83 2014 2,408,179 65 As of May 31, 2016 , there was $ 188 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements. This compensation expense is e xpected 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, 2016 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, 2016
Earnings Per Share [Abstract]
Computation of Earnings Per Share	NOTE 1 1 : 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 ) : 2016 2015 2014 Basic earnings per common share: Net earnings allocable to common shares (1) $ 1,818 $ 1,048 $ 2,320 Weighted-average common shares 276 283 307 Basic earnings per common share $ 6.59 $ 3.70 $ 7.56 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 1,818 $ 1,048 $ 2,320 Weighted-average common shares 276 283 307 Dilutive effect of share-based awards 3 4 3 Weighted-average diluted shares 279 287 310 Diluted earnings per common share $ 6.51 $ 3.65 $ 7.48 Anti-dilutive options excluded from diluted earnings per common share 3.9 2.1 3.3 (1) Net earnings available to participating securities were immaterial in all periods presented.

Income Taxes

Income Taxes	12 Months Ended
	May 31, 2016
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) : 2016 2015 2014 Current provision Domestic: Federal $ 513 $ 795 $ 624 State and local 72 102 56 Foreign 200 214 194 785 1,111 874 Deferred provision (benefit) Domestic: Federal 155 (474) 360 State and local (18) (47) 82 Foreign (2) (13) 18 135 (534) 460 $ 920 $ 577 $ 1,334 Pre - tax earnings of foreign operations for 2016 , 2015 and 2014 were $ 905 million , $ 773 million and $ 412 million, respectively . These amounts represent only a portion of total results associated with international shipments and do not represent our international results of operations . A reconciliation of total income tax expense 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) : 2016 2015 2014 Taxes computed at federal statutory rate $ 959 $ 569 $ 1,280 Increases (decreases) in income tax from: State and local income taxes, net of federal benefit 33 36 90 Foreign operations (50) (43) (38) Internal restructuring (76) - - TNT Express acquisition costs 40 - - Other, net 14 15 2 $ 920 $ 577 $ 1,334 Effective Tax Rate 33.6% 35.5% 36.5% Our 2016 tax rate was favorably impacted by $76 million from an internal corporate restructuring done in anticipation of the integration of the foreign operations of FedEx Express and TNT Express. As part of this restructuring, our Canadian subsidiary made distributions to our U.S. operations which resulted in the recognition of U.S. foreign tax credits in excess of the U.S. taxes incurred from the distributions. This favorable impact was partially offset by a $40 million tax expense attributable to non-deductible expenses incurred as part of the TNT Express acquisition. The significant components of deferred tax assets and liabilities as of May 31 were as follows (in millions) : 2016 2015 Deferred Tax Assets Deferred Tax Liabilities Deferred Tax Assets Deferred Tax Liabilities Property, equipment, leases and intangibles $ 129 $ 4,767 $ 93 $ 3,872 Employee benefits 2,453 - 2,029 13 Self-insurance accruals 681 - 607 - Other 528 343 477 414 Net operating loss/credit carryforwards 925 - 326 - Valuation allowances (738) - (224) - $ 3,978 $ 5,110 $ 3,308 $ 4,299 The net deferred tax liabilities as of May 31 have been classified in the balance sheets as follows (in millions) : 2016 2015 Noncurrent deferred tax assets (1) $ 435 $ 219 Noncurrent deferred tax liabilities (1,567) (1,210) $ (1,132) $ (991) (1) Noncurrent deferred tax assets are included in the line item "Other Assets" in our consolidated balance sheets. The table above has been re vised to reflect the new a ccounting s tandard discussed in Note 2 which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet. We have approximately $ 3.0 b illion of net operating loss carryovers in various foreign jurisdictions and $ 581 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 7 . The change in the valuation allowance is primarily due to the increase in net operating losses as a result of the acquisition of TNT Express . 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 more likely than not that deferred income tax asset s will not be realized . 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 . 6 billion at the end of 2016 and $ 1 . 9 b illion at the end of 2015 . Our permanently reinvested earnings were reduced in 2016 due to an internal corporate restructuring done to facilitate the integration of FedEx Express and TNT Express. We have not recognized deferred taxes for U.S. federal incom e tax purposes on those earnings . In 2016 , 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 $ 522 million at the end of 2016 and $ 4 7 8 million at the end of 2015 . In 201 6 , approximately 80 % of our total enterprise-wide income was earned in U.S. companies of FedEx that are taxable in the United States. 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. During 2016, the I nternal R evenue S ervice completed the audit of our 2012 and 2013 tax returns without any significant adjustments. 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) : 2016 2015 2014 Balance at beginning of year $ 36 $ 38 $ 47 Increases for tax positions taken in the current year 3 1 1 Increases for tax positions taken in prior years 3 6 3 Increase for business acquisition 25 - - Decreases for tax positions taken in prior years (5) (2) (3) Settlements (4) (2) (6) Decreases from lapse of statute of limitations (7) - (3) Changes due to currency translation (2) (5) (1) Balance at end of year $ 49 $ 36 $ 38 Our liabilities recorded for uncertain tax positions include $ 45 million at May 31, 2016 and $ 3 1 mil lion at May 31, 2015 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 $ 11 million on May 31, 2016 and $19 million on May 31, 2015 . 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 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, 2016
Retirement Plans [Abstract]
Retirement Plans	NOTE 1 3 : 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. 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. 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 . During 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 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 (in millions): 2016 2015 2014 Defined benefit pension plans $ 214 $ (41) $ 99 Defined contribution plans 416 385 363 Postretirement healthcare plans 82 81 78 Retirement plans mark-to-market adjustment 1,498 2,190 15 $ 2,210 $ 2,615 $ 555 The components of the pre-tax mark-to-market losses are as follows (in millions): 2016 2015 2014 Actual versus expected return on assets $ 1,285 $ (35) $ (1,013) Discount rate changes 1,129 791 705 Demographic assumption experience (916) 1,434 323 Total mark-to-market loss $ 1,498 $ 2,190 $ 15 2016 The actual rate of return on our tax- qualified U.S. domestic pension plans (“ U.S. Pension Plan s ”) assets of 1.2 % was lower than our expected return of 6.50 % primarily due to a challenging environment for global equities and other risk-seeking asset classes . The weighted average discount rate for all of our pension and postretirement healthcare plans declined from 4.38% at May 31, 2015 to 4.04 % at May 31, 2016. The demographic assumption experience in 2016 reflects a change in disability rates and an increase in the average retirement age for U.S. pension and other postemployment benefit plans. 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. 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. T he majority of our internationa l obligations are for defined benefit pension plans in the Netherlands and the United Kingdom. The TNT Express acquisition added a number of defined benefit pension plans, the most significant of which are in the Netherlands, Germany, Italy and Belgium. At May 31, 2016, the total projected benefit obligation for all of these defined benefit plans is $ 907 million and the total fair value o f assets is $761 million. The assets of the largest acquired plan are primarily invested in fixed income managed funds . At May 31, 2016, the weighted averag e discount rate for all of these defined benefit plans is 2.25 % and the expected return on assets used to calculate 2017 expense is 3.29 %. Our international pension PBO at May 31, 2016, is approximately 6% of the total pension obligation, and therefore, disaggregated disclosures have no t been provided . 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. 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 immediat ely recognized and expensed in the 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 2016 2015 2014 2016 2015 2014 Discount rate used to determine benefit obligation 4.13 % 4.42 % 4.60 % 4.41 % 4.60 % 4.70 % Discount rate used to determine net periodic benefit cost 4.42 4.60 4.79 4.60 4.70 4.91 Rate of increase in future compensation levels used to determine benefit obligation 4.46 4.62 4.56 - - - Rate of increase in future compensation levels used to determine net periodic benefit cost 4.62 4.56 4.54 - - - Expected long-term rate of return on assets - Consolidated 6.50 7.75 7.75 - - - Expected long-term rate of return on assets - Segment Reporting 6.50 6.50 6.50 - - - The expected average rate of return on plan assets is a long-term, forward-looking assumption . It is required to be the expected future long-term rate of earnings on plan assets. Our pension plan assets are invested primarily in publicly tradable 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. As part of our strategy to manage pension costs and funded status volatility, we follow a liability-driven investment strategy to better align plan assets with liabilities. Establishing the expected future rate of investment return on our pension assets is a judgmental matter, which we review on an annual basis and revise 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. For consolidated pension expense, we assumed a 6.5% expected long-term rate of return on our U.S. Pension Plan assets in 2016 and 7.75% in 2015 and 2014. W e lowered our EROA assumption in 2016 as we continued to implement our asset and liability management strategy. In lowering this assumption we considered our historical returns, our current capital markets outlook and our investment strategy for our plan assets, including the impact of the duration of our liabilities . Our actual return in 2016 was less than the expected return. Our actual returns in 2015 and 2014, however, exceeded those long-term assumptions. Our actual return on plan assets has contracted from 2015 due to lower than expected return s on public equities. For the 15-year period ended May 31, 2016, our actual returns were 6.9% . 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 largest asset 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. 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. The f ollowing 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 . These Level 2 investments include short - term investment funds which are collective funds priced at a constant value by the administrator of the funds. 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. These Level 2 investments include mutual funds. Fixed income . We determine the fair value of these Level 2 corporate 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. Alternative Investments . 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 in private equity, debt, real estate and other private investments are valued at estimated fair value based on quarterly financial information received from the investment advisor and/or general partner. These estimates incorporat e factors such as contributions and distributions, market transactions, market comparables and performance multiples. In accordance with recently updated accounting standards, certain investments in 2016 and 2015 that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified as Level 1, 2 or 3 in the below fair value hie rarchy but are included in the t otal. As a result, a reclassification has been made to the prior year's plan asset classification table to conform to the current year's presentation, which also resulted in the removal of the prio r year L evel 3 asset roll-forward. S ee Note 2 for additional information. The fair values of investments by level and asset category and the weighted-average asset allocations for our U.S. P ension P lans at the measurement date are presented in the following table (in millions): Plan Assets at Measurement Date 2016 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 $ 568 2 % 0-5 % $ 76 $ 492 Equities 35-55 U.S. large cap equity (1) 3,257 14 750 International equities (1) 3,381 15 2,685 121 Global equities (1) 2,794 12 U.S. SMID cap equity 913 4 913 Fixed income securities 45-65 Corporate 6,608 29 6,608 Government 5,148 22 5,148 Mortgage backed and other (1) 347 2 146 Alternative investments (1) 322 1 0-5 48 Other (321) (1) (305) (16) $ 23,017 100 % $ 4,119 $ 12,499 $ 48 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total. 2015 Target Quoted Prices in Active Markets Other Observable Inputs Asset Class Fair Value Actual % Range % Level 1 Level 2 Cash and cash equivalents $ 738 3 % 0-5 % $ 36 $ 702 Equities 35-55 U.S. large cap equity (1) 4,291 19 302 International equities (1) 3,064 14 2,429 1 Global equities (1) 2,579 11 U.S. SMID cap equity 979 4 979 Fixed income securities 45-65 Corporate 6,455 28 6,455 Government 4,645 20 4,645 Mortgage backed and other (1) 213 1 153 Alternative investments (1) 226 1 0-5 Other (184) (1) (181) (3) $ 23,006 100 % $ 3,565 $ 11,953 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total. The change in fair value of Level 3 assets that use significant unobservable inputs is shown in the table below (in millions): 2016 Balance at beginning of year (1) $ - Actual return on plan assets: Assets held during current year 2 Assets sold during the year - Purchases, sales and settlements 46 Balance at end of year $ 48 (1) Investments classified in prior years as Level 3 that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have been removed from the fair value hierarchy in accordance with retrospective adoption of recently updated accounting standards. See Note 2 for additional information. 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, 2016 and a statement of the funded status as of May 31, 2016 and 2015 (in millions): Pension Plans Postretirement Healthcare Plans 2016 2015 2016 2015 Accumulated Benefit Obligation ("ABO") $ 28,845 $ 26,793 Changes in Projected Benefit Obligation ("PBO") and Accumulated Postretirement Benefit Obligation ("APBO") PBO/APBO at the beginning of year $ 27,512 $ 24,578 $ 929 $ 883 Service cost 662 653 40 40 Interest cost 1,180 1,096 42 41 Actuarial loss 277 2,231 (64) 6 Benefits paid (912) (815) (78) (73) Business acquisition 907 - - - Other (24) (231) 36 32 PBO/APBO at the end of year $ 29,602 $ 27,512 $ 905 $ 929 Change in Plan Assets Fair value of plan assets at the beginning of year $ 23,505 $ 21,907 $ - $ - Actual return on plan assets 223 1,718 - - Company contributions 726 746 42 37 Benefits paid (912) (815) (78) (73) Business acquisition 761 - - - Other (32) (51) 36 36 Fair value of plan assets at the end of year $ 24,271 $ 23,505 $ - $ - Funded Status of the Plans $ (5,331) $ (4,007) $ (905) $ (929) Amount Recognized in the Balance Sheet at May 31: Noncurrent asset $ 53 $ 26 $ - $ - Current pension, postretirement healthcare and other benefit obligations (31) (34) (40) (42) Noncurrent pension, postretirement healthcare and other benefit obligations (5,353) (3,999) (865) (887) Net amount recognized $ (5,331) $ (4,007) $ (905) $ (929) Amounts Recognized in AOCI and not yet reflected in Net Periodic Benefit Cost: Prior service credit and other $ (546) $ (668) $ - $ - 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) $ (121) $ - $ - Our pension plans included the following components at May 31 (in millions): PBO Fair Value of Plan Assets Funded Status 2016 Qualified $ 27,543 $ 23,017 $ (4,526) Nonqualified 261 - (261) International Plans 1,798 1,254 (544) Total $ 29,602 $ 24,271 $ (5,331) 2015 Qualified $ 26,365 $ 23,006 $ (3,359) Nonqualified 271 - (271) International Plans 876 499 (377) Total $ 27,512 $ 23,505 $ (4,007) 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. 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 2016 2015 Pension Benefits Fair value of plan assets $ 23,867 $ 23,099 PBO (29,251) (27,132) Net funded status $ (5,384) $ (4,033) ABO Exceeds the Fair Value of Plan Assets 2016 2015 Pension Benefits ABO (1) $ (28,493) $ (26,413) Fair value of plan assets 23,865 23,099 PBO (29,249) (27,132) Net funded status $ (5,384) $ (4,033) (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): 2016 2015 Required $ 8 $ 388 Voluntary 652 272 $ 660 $ 660 For 201 7 , we anticipate making contributions to our U.S. Pension Plans totaling $ 1. 0 b illion (approximately $ 615 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 2016 2015 2014 2016 2015 2014 Service cost $ 662 $ 653 $ 657 $ 40 $ 40 $ 38 Interest cost 1,180 1,096 1,055 42 41 40 Expected return on plan assets (1,508) (1,678) (1,495) - - - Amortization of prior service credit (121) (115) (115) - - - Actuarial losses (gains) and other 1,562 2,190 7 (64) 6 5 Net periodic benefit cost $ 1,775 $ 2,146 $ 109 $ 18 $ 87 $ 83 Amounts recognized in other comprehensive income ("OCI") for all plans for the years ended May 31 were as follows (in millions): 2016 2015 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) $ - Amortizations: Prior services credit 121 76 - - 115 72 - - Total recognized in OCI $ 121 $ 76 $ - $ - $ 2 $ - $ (1) $ - 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 2017 $ 982 $ 40 2018 1,010 41 2019 1,091 43 2020 1,201 42 2021 1,287 43 2022-2026 8,424 240 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 8.3 % during 201 7 , decreasing to an annual growth rate of 4.50 % in 2037 and thereafter. A 1% change in these annual trend rates would not have a significant impact on the APBO at May 31, 20 1 6 or 20 1 6 benefit expense because the level of these benefits is capped.

Business Segment Information

Business Segment Information	12 Months Ended
	May 31, 2016
Business Segment Information [Abstract]
Business Segment Information	NOTE 1 4 : BUSINESS SEGMENT INFORMATION FedEx Express , TNT 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 Group: FedEx Express Segment FedEx Express (express transportation) FedEx Trade Networks (air and ocean freight forwarding, customs brokerage and cross-border enablement technology and solutions ) FedEx SupplyChain Systems (logistics services) TNT Express Segment TNT Express (international express transportation, small- package g r o und delivery and freight transportation) 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, customer service, technical support, billing and collection services and back-office functions) 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 , customer service, technical support, billing and collection services for U.S. customers of our major business units and certain back-office support to our other companies ; 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 . O ur allocation methodologies are ref ined periodically, as necessary , to reflect changes in our businesses. 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. Corporate and other includes corporate headquarters costs for executive officers and certain legal and financial functions, as well as certain other costs and credits not attributed to our core business. These costs are not allocated to the business segments. In 2016, t he se costs include our annual mark-to-market benefit plans adjustment, transaction and integration planning expenses related to our TNT Express acquisition , provisions for the settlement of and expected losses related to independent contractor litigation matters at FedEx Ground and the settlement of a U.S. Customs and Border Protection (“CBP”) notice of action ( both legal matters are net of recogniz ed immaterial insurance recovery) . 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 FedEx Freight Segment FedEx Services Segment Eliminations, corporate and other (2) (3) Consolidated Total Revenues 2016 $ 26,451 $ 16,574 $ 6,200 $ 1,593 $ (453) $ 50,365 2015 27,239 12,984 6,191 1,545 (506) 47,453 2014 27,121 11,617 5,757 1,536 (464) 45,567 Depreciation and amortization 2016 $ 1,385 $ 608 $ 248 $ 384 $ 6 $ 2,631 2015 1,460 530 230 390 1 2,611 2014 1,488 468 231 399 1 2,587 Operating income 2016 $ 2,519 $ 2,276 $ 426 $ - $ (2,144) $ 3,077 2015 1,584 2,172 484 - (2,373) 1,867 2014 1,428 2,021 351 - 15 3,815 Segment assets (4) 2016 $ 21,207 $ 13,098 $ 3,749 $ 5,390 $ 2,620 $ 46,064 2015 20,382 11,691 3,471 5,356 (4,369) 36,531 2014 19,901 8,466 3,216 5,186 (3,699) 33,070 (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. (2) Operating income includes a loss of $1.5 billion in 2016, $2.2 billion in 2015 and $15 million in 2014 associated with our mark-to-market pension accounting. Operating income in 2016 includes provisions for the settlement of and expected losses related to independent contractor litigation matters at FedEx Ground for $256 million and expenses related to the settlement of a CBP notice of action in the amount of $69 million, in each case net of recognized immaterial insurance recovery. 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. (3) Includes TNT Express’s assets and immaterial financial results from the time of acquisition (May 25, 2016). (4) Segment assets include intercompany receivables. 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 2016 $ 2,356 $ 1,597 $ 433 $ 432 $ - $ 4,818 2015 2,380 1,248 337 381 1 4,347 2014 1,994 850 325 363 1 3,533 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 2016 2015 2014 FedEx Express segment: Package: U.S. overnight box $ 6,763 $ 6,704 $ 6,555 U.S. overnight envelope 1,662 1,629 1,636 U.S. deferred 3,379 3,342 3,188 Total U.S. domestic package revenue 11,804 11,675 11,379 International priority 5,697 6,251 6,451 International economy 2,282 2,301 2,229 Total international export package revenue 7,979 8,552 8,680 International domestic (1) 1,285 1,406 1,446 Total package revenue 21,068 21,633 21,505 Freight: U.S. 2,481 2,300 2,355 International priority 1,384 1,588 1,594 International airfreight 126 180 205 Total freight revenue 3,991 4,068 4,154 Other (2) 1,392 1,538 1,462 Total FedEx Express segment 26,451 27,239 27,121 FedEx Ground segment: FedEx Ground 15,050 12,568 11,617 GENCO 1,524 416 - Total FedEx Ground segment 16,574 12,984 11,617 FedEx Freight segment 6,200 6,191 5,757 FedEx Services segment 1,593 1,545 1,536 Other and eliminations (3) (453) (506) (464) $ 50,365 $ 47,453 $ 45,567 GEOGRAPHICAL INFORMATION (4) Revenues: U.S. $ 38,070 $ 34,216 $ 32,259 International: FedEx Express segment 11,672 12,772 12,916 FedEx Ground segment 383 311 248 FedEx Freight segment 137 142 130 FedEx Services segment 10 12 14 Other (3) 93 - - Total international revenue 12,295 13,237 13,308 $ 50,365 $ 47,453 $ 45,567 Noncurrent assets: U.S. $ 26,047 $ 23,582 $ 20,658 International 8,028 2,614 2,729 $ 34,075 $ 26,196 $ 23,387 (1) International domestic revenues represent our intra-country operations. (2) Includes FedEx Trade Networks and FedEx SupplyChain Systems. (3) Includes TNT Express’s revenue from the time of acquisition (May 25, 2016). (4) 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, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	NOTE 1 5 : SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest expense and income taxes for the years ended May 31 was as follows (in millions): 2016 2015 2014 Cash payments for: Interest (net of capitalized interest) $ 321 $ 201 $ 131 Income taxes $ 996 $ 1,122 $ 820 Income tax refunds received (5) (9) (54) Cash tax payments, net $ 991 $ 1,113 $ 766

Guarantees and Indemnifications

Guarantees and Indemnifications	12 Months Ended
	May 31, 2016
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 and in connection with business acquisitions , 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 of the TNT Express acquisition, we have assumed a guarantee related to the demerger of TNT Express and PostNL Holding B.V. , which occurred in 2011 f o r pension benefits earned prior to the date of the demerger . The risk of making payments associated with this guarantee is remote . T he 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 material amounts have been recognized in our financial statements for the underlying fair value of these obligations.

Commitments

Commitments	12 Months Ended
	May 31, 2016
Commitments [Abstract]
Commitments	NOTE 1 7 : COMMITMENTS Annual purchase commitments under various contracts as of May 31, 2016 were as follows (in millions): Aircraft and Aircraft Related Other (1) Total 2017 $ 1,212 $ 1,235 $ 2,447 2018 1,770 401 2,171 2019 1,563 264 1,827 2020 1,620 193 1,813 2021 1,476 120 1,596 Thereafter 4,240 108 4,348 Total $ 11,881 $ 2,321 $ 14,202 (1) Primarily equipment, advertising contracts and, in 2017, approximately $615 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 6 , our obligation to purchase four Boeing 767-300 Freighter (“B767F”) aircraft and seven B oeing 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 . 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 and B767F 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 July 2015, FedEx Express entered into a supplemental agreement to purchase 50 additional B767F aircraft from Boeing. 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 f leet. On June 1 0 , 2016, FedEx Ex press exercised options to acquire six additional B 767 F aircraft for delivery in 20 19 and 20 20. We had $ 41 3 million in deposits and prog ress payments as of May 31, 201 6 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 6 , with the year of expected delivery: B767F B777F Total 2017 12 - 12 2018 16 2 18 2019 13 2 15 2020 12 3 15 2021 10 3 13 Thereafter 16 6 22 Total 79 16 95

Contingencies

Contingencies	12 Months Ended
	May 31, 2016
Loss Contingency [Abstract]
Contingencies	NOTE 1 8 : C ONTINGENCIES Wage-and-Hour . We are a defendant in several 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 under a contractor model no longer in use should have been 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. 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. 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. During the second quarter of 2015, we established an accrual for the estimated probable loss in the Kansas case. In the second quarter of 2016 the Kansas case settled, and we increased the accrual to the amount of the settlement. The settlement will require court approval. During the third quarter of 2016, we reached agreements in principle to settle all of the 19 cases on appeal in the multidistrict independent contractor litigation. All of these settlements require court approval. We recognized a liability for the expected loss (net of recognized insurance recovery) related to these cases and certain other pending independent-contractor-related proceedings of $204 million. The Kansas case was remanded to the multidistrict litigation court , and the other 19 cases remain at the Seventh Circuit; however, approval proceedings will be conducted primarily by the multidistrict litigation court . Plaintiffs filed preliminary approval motions in all 20 cases on June 15 and 29 , 2016. The multidistrict litigation court set a fairness hearing for January 23 and 24, 2017. 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. The cases in Arkansas and Florida settled in the second quarter of 2016, and we established an accrual in each of these cases for the amount of the settlement. The settlements are subject to court approval. On January 13, 2016, the court preliminarily approved the settlement of the Florida case and granted final approval at a fairness hearing on July 15, 2016. On January 29, 2016, the plaintiffs filed their motion for preliminary approval of the settlement in the Arkansas case. 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. In June 2015, the parties in the California case 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 court granted final approval of the settlement on June 15, 2016 . However, on June 30, 2016, an objector to the class settlement filed an appeal of the court's approval of the settlement. We anticipate that the appeal will be argued in the spring of 2017. The settlement is not effective until all appeals have been resolved without affecting the court's approval of the settlement. The two cases in Oregon were consolidated with a non-multidistrict litigation independent contractor case in Oregon. The three cases collectively settled in the second quarter of 2016, and we increased the accrual in these cases to the amount of the settlement. The settlement was preliminarily approved on April 20, 2016 and the court set a fairness hearing for October 18, 2016. 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. W e do not expect to incur a material loss in these matters; however, 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. In these 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. For a number of reasons, we are not currently able to estimate a range of reasonably possible loss in these cases. The number and identities of plaintiffs in these lawsuits are uncertain, as they are dependent on how the class of 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 in certain of these cases, 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. As a consequence of these factors, 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. Adverse determinations in matters related to FedEx Ground's independent contractors, could, among other things, entitle certain 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. 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. The City of New York and the State of New York filed two related lawsuits against FedEx Ground in December 2013 and November 2014 arising from FedEx Ground's alleged shipments of cigarettes to New York residents in contravention of several statutes, including the Racketeer Influenced and Corrupt Organizations Act (“RICO”) and New York's Public Health Law, as well as common law nuisance claims. In April 2016, the two lawsuits were consolidated and will now proceed as one lawsuit. The first-filed lawsuit alleges that FedEx Ground provided delivery services on behalf of four shippers, and the second-filed lawsuit alleges that FedEx Ground provided delivery services on behalf of six additional shippers ; none of these shippers continue to ship in our network. Pursuant to motions to dismiss filed in both lawsuits, some of the claims have been dismissed entirely or limited. In the first-filed lawsuit, the New York Public Health Law and common law nuisance claims were dismissed and the plaintiffs voluntarily dismissed another claim. In the second-filed lawsuit, the court dismissed, without prejudice to plaintiffs' right to refile the claim at a later date, the New York Public Health Law claim. Other claims, including the RICO claims, remain in both lawsuits. The likelihood of loss is reasonably possible, but the amount of loss cannot be estimated at this stage of the litigation and we expect the amount of any loss 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 County District Attorneys with whom we had 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 that the court subsequently approved. In the fourth quarter of 2015, we established an accrual for the final judgment amount, which was immaterial. On November 19, 2015, FedEx Ground and the DTSC agreed to settle their dispute, and on June 2, 2016, filed a negotiated final judgment in Sacramento County Superior Court, consistent with the terms FedEx Ground agreed upon with the C ounty District Attorneys . We established an accrual for the settlement amount in the second quarter of 2016. This amount was 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. In March 2016, the Court denied our motions to dismiss the money laundering charges and granted our motion to dismiss FedEx Corporation and FedEx Services from certain counts. Trial in this matter commenced on June 13, 2016, and on June 17, 2016, the DOJ dismissed all remaining criminal charges against FedEx and its subsidiaries. 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, 2016
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 stadium 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, 2016
Summary of Quarterly Operating Results [Abstract]
Summary of Quarterly Operating Results (Unaudited)	NOTE 2 0 : SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED) First Second Third Fourth (in millions, except per share amounts) Quarter Quarter Quarter Quarter 2016 (1) Revenues $ 12,279 $ 12,453 $ 12,654 $ 12,979 Operating income (loss) 1,144 1,137 864 (68) Net income (loss) 692 691 507 (70) Basic earnings (loss) per common share (3) 2.45 2.47 1.86 (0.26) Diluted earnings (loss) per common share (3) 2.42 2.44 1.84 (0.26) 2015 (2) 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 (3) 2.29 2.34 2.21 (3.16) Diluted earnings (loss) per common share (3) 2.26 2.31 2.18 (3.16) (1) The fourth quarter of 2016 includes a $1.5 billion retirement plans mark-to-market loss and TNT Express transaction, financing and integration planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a U.S. Customs and Border Protection notice of action in the amount of $69 million, as well as TNT Express transaction, financing and integration planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration planning expenses. (2) 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. (3) 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, 2016
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Financial Statements	NOTE 2 1 : 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 . The guarantor subsidiaries, which are wholly owned by FedEx, guarantee $ 13 . 6 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, 2016 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,974 $ 326 $ 1,277 $ (43) $ 3,534 Receivables, less allowances 1 4,461 2,831 (41) 7,252 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 233 724 246 - 1,203 Total current assets 2,208 5,511 4,354 (84) 11,989 PROPERTY AND EQUIPMENT, AT COST 22 43,760 3,236 - 47,018 Less accumulated depreciation and amortization 17 21,566 1,151 - 22,734 Net property and equipment 5 22,194 2,085 - 24,284 INTERCOMPANY RECEIVABLE 2,437 1,284 - (3,721) - GOODWILL - 1,571 5,176 - 6,747 INVESTMENT IN SUBSIDIARIES 24,766 3,697 - (28,463) - OTHER ASSETS 3,461 970 1,851 (3,238) 3,044 $ 32,877 $ 35,227 $ 13,466 $ (35,506) $ 46,064 LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ - $ 13 $ 16 $ - $ 29 Accrued salaries and employee benefits 54 1,377 541 - 1,972 Accounts payable 8 1,501 1,519 (84) 2,944 Accrued expenses 883 1,411 769 - 3,063 Total current liabilities 945 4,302 2,845 (84) 8,008 LONG-TERM DEBT, LESS CURRENT PORTION 13,553 248 37 - 13,838 INTERCOMPANY PAYABLE - - 3,721 (3,721) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 4,436 369 (3,238) 1,567 Other liabilities 4,595 3,375 897 - 8,867 Total other long-term liabilities 4,595 7,811 1,266 (3,238) 10,434 STOCKHOLDERS' INVESTMENT 13,784 22,866 5,597 (28,463) 13,784 $ 32,877 $ 35,227 $ 13,466 $ (35,506) $ 46,064 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 Total current assets 2,427 5,559 2,479 (130) 10,335 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 - 713 1,554 (2,267) - GOODWILL - 1,552 2,258 - 3,810 INVESTMENT IN SUBSIDIARIES 23,173 3,800 - (26,973) - OTHER ASSETS 2,770 898 480 (2,637) 1,511 $ 28,376 $ 32,201 $ 7,961 $ (32,007) $ 36,531 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 1,557 274 - 2,435 Total current liabilities 643 4,205 1,238 (130) 5,956 LONG-TERM DEBT, LESS CURRENT PORTION 6,978 248 23 - 7,249 INTERCOMPANY PAYABLE 2,267 - - (2,267) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 3,662 185 (2,637) 1,210 Other liabilities 3,495 3,367 261 - 7,123 Total other long-term liabilities 3,495 7,029 446 (2,637) 8,333 STOCKHOLDERS' INVESTMENT 14,993 20,719 6,254 (26,973) 14,993 $ 28,376 $ 32,201 $ 7,961 $ (32,007) $ 36,531 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended May 31, 2016 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 42,143 $ 8,547 $ (325) $ 50,365 OPERATING EXPENSES: Salaries and employee benefits 119 15,880 2,582 - 18,581 Purchased transportation - 7,380 2,720 (134) 9,966 Rentals and landing fees 5 2,484 371 (6) 2,854 Depreciation and amortization 1 2,399 231 - 2,631 Fuel - 2,324 75 - 2,399 Maintenance and repairs 1 1,954 153 - 2,108 Retirement plans mark-to-market adjustment - 1,414 84 - 1,498 Intercompany charges, net (645) 425 220 - - Other 519 5,274 1,643 (185) 7,251 - 39,534 8,079 (325) 47,288 OPERATING INCOME - 2,609 468 - 3,077 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,820 279 - (2,099) - Interest, net (355) 27 13 - (315) Intercompany charges, net 369 (354) (15) - - Other, net (14) (14) 6 - (22) INCOME BEFORE INCOME TAXES 1,820 2,547 472 (2,099) 2,740 Provision for income taxes - 818 102 - 920 NET INCOME $ 1,820 $ 1,729 $ 370 $ (2,099) $ 1,820 COMPREHENSIVE INCOME $ 1,746 $ 1,704 $ 128 $ (2,099) $ 1,479 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 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 CASH FLOWS Year Ended May 31, 2016 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (831) $ 5,932 $ 572 $ 35 $ 5,708 INVESTING ACTIVITIES Capital expenditures - (4,617) (201) - (4,818) Business acquisitions, net of cash acquired - - (4,618) - (4,618) Proceeds from asset dispositions and other (55) 33 12 - (10) CASH USED IN INVESTING ACTIVITIES (55) (4,584) (4,807) - (9,446) FINANCING ACTIVITIES Net transfers from (to) Parent 1,629 (1,549) (80) - - Payment on loan between subsidiaries (4,805) 109 4,696 - - Intercompany dividends - 20 (20) - - Principal payments on debt - (19) (22) - (41) Proceeds from debt issuance 6,519 - - - 6,519 Proceeds from stock issuances 183 - - - 183 Excess tax benefit on the exercise of stock options 3 - - - 3 Dividends paid (277) - - - (277) Purchase of treasury stock (2,722) - - - (2,722) Other, net (54) (48) 48 - (54) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 476 (1,487) 4,622 - 3,611 Effect of exchange rate changes on cash 1 (22) (81) - (102) Net (decrease) increase in cash and cash equivalents (409) (161) 306 35 (229) Cash and cash equivalents at beginning of period 2,383 487 971 (78) 3,763 Cash and cash equivalents at end of period $ 1,974 $ 326 $ 1,277 $ (43) $ 3,534 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 issuances 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 issuance 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

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	May 31, 2016
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, 2016, 2015, AND 2014 (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 2016……………………………………. $ 86 $ 121 $ - $ 134 (a) $ 73 2015……………………………………. 81 145 - 140 (a) 86 2014……………………………………. 94 130 - 143 (a) 81 Allowance for Revenue Adjustments 2016……………………………………. $ 99 $ - $ 692 (b) $ 686 (c) $ 105 2015……………………………………. 83 - 740 (b) 724 (c) 99 2014……………………………………. 82 - 626 (b) 625 (c) 83 Inventory Valuation Allowance: 2016……………………………………. $ 207 $ 26 $ - $ 15 $ 218 2015……………………………………. 212 23 - 28 207 2014……………………………………. 205 20 - 13 212 (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, 2016
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; TNT Express B .V. , formerly TNT Express N.V. (“TNT Express”) , an international express, small-package ground delivery and freight transportation company that was acquired near the end of our 2016 fourth quarter ; 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 , customer service, technical support , billing and collection services, and certain back-office functions that support 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”)
Fiscal Years	FISCAL YEARS . Except as otherwise specified, references to years indicate our fiscal year ended May 31, 2016 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 $ 417 million in 2016 , $ 4 0 3 million in 2015 and $ 4 07 million in 2014 .
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 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 and historically have been nomina l . 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. 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 2016 2015 Wide-body aircraft and related equipment 15 to 30 years $ 8,356 $ 7,548 Narrow-body and feeder aircraft and related equipment 5 to 18 years 3,180 2,943 Package handling and ground support equipment 3 to 30 years 3,249 2,410 Vehicles 3 to 15 years 3,084 2,717 Computer and electronic equipment 2 to 10 years 1,051 866 Facilities and other 2 to 40 years 5,364 4,391 The fair value of TNT Express property and equipment included in the table above at May 31, 2016 was $ 1.1 b illion. Given the timing of the TNT Express acquisition, this value is preliminary and likely to change during the purchase price allocation measurement period, which ends no later than the fourth quarter of 2017. 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 . As a result of these accelerated retirements, we incurred an additional $74 million in year-over-year accelerated depreciation expense in 2014. Depreciation and amortization expense, excluding gains and losses on sales of property and equipm ent used in operations, was $ 2.6 billion in 201 6 , 2015 and 201 4 . 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 $ 42 million in 2016 , $ 37 million in 2015 and $ 29 million in 2014 .
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, is 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, 201 6 , we had four aircraft temporarily idled. These aircraft ha ve been idled for less than one year and are 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 , 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 2015 . 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 .
Goodwill and Intangible	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. INTANGIBLE ASSETS . Intangible assets primarily include customer relationships, technology assets and trademarks acquired in business combinations. Intangible assets are amortized over periods ranging from 3 to 15 years, either on a straight-line basis or on a basis consistent with the pattern in which the economic benefits are realized.
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. W e use the fair value of plan assets to calculate the expected return on plan assets (“EROA”) for interim and segment reporting purposes . Our EROA is a judgmental matter which is reviewed on an annual basis and revised as appropriate. The accounting guidance related to employers' accounting for defined benefit pension and other postretirement plans requires recognition in the balance sheet of the funded status of defined benefit pension and other postretirement benefit plans. We use “mark-to-market” or MTM accounting and 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. The annual MTM adjustment is recognized at the corporate level and does not impact segment results. The remaining components of pension and postretirement healthcare expense, primarily service and interest costs and the EROA , are recorded on a quarterly basis.
Income Taxes	INCOME 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 d isability 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.
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS . Our recently acquired TNT Express segment maintains a risk management strategy that includes the use of derivative instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. In accordance with our risk management policies, we do not hold or issue derivative instruments for trading or speculative p urposes. We account for derivative instruments under the provisions of the accounting guidance related to derivatives and hedging, which requires all derivative instruments to be recognized in the financial statements and measured at fair value, regardless of the purpose or intent for holding them. Derivatives are recognized in our consolidated balance sheets at their fair values . When we become a party to a derivative instrument and intend to apply hedge accounting, we formally document the hedge relationship and the risk management objective for undertaking the hedge , which includes designating the instrument for financial reporting purposes as a fair value hedge, a cash flow hedge, or a net investment hedge. If a derivative is designated as a cash flow or net investment hedge, changes in its fair value are considered to be effective and are recorded in accumulated other comprehensive income until the hedged item is recorded in income. Any portion of a change in the fair value of a derivative that is considered to be ineffective, along with the change in fair value of any derivatives not designated in a hedging relationship, is immediately recorded in the income statement. For derivative instruments designated as hedg e s, we assess, both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. In addition, when we determine that a derivative is not highly effective as a hedge, hedge accounting is discontinued . When a hedging instrument expires or is sold, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gains or losses existing in equity at that time, remain in equity until the forecasted transaction is ultimately recognized in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gains or losses that were reported in equity are immediately transferred to the income statement. The financial statement impact of d erivative transactions w ere immaterial for the year ended May 31, 2016 and as such, additional disclosures have been excluded from this report .
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 w ere immaterial for each period presented.
Employees Under Collective Bargaining Arrangements	EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of Fed Ex Express, which represent a small number of FedEx Express's total employees, are employed under a collective bargaining agreement that took effect on November 2, 2015. This collective bargaining agreement is scheduled to become amendable in November 2021, after a six-year term. 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 s tock option exercises and restricted stock grants.
Treasury Shares	TREASURY SHARES. In January 2016, the stock repurchase authorization announced in September 2014 for 15 million shares was completed. On January 26, 2016, our Board of Directors approved a new share repurchase program of up to 25 million shares. During 2016, we repurchased 18.2 million shares of FedEx common stock at an average price of $ 149.35 per share for a total of $ 2.7 billion. As of May 31, 201 6 , 19 million shares remained under the share repurchase authorization. Shares under the current repurchase program may be repurchased from time to time in the open market or in privately negotiated transactions. The timing and volume of repurchases are at the discretion of management, based on the capital needs of the business, the market price of FedEx common stock and general market conditions. No time limit was set for the completion of the program, and the program may be suspended or discontinued at any time. In 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. 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 6, 2016 , our Board of Directors decla red a quarterly dividend of $0.40 per share of common stock. The dividend was paid on July 1 , 201 6 to stockholders of record as of the close of bus iness on June 16 , 201 6 . 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.
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, which 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; impairment assessments on long-lived assets (including goodwill) ; and purchase price allocations .

Description of Business and S33

Description of Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	May 31, 2016
Property And Equipment (Tables) [Abstract]
Schedule of Depreciable Lives and Net Book Value of Property and Equipment	Net Book Value at May 31, Range 2016 2015 Wide-body aircraft and related equipment 15 to 30 years $ 8,356 $ 7,548 Narrow-body and feeder aircraft and related equipment 5 to 18 years 3,180 2,943 Package handling and ground support equipment 3 to 30 years 3,249 2,410 Vehicles 3 to 15 years 3,084 2,717 Computer and electronic equipment 2 to 10 years 1,051 866 Facilities and other 2 to 40 years 5,364 4,391

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	May 31, 2016
Acquisitions (Tables) [Abstract]
Schedule of Business Acquisitions	Current assets (1) $ 1,905 Property and equipment 1,104 Goodwill 2,964 Identifiable intangible assets 920 Other non-current assets 289 Current liabilities (2) (1,644) Long-term liabilities (644) Total purchase price $ 4,894 (1) Primarily accounts receivable and cash. (2) Primarily accounts payable and other accrued expenses.
Schedule of Intangible Assets with Finite Lives	Intangible assets with finite lives Customer relationships (15-year useful life) $ 685 Technology (4-year useful life) 90 Trademarks (4-year useful life) 145 Total intangible assets $ 920
Business Acquisition Pro Forma Financial Information	(Unaudited) 2016 2015 Consolidated revenues $ 57,899 $ 55,862 Consolidated net income 1,566 595 Diluted earnings per share $ 5.60 $ 2.07

Goodwill and Other Intagible As

Goodwill and Other Intagible Assets (Tables)	12 Months Ended
	May 31, 2016
Goodwill and Other Intangible Assets (Tables) [Abstract]
Schedule Of Goodwill	FedEx Express Segment TNT Express Segment FedEx Ground Segment FedEx Freight Segment FedEx Services Segment Total Goodwill at May 31, 2014 $ 1,750 $ - $ 90 $ 735 $ 1,525 $ 4,100 Accumulated impairment charges - - - (133) (1,177) (1,310) 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 Goodwill acquired (1) - 2,964 - - - 2,964 Purchase adjustments and other (2) (88) - 66 (5) - (27) Balance as of May 31, 2016 $ 1,589 $ 2,964 $ 1,211 $ 635 $ 348 $ 6,747 Accumulated goodwill impairment charges as of May 31, 2016 $ - $ - $ - $ (133) $ (1,177) $ (1,310) (1) Goodwill acquired relates to the acquisition of transportation companies in Southern Africa in 2014, the acquisition of e-commerce and supply chain solutions companies in 2015, and the acquisition of TNT Express in 2016. See Note 3 for related disclosures. (2) Primarily currency translation adjustments, acquired goodwill related to immaterial acquisitions, and purchase related adjustments.
Schedule Of Identifiable Intangible Assets	2016 2015 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Customer relationships $ 912 $ (156) $ 756 $ 338 $ (151) $ 187 Technology 123 (16) 107 34 (14) 20 Trademarks and other 202 (57) 145 60 (60) - Total $ 1,237 $ (229) $ 1,008 $ 432 $ (225) $ 207
Schedule of Finite Lived Intangible Assets Future Amortization Expense	2017 $ 130 2018 116 2019 115 2020 112 2021 54

Selected Current Liabilities (T

Selected Current Liabilities (Tables)	12 Months Ended
	May 31, 2016
Selected Current Liabilities (Tables) [Abstract]
Selected Current Liabilities	2016 2015 Accrued Salaries and Employee Benefits Salaries $ 478 $ 345 Employee benefits, including variable compensation 804 507 Compensated absences 690 584 $ 1,972 $ 1,436 Accrued Expenses Self-insurance accruals $ 837 $ 865 Taxes other than income taxes 311 328 Other 1,915 1,242 $ 3,063 $ 2,435

Long Term Debt and Other Financ

Long Term Debt and Other Financing Arrangements (Tables)	12 Months Ended
	May 31, 2016
Long Term Debt (Tables) [Abstract]
Components of Long-term Debt (Net of Discounts)	May 31, 2016 2015 Interest Rate % Maturity Senior unsecured debt: 8.00 2019 $ 750 $ 750 2.30 2020 399 399 2.625-2.70 2023 749 749 4.00 2024 749 749 3.20 2025 699 699 3.25 2026 749 - 4.90 2034 499 499 3.90 2035 498 498 3.875-4.10 2043 992 992 5.10 2044 749 749 4.10 2045 646 646 4.55-4.75 2046 2,483 - 4.50 2065 248 248 7.60 2098 240 239 Euro senior unsecured debt: floating rate 2019 559 - 0.50 2020 558 - 1.00 2023 836 - 1.625 2027 1,389 - Total senior unsecured debt 13,792 7,217 Other debt 12 - Capital lease obligations 63 51 13,867 7,268 Less current portion 29 19 $ 13,838 $ 7,249

Leases (Tables)

Leases (Tables)	12 Months Ended
	May 31, 2016
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): 2016 2015 2014 Minimum rentals $ 2,394 $ 2,249 $ 2,154 Contingent rentals (1) 214 194 197 $ 2,608 $ 2,443 $ 2,351 (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 2017 $ 454 $ 2,021 $ 2,475 2018 383 1,860 2,243 2019 321 1,632 1,953 2020 240 1,428 1,668 2021 182 1,269 1,451 Thereafter 352 7,671 8,023 Total $ 1,932 $ 15,881 $ 17,813

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	May 31, 2016
Accumulated Other Comprehensive Income (Tables) [Abstract]
Schedule Of Accumulated Other Comprehensive Income	2016 2015 2014 Foreign currency translation gain (loss): Balance at beginning of period $ (253) $ 81 $ 106 Translation adjustments (261) (334) (25) Balance at end of period (514) (253) 81 Retirement plans adjustments: Balance at beginning of period 425 425 501 Prior service credit and other arising during period (4) 72 1 Reclassifications from AOCI (76) (72) (77) Balance at end of period 345 425 425 Accumulated other comprehensive (loss) income at end of period $ (169) $ 172 $ 506 Amount Reclassified from Affected Line Item in the AOCI Income Statement 2016 2015 2014 Amortization of retirement plans prior service credits, before tax $ 121 $ 115 $ 115 Salaries and employee benefits Income tax benefit (45) (43) (38) Provision for income taxes AOCI reclassifications, net of tax $ 76 $ 72 $ 77 Net income

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	May 31, 2016
Stock Based Compensation (Tables) [Abstract]
Stock-based compensation expense	2016 2015 2014 Stock-based compensation expense $ 144 $ 133 $ 117
Schedule of Stock Based Compensation Key Assumptions for Valuation	2016 2015 2014 Weighted-average Black-Scholes value $ 52.40 $ 53.33 $ 35.79 Intrinsic value of options exercised $ 115 $ 253 $ 347 Black-Scholes Assumptions: Expected lives 6.4 years 6.3 years 6.2 years Expected volatility 28 % 34 % 35 % Risk-free interest rate 1.94 % 2.02 % 1.47 % Dividend yield 0.519 % 0.448 % 0.561 %
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, 2015 14,221,824 $ 101.54 Granted 2,229,582 171.41 Exercised (1,822,547) 100.40 Forfeited (187,428) 138.40 Outstanding at May 31, 2016 14,441,431 $ 111.99 6.0 $ 795 Exercisable 8,717,768 $ 92.93 4.6 $ 629 Expected to vest 5,408,862 $ 141.03 8.1 $ 156 Available for future grants 10,948,196 (1) Only presented for options with market value at May 31, 2016 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, 2015 439,042 $ 112.87 Granted 139,838 168.83 Vested (185,933) 104.42 Forfeited (3,795) 158.82 Unvested at May 31, 2016 389,152 $ 136.57
Schedule of Stock Option Vesting	Stock Options Vested during the year Fair value (in millions) 2016 2,572,129 $ 98 2015 2,611,524 83 2014 2,408,179 65

Computation of Earnings Per S41

Computation of Earnings Per Share (Tables)	12 Months Ended
	May 31, 2016
Computation Of Earnings Per Share (Tables) [Abstract]
Schedule of basic and diluted earnings per common share	2016 2015 2014 Basic earnings per common share: Net earnings allocable to common shares (1) $ 1,818 $ 1,048 $ 2,320 Weighted-average common shares 276 283 307 Basic earnings per common share $ 6.59 $ 3.70 $ 7.56 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 1,818 $ 1,048 $ 2,320 Weighted-average common shares 276 283 307 Dilutive effect of share-based awards 3 4 3 Weighted-average diluted shares 279 287 310 Diluted earnings per common share $ 6.51 $ 3.65 $ 7.48 Anti-dilutive options excluded from diluted earnings per common share 3.9 2.1 3.3 (1) Net earnings available to participating securities were immaterial in all periods presented.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	May 31, 2016
Income Taxes (Tables) [Abstract]
Schedule of Components of the Provision for Income Taxes	2016 2015 2014 Current provision Domestic: Federal $ 513 $ 795 $ 624 State and local 72 102 56 Foreign 200 214 194 785 1,111 874 Deferred provision (benefit) Domestic: Federal 155 (474) 360 State and local (18) (47) 82 Foreign (2) (13) 18 135 (534) 460 $ 920 $ 577 $ 1,334
Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Effective Income Tax Rate	2016 2015 2014 Taxes computed at federal statutory rate $ 959 $ 569 $ 1,280 Increases (decreases) in income tax from: State and local income taxes, net of federal benefit 33 36 90 Foreign operations (50) (43) (38) Internal restructuring (76) - - TNT Express acquisition costs 40 - - Other, net 14 15 2 $ 920 $ 577 $ 1,334 Effective Tax Rate 33.6% 35.5% 36.5%
Schedule of Significant Components of Deferred Tax Assets and Liabilities	2016 2015 Deferred Tax Assets Deferred Tax Liabilities Deferred Tax Assets Deferred Tax Liabilities Property, equipment, leases and intangibles $ 129 $ 4,767 $ 93 $ 3,872 Employee benefits 2,453 - 2,029 13 Self-insurance accruals 681 - 607 - Other 528 343 477 414 Net operating loss/credit carryforwards 925 - 326 - Valuation allowances (738) - (224) - $ 3,978 $ 5,110 $ 3,308 $ 4,299
Schedule of Net Deferred Tax Liabilities	2016 2015 Noncurrent deferred tax assets (1) $ 435 $ 219 Noncurrent deferred tax liabilities (1,567) (1,210) $ (1,132) $ (991) (1) Noncurrent deferred tax assets are included in the line item "Other Assets" in our consolidated balance sheets.
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits	2016 2015 2014 Balance at beginning of year $ 36 $ 38 $ 47 Increases for tax positions taken in the current year 3 1 1 Increases for tax positions taken in prior years 3 6 3 Increase for business acquisition 25 - - Decreases for tax positions taken in prior years (5) (2) (3) Settlements (4) (2) (6) Decreases from lapse of statute of limitations (7) - (3) Changes due to currency translation (2) (5) (1) Balance at end of year $ 49 $ 36 $ 38

Retirement Plans (Tables)

Retirement Plans (Tables)	12 Months Ended
	May 31, 2016
Retirement Plan (Tables) [Abstract]
Schedule of Retirement Plan Costs	2016 2015 2014 Defined benefit pension plans $ 214 $ (41) $ 99 Defined contribution plans 416 385 363 Postretirement healthcare plans 82 81 78 Retirement plans mark-to-market adjustment 1,498 2,190 15 $ 2,210 $ 2,615 $ 555 The components of the pre-tax mark-to-market losses are as follows (in millions): 2016 2015 2014 Actual versus expected return on assets $ 1,285 $ (35) $ (1,013) Discount rate changes 1,129 791 705 Demographic assumption experience (916) 1,434 323 Total mark-to-market loss $ 1,498 $ 2,190 $ 15
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 2016 2015 2014 2016 2015 2014 Discount rate used to determine benefit obligation 4.13 % 4.42 % 4.60 % 4.41 % 4.60 % 4.70 % Discount rate used to determine net periodic benefit cost 4.42 4.60 4.79 4.60 4.70 4.91 Rate of increase in future compensation levels used to determine benefit obligation 4.46 4.62 4.56 - - - Rate of increase in future compensation levels used to determine net periodic benefit cost 4.62 4.56 4.54 - - - Expected long-term rate of return on assets - Consolidated 6.50 7.75 7.75 - - - 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 2016 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 $ 568 2 % 0-5 % $ 76 $ 492 Equities 35-55 U.S. large cap equity (1) 3,257 14 750 International equities (1) 3,381 15 2,685 121 Global equities (1) 2,794 12 U.S. SMID cap equity 913 4 913 Fixed income securities 45-65 Corporate 6,608 29 6,608 Government 5,148 22 5,148 Mortgage backed and other (1) 347 2 146 Alternative investments (1) 322 1 0-5 48 Other (321) (1) (305) (16) $ 23,017 100 % $ 4,119 $ 12,499 $ 48 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total. 2015 Target Quoted Prices in Active Markets Other Observable Inputs Asset Class Fair Value Actual % Range % Level 1 Level 2 Cash and cash equivalents $ 738 3 % 0-5 % $ 36 $ 702 Equities 35-55 U.S. large cap equity (1) 4,291 19 302 International equities (1) 3,064 14 2,429 1 Global equities (1) 2,579 11 U.S. SMID cap equity 979 4 979 Fixed income securities 45-65 Corporate 6,455 28 6,455 Government 4,645 20 4,645 Mortgage backed and other (1) 213 1 153 Alternative investments (1) 226 1 0-5 Other (184) (1) (181) (3) $ 23,006 100 % $ 3,565 $ 11,953 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total.
Schedule of Change in Fair Value of Level 3 Assets	2016 Balance at beginning of year (1) $ - Actual return on plan assets: Assets held during current year 2 Assets sold during the year - Purchases, sales and settlements 46 Balance at end of year $ 48 (1) Investments classified in prior years as Level 3 that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have been removed from the fair value hierarchy in accordance with retrospective adoption of recently updated accounting standards. See Note 2 for additional information.
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 2016 2015 2016 2015 Accumulated Benefit Obligation ("ABO") $ 28,845 $ 26,793 Changes in Projected Benefit Obligation ("PBO") and Accumulated Postretirement Benefit Obligation ("APBO") PBO/APBO at the beginning of year $ 27,512 $ 24,578 $ 929 $ 883 Service cost 662 653 40 40 Interest cost 1,180 1,096 42 41 Actuarial loss 277 2,231 (64) 6 Benefits paid (912) (815) (78) (73) Business acquisition 907 - - - Other (24) (231) 36 32 PBO/APBO at the end of year $ 29,602 $ 27,512 $ 905 $ 929 Change in Plan Assets Fair value of plan assets at the beginning of year $ 23,505 $ 21,907 $ - $ - Actual return on plan assets 223 1,718 - - Company contributions 726 746 42 37 Benefits paid (912) (815) (78) (73) Business acquisition 761 - - - Other (32) (51) 36 36 Fair value of plan assets at the end of year $ 24,271 $ 23,505 $ - $ - Funded Status of the Plans $ (5,331) $ (4,007) $ (905) $ (929) Amount Recognized in the Balance Sheet at May 31: Noncurrent asset $ 53 $ 26 $ - $ - Current pension, postretirement healthcare and other benefit obligations (31) (34) (40) (42) Noncurrent pension, postretirement healthcare and other benefit obligations (5,353) (3,999) (865) (887) Net amount recognized $ (5,331) $ (4,007) $ (905) $ (929) Amounts Recognized in AOCI and not yet reflected in Net Periodic Benefit Cost: Prior service credit and other $ (546) $ (668) $ - $ - 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) $ (121) $ - $ -
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 2016 Qualified $ 27,543 $ 23,017 $ (4,526) Nonqualified 261 - (261) International Plans 1,798 1,254 (544) Total $ 29,602 $ 24,271 $ (5,331) 2015 Qualified $ 26,365 $ 23,006 $ (3,359) Nonqualified 271 - (271) International Plans 876 499 (377) Total $ 27,512 $ 23,505 $ (4,007)
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 2016 2015 Pension Benefits Fair value of plan assets $ 23,867 $ 23,099 PBO (29,251) (27,132) Net funded status $ (5,384) $ (4,033) ABO Exceeds the Fair Value of Plan Assets 2016 2015 Pension Benefits ABO (1) $ (28,493) $ (26,413) Fair value of plan assets 23,865 23,099 PBO (29,249) (27,132) Net funded status $ (5,384) $ (4,033) (1) ABO not used in determination of funded status.
Schedule of Net Periodic Benefit Cost	Pension Plans Postretirement Healthcare Plans 2016 2015 2014 2016 2015 2014 Service cost $ 662 $ 653 $ 657 $ 40 $ 40 $ 38 Interest cost 1,180 1,096 1,055 42 41 40 Expected return on plan assets (1,508) (1,678) (1,495) - - - Amortization of prior service credit (121) (115) (115) - - - Actuarial losses (gains) and other 1,562 2,190 7 (64) 6 5 Net periodic benefit cost $ 1,775 $ 2,146 $ 109 $ 18 $ 87 $ 83
Schedule of Amounts Recognized in Other Comprehensive Income for All Plans	Amounts recognized in other comprehensive income ("OCI") for all plans for the years ended May 31 were as follows (in millions): 2016 2015 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) $ - Amortizations: Prior services credit 121 76 - - 115 72 - - Total recognized in OCI $ 121 $ 76 $ - $ - $ 2 $ - $ (1) $ -
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 2017 $ 982 $ 40 2018 1,010 41 2019 1,091 43 2020 1,201 42 2021 1,287 43 2022-2026 8,424 240

Business Segment Information (T

Business Segment Information (Tables)	12 Months Ended
	May 31, 2016
Business Segment Information (Tables) [Abstract]
Schedule of Segment Information	FedEx Express Segment (1) FedEx Ground Segment FedEx Freight Segment FedEx Services Segment Eliminations, corporate and other (2) (3) Consolidated Total Revenues 2016 $ 26,451 $ 16,574 $ 6,200 $ 1,593 $ (453) $ 50,365 2015 27,239 12,984 6,191 1,545 (506) 47,453 2014 27,121 11,617 5,757 1,536 (464) 45,567 Depreciation and amortization 2016 $ 1,385 $ 608 $ 248 $ 384 $ 6 $ 2,631 2015 1,460 530 230 390 1 2,611 2014 1,488 468 231 399 1 2,587 Operating income 2016 $ 2,519 $ 2,276 $ 426 $ - $ (2,144) $ 3,077 2015 1,584 2,172 484 - (2,373) 1,867 2014 1,428 2,021 351 - 15 3,815 Segment assets (4) 2016 $ 21,207 $ 13,098 $ 3,749 $ 5,390 $ 2,620 $ 46,064 2015 20,382 11,691 3,471 5,356 (4,369) 36,531 2014 19,901 8,466 3,216 5,186 (3,699) 33,070 (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. (2) Operating income includes a loss of $1.5 billion in 2016, $2.2 billion in 2015 and $15 million in 2014 associated with our mark-to-market pension accounting. Operating income in 2016 includes provisions for the settlement of and expected losses related to independent contractor litigation matters at FedEx Ground for $256 million and expenses related to the settlement of a CBP notice of action in the amount of $69 million, in each case net of recognized immaterial insurance recovery. 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. (3) Includes TNT Express’s assets and immaterial financial results from the time of acquisition (May 25, 2016). (4) Segment assets include intercompany receivables.
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 2016 $ 2,356 $ 1,597 $ 433 $ 432 $ - $ 4,818 2015 2,380 1,248 337 381 1 4,347 2014 1,994 850 325 363 1 3,533
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 2016 2015 2014 FedEx Express segment: Package: U.S. overnight box $ 6,763 $ 6,704 $ 6,555 U.S. overnight envelope 1,662 1,629 1,636 U.S. deferred 3,379 3,342 3,188 Total U.S. domestic package revenue 11,804 11,675 11,379 International priority 5,697 6,251 6,451 International economy 2,282 2,301 2,229 Total international export package revenue 7,979 8,552 8,680 International domestic (1) 1,285 1,406 1,446 Total package revenue 21,068 21,633 21,505 Freight: U.S. 2,481 2,300 2,355 International priority 1,384 1,588 1,594 International airfreight 126 180 205 Total freight revenue 3,991 4,068 4,154 Other (2) 1,392 1,538 1,462 Total FedEx Express segment 26,451 27,239 27,121 FedEx Ground segment: FedEx Ground 15,050 12,568 11,617 GENCO 1,524 416 - Total FedEx Ground segment 16,574 12,984 11,617 FedEx Freight segment 6,200 6,191 5,757 FedEx Services segment 1,593 1,545 1,536 Other and eliminations (3) (453) (506) (464) $ 50,365 $ 47,453 $ 45,567 GEOGRAPHICAL INFORMATION (4) Revenues: U.S. $ 38,070 $ 34,216 $ 32,259 International: FedEx Express segment 11,672 12,772 12,916 FedEx Ground segment 383 311 248 FedEx Freight segment 137 142 130 FedEx Services segment 10 12 14 Other (3) 93 - - Total international revenue 12,295 13,237 13,308 $ 50,365 $ 47,453 $ 45,567 Noncurrent assets: U.S. $ 26,047 $ 23,582 $ 20,658 International 8,028 2,614 2,729 $ 34,075 $ 26,196 $ 23,387 (1) International domestic revenues represent our intra-country operations. (2) Includes FedEx Trade Networks and FedEx SupplyChain Systems. (3) Includes TNT Express’s revenue from the time of acquisition (May 25, 2016). (4) 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, 2016
Supplemental Cash Flow (Tables) [Abstract]
Supplemental Cash Flow Table	2016 2015 2014 Cash payments for: Interest (net of capitalized interest) $ 321 $ 201 $ 131 Income taxes $ 996 $ 1,122 $ 820 Income tax refunds received (5) (9) (54) Cash tax payments, net $ 991 $ 1,113 $ 766

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	May 31, 2016
Commitments (Tables) [Abstract]
Schedule of Purchase Commitments	Aircraft and Aircraft Related Other (1) Total 2017 $ 1,212 $ 1,235 $ 2,447 2018 1,770 401 2,171 2019 1,563 264 1,827 2020 1,620 193 1,813 2021 1,476 120 1,596 Thereafter 4,240 108 4,348 Total $ 11,881 $ 2,321 $ 14,202 (1) Primarily equipment, advertising contracts and, in 2017, approximately $615 million of estimated required quarterly contributions to our U.S. Pension Plans.
Schedule of Aircraft Purchase Commitments	B767F B777F Total 2017 12 - 12 2018 16 2 18 2019 13 2 15 2020 12 3 15 2021 10 3 13 Thereafter 16 6 22 Total 79 16 95

Summary of Quarterly Operatin47

Summary of Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	May 31, 2016
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 2016 (1) Revenues $ 12,279 $ 12,453 $ 12,654 $ 12,979 Operating income (loss) 1,144 1,137 864 (68) Net income (loss) 692 691 507 (70) Basic earnings (loss) per common share (3) 2.45 2.47 1.86 (0.26) Diluted earnings (loss) per common share (3) 2.42 2.44 1.84 (0.26) 2015 (2) 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 (3) 2.29 2.34 2.21 (3.16) Diluted earnings (loss) per common share (3) 2.26 2.31 2.18 (3.16) (1) The fourth quarter of 2016 includes a $1.5 billion retirement plans mark-to-market loss and TNT Express transaction, financing and integration planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a U.S. Customs and Border Protection notice of action in the amount of $69 million, as well as TNT Express transaction, financing and integration planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration planning expenses. (2) 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. (3) 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, 2016
Condensed Consolidating Financial Statements (Tables) [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2016 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,974 $ 326 $ 1,277 $ (43) $ 3,534 Receivables, less allowances 1 4,461 2,831 (41) 7,252 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 233 724 246 - 1,203 Total current assets 2,208 5,511 4,354 (84) 11,989 PROPERTY AND EQUIPMENT, AT COST 22 43,760 3,236 - 47,018 Less accumulated depreciation and amortization 17 21,566 1,151 - 22,734 Net property and equipment 5 22,194 2,085 - 24,284 INTERCOMPANY RECEIVABLE 2,437 1,284 - (3,721) - GOODWILL - 1,571 5,176 - 6,747 INVESTMENT IN SUBSIDIARIES 24,766 3,697 - (28,463) - OTHER ASSETS 3,461 970 1,851 (3,238) 3,044 $ 32,877 $ 35,227 $ 13,466 $ (35,506) $ 46,064 LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ - $ 13 $ 16 $ - $ 29 Accrued salaries and employee benefits 54 1,377 541 - 1,972 Accounts payable 8 1,501 1,519 (84) 2,944 Accrued expenses 883 1,411 769 - 3,063 Total current liabilities 945 4,302 2,845 (84) 8,008 LONG-TERM DEBT, LESS CURRENT PORTION 13,553 248 37 - 13,838 INTERCOMPANY PAYABLE - - 3,721 (3,721) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 4,436 369 (3,238) 1,567 Other liabilities 4,595 3,375 897 - 8,867 Total other long-term liabilities 4,595 7,811 1,266 (3,238) 10,434 STOCKHOLDERS' INVESTMENT 13,784 22,866 5,597 (28,463) 13,784 $ 32,877 $ 35,227 $ 13,466 $ (35,506) $ 46,064 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 Total current assets 2,427 5,559 2,479 (130) 10,335 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 - 713 1,554 (2,267) - GOODWILL - 1,552 2,258 - 3,810 INVESTMENT IN SUBSIDIARIES 23,173 3,800 - (26,973) - OTHER ASSETS 2,770 898 480 (2,637) 1,511 $ 28,376 $ 32,201 $ 7,961 $ (32,007) $ 36,531 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 1,557 274 - 2,435 Total current liabilities 643 4,205 1,238 (130) 5,956 LONG-TERM DEBT, LESS CURRENT PORTION 6,978 248 23 - 7,249 INTERCOMPANY PAYABLE 2,267 - - (2,267) - OTHER LONG-TERM LIABILITIES Deferred income taxes - 3,662 185 (2,637) 1,210 Other liabilities 3,495 3,367 261 - 7,123 Total other long-term liabilities 3,495 7,029 446 (2,637) 8,333 STOCKHOLDERS' INVESTMENT 14,993 20,719 6,254 (26,973) 14,993 $ 28,376 $ 32,201 $ 7,961 $ (32,007) $ 36,531
Condensed Consolidating Statements of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended May 31, 2016 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated REVENUES $ - $ 42,143 $ 8,547 $ (325) $ 50,365 OPERATING EXPENSES: Salaries and employee benefits 119 15,880 2,582 - 18,581 Purchased transportation - 7,380 2,720 (134) 9,966 Rentals and landing fees 5 2,484 371 (6) 2,854 Depreciation and amortization 1 2,399 231 - 2,631 Fuel - 2,324 75 - 2,399 Maintenance and repairs 1 1,954 153 - 2,108 Retirement plans mark-to-market adjustment - 1,414 84 - 1,498 Intercompany charges, net (645) 425 220 - - Other 519 5,274 1,643 (185) 7,251 - 39,534 8,079 (325) 47,288 OPERATING INCOME - 2,609 468 - 3,077 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,820 279 - (2,099) - Interest, net (355) 27 13 - (315) Intercompany charges, net 369 (354) (15) - - Other, net (14) (14) 6 - (22) INCOME BEFORE INCOME TAXES 1,820 2,547 472 (2,099) 2,740 Provision for income taxes - 818 102 - 920 NET INCOME $ 1,820 $ 1,729 $ 370 $ (2,099) $ 1,820 COMPREHENSIVE INCOME $ 1,746 $ 1,704 $ 128 $ (2,099) $ 1,479 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 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 Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended May 31, 2016 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (831) $ 5,932 $ 572 $ 35 $ 5,708 INVESTING ACTIVITIES Capital expenditures - (4,617) (201) - (4,818) Business acquisitions, net of cash acquired - - (4,618) - (4,618) Proceeds from asset dispositions and other (55) 33 12 - (10) CASH USED IN INVESTING ACTIVITIES (55) (4,584) (4,807) - (9,446) FINANCING ACTIVITIES Net transfers from (to) Parent 1,629 (1,549) (80) - - Payment on loan between subsidiaries (4,805) 109 4,696 - - Intercompany dividends - 20 (20) - - Principal payments on debt - (19) (22) - (41) Proceeds from debt issuance 6,519 - - - 6,519 Proceeds from stock issuances 183 - - - 183 Excess tax benefit on the exercise of stock options 3 - - - 3 Dividends paid (277) - - - (277) Purchase of treasury stock (2,722) - - - (2,722) Other, net (54) (48) 48 - (54) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 476 (1,487) 4,622 - 3,611 Effect of exchange rate changes on cash 1 (22) (81) - (102) Net (decrease) increase in cash and cash equivalents (409) (161) 306 35 (229) Cash and cash equivalents at beginning of period 2,383 487 971 (78) 3,763 Cash and cash equivalents at end of period $ 1,974 $ 326 $ 1,277 $ (43) $ 3,534 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 issuances 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 issuance 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

Valuation and Qualifying Acco49

Valuation and Qualifying Accounts (Tables)	12 Months Ended
	May 31, 2016
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, 2016, 2015, AND 2014 (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 2016……………………………………. $ 86 $ 121 $ - $ 134 (a) $ 73 2015……………………………………. 81 145 - 140 (a) 86 2014……………………………………. 94 130 - 143 (a) 81 Allowance for Revenue Adjustments 2016……………………………………. $ 99 $ - $ 692 (b) $ 686 (c) $ 105 2015……………………………………. 83 - 740 (b) 724 (c) 99 2014……………………………………. 82 - 626 (b) 625 (c) 83 Inventory Valuation Allowance: 2016……………………………………. $ 207 $ 26 $ - $ 15 $ 218 2015……………………………………. 212 23 - 28 207 2014……………………………………. 205 20 - 13 212 (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 1) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Advertising [Abstract]
Advertising and promotion expenses	$ 417	$ 403	$ 407

Description of Business and S51

Description of Business and Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015
Property And Equipment [Line Items]
Net property and equipment	$ 24,284	$ 20,875
Wide Body Aircraft And Related Equipment [Member]
Property And Equipment [Line Items]
Depreciable lives range	15 to 30 years
Net property and equipment	$ 8,356	7,548
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	$ 3,180	2,943
Package Handling And Ground Support Equipment [Member]
Property And Equipment [Line Items]
Depreciable lives range	3 to 30 years
Net property and equipment	$ 3,249	2,410
Vehicles [Member]
Property And Equipment [Line Items]
Depreciable lives range	3 to 15 years
Net property and equipment	$ 3,084	2,717
Computer And Electronic Equipment [Member]
Property And Equipment [Line Items]
Depreciable lives range	2 to 10 years
Net property and equipment	$ 1,051	866
Facilities And Other Property [Member]
Property And Equipment [Line Items]
Depreciable lives range	2 to 40 years
Net property and equipment	$ 5,364	$ 4,391

Description of Business and S52

Description of Business and Summary of Significant Accounting Policies (Details 3) $ in Millions	12 Months Ended
	May 31, 2016USD ($)	May 31, 2015USD ($)	May 31, 2014USD ($)	May 31, 2013	May 31, 2012
Depreciation [Abstract]
Depreciation expense, excluding gains and losses on sales of property and equipment	$ 2,600	$ 2,600	$ 2,600
Depreciable Life Range For Majority Of Aircraft Costs	15 to 30
Number of Aircraft With Shortened Depreciable Lives		23		76	54
Number of Aircraft Engines With Shortened Depreciable Lives		57
Incremental Depreciation Expense			$ 74
TNT PPE Fair Value	$ 1,100

Description of Business and S53

Description of Business and Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Capitalized Interest [Abstract]
Interest Costs Capitalized	$ 42	$ 37	$ 29

Description of Business and S54

Description of Business and Summary of Significant Accounting Policies (Details 5) $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015USD ($)$ / shares
Impairment of Long Lived Assets [Abstract]
Number of Idle Aircraft	4
Number of months aircraft remained idle	less than 1 year
Number of Impaired Boeing MD11 Aircraft		7
Number of Impaired Boeing MD11 Aircraft Engines		12
Number of Impaired Airbus A310-300 Aircraft		4
Number of Impaired Airbus A310-300 Aircraft Engines		3
Number of Impaired Airbus A300-600 Aircraft		3
Number of Impaired Airbus A300-600 Aircraft Engines		3
Number of Impaired Boeing MD10-10 Aircraft		1
Number of Impaired Boeing MD10-10 Aircraft Engines		3
Asset impairments		$ 276
Asset impairments, net of tax		$ 175
Asset impairments Diluted EPS impact | $ / shares		$ 0.61
Asset impairment non-cash		$ 246

Description of Business and S55

Description of Business and Summary of Significant Accounting Policies (Details 6) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Treasury Shares [Abstract]
Stock Repurchase Program, Number Of Shares Authorized To Be Repurchased	25,000,000
Purchase of treasury stock	$ 2,722	$ 1,254	$ 4,857
Treasury Stock Acquired, Average Cost Per Share	$ 149.35	$ 154.03	$ 131.83
Purchase of treasury stock	18,200,000	8,100,000	36,800,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	19,000,000
Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Under the Previously Completed Program	15,000,000

Description of Business and S56

Description of Business and Summary of Significant Accounting Policies (Details 7)	12 Months Ended
	May 31, 2016$ / shares
Dividends Declared [Abstract]
Dividends Payable, Date Declared	Jun. 6, 2016
Dividends Payable Amount Per Share	$ 0.4
Dividends Payable, Date Paid	Jul. 1, 2016
Dividends Payable, Date Of Record	Jun. 16, 2016

Business Combinations (Details

Business Combinations (Details 1) € in Millions, $ in Millions		May 31, 2016USD ($)	May 31, 2016EUR (€)	May 31, 2015USD ($)	May 31, 2014USD ($)
Business Acquisition Cost Of Acquired Entity [Abstract]
Goodwill		$ 6,747		$ 3,810	$ 2,790
TNT untendered shares		287
Southern Africa acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Acquisition price					$ 36
Bongo acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Acquisition price				42
GENCO acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Acquisition price				$ 1,400
TNT acquisition [Member]
Business Acquisition Cost Of Acquired Entity [Abstract]
Current assets	[1]	1,905
Property and equipment		1,104
Goodwill		2,964
Identifiable intangible assets		920
Other non-current assets		289
Current liabilities	[2]	(1,644)
Long-term liabilities		(644)
Acquisition price		4,894	€ 4,400
Cash acquired		$ 280	€ 250
[1]	Primarily accounts receivable and cash.
[2]	Primarily accounts payable and other accrued expenses.

Business Combination (Details 2

Business Combination (Details 2) - TNT Express Intangible [Member] $ in Millions	12 Months Ended
	May 31, 2016USD ($)
Acquired Finite Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 920
Customer relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets with finte lives	$ 685
Intangible Finite-lived assets useful life	15 years
Technology [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets with finte lives	$ 90
Intangible Finite-lived assets useful life	4 years
Trademarks and Other Member
Acquired Finite Lived Intangible Assets [Line Items]
Intangible assets with finte lives	$ 145
Intangible Finite-lived assets useful life	4 years

Business Combinations (Detail59

Business Combinations (Details 3) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015
Business Acquisition Pro Forma Information Abstract
Consolidated revenues	$ 57,899	$ 55,862
Consolidated net income	$ 1,566	$ 595
Diluted earnings per share	$ 5.60	$ 2.07
TNT acquisition related costs	$ 115
TNT restructuring, impairments, litigation matters and pension adjustments	$ 40	$ 320

Goodwill and Other Intangible60

Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Millions		12 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2014
Net Goodwill Detail [Abstract]
Gross Goodwill at May 31					$ 4,100
Accumulated impairment charges					(1,310)
GOODWILL		$ 3,810	$ 3,810	$ 6,747	2,790
Goodwill Roll Forward
Beginning Goodwill at May 31		3,810	2,790
Goodwill acquired		2,964	1,133
Purchase adjustments and other		(27)	(113)
Ending Goodwill at May 31		6,747	3,810
FedEx Express Segment [Member]
Net Goodwill Detail [Abstract]
Gross Goodwill at May 31					1,750
GOODWILL		1,677	1,750	1,589	1,750
Goodwill Roll Forward
Beginning Goodwill at May 31		1,677	1,750
Goodwill acquired	[1]		40
Purchase adjustments and other	[2]	(88)	(113)
Ending Goodwill at May 31		1,589	1,677
FedEx Ground Segment [Member]
Net Goodwill Detail [Abstract]
Gross Goodwill at May 31					90
GOODWILL		1,145	1,145	1,211	90
Goodwill Roll Forward
Beginning Goodwill at May 31		1,145	90
Goodwill acquired			1,055
Purchase adjustments and other		66
Ending Goodwill at May 31		1,211	1,145
FedEx Freight Segment [Member]
Net Goodwill Detail [Abstract]
Gross Goodwill at May 31					735
Accumulated impairment charges				(133)	(133)
GOODWILL		640	640	635	602
Goodwill Roll Forward
Beginning Goodwill at May 31		640	602
Goodwill acquired			38
Purchase adjustments and other		(5)
Ending Goodwill at May 31		635	640
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
TNT Segment [Member]
Net Goodwill Detail [Abstract]
GOODWILL		2,964		$ 2,964
Goodwill Roll Forward
Goodwill acquired		2,964
Ending Goodwill at May 31		$ 2,964
[1]	Goodwill acquired relates to the acquisition of transportation companies in Southern Africa in 2014, the acquisition of e-commerce and supply chain solutions companies in 2015, and the acquisition of TNT Express in 2016. See Note 3 for related disclosures.
[2]	Primarily currency translation adjustments, acquired goodwill related to immaterial acquisitions, and purchase related adjustments.

Goodwill and Other Intangible61

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Goodwill and Other Intangible Assets [Abstract]
Intangible assets amortization expense	$ 14	$ 21	$ 23

Goodwill and Other Intangible62

Goodwill and Other Intangible Assets (Details 3) - USD ($) $ in Millions	May 31, 2016	May 31, 2015
Customer relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 912	$ 338
Accumulated Amortization	156	151
Net Book Value	756	187
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	123	34
Accumulated Amortization	16	14
Net Book Value	107	20
Trademarks and other [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	202	60
Accumulated Amortization	57	60
Net Book Value	145
Total [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,237	432
Accumulated Amortization	229	225
Net Book Value	$ 1,008	$ 207

Goodwill and Other Intangible63

Goodwill and Other Intangible Assets (Details 4) $ in Millions	May 31, 2016USD ($)
Finite Lived Intangible Assets Future Amortization Expense Abstract
2,017	$ 130
2,018	116
2,019	115
2,020	112
2,021	$ 54

Selected Current Liabilities (D

Selected Current Liabilities (Details) - USD ($) $ in Millions	May 31, 2016	May 31, 2015
Accrued Liabilities Current Abstract
Salaries	$ 478	$ 345
Employee benefits, including variable compensation	804	507
Compensated absences	690	584
Accrued salaries and employee benefits	1,972	1,436
Self-insurance accruals	837	865
Taxes other than income taxes	311	328
Other	1,915	1,242
Accrued expenses	$ 3,063	$ 2,435

Long-term Debt and Other Fina65

Long-term Debt and Other Financing Arrangements (Details 1) € in Millions, $ in Millions	12 Months Ended
	May 31, 2016USD ($)	May 31, 2016EUR (€)	May 31, 2015USD ($)
Debt Instrument [Line Items]
Long Term Debt	$ 13,792		$ 7,217
Other debt	12
Capital lease obligations	63		51
Total Debt and Capital Lease Obligations	13,867		7,268
Less current portion	29		19
LONG-TERM DEBT, LESS CURRENT PORTION	13,838		7,249
Long Term Debt Exclusive Of Capital Leases Fair Value	14,300		7,400
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		399
Senior Unsecured Debt Due 2023 2.625-2.70% [Member]
Debt Instrument [Line Items]
Long Term Debt	749		749
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		699
Senior Unsecured Debt Due 2026 3.25% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 749
Debt Instrument Interest Rate Stated Percentage	3.25%	3.25%
Debt Instrument, Maturity Date	Apr. 1, 2026
Senior Unsecured Debt Issued	$ 750
Debt Instrument, Issuance Date	Mar. 24, 2016
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		498
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 2046 4.55% Member
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage	4.55%	4.55%
Debt Instrument, Maturity Date	Apr. 1, 2046
Senior Unsecured Debt Issued	$ 1,250
Debt Instrument, Issuance Date	Mar. 24, 2016
Senior Unsecured Debt Due 2046 4.55-4.75% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 2,483
Debt Instrument Interest Rate Stated Percentage	4.75%	4.75%
Debt Instrument, Maturity Date	Nov. 15, 2045
Senior Unsecured Debt Issued	$ 1,250
Debt Instrument, Issuance Date	Oct. 23, 2015
Senior Unsecured Debt Due 2045 4.10% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 646		646
Senior Unsecured Debt Due 2065 4.50% [Member]
Debt Instrument [Line Items]
Long Term Debt	248		248
Senior Unsecured Debt Due 2098 7.60% [Member]
Debt Instrument [Line Items]
Long Term Debt	240		$ 239
Euro Senior Unsecured Debt Due 2019 floating rate [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 559
Debt Instrument, Maturity Date	Apr. 11, 2019
Senior Unsecured Debt Issued | €		€ 500
Debt Instrument, Issuance Date	Apr. 11, 2016
Euro Senior Unsecured Debt Due 2020 0.50% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 558
Debt Instrument Interest Rate Stated Percentage	0.50%	0.50%
Debt Instrument, Maturity Date	Apr. 9, 2020
Senior Unsecured Debt Issued | €		€ 500
Debt Instrument, Issuance Date	Apr. 11, 2016
Euro Senior Unsecured Debt Due 2023 1.00% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 836
Debt Instrument Interest Rate Stated Percentage	1.00%	1.00%
Debt Instrument, Maturity Date	Jan. 11, 2023
Senior Unsecured Debt Issued | €		€ 750
Debt Instrument, Issuance Date	Apr. 11, 2016
Euro Senior Unsecured Debt Due 2027 1.625% [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 1,389
Debt Instrument Interest Rate Stated Percentage	1.625%	1.625%
Debt Instrument, Maturity Date	Jan. 11, 2027
Senior Unsecured Debt Issued | €		€ 1,250
Debt Instrument, Issuance Date	Apr. 11, 2016
Total Senior Unsecured Debt Issued April 2016 [Member]
Debt Instrument [Line Items]
Senior Unsecured Debt Issued | €		€ 3,000
Total Senior Unsecured Debt Issued March 2016 [Member]
Debt Instrument [Line Items]
Senior Unsecured Debt Issued	$ 2,000
Total Senior Unsecured Debt Issued October 2015 [Member]
Debt Instrument [Line Items]
Senior Unsecured Debt Issued	$ 1,250

Long Term Debt and Other Fina66

Long Term Debt and Other Financing Arrangements (Details 2) $ in Millions	12 Months Ended
	May 31, 2016USD ($)
Line Of Credit Facility [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity	$ 1,750
Line Of Credit Facility Expiration Date	Nov. 13, 2020
Financial Covenant Terms Ratio	350.00%
Financial Covenant Compliance Ratio	190.00%
Letter of Credit Outstanding	$ 318
LetterOfCreditMember
Line Of Credit Facility [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity	500
Line of Credit Remaining	$ 182

Leases (Details 1)

Leases (Details 1) - USD ($) $ in Millions		12 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2014
Operating Leases Rent Expense [Abstract]
Minimum rentals		$ 2,394	$ 2,249	$ 2,154
Contingent rentals	[1]	214	194	197
Operating leases rent expense, total		$ 2,608	$ 2,443	$ 2,351
[1]	Contingent rentals are based on equipment usage.

Leases (Details 2)

Leases (Details 2) $ in Millions	May 31, 2016USD ($)
Schedule of Future Minimum Operating Lease Payments [Line Items]
2,017	$ 2,475
2,018	2,243
2,019	1,953
2,020	1,668
2,021	1,451
Thereafter	8,023
Total	17,813
Aircraft and Related Equipment [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2,017	454
2,018	383
2,019	321
2,020	240
2,021	182
Thereafter	352
Total	1,932
Facilities and Other [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2,017	2,021
2,018	1,860
2,019	1,632
2,020	1,428
2,021	1,269
Thereafter	7,671
Total	$ 15,881

Leases (Details 3)

Leases (Details 3)	12 Months Ended
	May 31, 2016	May 31, 2015
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, 2016$ / sharesshares
Preferred Stock Number Of Shares Par Value And Other Disclosures [Abstract]
Preferred Stock Shares Authorized	4,000,000
Preferred Stock Par Value | $ / shares	$ 0
Preferred Stock Shares Issued	0

Accumulated Other Comprehensi71

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Accumulated Other Comprehensive Income Net Of Tax [Abstract]
Foreign currency translation gain (loss): Beginning balance	$ (253)	$ 81	$ 106
Translation adjustment	(261)	(334)	(25)
Foreign currency translation gain (loss): Ending balance	(514)	(253)	81
Retirement plans adjustments: Beginning Balance	425	425	501
Prior service credit and other arising during period	(4)	72	1
Reclassification from AOCI	(76)	(72)	(77)
Retirement plans adjustments: Ending Balance	345	425	425
Accumulated other comprehensive (loss) income at end of period	(169)	172	506
Amortization of retirement plans prior service credits, before tax	(121)	(115)	(115)
Income tax benefit	45	43	38
AOCI reclassifications, net of tax	$ (76)	$ (72)	$ (77)

Stock Based Compensation (Detai

Stock Based Compensation (Details 1) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Share Based Compensation Allocation And Classification In Financial Statements [Abstract]
Stock-based compensation expense	$ 144	$ 133	$ 117

Stock Based Compensation (Det73

Stock Based Compensation (Details 2)	12 Months Ended
	May 31, 2016
Share Based Compensation Arrangement Stock Options [Abstract]
Stock option vesting period range	1 to 4 years
Percentage of options vesting ratably over four years	82.00%
Restricted stock expiration period	ratably over 4 years
Maximum term of stock options	10 years

Stock Based Compensation (Det74

Stock Based Compensation (Details 3) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
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	$ 52.40	$ 53.33	$ 35.79
Intrinsic value of options exercised	$ 115	$ 253	$ 347
Expected lives	6.4 years	6.3 years	6.2 years
Expected volatility	28.00%	34.00%	35.00%
Risk-free interest rate	1.94%	2.02%	1.47%
Dividend Yield	0.519%	0.448%	0.561%

Stock Based Compensation (Det75

Stock Based Compensation (Details 4)	12 Months Ended
	May 31, 2016shares
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll Forward
Outstanding at June 1, 2015	14,221,824
Stock options granted	2,229,582
Stock options exercised	1,822,547
Stock options forfeited	187,428
Outstanding at May 31, 2016	14,441,431
Stock options exercisable	8,717,768
Stock options expected to vest	5,408,862
Stock options available for future grants	10,948,196

Stock Based Compensation (Det76

Stock Based Compensation (Details 5)	12 Months Ended
	May 31, 2016$ / shares
Share Based Compensation Arrangement By Share Based Payment Award Options Weighted Average Exercise Price [Abstract]
Outstanding at June 1, 2015	$ 101.54
Stock options granted	171.41
Stock options exercised	100.40
Stock options forfeited	138.40
Outstanding at May 31, 2016	111.99
Stock options exercisable	92.93
Stock options expected to vest	$ 141.03

Stock Based Compensation (Det77

Stock Based Compensation (Details 6)	12 Months Ended
	May 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term (in years) [Abstract]
Outstanding at May 31, 2016	6 years
Stock options exercisable	4 years 7 months 6 days
Stock options expected to vest	8 years 1 month 6 days

Stock Based Compensation (Det78

Stock Based Compensation (Details 7) $ in Millions	May 31, 2016USD ($)	[1]
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures Abstract
Outstanding at May 31, 2016	$ 795
Stock options exercisable	629
Stock options expected to vest	$ 156
[1]	Only presented for options with market value at May 31, 2016 in excess of the exercise price of the option.

Stock Based Compensation (Det79

Stock Based Compensation (Details 8) - shares	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward
Unvested at June 1, 2015	439,042
Restricted stock granted	139,838	154,115	191,964
Restricted stock vested	185,933
Restricted stock forfeited	3,795
Unvested at May 31, 2016	389,152	439,042

Stock Based Compensation (Det80

Stock Based Compensation (Details 9) - $ / shares	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value Roll Forward
Unvested at June 1, 2015	$ 112.87
Restricted stock granted	168.83	$ 148.89	$ 100.8
Restricted stock vested	104.42
Restricted stock forfeited	158.82
Unvested at May 31, 2016	$ 136.57	$ 112.87

Stock Based Compensation (Det81

Stock Based Compensation (Details 10) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures Abstract
Vested during the year	2,572,129	2,611,524	2,408,179
Fair Value	$ 98	$ 83	$ 65

Stock Based Compensation (Det82

Stock Based Compensation (Details 11) $ in Millions	12 Months Ended
	May 31, 2016USD ($)
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Abstract
Total unrecognized compensation cost, net of estimated forfeitures	$ 188
Stock option remaining weighted average vesting period	2 years

Stock Based Compensation (Det83

Stock Based Compensation (Details 12)	May 31, 2016
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%

Computation of Earnings Per S84

Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended																12 Months Ended
		May 31, 2016	[2],[3]	Feb. 29, 2016	[2],[3]	Nov. 30, 2015	[2],[3]	Aug. 31, 2015	[3]	May 31, 2015	[3],[4]	Feb. 28, 2015	[3]	Nov. 30, 2014	[3]	Aug. 31, 2014	[3]	May 31, 2016	May 31, 2015	May 31, 2014
Basic earnings per common share:
Net earnings allocable to common shares	[1]																	$ 1,818	$ 1,048	$ 2,320
Weighted-average common shares																		276	283	307
Basic earnings per common share		$ (0.26)		$ 1.86		$ 2.47		$ 2.45		$ (3.16)		$ 2.21		$ 2.34		$ 2.29		$ 6.59	$ 3.70	$ 7.56
Diluted earnings per common share:
Net earnings allocable to common shares	[1]																	$ 1,818	$ 1,048	$ 2,320
Weighted-average common shares																		276	283	307
Dilutive effect of share-based awards																		3	4	3
Weighted-average diluted shares																		279	287	310
Diluted earnings per common share		$ (0.26)		$ 1.84		$ 2.44		$ 2.42		$ (3.16)		$ 2.18		$ 2.31		$ 2.26		$ 6.51	$ 3.65	$ 7.48
Anti-dilutive options excluded from diluted earnings per common share																		3.9	2.1	3.3
[1]	Net earnings available to participating securities were immaterial in all periods presented.
[2]	The fourth quarter of 2016 includes a $1.5 billion retirement plans mark-to-market loss and TNT Express transaction, financing and integration planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a U.S. Customs and Border Protection notice of action in the amount of $69 million, as well as TNT Express transaction, financing and integration planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration planning expenses.
[3]	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.
[4]	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.

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Current provision
Federal	$ 513	$ 795	$ 624
State and local	72	102	56
Foreign	200	214	194
Current Provision, Total	785	1,111	874
Deferred provision (benefit)
Federal	155	(474)	360
State and local	(18)	(47)	82
Foreign	(2)	(13)	18
Deferred Provision, Total	135	(534)	460
Provision for Income Taxes, Total	$ 920	$ 577	$ 1,334

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Abstract]
Earnings From Foreign Operations	$ 905	$ 773	$ 412

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	May 31, 2016	May 31, 2016	May 31, 2015	May 31, 2014
IncomeTax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Taxes computed at federal statutory rate		$ 959	$ 569	$ 1,280
State and local income taxes, net of federal benefit		33	36	90
Foreign operations		(50)	(43)	(38)
Internal restructuring	$ 76	(76)
TNT Express acquisition costs		40
Other, net		14	15	2
PROVISION FOR INCOME TAXES		$ 920	$ 577	$ 1,334

Income Taxes (Details 4)

Income Taxes (Details 4)	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
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	33.60%	35.50%	36.50%

Income Taxes (Details 5)

Income Taxes (Details 5) - USD ($) $ in Millions		May 31, 2016	May 31, 2015
Deferred Tax Assets Liabilities Net [Abstract]
Noncurrent deferred tax assets	[1]	$ 435	$ 219
Noncurrent deferred tax liabilities		(1,567)	(1,210)
Net deferred tax liabilities		$ 1,132	$ 991
[1]	Noncurrent deferred tax assets are included in the line item "Other Assets" in our consolidated balance sheets.

Income Taxes (Details 6)

Income Taxes (Details 6) - USD ($) $ in Millions	May 31, 2016	May 31, 2015
Components Of Deferred Tax Assets [Abstract]
Property, equipment, leases and intangibles	$ 129	$ 93
Employee benefits	2,453	2,029
Self-insurance accruals	681	607
Other	528	477
Net operating loss/credit carryforwards	925	326
Valuation allowances	(738)	(224)
Deferred Tax Assets, Net	$ 3,978	$ 3,308

Income Taxes (Details 7)

Income Taxes (Details 7) - USD ($) $ in Millions	May 31, 2016	May 31, 2015
Components Of Deferred Tax Liabilities [Abstract]
Property, equipment, leases and intangibles	$ 4,767	$ 3,872
Employee benefits	0	13
Other	343	414
Deferred Tax Liabilities	$ 5,110	$ 4,299

Income Taxes (Details 8)

Income Taxes (Details 8) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward
Balance at beginning of year	$ 36	$ 38	$ 47
Increases for tax positions taken in the current year	3	1	1
Increases for tax positions taken in prior years	3	6	3
Increase for business acquisition	25
Decreases for tax positions taken in prior years	(5)	(2)	(3)
Settlements	(4)	(2)	(6)
Decreases from lapse of statute of limitations	(7)		(3)
Changes due to currency translation	(2)	(5)	(1)
Balance at end of year	$ 49	$ 36	$ 38

Income Taxes (Details 9)

Income Taxes (Details 9) $ in Millions	May 31, 2016USD ($)
Foreign Country [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 3,000
State And Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 581

Income Taxes (Details 10)

Income Taxes (Details 10) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015
Permanently Reinvested Earnings Of Foreign Subsidiaries [Abstract]
Permanently Reinvested Earnings of Foreign Subsidiaries	$ 1,600	$ 1,900
Permanent Reinvestment Strategy Benefit To Effective Tax Rate	$ 48
Percent Income Earned in US Companies	80.00%
Cash in Offshore Jurisdictions Associated With Permanent Reinvestment Strategy	$ 522	$ 478

Income Taxes (Details 11)

Income Taxes (Details 11) - USD ($) $ in Millions	May 31, 2016	May 31, 2015
Income Tax Uncertainties [Abstract]
Unrecognized Tax Benefits That Would Impact Effective Tax Rate	$ 45	$ 31
Unrecognized Tax Benefits Accrued Income Tax Penalties And Interest	$ 11	$ 19

Retirement Plans (Details 1)

Retirement Plans (Details 1) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Pension and Other Postretirement Benefit Expense [Abstract]
Defined benefit pension plans	$ 214	$ (41)	$ 99
Defined contribution plans	416	385	363
Postretirement healthcare plans	82	81	78
Retirement plans mark to market	1,498	2,190	15
Retirement plans costs	$ 2,210	$ 2,615	$ 555

Retirement Plans (Details 2)

Retirement Plans (Details 2) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
Acturial gain/loss by component pre-tax [Abstract]
Actual versus expected return on assets			$ 1,285	$ (35)	$ (1,013)
Discount rate changes			1,129	791	705
Demographic assumption experience			(916)	1,434	323
Total mark-to-market loss	$ 1,500	$ 2,200	$ 1,498	2,190	$ 15
Increase in overall projected benefit obligation due to new mortality table.				$ 1,200
U.S. pension plan actual rate of return on assets			1.20%		13.30%
Weighted Average Discount Rate Percent all pension postretirement plans			4.04%	4.38%	4.57%	4.76%

Retirement Plans (Details 3)

Retirement Plans (Details 3)	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Defined Benefit Plan Assumptions Used In Calculations [Abstract]
Weighted Average Discount Rate Percent TNT pension postretirement plans	2.25%
International PBO of total pension obligation	6.00%
TNT ERO Assets [Member]
Defined Benefit Plan Assumptions Used In Calculations [Abstract]
Expected long-term rate of return on assets	3.29%
Pension Plans [Member]
Defined Benefit Plan Assumptions Used In Calculations [Abstract]
Discount rate used to determine benefit obligation	4.13%	4.42%	4.60%
Discount rate used to determine net periodic benefit cost	4.42%	4.60%	4.79%
Rate of increase in future compensation levels used to determine benefit obligation	4.46%	4.62%	4.56%
Rate of increase in future compensation levels used to determine net periodic benefit cost	4.62%	4.56%	4.54%
Expected long-term rate of return on assets	6.50%	7.75%	7.75%
Pension Plans [Member] | Segment [Member]
Defined Benefit Plan Assumptions Used In Calculations [Abstract]
Expected long-term rate of return on assets	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	4.41%	4.60%	4.70%
Discount rate used to determine net periodic benefit cost	4.60%	4.70%	4.91%

Retirement Plans (Details 4)

Retirement Plans (Details 4)	12 Months Ended
	May 31, 2016
Defined Benefit Plan Assets Other Information [Abstract]
Actual rate of return on plan assets for the 15-year period	6.90%

Retirement Plans (Details 5)

Retirement Plans (Details 5) - USD ($) $ in Millions		12 Months Ended
		May 31, 2016	May 31, 2015
Fair Value Inputs Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 4,119	$ 3,565
Fair Value Inputs Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		12,499	11,953
Fair Value Inputs Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		48
Cash And Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 568	$ 738
Actual %		2.00%	3.00%
Target %		0 - 5%	0 - 5%
Cash And Cash Equivalents [Member] | Fair Value Inputs Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 76	$ 36
Cash And Cash Equivalents [Member] | Fair Value Inputs Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		492	702
U.S. Large Cap Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	$ 3,257	$ 4,291
Actual %		14.00%	19.00%
U.S. Large Cap Equity [Member] | Fair Value Inputs Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 750	$ 302
U.S. SMID Cap Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 913	$ 979
Actual %		4.00%	4.00%
U.S. SMID Cap Equity [Member] | Fair Value Inputs Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 913	$ 979
International Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	$ 3,381	$ 3,064
Actual %		15.00%	14.00%
International Equity Securities [Member] | Fair Value Inputs Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 2,685	$ 2,429
International Equity Securities [Member] | Fair Value Inputs Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		121	1
Global Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	$ 2,794	$ 2,579
Actual %		12.00%	11.00%
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		$ 6,608	$ 6,455
Actual %		29.00%	28.00%
Corporate Fixed Income Securities [Member] | Fair Value Inputs Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 6,608	$ 6,455
Government Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 5,148	$ 4,645
Actual %		22.00%	20.00%
Government Fixed Income Securities [Member] | Fair Value Inputs Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 5,148	$ 4,645
Mortgage Backed And Other Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	$ 347	$ 213
Actual %		2.00%	1.00%
Mortgage Backed And Other Fixed Income Securities [Member] | Fair Value Inputs Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 146	$ 153
Total Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Target %		45 - 65%	45 - 65%
Alternative investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	$ 322	$ 226
Actual %		1.00%	1.00%
Target %		0 - 5%	0 - 5%
Alternative investments [Member] | Fair Value Inputs Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 48
Other Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ (321)	$ (184)
Actual %		(1.00%)	(1.00%)
Other Investments [Member] | Fair Value Inputs Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ (305)	$ (181)
Other Investments [Member] | Fair Value Inputs Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ (16)	$ (3)
Total Asset Class [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual %		100.00%	100.00%
[1]	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total.

Retirement Plans (Details 6)

Retirement Plans (Details 6) - Fair Value Inputs Level 3 [Member] $ in Millions	12 Months Ended
	May 31, 2016USD ($)
Actual return on plan assets
Assets held during current year	$ 2
Purchases, sales and settlements	46
Ending balance May 31	$ 48

Retirement Plans (Details 7)

Retirement Plans (Details 7) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Change in Plan Assets
Company Contributions	$ 660	$ 660
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation ("ABO")	28,845	26,793
Changes in Projected Benefit Obligation ("PBO") and Accumulated Postretirement Benefit Obligation ("APBO")
PBO/APBO at the beginning of year	27,512	24,578
Service cost	662	653	$ 657
Interest cost	1,180	1,096	1,055
Actuarial loss	277	2,231
Benefits paid	(912)	(815)
Business acquisition	907
Other	(24)	(231)
PBO/APBO at the end of year	29,602	27,512	24,578
Change in Plan Assets
Beginning balance May 31	23,505	21,907
Actual return on plan assets	223	1,718
Company Contributions	726	746
Benefits paid	(912)	(815)
Business acquisition	761
Other	(32)	(51)
Ending balance May 31	24,271	23,505	21,907
Funded Status of the Plans	(5,331)	(4,007)
Amount Recognized in the Balance Sheet at May 31
Noncurrent asset	53	26
Current pension, postretirement healthcare and other benefit obligations	(31)	(34)
Noncurrent pension, postretirement healthcare and other benefit obligations	(5,353)	(3,999)
Net amount recognized	(5,331)	(4,007)
Amounts Recognized in AOCI and not yet reflected in Net Periodic Benefit Cost
Prior service (credit) cost and other	(546)	(668)
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)	(121)
Postretirement Healthcare Plans [Member]
Changes in Projected Benefit Obligation ("PBO") and Accumulated Postretirement Benefit Obligation ("APBO")
PBO/APBO at the beginning of year	929	883
Service cost	40	40	38
Interest cost	42	41	40
Actuarial loss	(64)	6
Benefits paid	(78)	(73)
Other	36	32
PBO/APBO at the end of year	905	929	$ 883
Change in Plan Assets
Company Contributions	42	37
Benefits paid	(78)	(73)
Other	36	36
Funded Status of the Plans	(905)	(929)
Amount Recognized in the Balance Sheet at May 31
Current pension, postretirement healthcare and other benefit obligations	(40)	(42)
Noncurrent pension, postretirement healthcare and other benefit obligations	(865)	(887)
Net amount recognized	$ (905)	$ (929)

Retirement Plans (Details 8)

Retirement Plans (Details 8) - Pension Plans [Member] - USD ($) $ in Millions	May 31, 2016	May 31, 2015	May 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation ("PBO")	$ 29,602	$ 27,512	$ 24,578
Fair Value of Plan Assets	24,271	23,505	$ 21,907
Funded Status of the Plans	(5,331)	(4,007)
Qualified [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation ("PBO")	27,543	26,365
Fair Value of Plan Assets	23,017	23,006
Funded Status of the Plans	(4,526)	(3,359)
Nonqualified [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation ("PBO")	261	271
Funded Status of the Plans	(261)	(271)
International Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation ("PBO")	1,798	876
Fair Value of Plan Assets	1,254	499
Funded Status of the Plans	$ (544)	$ (377)

Retirement Plans (Details 9)

Retirement Plans (Details 9) - USD ($) $ in Millions	May 31, 2016	May 31, 2015
Defined Benefit Plan Plans With Benefit Obligations In Excess Of Plan Assets [Abstract]
Fair value of plan assets	$ 23,867	$ 23,099
PBO	(29,251)	(27,132)
Net funded status	$ (5,384)	$ (4,033)

Retirement Plans (Details 10)

Retirement Plans (Details 10) - USD ($) $ in Millions		May 31, 2016	May 31, 2015
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract]
ABO	[1]	$ (28,493)	$ (26,413)
Fair value of plan assets		23,865	23,099
PBO		(29,249)	(27,132)
Net funded status		$ (5,384)	$ (4,033)
[1]	ABO not used in determination of funded status.

Retirement Plans (Details 11)

Retirement Plans (Details 11) - USD ($) $ in Millions	Jul. 18, 2016	May 31, 2016	May 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Company Contributions		$ 660	$ 660
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer in 2017	$ 1,000
Required [Member] | U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Company Contributions		8	388
Defined Benefit Plan Contributions By Employer in 2017	$ 615
Voluntary [Member] | U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Company Contributions		$ 652	$ 272

Retirement Plans (Details 12)

Retirement Plans (Details 12) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	$ 662	$ 653	$ 657
Interest cost	1,180	1,096	1,055
Expected return on plan assets	(1,508)	(1,678)	(1,495)
Amortization of prior service credit	(121)	(115)	(115)
Recognized actuarial losses (gains) and other	1,562	2,190	7
Total net periodic benefit cost	1,775	2,146	109
Postretirement Healthcare Plans [Member]
Net Periodic Benefit Cost
Service cost	40	40	38
Interest cost	42	41	40
Recognized actuarial losses (gains) and other	(64)	6	5
Total net periodic benefit cost	$ 18	$ 87	$ 83

Retirement Plans (Details 13)

Retirement Plans (Details 13) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income [Abstract]
Other Comprehensive Income Loss Amortization Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax	$ (121)	$ (115)	$ (115)
Total recognized in OCI, Net of Tax Amount	80		$ 76
Pension Plans [Member]
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income [Abstract]
Net (gain) loss and other arising during period, Gross Amount		(113)
Other Comprehensive Income Loss Amortization Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax	(121)	(115)
Total recognized in OCI, Gross Amount	121	2
Net (gain) loss and other arising during period, Net of Tax Amount		(72)
Other Comprehensive Income Loss Amortization Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax	(76)	(72)
Total recognized in OCI, Net of Tax Amount	$ 76	0
Postretirement Healthcare Plans [Member]
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income [Abstract]
Net (gain) loss and other arising during period, Net of Tax Amount		(1)
Total recognized in OCI, Net of Tax Amount		$ (1)

Retirement Plans (Details 14)

Retirement Plans (Details 14) $ in Millions	May 31, 2016USD ($)
Pension Plans [Member]
Defined Benefit Plan Estimated Future Benefit Payments Abstract
2,017	$ 982
2,018	1,010
2,019	1,091
2,020	1,201
2,021	1,287
2022-2026	8,424
Postretirement Healthcare Plans [Member]
Defined Benefit Plan Estimated Future Benefit Payments Abstract
2,017	40
2,018	41
2,019	43
2,020	42
2,021	43
2022-2026	$ 240

Retirement Plans (Details 15)

Retirement Plans (Details 15)	12 Months Ended
	May 31, 2016
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract]
Defined Benefit Plan Health Care Cost Trend Rate Assumed For Next Fiscal Year	8.30%
Defined Benefit Plan Ultimate Health Care Cost Trend Rate	4.50%
Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate	2,037

Business Segment Information (D

Business Segment Information (Details 1) - USD ($) $ in Millions		3 Months Ended												12 Months Ended
		May 31, 2016		Feb. 29, 2016	[1]	Nov. 30, 2015	[1]	Aug. 31, 2015	May 31, 2015		Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2016		May 31, 2015		May 31, 2014
Segment Reporting Information [Line Items]
Revenues		$ 12,979	[1]	$ 12,654		$ 12,453		$ 12,279	$ 12,114	[2]	$ 11,716	$ 11,939	$ 11,684	$ 50,365		$ 47,453		$ 45,567
Depreciation and amortization														2,631		2,611		2,587
Operating income		(68)	[1]	$ 864		$ 1,137		$ 1,144	(1,321)	[2]	$ 1,038	$ 1,088	$ 1,062	3,077		1,867		3,815
Segment assets		46,064							36,531					46,064		36,531		33,070
Capital expenditures														4,818		4,347		3,533
FedEx Express Segment [Member]
Segment Reporting Information [Line Items]
Revenues														26,451		27,239		27,121
Depreciation and amortization														1,385		1,460		1,488
Operating income														2,519		1,584	[3]	1,428
Segment assets	[4]	21,207							20,382					21,207		20,382		19,901
Capital expenditures														2,356		2,380		1,994
FedEx Ground Segment [Member]
Segment Reporting Information [Line Items]
Revenues														16,574		12,984		11,617
Depreciation and amortization														608		530		468
Operating income														2,276		2,172		2,021
Segment assets	[4]	13,098							11,691					13,098		11,691		8,466
Capital expenditures														1,597		1,248		850
FedEx Freight Segment [Member]
Segment Reporting Information [Line Items]
Revenues														6,200		6,191		5,757
Depreciation and amortization														248		230		231
Operating income														426		484		351
Segment assets	[4]	3,749							3,471					3,749		3,471		3,216
Capital expenditures														433		337		325
FedEx Services Segment [Member]
Segment Reporting Information [Line Items]
Revenues														1,593		1,545		1,536
Depreciation and amortization														384		390		399
Segment assets	[4]	5,390							5,356					5,390		5,356		5,186
Capital expenditures														432		381		363
Eliminations, corporate and other [Member]
Segment Reporting Information [Line Items]
Revenues														(453)	[5]	(506)		(464)
Depreciation and amortization														6		1		1
Operating income	[7]													(2,144)	[6]	(2,373)		15
Segment assets	[4]	$ 2,620	[6]						$ (4,369)					$ 2,620	[6]	(4,369)		(3,699)
Capital expenditures																$ 1		$ 1
[1]	The fourth quarter of 2016 includes a $1.5 billion retirement plans mark-to-market loss and TNT Express transaction, financing and integration planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a U.S. Customs and Border Protection notice of action in the amount of $69 million, as well as TNT Express transaction, financing and integration planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration planning expenses.
[2]	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.
[3]	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.
[4]	Segment assets include intercompany receivables.
[5]	Includes TNT Express’s revenue from the time of acquisition (May 25, 2016).
[6]	Includes TNT Express’s assets and immaterial financial results from the time of acquisition (May 25, 2016).
[7]	Operating income includes a loss of $1.5 billion in 2016, $2.2 billion in 2015 and $15 million in 2014 associated with our mark-to-market pension accounting. Operating income in 2016 includes provisions for the settlement of and expected losses related to independent contractor litigation matters at FedEx Ground for $256 million and expenses related to the settlement of a CBP notice of action in the amount of $69 million, in each case net of recognized immaterial insurance recovery. 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 Information112

Business Segment Information (Details 2) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015	May 31, 2015	May 31, 2016	May 31, 2015	May 31, 2014
Business Segment Information Table Detail [Line Items]
Asset Impairment Charges			$ 276		$ 276
Mark to Market pension accounting					$ 2,200
U.S. CBP notice of action settlement	$ 69			$ 69
Ground independent contractor litigation provision	$ 204	$ 41	$ 197	256
Corporate, eliminations and other [Member]
Business Segment Information Table Detail [Line Items]
Mark to Market pension accounting				$ 1,500		$ 15

Business Segment Information113

Business Segment Information (Details 3) - USD ($) $ in Millions		3 Months Ended												12 Months Ended
		May 31, 2016	[1]	Feb. 29, 2016	[1]	Nov. 30, 2015	[1]	Aug. 31, 2015	May 31, 2015	[2]	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2016		May 31, 2015	May 31, 2014
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		$ 12,979		$ 12,654		$ 12,453		$ 12,279	$ 12,114		$ 11,716	$ 11,939	$ 11,684	$ 50,365		$ 47,453	$ 45,567
FedEx Express Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														26,451		27,239	27,121
FedEx Express Segment [Member] | U.S. overnight box [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														6,763		6,704	6,555
FedEx Express Segment [Member] | U.S. overnight envelope [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														1,662		1,629	1,636
FedEx Express Segment [Member] | U.S. deferred [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														3,379		3,342	3,188
FedEx Express Segment [Member] | Total U.S. domestic package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														11,804		11,675	11,379
FedEx Express Segment [Member] | International priority [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														5,697		6,251	6,451
FedEx Express Segment [Member] | International economy [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														2,282		2,301	2,229
FedEx Express Segment [Member] | Total international export package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														7,979		8,552	8,680
FedEx Express Segment [Member] | International domestic [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[3]													1,285		1,406	1,446
FedEx Express Segment [Member] | Total package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														21,068		21,633	21,505
FedEx Express Segment [Member] | U.S. freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														2,481		2,300	2,355
FedEx Express Segment [Member] | International priority freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														1,384		1,588	1,594
FedEx Express Segment [Member] | International airfreight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														126		180	205
FedEx Express Segment [Member] | Total freight revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														3,991		4,068	4,154
FedEx Express Segment [Member] | Other [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[4]													1,392		1,538	1,462
FedEx Ground Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														16,574		12,984	11,617
FedEx Ground Segment [Member] | Fedx Ground [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														15,050		12,568	11,617
FedEx Ground Segment [Member] | GENCO [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														1,524		416
FedEx Freight Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														6,200		6,191	5,757
FedEx Services Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														1,593		1,545	1,536
Corporate, eliminations and other
Entity Wide Information Revenue From External Customer [Line Items]
Revenues														$ (453)	[5]	$ (506)	$ (464)
[1]	The fourth quarter of 2016 includes a $1.5 billion retirement plans mark-to-market loss and TNT Express transaction, financing and integration planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a U.S. Customs and Border Protection notice of action in the amount of $69 million, as well as TNT Express transaction, financing and integration planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration planning expenses.
[2]	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.
[3]	International domestic revenues represent our intra-country operations.
[4]	Includes FedEx Trade Networks and FedEx SupplyChain Systems.
[5]	Includes TNT Express’s revenue from the time of acquisition (May 25, 2016).

Business Segment Information114

Business Segment Information (Details 4) - USD ($) $ in Millions		3 Months Ended												12 Months Ended
		May 31, 2016		Feb. 29, 2016	[1]	Nov. 30, 2015	[1]	Aug. 31, 2015	May 31, 2015		Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2016	May 31, 2015	May 31, 2014
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues		$ 12,979	[1]	$ 12,654		$ 12,453		$ 12,279	$ 12,114	[2]	$ 11,716	$ 11,939	$ 11,684	$ 50,365	$ 47,453	$ 45,567
Assets Noncurrent		34,075							26,196					34,075	26,196	23,387
U.S. [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues														38,070	34,216	32,259
Assets Noncurrent		26,047							23,582					26,047	23,582	20,658
International [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Assets Noncurrent		$ 8,028							$ 2,614					8,028	2,614	2,729
FedEx Express Segment [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues														26,451	27,239	27,121
FedEx Express Segment [Member] | International [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	[3]													11,672	12,772	12,916
FedEx Ground Segment [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues														16,574	12,984	11,617
FedEx Ground Segment [Member] | International [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	[3]													383	311	248
FedEx Freight Segment [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues														6,200	6,191	5,757
FedEx Freight Segment [Member] | International [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	[3]													137	142	130
FedEx Services Segment [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues														1,593	1,545	1,536
FedEx Services Segment [Member] | International [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	[3]													10	12	14
Other international revenue [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	[3],[4]													93
Total international revenue [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	[3]													$ 12,295	$ 13,237	$ 13,308
[1]	The fourth quarter of 2016 includes a $1.5 billion retirement plans mark-to-market loss and TNT Express transaction, financing and integration planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a U.S. Customs and Border Protection notice of action in the amount of $69 million, as well as TNT Express transaction, financing and integration planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration planning expenses.
[2]	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.
[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.
[4]	Includes TNT Express’s revenue from the time of acquisition (May 25, 2016).

Supplemental Cash Flow Infor115

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Supplemental Cash Flow Information [Abstract]
Interest (net of capitalized interest)	$ 321	$ 201	$ 131
Income taxes	996	1,122	820
Income tax refunds received	(5)	(9)	(54)
Cash tax payments, net	$ 991	$ 1,113	$ 766

Commitments (Details 1)

Commitments (Details 1) $ in Millions	May 31, 2016USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2,017	$ 2,447
2,018	2,171
2,019	1,827
2,020	1,813
2,021	1,596
Thereafter	4,348
Total	14,202
Aircraft And Related Equipment Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2,017	1,212
2,018	1,770
2,019	1,563
2,020	1,620
2,021	1,476
Thereafter	4,240
Total	11,881
Other [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2,017	1,235	[1]
2,018	401	[1]
2,019	264	[1]
2,020	193	[1]
2,021	120	[1]
Thereafter	108	[1]
Total	$ 2,321	[1]
[1]	Primarily equipment, advertising contracts and, in 2017, approximately $615 million of estimated required quarterly contributions to our U.S. Pension Plans.

Commitments (Details 2)

Commitments (Details 2)	12 Months Ended
	May 31, 2016
Schedule of Aircraft Commitments [Line Items]
2,017	12
2,018	18
2,019	15
2,020	15
2,021	13
Thereafter	22
Total	95
Boeing 777 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2,018	2
2,019	2
2,020	3
2,021	3
Thereafter	6
Total	16
Boeing 767 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2,017	12
2,018	16
2,019	13
2,020	12
2,021	10
Thereafter	16
Total	79

Commitments (Details 3)

Commitments (Details 3) $ in Millions	12 Months Ended
	May 31, 2016USD ($)	Jul. 10, 2016
Other Commitment Disclosures [Abstract]
Deposit and Progress Payments	$ 413
Boeing 767F Additional Aircraft Purchases	50
Other Aircraft Disclosures [Line Items]
Boeing 777F Conditional Aircraft Commitments	7
Boeing 767F Conditional Aircraft Commitments	4
Boeing 767F Aircraft Options Purchased for delivery in 2019 and 2020		6

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	May 31, 2016	May 31, 2016
Loss Contingency [Line Items]
LitigationSettlementExpense	$ 11
Multidistrict Independent Contractor Litigation [Member]
Loss Contingency [Line Items]
LitigationSettlementAmount		$ 204
Independent Contractor California [Member]
Loss Contingency [Line Items]
LitigationSettlementAmount		$ 228

Related Party Transactions (Det

Related Party Transactions (Details)	12 Months Ended
	May 31, 2016
Related Party Transactions [Abstract]
Related Party Ownership Interest	10.00%

Summary of Quarterly Operati121

Summary of Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended																12 Months Ended
	May 31, 2016		Feb. 29, 2016		Nov. 30, 2015		Aug. 31, 2015		May 31, 2015		Feb. 28, 2015		Nov. 30, 2014		Aug. 31, 2014		May 31, 2016	May 31, 2015	May 31, 2014
Selected Quarterly Financial Information [Abstract]
Revenues	$ 12,979	[1]	$ 12,654	[1]	$ 12,453	[1]	$ 12,279		$ 12,114	[2]	$ 11,716		$ 11,939		$ 11,684		$ 50,365	$ 47,453	$ 45,567
Operating income	(68)	[1]	864	[1]	1,137	[1]	1,144		(1,321)	[2]	1,038		1,088		1,062		3,077	1,867	3,815
Net income	$ (70)	[1]	$ 507	[1]	$ 691	[1]	$ 692		$ (895)	[2]	$ 628		$ 663		$ 653		$ 1,820	$ 1,050	$ 2,324
Basic earnings per common share	$ (0.26)	[1],[3]	$ 1.86	[1],[3]	$ 2.47	[1],[3]	$ 2.45	[3]	$ (3.16)	[2],[3]	$ 2.21	[3]	$ 2.34	[3]	$ 2.29	[3]	$ 6.59	$ 3.70	$ 7.56
Diluted earnings per common share	$ (0.26)	[1],[3]	$ 1.84	[1],[3]	$ 2.44	[1],[3]	$ 2.42	[3]	$ (3.16)	[2],[3]	$ 2.18	[3]	$ 2.31	[3]	$ 2.26	[3]	$ 6.51	$ 3.65	$ 7.48
Retirement plans mark-to-market adjustment	$ 1,500								$ 2,200								$ 1,498	$ 2,190	$ 15
Ground independent contractor litigation provision			$ 204		$ 41				197								256
Asset Impairment Charges									$ 276									$ 276
TNT transaction financing integration financial operating results	79
Internal restructuring	76																(76)
Ground independent contractor litigation expense	$ 11
U.S. CBP notice of action settlement			69														$ 69
TNT transaction financing intergration expense			$ 25		$ 19
[1]	The fourth quarter of 2016 includes a $1.5 billion retirement plans mark-to-market loss and TNT Express transaction, financing and integration planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a U.S. Customs and Border Protection notice of action in the amount of $69 million, as well as TNT Express transaction, financing and integration planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration planning expenses.
[2]	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.
[3]	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 Fina122

Condensed Consolidating Financial Statements (Details 1) $ in Millions	May 31, 2016USD ($)
Guarantees [Abstract]
Debt Guarantee	$ 13,600

Condensed Consolidating Fina123

Condensed Consolidating Financial Statements (Details 2) - USD ($) $ in Millions	May 31, 2016	May 31, 2015	May 31, 2014	May 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 3,534	$ 3,763	$ 2,908	$ 4,917
Receivables, less allowances	7,252	5,719
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	1,203	853
Total current assets	11,989	10,335
PROPERTY AND EQUIPMENT, AT COST	47,018	42,864
Less accumulated depreciation and amortization	22,734	21,989
Net property and equipment	24,284	20,875
GOODWILL	6,747	3,810	2,790
Other assets	3,044	1,511
ASSETS	46,064	36,531	33,070
CURRENT LIABILITIES
Current portion of long-term debt	29	19
Accrued salaries and employee benefits	1,972	1,436
Accounts payable	2,944	2,066
Accrued expenses	3,063	2,435
Total current liabilities	8,008	5,956
LONG-TERM DEBT, LESS CURRENT PORTION	13,838	7,249
OTHER LONG-TERM LIABILITIES
Deferred income taxes	1,567	1,210
Other liabilities	8,867	7,123
Total other long-term liabilities	10,434	8,333
STOCKHOLDERS' INVESTMENT	13,784	14,993	15,277	17,398
LIABILITIES AND STOCKHOLDERS' INVESTMENT	46,064	36,531
Parent Company [Member]
CURRENT ASSETS
Cash and cash equivalents	1,974	2,383	1,756	3,892
Receivables, less allowances	1	3
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	233	41
Total current assets	2,208	2,427
PROPERTY AND EQUIPMENT, AT COST	22	29
Less accumulated depreciation and amortization	17	23
Net property and equipment	5	6
INTERCOMPANY RECEIVABLE	2,437
INVESTMENT IN SUBSIDIARIES	24,766	23,173
Other assets	3,461	2,770
ASSETS	32,877	28,376
CURRENT LIABILITIES
Accrued salaries and employee benefits	54	34
Accounts payable	8	5
Accrued expenses	883	604
Total current liabilities	945	643
LONG-TERM DEBT, LESS CURRENT PORTION	13,553	6,978
INTERCOMPANY PAYABLE		2,267
OTHER LONG-TERM LIABILITIES
Other liabilities	4,595	3,495
Total other long-term liabilities	4,595	3,495
STOCKHOLDERS' INVESTMENT	13,784	14,993
LIABILITIES AND STOCKHOLDERS' INVESTMENT	32,877	28,376
Guarantor Subsidiaries [Member]
CURRENT ASSETS
Cash and cash equivalents	326	487	441	405
Receivables, less allowances	4,461	4,383
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	724	689
Total current assets	5,511	5,559
PROPERTY AND EQUIPMENT, AT COST	43,760	40,364
Less accumulated depreciation and amortization	21,566	20,685
Net property and equipment	22,194	19,679
INTERCOMPANY RECEIVABLE	1,284	713
GOODWILL	1,571	1,552
INVESTMENT IN SUBSIDIARIES	3,697	3,800
Other assets	970	898
ASSETS	35,227	32,201
CURRENT LIABILITIES
Current portion of long-term debt	13	7
Accrued salaries and employee benefits	1,377	1,208
Accounts payable	1,501	1,433
Accrued expenses	1,411	1,557
Total current liabilities	4,302	4,205
LONG-TERM DEBT, LESS CURRENT PORTION	248	248
OTHER LONG-TERM LIABILITIES
Deferred income taxes	4,436	3,662
Other liabilities	3,375	3,367
Total other long-term liabilities	7,811	7,029
STOCKHOLDERS' INVESTMENT	22,866	20,719
LIABILITIES AND STOCKHOLDERS' INVESTMENT	35,227	32,201
Non Guarantor Subsidiaries [Member]
CURRENT ASSETS
Cash and cash equivalents	1,277	971	861	717
Receivables, less allowances	2,831	1,385
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	246	123
Total current assets	4,354	2,479
PROPERTY AND EQUIPMENT, AT COST	3,236	2,471
Less accumulated depreciation and amortization	1,151	1,281
Net property and equipment	2,085	1,190
INTERCOMPANY RECEIVABLE		1,554
GOODWILL	5,176	2,258
Other assets	1,851	480
ASSETS	13,466	7,961
CURRENT LIABILITIES
Current portion of long-term debt	16	12
Accrued salaries and employee benefits	541	194
Accounts payable	1,519	758
Accrued expenses	769	274
Total current liabilities	2,845	1,238
LONG-TERM DEBT, LESS CURRENT PORTION	37	23
INTERCOMPANY PAYABLE	3,721
OTHER LONG-TERM LIABILITIES
Deferred income taxes	369	185
Other liabilities	897	261
Total other long-term liabilities	1,266	446
STOCKHOLDERS' INVESTMENT	5,597	6,254
LIABILITIES AND STOCKHOLDERS' INVESTMENT	13,466	7,961
Consolidation Eliminations [Member]
CURRENT ASSETS
Cash and cash equivalents	(43)	(78)	$ (150)	$ (97)
Receivables, less allowances	(41)	(52)
Total current assets	(84)	(130)
INTERCOMPANY RECEIVABLE	(3,721)	(2,267)
INVESTMENT IN SUBSIDIARIES	(28,463)	(26,973)
Other assets	(3,238)	(2,637)
ASSETS	(35,506)	(32,007)
CURRENT LIABILITIES
Accounts payable	(84)	(130)
Total current liabilities	(84)	(130)
INTERCOMPANY PAYABLE	(3,721)	(2,267)
OTHER LONG-TERM LIABILITIES
Deferred income taxes	(3,238)	(2,637)
Total other long-term liabilities	(3,238)	(2,637)
STOCKHOLDERS' INVESTMENT	(28,463)	(26,973)
LIABILITIES AND STOCKHOLDERS' INVESTMENT	$ (35,506)	$ (32,007)

Condensed Consolidating Fina124

Condensed Consolidating Financial Statements (Details 3) - USD ($) $ in Millions	3 Months Ended												12 Months Ended
	May 31, 2016		Feb. 29, 2016	[1]	Nov. 30, 2015	[1]	Aug. 31, 2015	May 31, 2015		Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May 31, 2016	May 31, 2015	May 31, 2014
Condensed Income Statements Captions [Line Items]
REVENUES	$ 12,979	[1]	$ 12,654		$ 12,453		$ 12,279	$ 12,114	[2]	$ 11,716	$ 11,939	$ 11,684	$ 50,365	$ 47,453	$ 45,567
OPERATING EXPENSES:
Salaries and employee benefits													18,581	17,110	16,171
Purchased transportation													9,966	8,483	8,011
Rentals and landing fees													2,854	2,682	2,622
Depreciation and amortization													2,631	2,611	2,587
Fuel													2,399	3,720	4,557
Maintenance and repairs													2,108	2,099	1,862
Impairment and other charges														276
Retirement plans mark-to-market adjustment	1,500							2,200					1,498	2,190	15
Other													7,251	6,415	5,927
OPERATING EXPENSES													47,288	45,586	41,752
OPERATING INCOME	(68)	[1]	864		1,137		1,144	(1,321)	[2]	1,038	1,088	1,062	3,077	1,867	3,815
OTHER INCOME (EXPENSE):
Interest, net													(315)	(221)	(142)
Other, net													(22)	(19)	(15)
INCOME BEFORE INCOME TAXES													2,740	1,627	3,658
PROVISION FOR INCOME TAXES													920	577	1,334
NET INCOME	$ (70)	[1]	$ 507		$ 691		$ 692	$ (895)	[2]	$ 628	$ 663	$ 653	1,820	1,050	2,324
COMPREHENSIVE INCOME (LOSS)													1,479	716	2,223
Parent Company [Member]
OPERATING EXPENSES:
Salaries and employee benefits													119	106	99
Rentals and landing fees													5	5	5
Depreciation and amortization													1	1	1
Maintenance and repairs													1	1	1
Intercompany charges, net													(645)	(450)	(209)
Other													519	337	103
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries													1,820	1,050	2,324
Interest, net													(355)	(247)	(167)
Intercompany charges, net													369	253	172
Other, net													(14)	(6)	(5)
INCOME BEFORE INCOME TAXES													1,820	1,050	2,324
NET INCOME													1,820	1,050	2,324
COMPREHENSIVE INCOME (LOSS)													1,746	1,053	2,248
Guarantor Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
REVENUES													42,143	39,420	38,088
OPERATING EXPENSES:
Salaries and employee benefits													15,880	14,626	13,936
Purchased transportation													7,380	5,802	5,374
Rentals and landing fees													2,484	2,322	2,282
Depreciation and amortization													2,399	2,370	2,379
Fuel													2,324	3,632	4,460
Maintenance and repairs													1,954	1,949	1,734
Impairment and other charges														276
Retirement plans mark-to-market adjustment													1,414	2,075	13
Intercompany charges, net													425	117	(125)
Other													5,274	4,946	4,823
OPERATING EXPENSES													39,534	38,115	34,876
OPERATING INCOME													2,609	1,305	3,212
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries													279	337	412
Interest, net													27	23	16
Intercompany charges, net													(354)	(265)	(194)
Other, net													(14)	(32)	(14)
INCOME BEFORE INCOME TAXES													2,547	1,368	3,432
PROVISION FOR INCOME TAXES													818	390	1,141
NET INCOME													1,729	978	2,291
COMPREHENSIVE INCOME (LOSS)													1,704	929	2,294
Non Guarantor Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
REVENUES													8,547	8,414	7,820
OPERATING EXPENSES:
Salaries and employee benefits													2,582	2,378	2,136
Purchased transportation													2,720	2,878	2,796
Rentals and landing fees													371	360	340
Depreciation and amortization													231	240	207
Fuel													75	88	97
Maintenance and repairs													153	149	127
Retirement plans mark-to-market adjustment													84	115	2
Intercompany charges, net													220	333	334
Other													1,643	1,311	1,178
OPERATING EXPENSES													8,079	7,852	7,217
OPERATING INCOME													468	562	603
OTHER INCOME (EXPENSE):
Interest, net													13	3	9
Intercompany charges, net													(15)	12	22
Other, net													6	19	4
INCOME BEFORE INCOME TAXES													472	596	638
PROVISION FOR INCOME TAXES													102	187	193
NET INCOME													370	409	445
COMPREHENSIVE INCOME (LOSS)													128	121	417
Consolidation Eliminations [Member]
Condensed Income Statements Captions [Line Items]
REVENUES													(325)	(381)	(341)
OPERATING EXPENSES:
Purchased transportation													(134)	(197)	(159)
Rentals and landing fees													(6)	(5)	(5)
Other													(185)	(179)	(177)
OPERATING EXPENSES													(325)	(381)	(341)
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries													(2,099)	(1,387)	(2,736)
INCOME BEFORE INCOME TAXES													(2,099)	(1,387)	(2,736)
NET INCOME													(2,099)	(1,387)	(2,736)
COMPREHENSIVE INCOME (LOSS)													$ (2,099)	$ (1,387)	$ (2,736)
[1]	The fourth quarter of 2016 includes a $1.5 billion retirement plans mark-to-market loss and TNT Express transaction, financing and integration planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a U.S. Customs and Border Protection notice of action in the amount of $69 million, as well as TNT Express transaction, financing and integration planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration planning expenses.
[2]	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.

Condensed Consolidating Fina125

Condensed Consolidating Financial Statements (Details 4) - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Condensed Cash Flow Statements Captions [Line Items]
Net Cash Provided By Used In Operating Activities Continuing Operations	$ 5,708	$ 5,366	$ 4,264
Investing Activities:
Capital expenditures	(4,818)	(4,347)	(3,533)
Business acquisitions, net of cash acquired	(4,618)	(1,429)	(36)
Proceeds from asset dispositions and other	(10)	24	18
Cash used in investing activities	(9,446)	(5,752)	(3,551)
Financing Activities:
Principal payments on debt	(41)	(5)	(254)
Proceeds from debt issuance	6,519	2,491	1,997
Proceeds from stock issuances	183	320	557
Excess tax benefit on the exercise of stock options	3	51	44
Dividends paid	(277)	(227)	(187)
Purchase of treasury stock	(2,722)	(1,254)	(4,857)
Other, net	(54)	(27)	(19)
Cash provided by (used in) financing activities	3,611	1,349	(2,719)
Effect of exchange rate changes on cash	(102)	(108)	(3)
Net increase (decrease) in cash and cash equivalents	(229)	855	(2,009)
Cash and cash equivalents at beginning of period	3,763	2,908	4,917
Cash and cash equivalents at end of period	3,534	3,763	2,908
Parent Company [Member]
Condensed Cash Flow Statements Captions [Line Items]
Net Cash Provided By Used In Operating Activities Continuing Operations	(831)	(727)	(8)
Investing Activities:
Capital expenditures		(1)	(1)
Business acquisitions, net of cash acquired		(1,429)
Proceeds from asset dispositions and other	(55)
Cash used in investing activities	(55)	(1,430)	(1)
Financing Activities:
Net transfers from (to) Parent	1,629	1,431	588
Payment on loan between subsidiaries	(4,805)
Principal payments on debt			(250)
Proceeds from debt issuance	6,519	2,491	1,997
Proceeds from stock issuances	183	320	557
Excess tax benefit on the exercise of stock options	3	51	44
Dividends paid	(277)	(227)	(187)
Purchase of treasury stock	(2,722)	(1,254)	(4,857)
Other, net	(54)	(27)	(19)
Cash provided by (used in) financing activities	476	2,785	(2,127)
Effect of exchange rate changes on cash	1	(1)
Net increase (decrease) in cash and cash equivalents	(409)	627	(2,136)
Cash and cash equivalents at beginning of period	2,383	1,756	3,892
Cash and cash equivalents at end of period	1,974	2,383	1,756
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements Captions [Line Items]
Net Cash Provided By Used In Operating Activities Continuing Operations	5,932	5,446	3,790
Investing Activities:
Capital expenditures	(4,617)	(4,139)	(3,230)
Business acquisitions, net of cash acquired			(36)
Proceeds from asset dispositions and other	33	42	37
Cash used in investing activities	(4,584)	(4,097)	(3,229)
Financing Activities:
Net transfers from (to) Parent	(1,549)	(1,502)	(546)
Payment on loan between subsidiaries	109	267	(4)
Intercompany dividends	20	68	54
Principal payments on debt	(19)	(1)	(4)
Other, net	(48)	(105)	(16)
Cash provided by (used in) financing activities	(1,487)	(1,273)	(516)
Effect of exchange rate changes on cash	(22)	(30)	(9)
Net increase (decrease) in cash and cash equivalents	(161)	46	36
Cash and cash equivalents at beginning of period	487	441	405
Cash and cash equivalents at end of period	326	487	441
Non Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements Captions [Line Items]
Net Cash Provided By Used In Operating Activities Continuing Operations	572	575	535
Investing Activities:
Capital expenditures	(201)	(207)	(302)
Business acquisitions, net of cash acquired	(4,618)
Proceeds from asset dispositions and other	12	(18)	(19)
Cash used in investing activities	(4,807)	(225)	(321)
Financing Activities:
Net transfers from (to) Parent	(80)	71	(42)
Payment on loan between subsidiaries	4,696	(267)	4
Intercompany dividends	(20)	(68)	(54)
Principal payments on debt	(22)	(4)
Other, net	48	105	16
Cash provided by (used in) financing activities	4,622	(163)	(76)
Effect of exchange rate changes on cash	(81)	(77)	6
Net increase (decrease) in cash and cash equivalents	306	110	144
Cash and cash equivalents at beginning of period	971	861	717
Cash and cash equivalents at end of period	1,277	971	861
Consolidation Eliminations [Member]
Condensed Cash Flow Statements Captions [Line Items]
Net Cash Provided By Used In Operating Activities Continuing Operations	35	72	(53)
Financing Activities:
Net increase (decrease) in cash and cash equivalents	35	72	(53)
Cash and cash equivalents at beginning of period	(78)	(150)	(97)
Cash and cash equivalents at end of period	$ (43)	$ (78)	$ (150)

Valuation and Qualifying Acc126

Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions		12 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2014
Allowance For Doubtful Accounts [Member]
Movement In Valuation Allowances And Reserves Roll Forward
Valuation Allowances And Reserves Beginning Balance		$ 86	$ 81	$ 94
Charged To Expenses		121	145	130
Deductions	[1]	134	140	143
Valuation Allowances And Reserves Ending Balance		73	86	81
Allowance For Revenue Adjustments [Member]
Movement In Valuation Allowances And Reserves Roll Forward
Valuation Allowances And Reserves Beginning Balance		99	83	82
Charged To Other Accounts	[2]	692	740	626
Deductions	[3]	686	724	625
Valuation Allowances And Reserves Ending Balance		105	99	83
Inventory Valuation Allowance [Member]
Movement In Valuation Allowances And Reserves Roll Forward
Valuation Allowances And Reserves Beginning Balance		207	212	205
Charged To Expenses		26	23	20
Deductions		15	28	13
Valuation Allowances And Reserves Ending Balance		$ 218	$ 207	$ 212
[1]	(a) Uncollectible accounts written off, net of recoveries.
[2]	(b) Principally charged against revenue.
[3]	(c) Service failures, rebills and other.