FedEx (FDX) 10-Q20 Dec 172018 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Nov. 30, 2017	Dec. 18, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Nov. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Registrant Name	FedEx Corporation
Entity Central Index Key	1,048,911
Current Fiscal Year End Date	--05-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		267,889,623
Trading Symbol	FDX

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 30, 2017	May 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 2,768	$ 3,969
Receivables, less allowances of $353 and $252	8,655	7,599
Spare parts, supplies and fuel, less allowances of $248 and $237	533	514
Prepaid expenses and other	925	546
Total current assets	12,881	12,628
PROPERTY AND EQUIPMENT, AT COST	53,240	50,626
Less accumulated depreciation and amortization	25,950	24,645
Net property and equipment	27,290	25,981
OTHER LONG-TERM ASSETS
Goodwill	7,325	7,154
Other assets	2,785	2,789
Total other long-term assets	10,110	9,943
ASSETS	50,281	48,552
CURRENT LIABILITIES
Short-term borrowings	250
Current portion of long-term debt	11	22
Accrued salaries and employee benefits	1,912	1,914
Accounts payable	3,147	2,752
Accrued expenses	2,907	3,230
Total current liabilities	8,227	7,918
LONG-TERM DEBT, LESS CURRENT PORTION	15,180	14,909
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,088	2,485
Pension, postretirement healthcare and other benefit obligations	3,868	4,487
Self-insurance accruals	1,651	1,494
Deferred lease obligations	633	531
Deferred gains, principally related to aircraft transactions	122	137
Other liabilities	457	518
Total other long-term liabilities	9,819	9,652
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of November 30, 2017 and May 31, 2017	32	32
Additional paid-in capital	3,055	3,005
Retained earnings	21,785	20,833
Accumulated other comprehensive loss	(434)	(415)
Treasury stock, at cost	(7,383)	(7,382)
Total common stockholders’ investment	17,055	16,073
LIABILITIES AND STOCKHOLDERS' INVESTMENT	$ 50,281	$ 48,552

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 30, 2017	May 31, 2017
CURRENT ASSETS
Allowances for receivables	$ 353	$ 252
Allowances for spare parts, supplies and fuel	$ 248	$ 237
COMMON STOCKHOLDERS' INVESTMENT
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	318,000,000	318,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Income Statement [Abstract]
REVENUES	$ 16,313	$ 14,931	$ 31,610	$ 29,594
OPERATING EXPENSES:
Salaries and employee benefits	5,742	5,353	11,260	10,664
Purchased transportation	3,840	3,431	7,285	6,671
Rentals and landing fees	835	802	1,653	1,592
Depreciation and amortization	756	740	1,507	1,479
Fuel	818	658	1,521	1,308
Maintenance and repairs	665	579	1,340	1,177
Other	2,395	2,201	4,665	4,272
OPERATING EXPENSES	15,051	13,764	29,231	27,163
OPERATING INCOME	1,262	1,167	2,379	2,431
OTHER INCOME (EXPENSE):
Interest, net	(124)	(119)	(238)	(232)
Other, net	1	30	(20)	21
OTHER INCOME (EXPENSE)	(123)	(89)	(258)	(211)
INCOME BEFORE INCOME TAXES	1,139	1,078	2,121	2,220
PROVISION FOR INCOME TAXES	364	378	750	805
NET INCOME	$ 775	$ 700	$ 1,371	$ 1,415
EARNINGS PER COMMON SHARE:
Basic	$ 2.89	$ 2.63	$ 5.12	$ 5.32
Diluted	2.84	2.59	5.03	5.24
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.50	$ 0.40	$ 1.50	$ 1.20

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 775	$ 700	$ 1,371	$ 1,415
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustments, net of tax of $7, $21, $18, and $16	(90)	(230)	19	(218)
Amortization of prior service credit, net of tax of $11, $11, $22, and $22	(19)	(19)	(38)	(38)
Other comprehensive income (loss)	(109)	(249)	(19)	(256)
COMPREHENSIVE INCOME	$ 666	$ 451	$ 1,352	$ 1,159

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax expense (benefit)	$ (7)	$ 21	$ 18	$ 16
Amortization of prior service credit, tax benefit	$ 11	$ 11	$ 22	$ 22

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Operating Activities:
Net income	$ 1,371	$ 1,415
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	1,507	1,479
Provision for uncollectible accounts	116	76
Stock-based compensation	103	93
Deferred income taxes and other noncash items	327	320
Gain from sale of investment		(35)
Changes in assets and liabilities:
Receivables	(983)	(513)
Other assets	(338)	(250)
Accounts payable and other liabilities	(564)	67
Other, net	(41)	(17)
Cash provided by operating activities	1,498	2,635
Investing Activities:
Capital expenditures	(2,621)	(2,681)
Business acquisitions, net of cash acquired	(44)
Proceeds from asset dispositions and other	12	100
Cash used in investing activities	(2,653)	(2,581)
Financing Activities:
Proceeds from short-term borrowings	250
Principal payments on debt	(28)	(43)
Proceeds from stock issuances	205	164
Dividends paid	(268)	(213)
Purchase of treasury stock	(270)	(334)
Other, net	3	(5)
Cash used in financing activities	(108)	(431)
Effect of exchange rate changes on cash	62	(98)
Net decrease in cash and cash equivalents	(1,201)	(475)
Cash and cash equivalents at beginning of period	3,969	3,534
Cash and cash equivalents at end of period	$ 2,768	$ 3,059

General

General	6 Months Ended
General	Nov. 30, 2017
General [Abstract]
General	(1) General SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of FedEx Corporation (“FedEx”) have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10-K for the year ended May 31, 2017 (“Annual Report”). Accordingly, significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of November 30, 2017, the results of our operations for the three- and six-month periods ended November 30, 2017 and 2016, and cash flows for the six-month periods ended November 30, 2017 and 2016. Operating results for the three- and six-month periods ended November 30, 2017 are not necessarily indicative of the results that may be expected for the year ending May 31, 2018. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2018 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. BUSINESS ACQUISITION. On October 13, 2017, FedEx acquired Northwest Research, Inc., a leader in inventory research and management, for $50 million in cash from operations. The majority of the purchase price was allocated to property, plant and equipment. The financial results of this acquired business are included in the FedEx Corporate Services, Inc. (“FedEx Services”) segment from the date of acquisition and were not material to our results of operations. Therefore, pro forma financial information has not been provided. EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of Federal Express Corporation (“FedEx Express”), who represent a small number of its 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, FedEx Supply Chain Distribution System, Inc. (“FedEx Supply Chain”) has a small number of employees who are members of unions, and certain non-U.S. employees are unionized. STOCK-BASED COMPENSATION. We have two types of equity-based compensation: stock options and restricted stock. The key terms of the stock option and restricted stock awards granted under our incentive stock plans and all financial disclosures about these programs are set forth in our Annual Report. Our stock-based compensation expense was $41 million for the three-month period ended November 30, 2017 and $103 million for the six-month period ended November 30, 2017. Our stock-based compensation expense was $36 million for the three-month period ended November 30, 2016 and $93 million for the six-month period ended November 30, 2016. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report. RECENT ACCOUNTING GUIDANCE. New accounting rules and disclosure requirements can significantly impact our reported results and the comparability of our financial statements. We believe the following new accounting guidance is relevant to the readers of our financial statements. During the first quarter of 2018, we early adopted the Accounting Standards Update issued by the Financial Accounting Standards Board (“FASB”) related to Intra-Entity Transfers of Assets Other Than Inventory. This update requires companies to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfer occurs, as opposed to when the assets are ultimately sold to an outside party. This new guidance had a minimal impact on our accounting and financial reporting for the second quarter and first half of 2018. 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. This standard will be effective for us beginning June 1, 2018 (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. We are continuing to complete the assessment of the impact this new standard will have on our consolidated financial statements and related disclosures, including ongoing contract reviews. 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 a new lease accounting standard which requires lessees to put most leases on their balance sheets but recognize the expenses in 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. Expenses 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. Based on our lease portfolio, we currently anticipate recognizing a lease liability and related right-of-use asset on the balance sheet in excess of $13 billion with an immaterial impact on our income statement compared to the current lease accounting model. However, the ultimate impact of the standard will depend on the company’s lease portfolio as of the adoption date. We are currently in the process of evaluating our existing lease portfolios, including accumulating all of the necessary information required to properly account for the leases under the new standard. Additionally, we are implementing an enterprise-wide lease management system to assist in the accounting and are evaluating additional changes to our processes and internal controls to ensure we meet the standard’s reporting and disclosure requirements. 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. In March 2017, the FASB issued an Accounting Standards Update that changes how employers that sponsor defined benefit pension or other postretirement benefit plans present the net periodic benefit cost in the income statement. This new guidance requires entities to report the service cost component in the same line item or items as other compensation costs. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component outside of income from operations. This standard will impact our operating income but will have no impact on our net income or earnings per share. For example, adoption of this guidance would have reduced operating income by $146 million in the second quarter and $292 million in the first half of 2018, and by $112 million in the second quarter and $224 million in the first half of 2017, but would not have impacted our net income in these periods. This new guidance will be effective for our fiscal year beginning June 1, 2018 (fiscal 2019) and will be applied retrospectively. TREASURY SHARES. In January 2016, our Board of Directors authorized a share repurchase program of up to 25 million shares. 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. During the second quarter of 2018, we repurchased 0.8 million shares of FedEx common stock at an average price of $220.67 per share for a total of $184 million. During the first half of 2018, we repurchased 1.2 million shares of FedEx common stock at an average price of $216.45 per share for a total of $270 million. As of November 30, 2017, 14.8 million shares remained under the share repurchase authorization. DIVIDENDS DECLARED PER COMMON SHARE. On November 17, 2017, our Board of Directors declared a quarterly dividend of $0.50 per share of common stock. The dividend will be paid on January 2, 2018 to stockholders of record as of the close of business on December 11, 2017. Each quarterly dividend payment is subject to review and approval by our Board of Directors, and we evaluate our dividend payment amount on an annual basis at the end of each fiscal year.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
Accumulated Other Comprehensive Income (Loss)	Nov. 30, 2017
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	(2) Accumulated Other Comprehensive Income (Loss) The following table provides changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended November 30 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Six Months Ended 2017 2016 2017 2016 Foreign currency translation loss: Balance at beginning of period $ (576 ) $ (502 ) $ (685 ) $ (514 ) Translation adjustments (90 ) (230 ) 19 (218 ) Balance at end of period (666 ) (732 ) (666 ) (732 ) Retirement plans adjustments: Balance at beginning of period 251 326 270 345 Reclassifications from AOCI (19 ) (19 ) (38 ) (38 ) Balance at end of period 232 307 232 307 Accumulated other comprehensive (loss) at end of period $ (434 ) $ (425 ) $ (434 ) $ (425 ) The following table presents details of the reclassifications from AOCI for the periods ended November 30 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Six Months Ended 2017 2016 2017 2016 Amortization of retirement plans prior service credits, before tax $ 30 $ 30 $ 60 $ 60 Salaries and employee benefits Income tax benefit (11 ) (11 ) (22 ) (22 ) Provision for income taxes AOCI reclassifications, net of tax $ 19 $ 19 $ 38 $ 38 Net income

Financing Arrangements

Financing Arrangements	6 Months Ended
Financing Arrangements	Nov. 30, 2017
Debt And Capital Lease Obligations [Abstract]
Financing Arrangements	(3) Financing Arrangements We have a shelf registration statement with the SEC that allows us to sell, in one or more future offerings, any combination of our unsecured debt securities and common stock. We have a 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 November 30, 2017. 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. During the second quarter of 2018, we issued $250 million of commercial paper, providing us with additional short-term liquidity flexibility. Our commercial paper program is backed by unused commitments under the revolving credit facility and borrowings under the program reduce the amount available under the credit facility. As of November 30, 2017, $250 million of commercial paper and $255 million in letters of credit were outstanding, leaving $1.245 billion available under the revolving credit facility for future borrowings. Long-term debt, exclusive of capital leases, had carrying values of $15.1 billion at November 30, 2017 and $14.9 billion at May 31, 2017, compared with estimated fair values of $15.9 billion at November 30, 2017 and $15.5 billion at May 31, 2017. The annualized weighted average interest rate on long-term debt was 3.6% for the six-months ended November 30, 2017. The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of 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.

Computation of Earnings Per Sha

Computation of Earnings Per Share	6 Months Ended
Computation of Earnings Per Share	Nov. 30, 2017
Earnings Per Share [Abstract]
Computation of Earnings Per Share	(4) Computation of Earnings Per Share The calculation of basic and diluted earnings per common share for the periods ended November 30 was as follows (in millions, except per share amounts): Three Months Ended Six Months Ended 2017 2016 2017 2016 Basic earnings per common share: Net earnings allocable to common shares (1) $ 774 $ 700 $ 1,369 $ 1,414 Weighted-average common shares 268 266 268 266 Basic earnings per common share $ 2.89 $ 2.63 $ 5.12 $ 5.32 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 774 $ 700 $ 1,369 $ 1,414 Weighted-average common shares 268 266 268 266 Dilutive effect of share-based awards 4 4 4 4 Weighted-average diluted shares 272 270 272 270 Diluted earnings per common share $ 2.84 $ 2.59 $ 5.03 $ 5.24 Anti-dilutive options excluded from diluted earnings per common share 2.9 5.1 3.0 5.1 (1) Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans

Retirement Plans	6 Months Ended
Retirement Plans	Nov. 30, 2017
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	(5) Retirement Plans We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans and postretirement healthcare plans. Key terms of our retirement plans are provided in our Annual Report. Our retirement plans costs for the periods ended November 30 were as follows (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Defined benefit pension plans $ 37 $ 58 $ 74 $ 116 Defined contribution plans 124 112 251 231 Postretirement healthcare plans 18 19 37 38 $ 179 $ 189 $ 362 $ 385 Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2017 2016 2017 2016 2017 2016 Service cost $ 170 $ 160 $ 23 $ 20 $ 9 $ 9 Interest cost 278 282 13 11 9 10 Expected return on plan assets (406 ) (375 ) (11 ) (11 ) — — Amortization of prior service credit and other (29 ) (30 ) (1 ) 1 — — $ 13 $ 37 $ 24 $ 21 $ 18 $ 19 Six Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2017 2016 2017 2016 2017 2016 Service cost $ 340 $ 319 $ 46 $ 41 $ 18 $ 18 Interest cost 557 564 25 22 19 20 Expected return on plan assets (812 ) (751 ) (22 ) (21 ) — — Amortization of prior service credit and other (59 ) (59 ) (1 ) 1 — — $ 26 $ 73 $ 48 $ 43 $ 37 $ 38 Contributions to our tax-qualified U.S. domestic pension plans for the six-month periods ended November 30 were as follows (in millions): 2017 2016 Required $ 268 $ 250 Voluntary 482 250 $ 750 $ 500

Business Segment Information

Business Segment Information	6 Months Ended
Business Segment Information	Nov. 30, 2017
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Business Segment Information	(6) Business Segment Information We provide a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the respected FedEx brand. Our primary operating companies are FedEx Express, including TNT Express B.V. (“TNT Express”), the world’s largest express transportation company; FedEx Ground Package System, Inc. (“FedEx Ground”), a leading North American provider of small-package ground delivery services; and FedEx Freight, Inc. (“FedEx Freight”), a leading U.S. provider of less-than-truckload (“LTL”) freight services. These companies represent our major service lines and, along with FedEx Services, form the core of our reportable segments. Our reportable segments include the following businesses: FedEx Express Segment FedEx Express (express transportation) TNT Express (international express transportation, small-package ground delivery and freight transportation) FedEx Trade Networks (air and ocean freight forwarding, customs brokerage and cross-border enablement technology and solutions) FedEx Ground Segment FedEx Ground (small-package ground delivery) FedEx Supply Chain (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) As discussed in our Annual Report, in the first quarter of 2018, we began to report TNT Express as part of the FedEx Express segment. Prior year amounts have been revised to conform to the current year presentation. FedEx Services Segment The FedEx Services segment operates combined sales, marketing, administrative and information technology functions 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 and reported 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 and Print Services, Inc. (“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 segments. Operating expenses for each of our transportation segments include the allocations from the FedEx Services segment to the respective transportation segments. These allocations also include charges and credits for administrative services provided between operating companies. The allocations of net operating costs are based on metrics such as relative revenues or estimated services provided. We believe these allocations approximate the net cost of providing these functions. Our allocation methodologies are refined periodically, as necessary, to reflect changes in our businesses. Eliminations, Corporate and Other Certain FedEx operating companies provide transportation and related services for other FedEx companies outside their reportable segment. Billings for such services are based on negotiated rates, which we believe approximate fair value, and are reflected as revenues of the billing segment. These rates are adjusted from time to time based on market conditions. Such intersegment revenues and expenses are eliminated in our consolidated results and are not separately identified in the following segment information because the amounts are not material. Corporate and other includes corporate headquarters costs for executive officers 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. The following table provides a reconciliation of reportable segment revenues and operating income to our unaudited condensed consolidated financial statement totals for the periods ended November 30 (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues FedEx Express segment $ 9,354 $ 8,642 $ 18,006 $ 17,102 FedEx Ground segment 4,929 4,419 9,568 8,709 FedEx Freight segment 1,762 1,597 3,514 3,255 FedEx Services segment 416 414 816 809 Eliminations and other (148 ) (141 ) (294 ) (281 ) $ 16,313 $ 14,931 $ 31,610 $ 29,594 Operating Income FedEx Express segment $ 717 $ 706 $ 1,150 $ 1,316 FedEx Ground segment 521 465 1,147 1,075 FedEx Freight segment 118 88 294 223 Eliminations, corporate and other (94 ) (92 ) (212 ) (183 ) $ 1,262 $ 1,167 $ 2,379 $ 2,431

Commitments

Commitments	6 Months Ended
Commitments	Nov. 30, 2017
Commitments [Abstract]
Commitments	(7) Commitments As of November 30, 2017, our purchase commitments under various contracts for the remainder of 2018 and annually thereafter were as follows (in millions): Aircraft and Aircraft-Related Other (1) Total 2018 (remainder) $ 870 $ 469 $ 1,339 2019 1,723 679 2,402 2020 1,965 525 2,490 2021 1,488 386 1,874 2022 1,451 235 1,686 Thereafter 3,334 499 3,833 Total $ 10,831 $ 2,793 $ 13,624 (1) Primarily equipment and advertising contracts. The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of November 30, 2017, our obligation to purchase four Boeing 767-300 Freighter (“B767F”) aircraft and six Boeing 777 Freighter (“B777F”) aircraft is conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the Railway Labor Act of 1926, as amended. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above. During the second quarter of 2018, FedEx Express entered into an agreement to purchase 50 Cessna SkyCourier 408 aircraft with options to purchase up to 50 additional Cessna SkyCourier 408 aircraft. The 50 firm-order Cessna SkyCourier 408 aircraft are expected to be delivered from fiscal 2021 through 2024. During the second quarter of 2018, FedEx Express entered into an agreement to purchase 30 ATR 72-600F aircraft with options to purchase up to 20 additional ATR 72-600F aircraft. The 30 firm-order ATR 72-600F aircraft are expected to be delivered from fiscal 2021 through 2026. We had $684 million in deposits and progress payments as of November 30, 2017 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our consolidated balance sheets. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of November 30, 2017 with the year of expected delivery: Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2018 (remainder) - - 8 1 9 2019 - - 15 2 17 2020 - - 16 3 19 2021 12 5 10 3 30 2022 12 6 10 4 32 Thereafter 26 19 6 - 51 Total 50 30 65 13 158 A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at November 30, 2017 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases 2018 (remainder) $ 335 $ 1,113 $ 1,448 2019 343 2,014 2,357 2020 261 1,799 2,060 2021 203 1,623 1,826 2022 185 1,464 1,649 Thereafter 175 8,746 8,921 Total $ 1,502 $ 16,759 $ 18,261 Future minimum lease payments under capital leases were immaterial at November 30, 2017. While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations.

Contingencies

Contingencies	6 Months Ended
Contingencies	Nov. 30, 2017
Loss Contingency [Abstract]
Contingencies	(8) Contingencies Independent Contractor — Lawsuits and Administrative Proceedings. During the second quarter of 2018, the final objector to the $228 million settlement in the case that was remanded by the multidistrict litigation court to California and appealed to the Ninth Circuit Court of Appeals settled with plaintiffs’ counsel and FedEx Ground paid the settlement amount. FedEx Ground is involved in lawsuits and administrative proceedings claiming that owner-operators engaged under a contractor model no longer in use should have been treated as employees of FedEx Ground, rather than independent contractors. In addition, we are defending joint-employer cases where it is alleged that FedEx Ground should be treated as an employer of the drivers employed by owner-operators engaged by FedEx Ground. These cases are in varying stages of litigation, and we are not currently able to estimate an amount or range of potential loss in all of these matters. However, we do not expect to incur, individually or in the aggregate, a material loss in these matters. Nevertheless, adverse determinations in matters related to owner-operators engaged by FedEx Ground could, among other things, entitle certain owner-operators to the reimbursement of certain expenses, and their drivers to the benefit of wage-and-hour laws, and result in employment and withholding tax and benefit liability for FedEx Ground. We believe that owner-operators engaged by FedEx Ground are properly classified as independent contractors and that FedEx Ground is not an employer of the drivers employed by these owner-operators. 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. Following motions to dismiss filed in both lawsuits, some of the claims were 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 common law nuisance claim was dismissed entirely and the New York Public Health Law claim has been limited to claims arising after September 27, 2013, when an amendment to that law provided enforcement authority to the City of New York and State of New York. Other claims, including the RICO claims, remain in both lawsuits. The likelihood of loss is reasonably possible, but the amount or range of loss, if any, cannot be estimated at this stage of the litigation, but we expect the amount of any loss to be immaterial. On July 10, 2017, the City of New York and the State of New York filed a third lawsuit against FedEx Ground and included FedEx Freight as a co-defendant. This new case identifies no shippers or shipments, but generally alleges violations of the same laws that are the subject of the other two lawsuits. The amount or range of loss, if any, cannot be estimated at this stage of the lawsuit. 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. On September 9, 2016, FedEx Supply Chain received a written offer from several District Attorneys’ Offices in California to settle a civil action that the District Attorneys intend to file against FedEx Supply Chain for alleged violations of the state’s hazardous waste regulations. Specifically, the District Attorneys’ Offices allege FedEx Supply Chain unlawfully disposed of hazardous waste at one of its California facilities and caused the illegal transportation and disposal of hazardous waste from the retail stores of a FedEx Supply Chain customer at this same facility. The District Attorneys allege these violations began in 2006 and continued until the facility closed in the spring of 2015. We believe an immaterial loss in this matter is probable, and we will pursue all available remedies against the sellers of GENCO to recover any losses in this matter. Other Matters. During the third quarter of 2017, FedEx Trade Networks informed U.S. Customs and Border Protection (“CBP”) that in connection with certain customs entries it may have made improper claims for (i) reduced-duty treatment and (ii) duty-free treatment. In the fourth quarter of 2017 we established accruals totaling $39.3 million for the then-current estimated probable loss for these matters. In the first quarter of 2018, FedEx Trade Networks tendered payments to CBP in these matters totaling $46.5 million, and an additional expense of $7.2 million was recognized. CBP acknowledged receipt of the amounts tendered in these matters, and we are awaiting a response indicating whether these matters are fully resolved. FedEx and its subsidiaries are subject to other legal proceedings that arise in the ordinary course of business, including certain lawsuits containing various class-action allegations of wage-and-hour violations in which plaintiffs claim, 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. In the opinion of management, the aggregate liability, if any, with respect to these other actions will not have a material adverse effect on our financial position, results of operations or cash flows.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
Supplemental Cash Flow Information	Nov. 30, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	(9) Supplemental Cash Flow Information Cash paid for interest expense and income taxes for the six-month periods ended November 30 was as follows (in millions): 2017 2016 Cash payments for: Interest (net of capitalized interest) $ 238 $ 232 Income taxes $ 617 $ 216 Income tax refunds received (19 ) (13 ) Cash tax payments, net $ 598 $ 203

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	6 Months Ended
Condensed Consolidating Financial Statements	Nov. 30, 2017
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Statements	(10) 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 100% owned by FedEx, guarantee $15.0 billion of our long-term 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-guarantor 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 (UNAUDITED) November 30, 2017 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 959 $ 342 $ 1,495 $ (28 ) $ 2,768 Receivables, less allowances 2 5,340 3,441 (128 ) 8,655 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 286 931 241 — 1,458 Total current assets 1,247 6,613 5,177 (156 ) 12,881 PROPERTY AND EQUIPMENT, AT COST 22 49,585 3,633 — 53,240 Less accumulated depreciation and amortization 18 24,349 1,583 — 25,950 Net property and equipment 4 25,236 2,050 — 27,290 INTERCOMPANY RECEIVABLE 1,175 3,184 — (4,359 ) — GOODWILL — 1,571 5,754 — 7,325 INVESTMENT IN SUBSIDIARIES 29,116 2,903 — (32,019 ) — OTHER ASSETS 3,501 1,197 1,297 (3,210 ) 2,785 $ 35,043 $ 40,704 $ 14,278 $ (39,744 ) $ 50,281 LIABILITIES AND STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Short-term borrowings $ 250 $ — $ — $ — $ 250 Current portion of long-term debt — 1 10 — 11 Accrued salaries and employee benefits 59 1,325 528 — 1,912 Accounts payable 153 1,636 1,514 (156 ) 3,147 Accrued expenses 451 1,621 835 — 2,907 Total current liabilities 913 4,583 2,887 (156 ) 8,227 LONG-TERM DEBT, LESS CURRENT PORTION 14,872 289 19 — 15,180 INTERCOMPANY PAYABLE — — 4,359 (4,359 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 6,102 196 (3,210 ) 3,088 Other liabilities 2,203 3,642 886 — 6,731 Total other long-term liabilities 2,203 9,744 1,082 (3,210 ) 9,819 STOCKHOLDERS’ INVESTMENT 17,055 26,088 5,931 (32,019 ) 17,055 $ 35,043 $ 40,704 $ 14,278 $ (39,744 ) $ 50,281 CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2017 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,884 $ 325 $ 1,807 $ (47 ) $ 3,969 Receivables, less allowances 3 4,729 2,928 (61 ) 7,599 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 25 787 248 — 1,060 Total current assets 1,912 5,841 4,983 (108 ) 12,628 PROPERTY AND EQUIPMENT, AT COST 22 47,201 3,403 — 50,626 Less accumulated depreciation and amortization 18 23,211 1,416 — 24,645 Net property and equipment 4 23,990 1,987 — 25,981 INTERCOMPANY RECEIVABLE 1,521 2,607 — (4,128 ) — GOODWILL — 1,571 5,583 — 7,154 INVESTMENT IN SUBSIDIARIES 27,712 2,636 — (30,348 ) — OTHER ASSETS 3,494 1,271 1,249 (3,225 ) 2,789 $ 34,643 $ 37,916 $ 13,802 $ (37,809 ) $ 48,552 LIABILITIES AND STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ — $ 9 $ 13 $ — $ 22 Accrued salaries and employee benefits 72 1,335 507 — 1,914 Accounts payable 10 1,411 1,439 (108 ) 2,752 Accrued expenses 991 1,522 717 — 3,230 Total current liabilities 1,073 4,277 2,676 (108 ) 7,918 LONG-TERM DEBT, LESS CURRENT PORTION 14,641 244 24 — 14,909 INTERCOMPANY PAYABLE — — 4,128 (4,128 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 5,472 238 (3,225 ) 2,485 Other liabilities 2,856 3,448 863 — 7,167 Total other long-term liabilities 2,856 8,920 1,101 (3,225 ) 9,652 STOCKHOLDERS’ INVESTMENT 16,073 24,475 5,873 (30,348 ) 16,073 $ 34,643 $ 37,916 $ 13,802 $ (37,809 ) $ 48,552 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,044 $ 4,362 $ (93 ) $ 16,313 OPERATING EXPENSES: Salaries and employee benefits 35 4,439 1,268 — 5,742 Purchased transportation — 2,314 1,576 (50 ) 3,840 Rentals and landing fees 1 640 197 (3 ) 835 Depreciation and amortization — 649 107 — 756 Fuel — 746 72 — 818 Maintenance and repairs — 584 81 — 665 Intercompany charges, net (95 ) — 95 — — Other 59 1,592 784 (40 ) 2,395 — 10,964 4,180 (93 ) 15,051 OPERATING INCOME — 1,080 182 — 1,262 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 775 40 — (815 ) — Interest, net (130 ) 11 (5 ) — (124 ) Intercompany charges, net 132 (71 ) (61 ) — — Other, net (2 ) (8 ) 11 — 1 INCOME BEFORE INCOME TAXES 775 1,052 127 (815 ) 1,139 Provision for income taxes — 225 139 — 364 NET INCOME $ 775 $ 827 $ (12 ) $ (815 ) $ 775 COMPREHENSIVE INCOME $ 756 $ 817 $ (92 ) $ (815 ) $ 666 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 10,997 $ 4,004 $ (70 ) $ 14,931 OPERATING EXPENSES: Salaries and employee benefits 29 4,161 1,163 — 5,353 Purchased transportation — 2,074 1,383 (26 ) 3,431 Rentals and landing fees 2 625 177 (2 ) 802 Depreciation and amortization — 634 106 — 740 Fuel — 584 74 — 658 Maintenance and repairs — 504 75 — 579 Intercompany charges, net (89 ) 38 51 — — Other 58 1,429 756 (42 ) 2,201 — 10,049 3,785 (70 ) 13,764 OPERATING INCOME — 948 219 — 1,167 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 700 54 — (754 ) — Interest, net (123 ) 4 — — (119 ) Intercompany charges, net 124 (64 ) (60 ) — — Other, net (1 ) (5 ) 36 — 30 INCOME BEFORE INCOME TAXES 700 937 195 (754 ) 1,078 Provision for income taxes — 291 87 — 378 NET INCOME $ 700 $ 646 $ 108 $ (754 ) $ 700 COMPREHENSIVE INCOME $ 682 $ 635 $ (112 ) $ (754 ) $ 451 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Six Months Ended November 30, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 23,611 $ 8,216 $ (217 ) $ 31,610 OPERATING EXPENSES: Salaries and employee benefits 73 8,666 2,521 — 11,260 Purchased transportation — 4,377 3,040 (132 ) 7,285 Rentals and landing fees 2 1,267 388 (4 ) 1,653 Depreciation and amortization — 1,288 219 — 1,507 Fuel — 1,383 138 — 1,521 Maintenance and repairs — 1,186 154 — 1,340 Intercompany charges, net (211 ) 113 98 — — Other 136 3,068 1,542 (81 ) 4,665 — 21,348 8,100 (217 ) 29,231 OPERATING INCOME — 2,263 116 — 2,379 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,371 37 — (1,408 ) — Interest, net (259 ) 24 (3 ) — (238 ) Intercompany charges, net 263 (142 ) (121 ) — — Other, net (4 ) (16 ) — — (20 ) INCOME BEFORE INCOME TAXES 1,371 2,166 (8 ) (1,408 ) 2,121 Provision for income taxes — 624 126 — 750 NET INCOME $ 1,371 $ 1,542 $ (134 ) $ (1,408 ) $ 1,371 COMPREHENSIVE INCOME $ 1,334 $ 1,536 $ (110 ) $ (1,408 ) $ 1,352 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Six Months Ended November 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 21,900 $ 7,834 $ (140 ) $ 29,594 OPERATING EXPENSES: Salaries and employee benefits 65 8,267 2,332 — 10,664 Purchased transportation — 3,991 2,734 (54 ) 6,671 Rentals and landing fees 3 1,245 347 (3 ) 1,592 Depreciation and amortization — 1,245 234 — 1,479 Fuel — 1,162 146 — 1,308 Maintenance and repairs — 1,030 147 — 1,177 Intercompany charges, net (179 ) 100 79 — — Other 111 2,802 1,442 (83 ) 4,272 — 19,842 7,461 (140 ) 27,163 OPERATING INCOME — 2,058 373 — 2,431 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,415 110 — (1,525 ) — Interest, net (245 ) 13 — — (232 ) Intercompany charges, net 246 (145 ) (101 ) — — Other, net (1 ) (10 ) 32 — 21 INCOME BEFORE INCOME TAXES 1,415 2,026 304 (1,525 ) 2,220 Provision for income taxes — 671 134 — 805 NET INCOME $ 1,415 $ 1,355 $ 170 $ (1,525 ) $ 1,415 COMPREHENSIVE INCOME $ 1,378 $ 1,337 $ (31 ) $ (1,525 ) $ 1,159 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (1,959 ) $ 3,504 $ (66 ) $ 19 $ 1,498 INVESTING ACTIVITIES Capital expenditures — (2,474 ) (147 ) — (2,621 ) Business acquisitions, net of cash acquired — (44 ) — — (44 ) Proceeds from asset dispositions and other — 12 — — 12 CASH USED IN INVESTING ACTIVITIES — (2,506 ) (147 ) — (2,653 ) FINANCING ACTIVITIES Net transfers from (to) Parent 947 (1,019 ) 72 — — Payment on loan between subsidiaries 167 — (167 ) — — Proceeds from short-term borrowings 250 — — — 250 Principal payments on debt — (18 ) (10 ) — (28 ) Proceeds from stock issuances 205 — — — 205 Dividends paid (268 ) — — — (268 ) Purchase of treasury stock (270 ) — — — (270 ) Other, net 3 — — — 3 CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 1,034 (1,037 ) (105 ) — (108 ) Effect of exchange rate changes on cash — 56 6 — 62 Net (decrease) increase in cash and cash equivalents (925 ) 17 (312 ) 19 (1,201 ) Cash and cash equivalents at beginning of period 1,884 325 1,807 (47 ) 3,969 Cash and cash equivalents at end of period $ 959 $ 342 $ 1,495 $ (28 ) $ 2,768 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (376 ) $ 2,550 $ 473 $ (12 ) $ 2,635 INVESTING ACTIVITIES Capital expenditures — (2,455 ) (226 ) — (2,681 ) Proceeds from asset dispositions and other 84 13 3 — 100 CASH USED IN INVESTING ACTIVITIES 84 (2,442 ) (223 ) — (2,581 ) FINANCING ACTIVITIES Net transfers from (to) Parent 24 (94 ) 70 — — Payment on loan between subsidiaries 8 (15 ) 7 — — Intercompany dividends — 1 (1 ) — — Principal payments on debt — (31 ) (12 ) — (43 ) Proceeds from stock issuances 164 — — — 164 Dividends paid (213 ) — — — (213 ) Purchase of treasury stock (334 ) — — — (334 ) Other, net 4 (2 ) (7 ) — (5 ) CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (347 ) (141 ) 57 — (431 ) Effect of exchange rate changes on cash (5 ) 1 (94 ) — (98 ) Net (decrease) increase in cash and cash equivalents (644 ) (32 ) 213 (12 ) (475 ) Cash and cash equivalents at beginning of period 1,974 326 1,277 (43 ) 3,534 Cash and cash equivalents at end of period $ 1,330 $ 294 $ 1,490 $ (55 ) $ 3,059

General (Policies)

General (Policies)	6 Months Ended
General (Policies)	Nov. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of FedEx Corporation (“FedEx”) have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10-K for the year ended May 31, 2017 (“Annual Report”). Accordingly, significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of November 30, 2017, the results of our operations for the three- and six-month periods ended November 30, 2017 and 2016, and cash flows for the six-month periods ended November 30, 2017 and 2016. Operating results for the three- and six-month periods ended November 30, 2017 are not necessarily indicative of the results that may be expected for the year ending May 31, 2018. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2018 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year.

Accumulated Other Comprehensi19

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Nov. 30, 2017
Accumulated Other Comprehensive Income Loss Tables [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table provides changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended November 30 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Six Months Ended 2017 2016 2017 2016 Foreign currency translation loss: Balance at beginning of period $ (576 ) $ (502 ) $ (685 ) $ (514 ) Translation adjustments (90 ) (230 ) 19 (218 ) Balance at end of period (666 ) (732 ) (666 ) (732 ) Retirement plans adjustments: Balance at beginning of period 251 326 270 345 Reclassifications from AOCI (19 ) (19 ) (38 ) (38 ) Balance at end of period 232 307 232 307 Accumulated other comprehensive (loss) at end of period $ (434 ) $ (425 ) $ (434 ) $ (425 )
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	The following table presents details of the reclassifications from AOCI for the periods ended November 30 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Six Months Ended 2017 2016 2017 2016 Amortization of retirement plans prior service credits, before tax $ 30 $ 30 $ 60 $ 60 Salaries and employee benefits Income tax benefit (11 ) (11 ) (22 ) (22 ) Provision for income taxes AOCI reclassifications, net of tax $ 19 $ 19 $ 38 $ 38 Net income

Computation of Earnings Per S20

Computation of Earnings Per Share (Tables)	6 Months Ended
Computation of Earnings Per Share (Tables)	Nov. 30, 2017
Computation Of Earnings Per Share Tables [Abstract]
Schedule of basic and diluted earnings per common share	The calculation of basic and diluted earnings per common share for the periods ended November 30 was as follows (in millions, except per share amounts): Three Months Ended Six Months Ended 2017 2016 2017 2016 Basic earnings per common share: Net earnings allocable to common shares (1) $ 774 $ 700 $ 1,369 $ 1,414 Weighted-average common shares 268 266 268 266 Basic earnings per common share $ 2.89 $ 2.63 $ 5.12 $ 5.32 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 774 $ 700 $ 1,369 $ 1,414 Weighted-average common shares 268 266 268 266 Dilutive effect of share-based awards 4 4 4 4 Weighted-average diluted shares 272 270 272 270 Diluted earnings per common share $ 2.84 $ 2.59 $ 5.03 $ 5.24 Anti-dilutive options excluded from diluted earnings per common share 2.9 5.1 3.0 5.1 (1) Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
Retirement Plans (Tables)	Nov. 30, 2017
Retirement Plan Tables [Abstract]
Schedule of Retirement Plan Costs	Our retirement plans costs for the periods ended November 30 were as follows (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Defined benefit pension plans $ 37 $ 58 $ 74 $ 116 Defined contribution plans 124 112 251 231 Postretirement healthcare plans 18 19 37 38 $ 179 $ 189 $ 362 $ 385
Schedule of Net Periodic Benefit Cost	Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2017 2016 2017 2016 2017 2016 Service cost $ 170 $ 160 $ 23 $ 20 $ 9 $ 9 Interest cost 278 282 13 11 9 10 Expected return on plan assets (406 ) (375 ) (11 ) (11 ) — — Amortization of prior service credit and other (29 ) (30 ) (1 ) 1 — — $ 13 $ 37 $ 24 $ 21 $ 18 $ 19 Six Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2017 2016 2017 2016 2017 2016 Service cost $ 340 $ 319 $ 46 $ 41 $ 18 $ 18 Interest cost 557 564 25 22 19 20 Expected return on plan assets (812 ) (751 ) (22 ) (21 ) — — Amortization of prior service credit and other (59 ) (59 ) (1 ) 1 — — $ 26 $ 73 $ 48 $ 43 $ 37 $ 38
Schedule of Tax Qualified Pension Plans Contributions	Contributions to our tax-qualified U.S. domestic pension plans for the six-month periods ended November 30 were as follows (in millions): 2017 2016 Required $ 268 $ 250 Voluntary 482 250 $ 750 $ 500

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
Business Segment Information (Tables)	Nov. 30, 2017
Business Segment Information Tables [Abstract]
Schedule of Segment Information	The following table provides a reconciliation of reportable segment revenues and operating income to our unaudited condensed consolidated financial statement totals for the periods ended November 30 (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues FedEx Express segment $ 9,354 $ 8,642 $ 18,006 $ 17,102 FedEx Ground segment 4,929 4,419 9,568 8,709 FedEx Freight segment 1,762 1,597 3,514 3,255 FedEx Services segment 416 414 816 809 Eliminations and other (148 ) (141 ) (294 ) (281 ) $ 16,313 $ 14,931 $ 31,610 $ 29,594 Operating Income FedEx Express segment $ 717 $ 706 $ 1,150 $ 1,316 FedEx Ground segment 521 465 1,147 1,075 FedEx Freight segment 118 88 294 223 Eliminations, corporate and other (94 ) (92 ) (212 ) (183 ) $ 1,262 $ 1,167 $ 2,379 $ 2,431

Commitments (Tables)

Commitments (Tables)	6 Months Ended
Commitments (Tables)	Nov. 30, 2017
Commitments Tables [Abstract]
Schedule of Purchase Commitments	As of November 30, 2017, our purchase commitments under various contracts for the remainder of 2018 and annually thereafter were as follows (in millions): Aircraft and Aircraft-Related Other (1) Total 2018 (remainder) $ 870 $ 469 $ 1,339 2019 1,723 679 2,402 2020 1,965 525 2,490 2021 1,488 386 1,874 2022 1,451 235 1,686 Thereafter 3,334 499 3,833 Total $ 10,831 $ 2,793 $ 13,624 (1) Primarily equipment and advertising contracts.
Schedule of Aircraft Purchase Commitments	The following table is a summary of the key aircraft we are committed to purchase as of November 30, 2017 with the year of expected delivery: Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2018 (remainder) - - 8 1 9 2019 - - 15 2 17 2020 - - 16 3 19 2021 12 5 10 3 30 2022 12 6 10 4 32 Thereafter 26 19 6 - 51 Total 50 30 65 13 158
Schedule of Future Minimum Lease Payments, Operating Leases	A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at November 30, 2017 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases 2018 (remainder) $ 335 $ 1,113 $ 1,448 2019 343 2,014 2,357 2020 261 1,799 2,060 2021 203 1,623 1,826 2022 185 1,464 1,649 Thereafter 175 8,746 8,921 Total $ 1,502 $ 16,759 $ 18,261

Supplemental Cash Flow Inform24

Supplemental Cash Flow Information (Tables)	6 Months Ended
Supplemental Cash Flow Information (Tables)	Nov. 30, 2017
Supplemental Cash Flow Tables [Abstract]
Supplemental Cash Flow	Cash paid for interest expense and income taxes for the six-month periods ended November 30 was as follows (in millions): 2017 2016 Cash payments for: Interest (net of capitalized interest) $ 238 $ 232 Income taxes $ 617 $ 216 Income tax refunds received (19 ) (13 ) Cash tax payments, net $ 598 $ 203

Condensed Consolidating Finan25

Condensed Consolidating Financial Statements (Tables)	6 Months Ended
Condensed Consolidating Financial Statements (Tables)	Nov. 30, 2017
Condensed Consolidating Financial Statements Tables [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) November 30, 2017 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 959 $ 342 $ 1,495 $ (28 ) $ 2,768 Receivables, less allowances 2 5,340 3,441 (128 ) 8,655 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 286 931 241 — 1,458 Total current assets 1,247 6,613 5,177 (156 ) 12,881 PROPERTY AND EQUIPMENT, AT COST 22 49,585 3,633 — 53,240 Less accumulated depreciation and amortization 18 24,349 1,583 — 25,950 Net property and equipment 4 25,236 2,050 — 27,290 INTERCOMPANY RECEIVABLE 1,175 3,184 — (4,359 ) — GOODWILL — 1,571 5,754 — 7,325 INVESTMENT IN SUBSIDIARIES 29,116 2,903 — (32,019 ) — OTHER ASSETS 3,501 1,197 1,297 (3,210 ) 2,785 $ 35,043 $ 40,704 $ 14,278 $ (39,744 ) $ 50,281 LIABILITIES AND STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Short-term borrowings $ 250 $ — $ — $ — $ 250 Current portion of long-term debt — 1 10 — 11 Accrued salaries and employee benefits 59 1,325 528 — 1,912 Accounts payable 153 1,636 1,514 (156 ) 3,147 Accrued expenses 451 1,621 835 — 2,907 Total current liabilities 913 4,583 2,887 (156 ) 8,227 LONG-TERM DEBT, LESS CURRENT PORTION 14,872 289 19 — 15,180 INTERCOMPANY PAYABLE — — 4,359 (4,359 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 6,102 196 (3,210 ) 3,088 Other liabilities 2,203 3,642 886 — 6,731 Total other long-term liabilities 2,203 9,744 1,082 (3,210 ) 9,819 STOCKHOLDERS’ INVESTMENT 17,055 26,088 5,931 (32,019 ) 17,055 $ 35,043 $ 40,704 $ 14,278 $ (39,744 ) $ 50,281 CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2017 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,884 $ 325 $ 1,807 $ (47 ) $ 3,969 Receivables, less allowances 3 4,729 2,928 (61 ) 7,599 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 25 787 248 — 1,060 Total current assets 1,912 5,841 4,983 (108 ) 12,628 PROPERTY AND EQUIPMENT, AT COST 22 47,201 3,403 — 50,626 Less accumulated depreciation and amortization 18 23,211 1,416 — 24,645 Net property and equipment 4 23,990 1,987 — 25,981 INTERCOMPANY RECEIVABLE 1,521 2,607 — (4,128 ) — GOODWILL — 1,571 5,583 — 7,154 INVESTMENT IN SUBSIDIARIES 27,712 2,636 — (30,348 ) — OTHER ASSETS 3,494 1,271 1,249 (3,225 ) 2,789 $ 34,643 $ 37,916 $ 13,802 $ (37,809 ) $ 48,552 LIABILITIES AND STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ — $ 9 $ 13 $ — $ 22 Accrued salaries and employee benefits 72 1,335 507 — 1,914 Accounts payable 10 1,411 1,439 (108 ) 2,752 Accrued expenses 991 1,522 717 — 3,230 Total current liabilities 1,073 4,277 2,676 (108 ) 7,918 LONG-TERM DEBT, LESS CURRENT PORTION 14,641 244 24 — 14,909 INTERCOMPANY PAYABLE — — 4,128 (4,128 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 5,472 238 (3,225 ) 2,485 Other liabilities 2,856 3,448 863 — 7,167 Total other long-term liabilities 2,856 8,920 1,101 (3,225 ) 9,652 STOCKHOLDERS’ INVESTMENT 16,073 24,475 5,873 (30,348 ) 16,073 $ 34,643 $ 37,916 $ 13,802 $ (37,809 ) $ 48,552
Condensed Consolidating Statements of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,044 $ 4,362 $ (93 ) $ 16,313 OPERATING EXPENSES: Salaries and employee benefits 35 4,439 1,268 — 5,742 Purchased transportation — 2,314 1,576 (50 ) 3,840 Rentals and landing fees 1 640 197 (3 ) 835 Depreciation and amortization — 649 107 — 756 Fuel — 746 72 — 818 Maintenance and repairs — 584 81 — 665 Intercompany charges, net (95 ) — 95 — — Other 59 1,592 784 (40 ) 2,395 — 10,964 4,180 (93 ) 15,051 OPERATING INCOME — 1,080 182 — 1,262 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 775 40 — (815 ) — Interest, net (130 ) 11 (5 ) — (124 ) Intercompany charges, net 132 (71 ) (61 ) — — Other, net (2 ) (8 ) 11 — 1 INCOME BEFORE INCOME TAXES 775 1,052 127 (815 ) 1,139 Provision for income taxes — 225 139 — 364 NET INCOME $ 775 $ 827 $ (12 ) $ (815 ) $ 775 COMPREHENSIVE INCOME $ 756 $ 817 $ (92 ) $ (815 ) $ 666 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 10,997 $ 4,004 $ (70 ) $ 14,931 OPERATING EXPENSES: Salaries and employee benefits 29 4,161 1,163 — 5,353 Purchased transportation — 2,074 1,383 (26 ) 3,431 Rentals and landing fees 2 625 177 (2 ) 802 Depreciation and amortization — 634 106 — 740 Fuel — 584 74 — 658 Maintenance and repairs — 504 75 — 579 Intercompany charges, net (89 ) 38 51 — — Other 58 1,429 756 (42 ) 2,201 — 10,049 3,785 (70 ) 13,764 OPERATING INCOME — 948 219 — 1,167 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 700 54 — (754 ) — Interest, net (123 ) 4 — — (119 ) Intercompany charges, net 124 (64 ) (60 ) — — Other, net (1 ) (5 ) 36 — 30 INCOME BEFORE INCOME TAXES 700 937 195 (754 ) 1,078 Provision for income taxes — 291 87 — 378 NET INCOME $ 700 $ 646 $ 108 $ (754 ) $ 700 COMPREHENSIVE INCOME $ 682 $ 635 $ (112 ) $ (754 ) $ 451 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Six Months Ended November 30, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 23,611 $ 8,216 $ (217 ) $ 31,610 OPERATING EXPENSES: Salaries and employee benefits 73 8,666 2,521 — 11,260 Purchased transportation — 4,377 3,040 (132 ) 7,285 Rentals and landing fees 2 1,267 388 (4 ) 1,653 Depreciation and amortization — 1,288 219 — 1,507 Fuel — 1,383 138 — 1,521 Maintenance and repairs — 1,186 154 — 1,340 Intercompany charges, net (211 ) 113 98 — — Other 136 3,068 1,542 (81 ) 4,665 — 21,348 8,100 (217 ) 29,231 OPERATING INCOME — 2,263 116 — 2,379 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,371 37 — (1,408 ) — Interest, net (259 ) 24 (3 ) — (238 ) Intercompany charges, net 263 (142 ) (121 ) — — Other, net (4 ) (16 ) — — (20 ) INCOME BEFORE INCOME TAXES 1,371 2,166 (8 ) (1,408 ) 2,121 Provision for income taxes — 624 126 — 750 NET INCOME $ 1,371 $ 1,542 $ (134 ) $ (1,408 ) $ 1,371 COMPREHENSIVE INCOME $ 1,334 $ 1,536 $ (110 ) $ (1,408 ) $ 1,352 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Six Months Ended November 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 21,900 $ 7,834 $ (140 ) $ 29,594 OPERATING EXPENSES: Salaries and employee benefits 65 8,267 2,332 — 10,664 Purchased transportation — 3,991 2,734 (54 ) 6,671 Rentals and landing fees 3 1,245 347 (3 ) 1,592 Depreciation and amortization — 1,245 234 — 1,479 Fuel — 1,162 146 — 1,308 Maintenance and repairs — 1,030 147 — 1,177 Intercompany charges, net (179 ) 100 79 — — Other 111 2,802 1,442 (83 ) 4,272 — 19,842 7,461 (140 ) 27,163 OPERATING INCOME — 2,058 373 — 2,431 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,415 110 — (1,525 ) — Interest, net (245 ) 13 — — (232 ) Intercompany charges, net 246 (145 ) (101 ) — — Other, net (1 ) (10 ) 32 — 21 INCOME BEFORE INCOME TAXES 1,415 2,026 304 (1,525 ) 2,220 Provision for income taxes — 671 134 — 805 NET INCOME $ 1,415 $ 1,355 $ 170 $ (1,525 ) $ 1,415 COMPREHENSIVE INCOME $ 1,378 $ 1,337 $ (31 ) $ (1,525 ) $ 1,159
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2017 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (1,959 ) $ 3,504 $ (66 ) $ 19 $ 1,498 INVESTING ACTIVITIES Capital expenditures — (2,474 ) (147 ) — (2,621 ) Business acquisitions, net of cash acquired — (44 ) — — (44 ) Proceeds from asset dispositions and other — 12 — — 12 CASH USED IN INVESTING ACTIVITIES — (2,506 ) (147 ) — (2,653 ) FINANCING ACTIVITIES Net transfers from (to) Parent 947 (1,019 ) 72 — — Payment on loan between subsidiaries 167 — (167 ) — — Proceeds from short-term borrowings 250 — — — 250 Principal payments on debt — (18 ) (10 ) — (28 ) Proceeds from stock issuances 205 — — — 205 Dividends paid (268 ) — — — (268 ) Purchase of treasury stock (270 ) — — — (270 ) Other, net 3 — — — 3 CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 1,034 (1,037 ) (105 ) — (108 ) Effect of exchange rate changes on cash — 56 6 — 62 Net (decrease) increase in cash and cash equivalents (925 ) 17 (312 ) 19 (1,201 ) Cash and cash equivalents at beginning of period 1,884 325 1,807 (47 ) 3,969 Cash and cash equivalents at end of period $ 959 $ 342 $ 1,495 $ (28 ) $ 2,768 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2016 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (376 ) $ 2,550 $ 473 $ (12 ) $ 2,635 INVESTING ACTIVITIES Capital expenditures — (2,455 ) (226 ) — (2,681 ) Proceeds from asset dispositions and other 84 13 3 — 100 CASH USED IN INVESTING ACTIVITIES 84 (2,442 ) (223 ) — (2,581 ) FINANCING ACTIVITIES Net transfers from (to) Parent 24 (94 ) 70 — — Payment on loan between subsidiaries 8 (15 ) 7 — — Intercompany dividends — 1 (1 ) — — Principal payments on debt — (31 ) (12 ) — (43 ) Proceeds from stock issuances 164 — — — 164 Dividends paid (213 ) — — — (213 ) Purchase of treasury stock (334 ) — — — (334 ) Other, net 4 (2 ) (7 ) — (5 ) CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (347 ) (141 ) 57 — (431 ) Effect of exchange rate changes on cash (5 ) 1 (94 ) — (98 ) Net (decrease) increase in cash and cash equivalents (644 ) (32 ) 213 (12 ) (475 ) Cash and cash equivalents at beginning of period 1,974 326 1,277 (43 ) 3,534 Cash and cash equivalents at end of period $ 1,330 $ 294 $ 1,490 $ (55 ) $ 3,059

General - Additional Informatio

General - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 13, 2017	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock-based compensation		$ 41	$ 36	$ 103	$ 93
Lease liability and related right-of-use asset		13,000		13,000
Operating income		$ 1,262	1,167	$ 2,379	2,431
Stock Repurchase Program Number Of Shares Authorized To Be Repurchased		25,000,000		25,000,000
Number of Shares Repurchased		800,000		1,200,000
Treasury Stock Acquired, Average Cost Per Share		$ 220.67		$ 216.45
Payments for Repurchase of Common Stock		$ 184		$ 270	334
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		14,800,000		14,800,000
Dividends Payable, Date Declared		Nov. 17, 2017
Dividends Payable Amount Per Share		$ 0.50		$ 0.50
Dividends Payable, Date To Be Paid		Jan. 2, 2018
Dividends Payable, Date Of Record		Dec. 11, 2017
ASU 201703 [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating income		$ 146	$ 112	$ 292	$ 224
Northwest Research, Inc. [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Cash paid for acquisition of business	$ 50

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance			$ 16,073
Translation adjustments	$ (90)	$ (230)	19	$ (218)
Ending balance	17,055		17,055
Foreign Currency Translation Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(576)	(502)	(685)	(514)
Translation adjustments	(90)	(230)	19	(218)
Ending balance	(666)	(732)	(666)	(732)
Retirement Plans Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	251	326	270	345
Reclassifications from AOCI	(19)	(19)	(38)	(38)
Ending balance	232	307	232	307
Accumulated Other Comprehensive (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Ending balance	$ (434)	$ (425)	$ (434)	$ (425)

Accumulated Other Comprehensi28

Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	$ 30	$ 30	$ 60	$ 60
Provision for income taxes	(11)	(11)	(22)	(22)
Net income	$ 19	$ 19	$ 38	$ 38

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Nov. 30, 2017	Nov. 30, 2017	May 31, 2017
Line Of Credit Facility [Line Items]
Line of Credit Facility, Expiration Date		Nov. 13, 2020
Letter of Credit Maximum Sublimit Amount	$ 500,000,000	$ 500,000,000
Financial Covenant Terms Ratio	350.00%	350.00%
Financial Covenant Compliance Ratio	190.00%	190.00%
Proceeds from issuance of commercial paper	$ 250,000,000
Commercial paper outstanding	250,000,000	$ 250,000,000
Letters Of Credit Outstanding	255,000,000	255,000,000
Long Term Debt Exclusive of Capital Leases Carrying Value	15,100,000,000	15,100,000,000	$ 14,900,000,000
Long Term Debt Exclusive Of Capital Leases Fair Value	$ 15,900,000,000	$ 15,900,000,000	$ 15,500,000,000
Long-term debt weighted average interest rate	3.60%	3.60%
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Line of Credit Facility, Term		5 years
Line Of Credit Facility Maximum Borrowing Capacity	$ 1,750,000,000	$ 1,750,000,000
Line of credit facility outstanding for future borrowings	$ 1,245,000,000	$ 1,245,000,000

Computation of Earnings Per S30

Computation of Earnings Per Share - Schedule of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Basic earnings per common share:
Net earnings allocable to common shares	[1]	$ 774	$ 700	$ 1,369	$ 1,414
Weighted-average common shares		268	266	268	266
Basic earnings per common share		$ 2.89	$ 2.63	$ 5.12	$ 5.32
Diluted earnings per common share:
Net earnings allocable to common shares	[1]	$ 774	$ 700	$ 1,369	$ 1,414
Weighted-average common shares		268	266	268	266
Dilutive effect of share-based awards		4	4	4	4
Weighted-average diluted shares		272	270	272	270
Diluted earnings per common share		$ 2.84	$ 2.59	$ 5.03	$ 5.24
Anti-dilutive options excluded from diluted earnings per common share		2.9	5.1	3	5.1

[1]	Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans - Schedule of

Retirement Plans - Schedule of Retirement Plan Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Pension And Other Postretirement Benefit Expense [Abstract]
Defined benefit pension plans	$ 37	$ 58	$ 74	$ 116
Defined contribution plans	124	112	251	231
Postretirement healthcare plans	18	19	37	38
Retirement plans costs	$ 179	$ 189	$ 362	$ 385

Retirement Plans - Schedule o32

Retirement Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Pension Plans [Member] \| U.S. Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	$ 170	$ 160	$ 340	$ 319
Interest cost	278	282	557	564
Expected return on plan assets	(406)	(375)	(812)	(751)
Amortization of prior service credit and other	(29)	(30)	(59)	(59)
Total net periodic benefit cost	13	37	26	73
Pension Plans [Member] \| International Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	23	20	46	41
Interest cost	13	11	25	22
Expected return on plan assets	(11)	(11)	(22)	(21)
Amortization of prior service credit and other	(1)	1	(1)	1
Total net periodic benefit cost	24	21	48	43
Postretirement Healthcare Plans [Member]
Net Periodic Benefit Cost
Service cost	9	9	18	18
Interest cost	9	10	19	20
Total net periodic benefit cost	$ 18	$ 19	$ 37	$ 38

Retirement Plans - Schedule o33

Retirement Plans - Schedule of Tax Qualified Pension Plans Contributions (Details) - U.S. Pension Plans [Member] - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	$ 750	$ 500
Required Contribution [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	268	250
Voluntary Contribution [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	$ 482	$ 250

Business Segment Information -

Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 16,313	$ 14,931	$ 31,610	$ 29,594
Operating Income	1,262	1,167	2,379	2,431
FedEx Express Segment [Member]
Segment Reporting Information [Line Items]
Revenues	9,354	8,642	18,006	17,102
Operating Income	717	706	1,150	1,316
FedEx Ground Segment [Member]
Segment Reporting Information [Line Items]
Revenues	4,929	4,419	9,568	8,709
Operating Income	521	465	1,147	1,075
FedEx Freight Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,762	1,597	3,514	3,255
Operating Income	118	88	294	223
FedEx Services Segment [Member]
Segment Reporting Information [Line Items]
Revenues	416	414	816	809
Eliminations, Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenues	(148)	(141)	(294)	(281)
Operating Income	$ (94)	$ (92)	$ (212)	$ (183)

Commitments - Schedule of Purch

Commitments - Schedule of Purchase Commitments (Details) $ in Millions	Nov. 30, 2017USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2018 (remainder)	$ 1,339
2,019	2,402
2,020	2,490
2,021	1,874
2,022	1,686
Thereafter	3,833
Total	13,624
Aircraft And Related Equipment Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2018 (remainder)	870
2,019	1,723
2,020	1,965
2,021	1,488
2,022	1,451
Thereafter	3,334
Total	10,831
Other Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2018 (remainder)	469	[1]
2,019	679	[1]
2,020	525	[1]
2,021	386	[1]
2,022	235	[1]
Thereafter	499	[1]
Total	$ 2,793	[1]

[1]	Primarily equipment and advertising contracts.

Commitments - Additional Inform

Commitments - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 30, 2017USD ($)air-craft	Nov. 30, 2017USD ($)air-craft
Other Aircraft Commitments Disclosure [Abstract]
Boeing 767F Conditional Aircraft Commitments		4
Boeing 777F Conditional Aircraft Commitments		6
Deposit and Progress Payments \| $	$ 684	$ 684
Cessna SkyCourier 408 [Member]
Other Aircraft Commitments Disclosure [Abstract]
Number of aircraft agreed to purchase	50	50
Additional maximum number of aircraft, options to purchase	50	50
Aircraft expected to be delivered, earliest fiscal year	2,021
Aircraft expected to be delivered, latest fiscal year	2,024
ATR 72-600F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Number of aircraft agreed to purchase	30	30
Additional maximum number of aircraft, options to purchase	20	20
Aircraft expected to be delivered, earliest fiscal year	2,021
Aircraft expected to be delivered, latest fiscal year	2,026

Commitments - Schedule of Aircr

Commitments - Schedule of Aircraft Purchase Commitments (Details)	6 Months Ended
	Nov. 30, 2017air-craft
Schedule of Aircraft Commitments [Line Items]
2018 (remainder)	9
2,019	17
2,020	19
2,021	30
2,022	32
Thereafter	51
Total	158
Cessna SkyCourier 408 [Member]
Schedule of Aircraft Commitments [Line Items]
2,021	12
2,022	12
Thereafter	26
Total	50
Boeing 767 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2018 (remainder)	8
2,019	15
2,020	16
2,021	10
2,022	10
Thereafter	6
Total	65
ATR 72-600F [Member]
Schedule of Aircraft Commitments [Line Items]
2,021	5
2,022	6
Thereafter	19
Total	30
Boeing 777 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2018 (remainder)	1
2,019	2
2,020	3
2,021	3
2,022	4
Total	13

Commitments - Schedule of Futur

Commitments - Schedule of Future Minimum Lease Payments, Operating Leases (Details) $ in Millions	Nov. 30, 2017USD ($)
Schedule of Future Minimum Operating Lease Payments [Line Items]
2018 (remainder)	$ 1,448
2,019	2,357
2,020	2,060
2,021	1,826
2,022	1,649
Thereafter	8,921
Total	18,261
Aircraft and Related Equipment [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2018 (remainder)	335
2,019	343
2,020	261
2,021	203
2,022	185
Thereafter	175
Total	1,502
Facilities and Other [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2018 (remainder)	1,113
2,019	2,014
2,020	1,799
2,021	1,623
2,022	1,464
Thereafter	8,746
Total	$ 16,759

Contingencies - Additional Info

Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017
California Case [Member]
Loss Contingencies [Line Items]
Litigation Settlement Amount	$ 228
U.S. Customs and Border Protection ("CBP") [Member] \| Expected Litigation Loss [Member]
Loss Contingencies [Line Items]
Loss contingency amount			$ 39.3
Payments for legal settlements		$ 46.5
Litigation settlement expense		$ 7.2

Supplemental Cash Flow Inform40

Supplemental Cash Flow Information -Supplemental Cash Flow (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Supplemental Cash Flow Information [Abstract]
Interest (net of capitalized interest)	$ 238	$ 232
Income taxes	617	216
Income tax refunds received	(19)	(13)
Cash tax payments, net	$ 598	$ 203

Condensed Consolidating Finan41

Condensed Consolidating Financial Statements - Additional Information (Details) $ in Billions	Nov. 30, 2017USD ($)
Guarantor Obligations [Abstract]
Long- term debt Guarantee	$ 15

Condensed Consolidating Balance

Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Nov. 30, 2017	May 31, 2017	Nov. 30, 2016	May 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 2,768	$ 3,969	$ 3,059	$ 3,534
Receivables, less allowances	8,655	7,599
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	1,458	1,060
Total current assets	12,881	12,628
PROPERTY AND EQUIPMENT, AT COST	53,240	50,626
Less accumulated depreciation and amortization	25,950	24,645
Net property and equipment	27,290	25,981
GOODWILL	7,325	7,154
OTHER ASSETS	2,785	2,789
ASSETS	50,281	48,552
CURRENT LIABILITIES
Short-term borrowings	250
Current portion of long-term debt	11	22
Accrued salaries and employee benefits	1,912	1,914
Accounts payable	3,147	2,752
Accrued expenses	2,907	3,230
Total current liabilities	8,227	7,918
LONG-TERM DEBT, LESS CURRENT PORTION	15,180	14,909
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,088	2,485
Other liabilities	6,731	7,167
Total other long-term liabilities	9,819	9,652
STOCKHOLDERS’ INVESTMENT	17,055	16,073
LIABILITIES AND STOCKHOLDERS' INVESTMENT	50,281	48,552
Consolidation Eliminations [Member]
CURRENT ASSETS
Cash and cash equivalents	(28)	(47)	(55)	(43)
Receivables, less allowances	(128)	(61)
Total current assets	(156)	(108)
INTERCOMPANY RECEIVABLE	(4,359)	(4,128)
INVESTMENT IN SUBSIDIARIES	(32,019)	(30,348)
OTHER ASSETS	(3,210)	(3,225)
ASSETS	(39,744)	(37,809)
CURRENT LIABILITIES
Accounts payable	(156)	(108)
Total current liabilities	(156)	(108)
INTERCOMPANY PAYABLE	(4,359)	(4,128)
OTHER LONG-TERM LIABILITIES
Deferred income taxes	(3,210)	(3,225)
Total other long-term liabilities	(3,210)	(3,225)
STOCKHOLDERS’ INVESTMENT	(32,019)	(30,348)
LIABILITIES AND STOCKHOLDERS' INVESTMENT	(39,744)	(37,809)
Parent Company [Member] \| Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	959	1,884	1,330	1,974
Receivables, less allowances	2	3
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	286	25
Total current assets	1,247	1,912
PROPERTY AND EQUIPMENT, AT COST	22	22
Less accumulated depreciation and amortization	18	18
Net property and equipment	4	4
INTERCOMPANY RECEIVABLE	1,175	1,521
INVESTMENT IN SUBSIDIARIES	29,116	27,712
OTHER ASSETS	3,501	3,494
ASSETS	35,043	34,643
CURRENT LIABILITIES
Short-term borrowings	250
Accrued salaries and employee benefits	59	72
Accounts payable	153	10
Accrued expenses	451	991
Total current liabilities	913	1,073
LONG-TERM DEBT, LESS CURRENT PORTION	14,872	14,641
OTHER LONG-TERM LIABILITIES
Other liabilities	2,203	2,856
Total other long-term liabilities	2,203	2,856
STOCKHOLDERS’ INVESTMENT	17,055	16,073
LIABILITIES AND STOCKHOLDERS' INVESTMENT	35,043	34,643
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	342	325	294	326
Receivables, less allowances	5,340	4,729
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	931	787
Total current assets	6,613	5,841
PROPERTY AND EQUIPMENT, AT COST	49,585	47,201
Less accumulated depreciation and amortization	24,349	23,211
Net property and equipment	25,236	23,990
INTERCOMPANY RECEIVABLE	3,184	2,607
GOODWILL	1,571	1,571
INVESTMENT IN SUBSIDIARIES	2,903	2,636
OTHER ASSETS	1,197	1,271
ASSETS	40,704	37,916
CURRENT LIABILITIES
Current portion of long-term debt	1	9
Accrued salaries and employee benefits	1,325	1,335
Accounts payable	1,636	1,411
Accrued expenses	1,621	1,522
Total current liabilities	4,583	4,277
LONG-TERM DEBT, LESS CURRENT PORTION	289	244
OTHER LONG-TERM LIABILITIES
Deferred income taxes	6,102	5,472
Other liabilities	3,642	3,448
Total other long-term liabilities	9,744	8,920
STOCKHOLDERS’ INVESTMENT	26,088	24,475
LIABILITIES AND STOCKHOLDERS' INVESTMENT	40,704	37,916
Non Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	1,495	1,807	$ 1,490	$ 1,277
Receivables, less allowances	3,441	2,928
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	241	248
Total current assets	5,177	4,983
PROPERTY AND EQUIPMENT, AT COST	3,633	3,403
Less accumulated depreciation and amortization	1,583	1,416
Net property and equipment	2,050	1,987
GOODWILL	5,754	5,583
OTHER ASSETS	1,297	1,249
ASSETS	14,278	13,802
CURRENT LIABILITIES
Current portion of long-term debt	10	13
Accrued salaries and employee benefits	528	507
Accounts payable	1,514	1,439
Accrued expenses	835	717
Total current liabilities	2,887	2,676
LONG-TERM DEBT, LESS CURRENT PORTION	19	24
INTERCOMPANY PAYABLE	4,359	4,128
OTHER LONG-TERM LIABILITIES
Deferred income taxes	196	238
Other liabilities	886	863
Total other long-term liabilities	1,082	1,101
STOCKHOLDERS’ INVESTMENT	5,931	5,873
LIABILITIES AND STOCKHOLDERS' INVESTMENT	$ 14,278	$ 13,802

Condensed Consolidating Stateme

Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Condensed Financial Statements Captions [Line Items]
REVENUES	$ 16,313	$ 14,931	$ 31,610	$ 29,594
OPERATING EXPENSES:
Salaries and employee benefits	5,742	5,353	11,260	10,664
Purchased transportation	3,840	3,431	7,285	6,671
Rentals and landing fees	835	802	1,653	1,592
Depreciation and amortization	756	740	1,507	1,479
Fuel	818	658	1,521	1,308
Maintenance and repairs	665	579	1,340	1,177
Other	2,395	2,201	4,665	4,272
OPERATING EXPENSES	15,051	13,764	29,231	27,163
OPERATING INCOME	1,262	1,167	2,379	2,431
OTHER INCOME (EXPENSE):
Interest, net	(124)	(119)	(238)	(232)
Other, net	1	30	(20)	21
INCOME BEFORE INCOME TAXES	1,139	1,078	2,121	2,220
PROVISION FOR INCOME TAXES	364	378	750	805
NET INCOME	775	700	1,371	1,415
COMPREHENSIVE INCOME	666	451	1,352	1,159
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
REVENUES	(93)	(70)	(217)	(140)
OPERATING EXPENSES:
Purchased transportation	(50)	(26)	(132)	(54)
Rentals and landing fees	(3)	(2)	(4)	(3)
Other	(40)	(42)	(81)	(83)
OPERATING EXPENSES	(93)	(70)	(217)	(140)
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	(815)	(754)	(1,408)	(1,525)
INCOME BEFORE INCOME TAXES	(815)	(754)	(1,408)	(1,525)
NET INCOME	(815)	(754)	(1,408)	(1,525)
COMPREHENSIVE INCOME	(815)	(754)	(1,408)	(1,525)
Parent Company [Member] \| Reportable Legal Entities [Member]
OPERATING EXPENSES:
Salaries and employee benefits	35	29	73	65
Rentals and landing fees	1	2	2	3
Intercompany charges, net	(95)	(89)	(211)	(179)
Other	59	58	136	111
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	775	700	1,371	1,415
Interest, net	(130)	(123)	(259)	(245)
Intercompany charges, net	132	124	263	246
Other, net	(2)	(1)	(4)	(1)
INCOME BEFORE INCOME TAXES	775	700	1,371	1,415
NET INCOME	775	700	1,371	1,415
COMPREHENSIVE INCOME	756	682	1,334	1,378
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
REVENUES	12,044	10,997	23,611	21,900
OPERATING EXPENSES:
Salaries and employee benefits	4,439	4,161	8,666	8,267
Purchased transportation	2,314	2,074	4,377	3,991
Rentals and landing fees	640	625	1,267	1,245
Depreciation and amortization	649	634	1,288	1,245
Fuel	746	584	1,383	1,162
Maintenance and repairs	584	504	1,186	1,030
Intercompany charges, net		38	113	100
Other	1,592	1,429	3,068	2,802
OPERATING EXPENSES	10,964	10,049	21,348	19,842
OPERATING INCOME	1,080	948	2,263	2,058
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	40	54	37	110
Interest, net	11	4	24	13
Intercompany charges, net	(71)	(64)	(142)	(145)
Other, net	(8)	(5)	(16)	(10)
INCOME BEFORE INCOME TAXES	1,052	937	2,166	2,026
PROVISION FOR INCOME TAXES	225	291	624	671
NET INCOME	827	646	1,542	1,355
COMPREHENSIVE INCOME	817	635	1,536	1,337
Non Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
REVENUES	4,362	4,004	8,216	7,834
OPERATING EXPENSES:
Salaries and employee benefits	1,268	1,163	2,521	2,332
Purchased transportation	1,576	1,383	3,040	2,734
Rentals and landing fees	197	177	388	347
Depreciation and amortization	107	106	219	234
Fuel	72	74	138	146
Maintenance and repairs	81	75	154	147
Intercompany charges, net	95	51	98	79
Other	784	756	1,542	1,442
OPERATING EXPENSES	4,180	3,785	8,100	7,461
OPERATING INCOME	182	219	116	373
OTHER INCOME (EXPENSE):
Interest, net	(5)		(3)
Intercompany charges, net	(61)	(60)	(121)	(101)
Other, net	11	36		32
INCOME BEFORE INCOME TAXES	127	195	(8)	304
PROVISION FOR INCOME TAXES	139	87	126	134
NET INCOME	(12)	108	(134)	170
COMPREHENSIVE INCOME	$ (92)	$ (112)	$ (110)	$ (31)

Condensed Consolidating State44

Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 30, 2017	Nov. 30, 2017	Nov. 30, 2016
Condensed Financial Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$ 1,498	$ 2,635
Investing Activities:
Capital expenditures		(2,621)	(2,681)
Business acquisitions, net of cash acquired		(44)
Proceeds from asset dispositions and other		12	100
Cash used in investing activities		(2,653)	(2,581)
Financing Activities:
Proceeds from short-term borrowings		250
Principal payments on debt		(28)	(43)
Proceeds from stock issuances		205	164
Dividends paid		(268)	(213)
Purchase of treasury stock	$ (184)	(270)	(334)
Other, net		3	(5)
Cash used in financing activities		(108)	(431)
Effect of exchange rate changes on cash		62	(98)
Net decrease in cash and cash equivalents		(1,201)	(475)
Cash and cash equivalents at beginning of period		3,969	3,534
Cash and cash equivalents at end of period	2,768	2,768	3,059
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		19	(12)
Financing Activities:
Net decrease in cash and cash equivalents		19	(12)
Cash and cash equivalents at beginning of period		(47)	(43)
Cash and cash equivalents at end of period	(28)	(28)	(55)
Parent Company [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(1,959)	(376)
Investing Activities:
Proceeds from asset dispositions and other			84
Cash used in investing activities			84
Financing Activities:
Net transfers from (to) Parent		947	24
Payment on loan between subsidiaries		167	8
Proceeds from short-term borrowings		250
Proceeds from stock issuances		205	164
Dividends paid		(268)	(213)
Purchase of treasury stock		(270)	(334)
Other, net		3	4
Cash used in financing activities		1,034	(347)
Effect of exchange rate changes on cash			(5)
Net decrease in cash and cash equivalents		(925)	(644)
Cash and cash equivalents at beginning of period		1,884	1,974
Cash and cash equivalents at end of period	959	959	1,330
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		3,504	2,550
Investing Activities:
Capital expenditures		(2,474)	(2,455)
Business acquisitions, net of cash acquired		(44)
Proceeds from asset dispositions and other		12	13
Cash used in investing activities		(2,506)	(2,442)
Financing Activities:
Net transfers from (to) Parent		(1,019)	(94)
Intercompany dividends			1
Payment on loan between subsidiaries			(15)
Principal payments on debt		(18)	(31)
Other, net			(2)
Cash used in financing activities		(1,037)	(141)
Effect of exchange rate changes on cash		56	1
Net decrease in cash and cash equivalents		17	(32)
Cash and cash equivalents at beginning of period		325	326
Cash and cash equivalents at end of period	342	342	294
Non Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(66)	473
Investing Activities:
Capital expenditures		(147)	(226)
Proceeds from asset dispositions and other			3
Cash used in investing activities		(147)	(223)
Financing Activities:
Net transfers from (to) Parent		72	70
Intercompany dividends			(1)
Payment on loan between subsidiaries		(167)	7
Principal payments on debt		(10)	(12)
Other, net			(7)
Cash used in financing activities		(105)	57
Effect of exchange rate changes on cash		6	(94)
Net decrease in cash and cash equivalents		(312)	213
Cash and cash equivalents at beginning of period		1,807	1,277
Cash and cash equivalents at end of period	$ 1,495	$ 1,495	$ 1,490