FedEx (FDX) 10-Q 19 Mar 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Feb. 28, 2019	Mar. 15, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Feb. 28, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	FedEx Corporation
Entity Central Index Key	0001048911
Current Fiscal Year End Date	--05-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		260,574,612
Trading Symbol	FDX

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 28, 2019	May 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 2,872	$ 3,265
Receivables, less allowances of $318 and $401	9,037	8,481
Spare parts, supplies and fuel, less allowances of $339 and $268	546	525
Prepaid expenses and other	1,045	1,070
Total current assets	13,500	13,341
PROPERTY AND EQUIPMENT, AT COST	58,164	55,121
Less accumulated depreciation and amortization	28,396	26,967
Net property and equipment	29,768	28,154
OTHER LONG-TERM ASSETS
Goodwill	6,916	6,973
Other assets	4,280	3,862
Total other long-term assets	11,196	10,835
ASSETS	54,464	52,330
CURRENT LIABILITIES
Short-term borrowings	225
Current portion of long-term debt	973	1,342
Accrued salaries and employee benefits	1,659	2,177
Accounts payable	3,156	2,977
Accrued expenses	3,243	3,131
Total current liabilities	9,256	9,627
LONG-TERM DEBT, LESS CURRENT PORTION	17,218	15,243
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,211	2,867
Pension, postretirement healthcare and other benefit obligations	1,847	2,187
Self-insurance accruals	1,861	1,784
Deferred lease obligations	512	551
Deferred gains, principally related to aircraft transactions	118	121
Other liabilities	547	534
Total other long-term liabilities	8,096	8,044
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of February 28, 2019 and May 31, 2018	32	32
Additional paid-in capital	3,209	3,117
Retained earnings	26,650	24,823
Accumulated other comprehensive loss	(737)	(578)
Treasury stock, at cost	(9,260)	(7,978)
Total common stockholders’ investment	19,894	19,416
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	$ 54,464	$ 52,330

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Feb. 28, 2019	May 31, 2018
CURRENT ASSETS
Allowances for receivables	$ 318	$ 401
Allowances for spare parts, supplies and fuel	$ 339	$ 268
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		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Income Statement [Abstract]
REVENUES	$ 17,010	$ 16,526	$ 51,886	$ 48,136
OPERATING EXPENSES:
Salaries and employee benefits	6,069	6,124	18,589	17,677
Purchased transportation	$ 4,253	$ 3,935	$ 12,566	$ 11,220
Type of cost, good or service [extensible list]	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember
Rentals and landing fees	$ 874	$ 873	$ 2,533	$ 2,526
Depreciation and amortization	851	786	2,487	2,293
Fuel	907	914	2,945	2,435
Maintenance and repairs	658	628	2,144	1,968
Business realignment costs	4	0	4	0
Other	2,483	2,408	7,468	7,073
OPERATING EXPENSES	16,099	15,668	48,736	45,192
OPERATING INCOME	911	858	3,150	2,944
OTHER INCOME (EXPENSE):
Interest, net	(135)	(125)	(393)	(363)
Other retirement plans income	158	143	474	436
Other, net	(3)	(2)	(22)	(22)
OTHER INCOME (EXPENSE)	20	16	59	51
INCOME BEFORE INCOME TAXES	931	874	3,209	2,995
PROVISION FOR INCOME TAXES	192	(1,200)	700	(450)
NET INCOME	$ 739	$ 2,074	$ 2,509	$ 3,445
EARNINGS PER COMMON SHARE:
Basic	$ 2.83	$ 7.74	$ 9.55	$ 12.85
Diluted	2.80	7.59	9.41	12.63
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.65	$ 0.50	$ 2.60	$ 2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 739	$ 2,074	$ 2,509	$ 3,445
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustments, net of tax expense of $9 and tax benefit of $22 in 2019 and tax expense of $9 and $26 in 2018	103	100	(90)	119
Amortization of prior service credit, net of tax benefit of $7 and $21 in 2019 and tax benefit of $7 and $29 in 2018	(23)	(23)	(69)	(61)
Other comprehensive income (loss)	80	77	(159)	58
COMPREHENSIVE INCOME	$ 819	$ 2,151	$ 2,350	$ 3,503

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax expense (benefit)	$ 9	$ 9	$ (22)	$ 26
Amortization of prior service credit, tax expense/benefit	$ 7	$ 7	$ 21	$ 29

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Operating Activities:
Net income	$ 2,509	$ 3,445
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	2,487	2,293
Provision for uncollectible accounts	221	177
Stock-based compensation	141	135
Deferred income taxes and other noncash items	250	(914)
Changes in assets and liabilities:
Receivables	(780)	(986)
Other assets	(96)	(151)
Accounts payable and other liabilities	(1,307)	(2,781)
Other, net	(102)	(56)
Cash provided by operating activities	3,323	1,162
Investing Activities:
Capital expenditures	(3,757)	(3,994)
Business acquisitions, net of cash acquired		(44)
Proceeds from asset dispositions and other	62	21
Cash used in investing activities	(3,695)	(4,017)
Financing Activities:
Proceeds from short-term borrowings, net	220	797
Principal payments on debt	(874)	(31)
Proceeds from debt issuances	2,463	1,481
Proceeds from stock issuances	58	284
Dividends paid	(514)	(402)
Purchase of treasury stock	(1,365)	(558)
Other, net	5	6
Cash (used in) provided by financing activities	(7)	1,577
Effect of exchange rate changes on cash	(14)	98
Net (decrease) increase in cash and cash equivalents	(393)	(1,180)
Cash and cash equivalents at beginning of period	3,265	3,969
Cash and cash equivalents at end of period	$ 2,872	$ 2,789

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Common Shareholders Investment - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Beginning Balance			$ 19,416
NET INCOME	$ 739	$ 2,074	2,509	$ 3,445
Other comprehensive income, net of tax (expense)/benefit	80	77	(159)	58
Ending Balance	19,894	18,894	19,894	18,894
Common Stock
Beginning Balance	32	32	32	32
Ending Balance	32	32	32	32
Additional Paid-In Capital
Beginning Balance	3,185	3,055	3,117	3,005
Employee incentive plans and other	24	30	92	80
Ending Balance	3,209	3,085	3,209	3,085
Retained Earnings
Beginning Balance	26,080	21,785	24,823	20,833
NET INCOME	739	2,074	2,509	3,445
Cash dividends declared	(169)	(133)	(683)	(535)
Employee incentive plans and other		(16)	1	(33)
Ending Balance	26,650	23,710	26,650	23,710
Accumulated Other Comprehensive Income
Beginning Balance	(817)	(434)	(578)	(415)
Other comprehensive income, net of tax (expense)/benefit	80	77	(159)	58
Ending Balance	(737)	(357)	(737)	(357)
Treasury Stock
Beginning Balance	(9,186)	(7,383)	(7,978)	(7,382)
Purchase of treasury stock	(93)	(288)	(1,365)	(558)
Employee incentive plans and other	19	95	83	364
Ending Balance	$ (9,260)	$ (7,576)	$ (9,260)	$ (7,576)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Common Shareholders Investment (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Statement Of Stockholders Equity [Abstract]
Cash dividends declared, per share	$ 0.65	$ 0.50	$ 2.60	$ 2
Other comprehensive income, tax (expense)/benefit	$ (2)	$ (2)	$ 43	$ 3
Purchase of treasury stock	600,000	1,200,000	6,000,000	2,400,000
Employee incentive plans and other, shares issued	100,000	700,000	600,000	2,700,000

General

General	9 Months Ended
	Feb. 28, 2019
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, 2018 (“Annual Report”). 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 February 28, 2019, and the results of our operations for the three- and nine-month periods ended February 28, 2019 and 2018, cash flows for the nine-month periods ended February 28, 2019 and 2018, and changes in common stockholders’ investment for the three- and nine-month periods ended February 28, 2019 and 2018. Operating results for the three- and nine-month periods ended February 28, 2019 are not necessarily indicative of the results that may be expected for the year ending May 31, 2019. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2019 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. RECLASSIFICATIONS . Certain reclassifications have been made to the prior years’ condensed consolidated financial statements to conform to the current year presentation. REVENUE RECOGNITION . Satisfaction of Performance Obligation We recognize revenue upon delivery of shipments for our transportation businesses and upon completion of services for our business services, logistics and trade services businesses. Transportation services are provided with the use of employees and independent businesses that contract with FedEx. FedEx is the principal to the transaction for most of these services and revenue is recognized on a gross basis based on the transfer of control to the customer. Costs associated with independent businesses providing transportation services are recognized as incurred and included in the caption “Purchased transportation” in the accompanying unaudited condensed consolidated statements of income. For shipments in transit, revenue is recorded based on the percentage of service completed at the balance sheet date which results in our recognizing revenue over time as we perform the services in the contract because of the continuous transfer of control to the customer. Our customers receive the benefit of our services as the goods are transported from one location to another. If we were unable to complete delivery to the final location, another entity would not need to reperform the transportation service already performed. As control transfers over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The vast majority of our contracts include only one performance obligation, which is short in duration and spans only a few days. However, if a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative stand-alone selling prices of the promised goods or services underlying each performance obligation. We frequently sell standard transportation services with observable stand-alone sales prices. In these instances, the observable stand-alone sales are used to determine the stand-alone selling price. We sell customized customer-specific solutions, such as logistics, through which we provide the service of integrating a complex set of tasks and components into a single capability (even if that single capability results in the delivery of multiple units). Therefore, the entire contract is accounted for as one performance obligation. In these cases, we typically use the expected cost plus a margin approach to estimate the stand-alone selling price of each performance obligation. Variable Consideration It is common for our contracts to contain customer incentives, guaranteed service refunds or other provisions that can either increase or decrease the transaction price. These variable amounts are generally awarded based upon certain incentive achievements or performance metrics. We estimate variable consideration as the most likely amount to which we expect to be entitled. Estimates for adjustments to revenue and accounts receivable are recognized at the time of shipment for certain customer initiatives, money-back service guarantees and billing corrections based on our assessment of historical, current and forecasted information available. Delivery costs are accrued as incurred. Contract Modification Contracts are often modified to account for changes in the rates we charge our customers or to add additional distinct services. We consider contract modifications to exist when the modification either creates new enforceable rights and obligations or alters the existing arrangement. Contract modifications that add distinct goods or services are treated as separate contracts. Contract modifications that do not add distinct goods or services typically change the price of existing services. These contract modifications are accounted for prospectively as the remaining performance obligations are executed. Contract Assets and Liabilities Contract assets include billed and unbilled amounts resulting from in-transit packages, as we have an unconditional right to payment only once all performance obligations have been completed (e.g., packages have been delivered). Contract assets are generally classified as current and the full balance is converted each quarter based on the short-term nature of the transactions. Our contract liabilities consist of advance payments and billings in excess of revenue. The full balance of deferred revenue is converted each quarter based on the short-term nature of the transactions. Gross contract assets related to in-transit packages totaled $526 million and $542 million at February 28, 2019 and May 31, 2018, respectively. Contract assets net of deferred unearned revenue were $353 million and $363 million at February 28, 2019 and May 31, 2018, respectively. Contract assets are included within current assets in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities related to advance payments from customers were $9 million and $13 million at February 28, 2019 and May 31, 2018, respectively. Contract liabilities are included within current liabilities in the accompanying unaudited condensed consolidated balance sheets. Our contract logistics, global trade services and certain transportation businesses engage in some transactions wherein they act as agents. Revenue from these transactions is recorded on a net basis. Net revenue includes billings to customers less third-party charges, including transportation or handling costs, fees, commissions and taxes and duties. Certain of our revenue-producing transactions are subject to taxes, such as sales tax, assessed by governmental authorities. We present these revenues net of tax. Under the typical payment terms of our customer contracts, the customer pays at periodic intervals (e.g., every 15 days, 30 days, 45 days, etc.) for shipments included on invoices received. It is not customary business practice to extend payment terms past 90 days, and as such, we do not have a practice of including a significant financing component within our revenue contracts with customers. Disaggregation of Revenue The following table provides revenue by service type (dollars in millions) for the periods ended February 28. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Nine Months Ended 2019 2018 2019 2018 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 1,844 $ 1,836 $ 5,678 $ 5,373 U.S. overnight envelope 433 435 1,345 1,317 U.S. deferred 1,119 996 3,131 2,796 Total U.S. domestic package revenue 3,396 3,267 10,154 9,486 International priority 1,738 1,841 5,508 5,469 International economy 806 793 2,541 2,378 Total international export package revenue 2,544 2,634 8,049 7,847 International domestic (1) 1,078 1,140 3,412 3,424 Total package revenue 7,018 7,041 21,615 20,757 Freight: U.S. 772 739 2,294 2,040 International priority 477 532 1,574 1,527 International economy 495 492 1,568 1,354 International airfreight 76 93 244 276 Total freight revenue 1,820 1,856 5,680 5,197 Other 167 201 536 620 Total FedEx Express segment 9,005 9,098 27,831 26,574 FedEx Ground segment 5,261 4,828 15,202 13,598 FedEx Freight segment 1,750 1,613 5,627 4,950 FedEx Services segment 402 397 1,248 1,213 Other and eliminations (2) 592 590 1,978 1,801 $ 17,010 $ 16,526 $ 51,886 $ 48,136 (1) International domestic revenues relate to our intra-country operations. (2) Includes the FedEx Logistics, Inc. (“FedEx Logistics” (formerly FedEx Trade Networks, Inc.)) operating segment. EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of Federal Express Corporation (“FedEx Express”), who are a small number of its total employees, are employed under a collective bargaining agreement that took effect on November 2, 2015. The collective bargaining agreement is scheduled to become amendable in November 2021. Other than the pilots at FedEx Express and drivers at one FedEx Freight, Inc. facility, our U.S. employees have thus far chosen not to unionize (we acquired FedEx Supply Chain Distribution System, Inc. (“FedEx Supply Chain” (formerly GENCO Distribution System, Inc.)) in 2015, which already had a small number of employees who are members of unions). Additionally, certain of FedEx Express’s non-U.S. employees are unionized, and a union has been certified to represent owner-drivers at a FedEx Freight, Inc. facility in Canada. 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 $33 million for the three-month period ended February 28, 2019 and $141 million for the nine-month period ended February 28, 2019. Our stock-based compensation expense was $32 million for the three-month period ended February 28, 2018 and $135 million for the nine-month period ended February 28, 2018. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report. BUSINESS REALIGNMENT COSTS. In December 2018, we announced cost-reduction programs primarily through initiatives at FedEx Express and FedEx Corporate Services, Inc. (“FedEx Services”), including a U.S.-based voluntary employee buyout program. During the third quarter of 2019, we began offering voluntary cash buyouts to eligible U.S.-based employees in certain staff functions. The U.S.-based voluntary employee buyout program includes voluntary severance payments and funding to healthcare reimbursement accounts, with the voluntary severance payment calculated based on four weeks of gross base salary for every year of continuous FedEx service up to a maximum payment of two years of pay. Eligible employees will be scheduled to vacate positions in phases to ensure a smooth transition in the impacted functions so that we maintain service levels to our customers. Costs of the benefits provided under the program will be recognized as special termination benefits in the period employees accept their offers. We incurred costs of approximately $4 million ($3 million, net of tax, or $0.01 per diluted share) during the third quarter of 2019 associated with our business realignment activities. These costs related to certain employee severance arrangements and other external costs directly attributable to our business realignment activities, such as professional fees. Total costs of the U.S.-based voluntary employee buyout program will depend on acceptance rates and severance payments will be made at the time of departure. The cost of our business realignment activities is included in the caption “Business realignment costs” in our unaudited condensed consolidated statements of income. 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. Recently Adopted Accounting Standards In December 2017, the SEC staff issued Staff Accounting Bulletin (“SAB”) 118 to provide guidance to registrants in accounting for income taxes under the Tax Cuts and Jobs Act (“TCJA”). SAB 118 was issued to address the application of U.S. generally accepted accounting principles (“GAAP”) in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to finalize the calculations for certain income tax effects of the TCJA. In accordance with SAB 118, we made reasonable estimates and recorded provisional amounts for the TCJA during 2018. Under the transitional provisions of SAB 118, we had a one-year measurement period to complete the accounting for the initial tax effects of the TCJA. As of December 22, 2018, our accounting is complete for the tax effects of the TCJA, including the following elements initially recorded on a provisional basis: • In 2018, we recognized a provisional benefit related to the revaluation of U.S. deferred tax assets and liabilities. During the second quarter of 2019, we revised the provisional benefit associated with the remeasurement of our net U.S. deferred tax liability. As a result, we recognized a $4 million tax expense, which decreased the $1.15 billion provisional benefit recorded in 2018. • We previously recognized an immaterial provisional benefit from foreign tax credits exceeding the one-time transition tax on previously deferred foreign earnings. No adjustments were made to the provisional estimate recorded in 2018. • We have determined to record the taxes for the global intangible low-taxed income (GILTI) as a period cost. In 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board issued a new accounting standard that supersedes virtually all existing revenue recognition guidance under generally accepted accounting principles in the United States. 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 adopted this standard as of June 1, 2018 (fiscal 2019) using the modified retrospective method of adoption as permitted by the standard. The new guidance did not have an impact on our revenue recognition policies, practices or systems; therefore, there was no cumulative-effect adjustment to retained earnings as of June 1, 2018. In March 2017, the FASB issued an Accounting Standards Update (ASU 2017-07) 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 impacts our operating income but has no impact on our net income or earnings per share. We adopted this standard effective June 1, 2018 (fiscal 2019) and applied these changes retrospectively. As such, prior year financial results are recast to conform to these new rules upon adoption. The following table presents our results under our historical method of accounting and as adjusted to reflect our adoption of ASU 2017-07 (in millions): Three Months Ended February 28, 2018 Nine Months Ended February 28, 2018 Reported Effect of Adoption of ASU 2017-07 As Adjusted Reported Effect of Adoption of ASU 2017-07 As Adjusted Revenue $ 16,526 $ — $ 16,526 $ 48,136 $ — $ 48,136 Operating Income 1,001 (143 ) 858 3,380 (436 ) 2,944 Other Income (Expense), net (127 ) 143 16 (385 ) 436 51 Net Income 2,074 — 2,074 3,445 — 3,445 In August 2018, the SEC published Release No. 33-10532, Disclosure Update and Simplification (“DUSTR”), which adopted amendments to certain disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other SEC disclosure requirements, GAAP, or changes in the information environment. While most of the DUSTR amendments eliminate outdated or duplicative disclosure requirements, the final rule amends the interim financial statement requirements to include a reconciliation of changes in common stockholders’ investment in the notes or as a separate statement for each period for which a statement of comprehensive income is required to be filed. The new interim reconciliation of changes in common stockholders’ investment is included herein as a separate statement. New Accounting Standards and Accounting Standards Not Yet Adopted In 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 our balance sheet of approximately $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 our lease portfolio as of the adoption date. We are currently 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 June 1, 2019 (fiscal 2020). In February 2018, the FASB issued an Accounting Standards Update (ASU 2018-02) that will permit companies to reclassify the income tax effect of the TCJA on items within accumulated other comprehensive income (loss) (“AOCI”) to retained earnings. These changes will be effective June 1, 2019 (fiscal 2020). We are continuing to assess the impact of this new standard on our consolidated financial statements and related disclosures. In August 2018, the FASB issued an Accounting Standards Update (ASU 2018-14) that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We expect this new guidance will have minimal impact on our financial reporting. These changes will be effective June 1, 2020 (fiscal 2021) and will be applied retrospectively. We plan to early adopt these new rules in the fourth quarter of 2019. In August 2018, the FASB issued an Accounting Standards Update (ASU 2018-15) that reduces the complexity for accounting for costs of implementing a cloud computing service arrangement and aligns the accounting for capitalizing implementation costs of hosting arrangements, regardless of whether they convey a license to the hosted software. These changes will be effective June 1, 2020 (fiscal 2021). We are assessing the impact of this new standard on our consolidated financial statements and related disclosures. 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 third quarter of 2019, we repurchased 0.6 million shares of FedEx common stock at an average price of $168.43 per share for a total of $93 million. During the nine months of 2019, we repurchased 6.0 million shares of FedEx common stock at an average price of $227.42 per share for a total of $1.4 billion. As of February 28, 2019, 5.7 million shares remained under the current share repurchase authorization. DIVIDENDS DECLARED PER COMMON SHARE. On February 15, 2019, our Board of Directors declared a quarterly dividend of $0.65 per share of common stock. The dividend will be paid on April 1, 2019 to stockholders of record as of the close of business on March 11, 2019. 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Feb. 28, 2019
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Loss	(2) Accumulated Other Comprehensive Loss The following table provides changes in AOCI, net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended February 28 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Foreign currency translation loss: Balance at beginning of period $ (952 ) $ (666 ) $ (759 ) $ (685 ) Translation adjustments 103 100 (90 ) 119 Balance at end of period (849 ) (566 ) (849 ) (566 ) Retirement plans adjustments: Balance at beginning of period 135 232 181 270 Reclassifications from AOCI (23 ) (23 ) (69 ) (61 ) Balance at end of period 112 209 112 209 Accumulated other comprehensive (loss) at end of period $ (737 ) $ (357 ) $ (737 ) $ (357 ) The following table presents details of the reclassifications from AOCI for the periods ended February 28 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Nine Months Ended 2019 2018 2019 2018 Amortization of retirement plans prior service credits, before tax $ 30 $ 30 $ 90 $ 90 Salaries and employee benefits Income tax benefit (7 ) (7 ) (21 ) (29 ) Provision for income taxes AOCI reclassifications, net of tax $ 23 $ 23 $ 69 $ 61 Net income

Financing Arrangements

Financing Arrangements	9 Months Ended
	Feb. 28, 2019
Debt And Capital Lease Obligations [Abstract]
Financing Arrangements	(3) Financing Arrangements We have a shelf registration statement filed with the SEC that allows us to sell, in one or more future offerings, any combination of our unsecured debt securities and common stock. During the third quarter of 2019, we issued $1.2 billion of senior unsecured debt under our current shelf registration statement, comprised of €640 million of 0.7% fixed-rate notes due in May 2022 and $500 million of 3.4% fixed-rate notes due in January 2022. We will use the net proceeds to pay the €500 million aggregate principal amount of floating rate notes due at maturity on April 11, 2019, and for general corporate purposes. During the second quarter of 2019, we issued $1.25 billion of senior unsecured debt under our current shelf registration statement, comprised of $400 million of 4.20% fixed-rate notes due in October 2028 and $850 million of 4.95% fixed-rate notes due in October 2048. Interest on these notes is paid semi-annually. We used the net proceeds to redeem the $750 million aggregate principal amount of 8.00% notes due January 15, 2019, and for general corporate purposes. We have a five-year $2.0 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 retirement plans 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 2.2 to 1.0 at February 28, 2019. 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 this 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 third quarter of 2019, we issued commercial paper to provide us with additional short-term liquidity. The maximum amount outstanding during the quarter was $750 million. 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 February 28, 2019, $225 million of commercial paper and $53 million in letters of credit were outstanding, leaving $1.722 billion available under the revolving credit facility for future borrowings. Long-term debt, including current maturities and exclusive of capital leases, had carrying values of $18.1 billion at February 28, 2019 and $16.5 billion at May 31, 2018, compared with estimated fair values of $17.8 billion at February 28, 2019 and $16.6 billion at May 31, 2018. The annualized weighted-average interest rate on long-term debt was 3.4% at February 28, 2019. 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	9 Months Ended
	Feb. 28, 2019
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 February 28 was as follows (in millions, except per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Basic earnings per common share: Net earnings allocable to common shares (1) $ 738 $ 2,071 $ 2,506 $ 3,441 Weighted-average common shares 261 268 262 268 Basic earnings per common share $ 2.83 $ 7.74 $ 9.55 $ 12.85 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 738 $ 2,071 $ 2,506 $ 3,441 Weighted-average common shares 261 268 262 268 Dilutive effect of share-based awards 2 5 4 4 Weighted-average diluted shares 263 273 266 272 Diluted earnings per common share $ 2.80 $ 7.59 $ 9.41 $ 12.63 Anti-dilutive options excluded from diluted earnings per common share 7.2 1.9 5.0 2.6 (1)

Income Taxes

Income Taxes	9 Months Ended
	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Income Taxes	(5) Income Taxes Our effective tax rate was 20.6% for the third quarter and 21.8% for the nine months of 2019, compared with (137.3)% for the third quarter and (15.0)% for the nine months of 2018. The 2019 tax rates include a benefit of $90 million from the reduction of a valuation allowance on certain tax loss carryforwards and an expense of $50 million from the impact on our deferred taxes attributable to a recently enacted lower tax rate in the Netherlands. The 2019 tax rates were also favorably impacted by the TCJA, which resulted in benefits of approximately $60 million during the third quarter and $230 million for the nine months of 2019, primarily from the lower statutory tax rate on fiscal 2019 earnings. The tax rate for the nine months of 2019 also benefited by approximately $60 million from accelerated deductions claimed on our 2018 U.S. income tax return. The 2018 tax rates were favorably impacted by a provisional benefit of $1.15 billion from the remeasurement of our net U.S. deferred tax liability and a provisional benefit of $36 million from foreign tax credits exceeding the one-time transition tax on previously deferred foreign earnings. In addition to these provisional amounts, we recognized a $204 million benefit from a $1.5 billion contribution to our tax-qualified U.S. domestic pension plans (“U.S. Pension Plans”) in February 2018 and $165 million related to the phase-in of a reduced statutory tax rate on 2018 year-to-date earnings, of which approximately $120 million was recorded in the third quarter and attributable to the first half of 2018 earnings. On January 15, 2019, the U.S. Treasury Department issued final regulations covering the one-time transition tax on unrepatriated foreign earnings, which was enacted as part of the TCJA. Certain guidance included in these final regulations is inconsistent with our interpretation that led to the recognition of a $225 million ($0.94 per diluted share) benefit in 2018 (the “2018 Benefit”). Notwithstanding this inconsistency, we remain confident in our interpretation of the TCJA and intend to defend this position through litigation, if necessary. However, if we are ultimately unsuccessful in defending our position, we may be required to reverse the 2018 Benefit. During the third quarter of 2019, we completed our accounting for the tax effects of the TCJA. No additional adjustments were made during the quarter. As a result, the only adjustment to the amounts initially recorded on a provisional basis in 2018 was a tax expense of $4 million recognized in the second quarter of 2019 as a revision of the provisional benefit associated with the remeasurement of our net U.S. deferred tax liability. The TCJA, enacted during the third quarter of fiscal 2018, significantly changed the U.S. corporate income tax system including, among other things, lowering the statutory federal income tax rate from 35% to 21%. Due to our May 31 fiscal year-end, the lower rate was phased in, resulting in a U.S. statutory federal rate of 29.2% for 2018 and a statutory federal rate of 21% for subsequent years. The following table provides a reconciliation of the 2018 effective tax rates to the 2019 effective tax rates, including the impacts of the TCJA, for the periods ended February 28: Three Months Ended Nine Months Ended 2018 Effective Tax Rate (a) (137.3 )% (15.0 )% Remeasurement of net U.S. deferred tax liability in 2018 131.5 38.5 Effect of February 2018 pension contribution (b) 23.3 6.8 Lower statutory tax rate on first-half 2018 earnings (35% to 29.2%) (c) 12.5 — Reduction of valuation allowance on tax loss carryforwards in 2019 (10.3 ) (3.0 ) Lower statutory tax rate on 2019 earnings (29.2% to 21%) (c) (7.6 ) (7.6 ) Remeasurement of net Dutch deferred tax asset in 2019 5.3 1.5 Transition tax provisional benefit in 2018 4.1 1.2 Foreign tax credits on foreign dividends in 2018 1.2 2.9 Accelerated deductions claimed in 2019 on the 2018 U.S. income tax return — (1.8 ) Other, net (d) (2.1 ) (1.7 ) 2019 Effective Tax Rate (a) 20.6 % 21.8 % (a) 2018 includes a blended U.S. statutory federal income tax rate of 29.2% while 2019 includes the fully phased-in rate of 21%. (b) The benefit is from the pension contribution deducted on our 2017 tax return at a tax rate of 35%. (c) Due to our May 31 fiscal year-end, the TCJA’s lower U.S. statutory federal income tax rate that went into effect on December 22, 2017 was phased in resulting in a rate of 29.2% for 2018 and a rate of 21% for subsequent years. (d) The 2018 tax rates were negatively impacted by the effect of the NotPetya cyberattack, costs incurred in connection with the integration of foreign operations of FedEx Express and TNT Express B.V. (“TNT Express”), changes in uncertain tax positions and tax rate impacts on changes in deferred tax items after the TCJA enactment, and were favorably impacted from tax benefits from share-based payments.

Retirement Plans

Retirement Plans	9 Months Ended
	Feb. 28, 2019
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	(6) 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 February 28 were as follows (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Defined benefit pension plans, net $ 28 $ 39 $ 85 $ 113 Defined contribution plans 138 135 415 386 Postretirement healthcare plans 19 19 56 56 $ 185 $ 193 $ 556 $ 555 Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended February 28 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2019 2018 2019 2018 2019 2018 Service cost $ 173 $ 169 $ 23 $ 23 $ 9 $ 9 Other retirement plans (income) expense: Interest cost 237 279 13 12 10 10 Expected return on plan assets (376 ) (406 ) (12 ) (10 ) — — Amortization of prior service credit and other (30 ) (29 ) — 1 — — (169 ) (156 ) 1 3 10 10 $ 4 $ 13 $ 24 $ 26 $ 19 $ 19 Nine Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2019 2018 2019 2018 2019 2018 Service cost $ 517 $ 509 $ 72 $ 69 $ 26 $ 27 Other retirement plans (income) expense: Interest cost 713 836 38 37 30 29 Expected return on plan assets (1,129 ) (1,218 ) (36 ) (32 ) — — Amortization of prior service credit and other (89 ) (88 ) (1 ) — — — (505 ) (470 ) 1 5 30 29 $ 12 $ 39 $ 73 $ 74 $ 56 $ 56 Contributions to our U.S. Pension Plans for the nine-month periods ended February 28 were as follows (in millions): 2019 2018 Required $ — $ 22 Voluntary 1,000 2,478 $ 1,000 $ 2,500

Business Segment Information

Business Segment Information	9 Months Ended
	Feb. 28, 2019
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Business Segment Information	(7) 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, 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 Corporation (“FedEx Freight”), a leading U.S. provider of less-than-truckload (“LTL”) freight transportation services. These companies represent our major service lines and, along with FedEx Services, constitute 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 Ground Segment FedEx Ground (small-package ground delivery) FedEx Freight Segment FedEx Freight (LTL freight 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) References to our transportation segments include, collectively, the FedEx Express segment, the FedEx Ground segment and the FedEx Freight segment. FedEx Services Segment The FedEx Services segment operates combined sales, marketing, administrative and information-technology functions in shared services operations that support our transportation businesses and allow us to obtain synergies from the combination of these functions. For the international regions of FedEx Express, some of these functions are performed on a regional basis and reported by FedEx Express 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. Corporate, Other and Eliminations Corporate and other includes corporate headquarters costs for executive officers and certain legal and finance functions, as well as certain other costs and credits not attributed to our core business. These costs are not allocated to the other business segments. Also included in corporate and other is the FedEx Logistics operating segment, which provides customs brokerage and global ocean and air freight forwarding through FedEx Trade Networks Transport & Brokerage, Inc.; cross-border enablement and technology solutions and e-commerce transportation solutions through FedEx Cross Border Technologies, Inc.; integrated supply chain management solutions through FedEx Supply Chain; time-critical shipment services through FedEx Custom Critical, Inc.; and, effective September 1, 2018, critical inventory and service parts logistics, 3-D printing and technology repair through FedEx Forward Depots, Inc. 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. The following table provides a reconciliation of reportable segment revenues and operating income (loss) to our unaudited condensed consolidated financial statement totals for the periods ended February 28 (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Revenues: FedEx Express segment $ 9,005 $ 9,098 $ 27,831 $ 26,574 FedEx Ground segment 5,261 4,828 15,202 13,598 FedEx Freight segment 1,750 1,613 5,627 4,950 FedEx Services segment 402 397 1,248 1,213 Other and eliminations 592 590 1,978 1,801 $ 17,010 $ 16,526 $ 51,886 $ 48,136 Operating income (loss): FedEx Express segment $ 370 $ 317 $ 1,357 $ 1,238 FedEx Ground segment 577 614 1,830 1,716 FedEx Freight segment 97 49 421 322 Corporate, other and eliminations (133 ) (122 ) (458 ) (332 ) $ 911 $ 858 $ 3,150 $ 2,944

Commitments

Commitments	9 Months Ended
	Feb. 28, 2019
Commitments [Abstract]
Commitments	(8) Commitments As of February 28, 2019, our purchase commitments under various contracts for the remainder of 2019 and annually thereafter were as follows (in millions): Aircraft and Related Other (1) Total 2019 (remainder) $ 421 $ 296 $ 717 2020 1,998 833 2,831 2021 2,276 597 2,873 2022 1,874 433 2,307 2023 1,586 275 1,861 Thereafter 3,079 535 3,614 Total $ 11,234 $ 2,969 $ 14,203 (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 February 28, 2019, our obligation to purchase six Boeing 777 Freighter (“B777F”) aircraft and five Boeing 767-300 Freighter (“B767F”) 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. As of February 28, 2019, we had $965 million in deposits and progress Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2019 (remainder) - - 4 1 5 2020 - - 17 5 22 2021 12 5 18 2 37 2022 12 6 12 3 33 2023 12 6 6 4 28 Thereafter 14 13 - 6 33 Total 50 30 57 21 158 A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at February 28, 2019 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases 2019 (remainder) $ 26 $ 571 $ 597 2020 261 2,083 2,344 2021 203 1,923 2,126 2022 185 1,728 1,913 2023 127 1,555 1,682 Thereafter 48 8,926 8,974 Total $ 850 $ 16,786 $ 17,636 Future minimum lease payments under capital leases were immaterial at February 28, 2019. 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	9 Months Ended
	Feb. 28, 2019
Loss Contingency [Abstract]
Contingencies	(9) Contingencies 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. The first-filed lawsuit alleged that FedEx Ground provided delivery services on behalf of four shippers, and the second-filed lawsuit alleged that FedEx Ground provided delivery services on behalf of six additional shippers; none of these shippers continue to ship in our network. 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 additional case identified no shippers or shipments, but generally alleged violations of the same laws that were the subject of the other two lawsuits. On October 10, 2018, FedEx Ground and the City and State of New York reached an agreement in principle to settle the lawsuits arising from FedEx Ground’s and FedEx Freight’s alleged shipments of cigarettes to New York residents for $35.4 million. The settlement does not include any admission of liability by FedEx Ground or FedEx Freight. In addition to the settlement amount, we recognized approximately $10 million for certain attorney’s fees in connection with this matter. In December 2018, the parties entered into a final settlement agreement and, subsequently, the settlement amount was paid and the lawsuits were dismissed by the court. Other Matters. 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	9 Months Ended
	Feb. 28, 2019
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	(10) Supplemental Cash Flow Information Cash paid for interest expense and income taxes for the nine-month periods ended February 28 was as follows (in millions): 2019 2018 Cash payments for: Interest (net of capitalized interest) $ 498 $ 430 Income taxes $ 346 $ 707 Income tax refunds received (34 ) (59 ) Cash tax payments, net $ 312 $ 648

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	9 Months Ended
	Feb. 28, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Statements	(11) 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 $18.1 billion of our public 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) February 28, 2019 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,413 $ 204 $ 1,296 $ (41 ) $ 2,872 Receivables, less allowances 45 5,474 3,600 (82 ) 9,037 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 313 979 299 — 1,591 Total current assets 1,771 6,657 5,195 (123 ) 13,500 PROPERTY AND EQUIPMENT, AT COST 23 53,997 4,144 — 58,164 Less accumulated depreciation and amortization 17 26,384 1,995 — 28,396 Net property and equipment 6 27,613 2,149 — 29,768 INTERCOMPANY RECEIVABLE 661 2,157 — (2,818 ) — GOODWILL — 1,598 5,318 — 6,916 INVESTMENT IN SUBSIDIARIES 35,803 4,904 — (40,707 ) — OTHER ASSETS 891 1,670 1,857 (138 ) 4,280 $ 39,132 $ 44,599 $ 14,519 $ (43,786 ) $ 54,464 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Short-term borrowings $ 225 $ — $ — $ — $ 225 Current portion of long-term debt 966 2 5 — 973 Accrued salaries and employee benefits 52 1,149 458 — 1,659 Accounts payable 188 1,430 1,656 (118 ) 3,156 Accrued expenses 510 1,848 890 (5 ) 3,243 Total current liabilities 1,941 4,429 3,009 (123 ) 9,256 LONG-TERM DEBT, LESS CURRENT PORTION 16,921 287 10 — 17,218 INTERCOMPANY PAYABLE — — 2,818 (2,818 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 3,252 97 (138 ) 3,211 Other liabilities 376 3,502 1,007 — 4,885 Total other long-term liabilities 376 6,754 1,104 (138 ) 8,096 COMMON STOCKHOLDERS’ INVESTMENT 19,894 33,129 7,578 (40,707 ) 19,894 $ 39,132 $ 44,599 $ 14,519 $ (43,786 ) $ 54,464 CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2018 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,485 $ 257 $ 1,538 $ (15 ) $ 3,265 Receivables, less allowances 3 4,970 3,586 (78 ) 8,481 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 425 878 292 — 1,595 Total current assets 1,913 6,105 5,416 (93 ) 13,341 PROPERTY AND EQUIPMENT, AT COST 21 51,232 3,868 — 55,121 Less accumulated depreciation and amortization 17 25,111 1,839 — 26,967 Net property and equipment 4 26,121 2,029 — 28,154 INTERCOMPANY RECEIVABLE 1,487 924 — (2,411 ) — GOODWILL — 1,709 5,264 — 6,973 INVESTMENT IN SUBSIDIARIES 33,370 4,082 — (37,452 ) — OTHER ASSETS 75 1,854 1,829 104 3,862 $ 36,849 $ 40,795 $ 14,538 $ (39,852 ) $ 52,330 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ 1,332 $ 1 $ 9 $ — $ 1,342 Accrued salaries and employee benefits 65 1,506 606 — 2,177 Accounts payable 16 1,332 1,719 (90 ) 2,977 Accrued expenses 460 1,778 896 (3 ) 3,131 Total current liabilities 1,873 4,617 3,230 (93 ) 9,627 LONG-TERM DEBT, LESS CURRENT PORTION 14,942 288 13 — 15,243 INTERCOMPANY PAYABLE — — 2,411 (2,411 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 2,626 137 104 2,867 Other liabilities 619 3,432 1,126 — 5,177 Total other long-term liabilities 619 6,058 1,263 104 8,044 COMMON STOCKHOLDERS’ INVESTMENT 19,415 29,832 7,621 (37,452 ) 19,416 $ 36,849 $ 40,795 $ 14,538 $ (39,852 ) $ 52,330 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,443 $ 4,667 $ (100 ) $ 17,010 OPERATING EXPENSES: Salaries and employee benefits 28 4,720 1,321 — 6,069 Purchased transportation — 2,749 1,547 (43 ) 4,253 Rentals and landing fees 1 677 197 (1 ) 874 Depreciation and amortization — 731 120 — 851 Fuel — 838 69 — 907 Maintenance and repairs — 573 87 (2 ) 658 Business realignment costs 4 — — — 4 Intercompany charges, net (93 ) (397 ) 490 — — Other 60 1,771 698 (46 ) 2,483 — 11,662 4,529 (92 ) 16,099 OPERATING INCOME — 781 138 (8 ) 911 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 739 16 — (755 ) — Interest, net (109 ) (54 ) 28 — (135 ) Other retirement plans income — 155 3 — 158 Intercompany charges, net 149 (89 ) (60 ) — — Other, net (40 ) 71 (42 ) 8 (3 ) INCOME BEFORE INCOME TAXES 739 880 67 (755 ) 931 Provision for income taxes — 147 45 — 192 NET INCOME $ 739 $ 733 $ 22 $ (755 ) $ 739 COMPREHENSIVE INCOME $ 713 $ 732 $ 129 $ (755 ) $ 819 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended February 28, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,433 $ 4,229 $ (136 ) $ 16,526 OPERATING EXPENSES: Salaries and employee benefits 39 4,764 1,321 — 6,124 Purchased transportation — 2,459 1,560 (84 ) 3,935 Rentals and landing fees 2 684 189 (2 ) 873 Depreciation and amortization 1 670 115 — 786 Fuel — 837 77 — 914 Maintenance and repairs 1 543 84 — 628 Intercompany charges, net (114 ) 185 (71 ) — — Other 71 1,596 791 (50 ) 2,408 — 11,738 4,066 (136 ) 15,668 OPERATING INCOME — 695 163 — 858 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,074 2 — (2,076 ) — Interest, net (137 ) 11 1 — (125 ) Other retirement plans income — 141 2 — 143 Intercompany charges, net 140 (78 ) (62 ) — — Other, net (3 ) 104 (103 ) — (2 ) INCOME BEFORE INCOME TAXES 2,074 875 1 (2,076 ) 874 Provision for income taxes — (1,197 ) (3 ) — (1,200 ) NET INCOME $ 2,074 $ 2,072 $ 4 $ (2,076 ) $ 2,074 COMPREHENSIVE INCOME $ 2,051 $ 2,069 $ 107 $ (2,076 ) $ 2,151 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Nine Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 37,685 $ 14,503 $ (302 ) $ 51,886 OPERATING EXPENSES: Salaries and employee benefits 110 14,300 4,179 — 18,589 Purchased transportation — 7,780 4,912 (126 ) 12,566 Rentals and landing fees 4 1,948 585 (4 ) 2,533 Depreciation and amortization 1 2,133 353 — 2,487 Fuel — 2,708 237 — 2,945 Maintenance and repairs 1 1,874 271 (2 ) 2,144 Business realignment costs 4 — — — 4 Intercompany charges, net (357 ) (772 ) 1,129 — — Other 238 4,991 2,410 (171 ) 7,468 1 34,962 14,076 (303 ) 48,736 OPERATING INCOME (1 ) 2,723 427 1 3,150 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,509 145 — (2,654 ) — Interest, net (439 ) 44 2 — (393 ) Other retirement plans income — 466 8 — 474 Intercompany charges, net 454 (335 ) (119 ) — — Other, net (14 ) 18 (26 ) — (22 ) INCOME BEFORE INCOME TAXES 2,509 3,061 292 (2,653 ) 3,209 Provision for income taxes — 579 121 — 700 NET INCOME $ 2,509 $ 2,482 $ 171 $ (2,653 ) $ 2,509 COMPREHENSIVE INCOME $ 2,443 $ 2,514 $ 46 $ (2,653 ) $ 2,350 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Nine Months Ended February 28, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 36,044 $ 12,445 $ (353 ) $ 48,136 OPERATING EXPENSES: Salaries and employee benefits 112 13,713 3,852 — 17,677 Purchased transportation — 6,836 4,600 (216 ) 11,220 Rentals and landing fees 4 1,951 577 (6 ) 2,526 Depreciation and amortization 1 1,958 334 — 2,293 Fuel — 2,220 215 — 2,435 Maintenance and repairs 1 1,729 238 — 1,968 Intercompany charges, net (325 ) 298 27 — — Other 207 4,664 2,333 (131 ) 7,073 — 33,369 12,176 (353 ) 45,192 OPERATING INCOME — 2,675 269 — 2,944 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 3,445 39 — (3,484 ) — Interest, net (396 ) 35 (2 ) — (363 ) Other retirement plans income — 424 12 — 436 Intercompany charges, net 403 (220 ) (183 ) — — Other, net (7 ) 88 (103 ) — (22 ) INCOME BEFORE INCOME TAXES 3,445 3,041 (7 ) (3,484 ) 2,995 Provision for income taxes — (573 ) 123 — (450 ) NET INCOME $ 3,445 $ 3,614 $ (130 ) $ (3,484 ) $ 3,445 COMPREHENSIVE INCOME $ 3,385 $ 3,605 $ (3 ) $ (3,484 ) $ 3,503 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (109 ) $ 3,136 $ 322 $ (26 ) $ 3,323 INVESTING ACTIVITIES Capital expenditures (3 ) (3,359 ) (395 ) — (3,757 ) Proceeds from asset dispositions and other (45 ) 86 21 — 62 CASH USED IN INVESTING ACTIVITIES (48 ) (3,273 ) (374 ) — (3,695 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 220 — — — 220 Net transfers from (to) Parent 2 (31 ) 29 — — Payment on loan between subsidiaries (29 ) — 29 — — Intercompany dividends — 114 (114 ) — — Proceeds from debt issuances 2,463 — — — 2,463 Principal payments on debt (750 ) (117 ) (7 ) — (874 ) Proceeds from stock issuances 58 — — — 58 Dividends paid (514 ) — — — (514 ) Purchase of treasury stock (1,365 ) — — — (1,365 ) Other, net — 127 (122 ) — 5 CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 85 93 (185 ) — (7 ) Effect of exchange rate changes on cash — (9 ) (5 ) — (14 ) Net (decrease) increase in cash and cash equivalents (72 ) (53 ) (242 ) (26 ) (393 ) Cash and cash equivalents at beginning of period 1,485 257 1,538 (15 ) 3,265 Cash and cash equivalents at end of period $ 1,413 $ 204 $ 1,296 $ (41 ) $ 2,872 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended February 28, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (3,537 ) $ 4,664 $ 25 $ 10 $ 1,162 INVESTING ACTIVITIES Capital expenditures — (3,746 ) (248 ) — (3,994 ) Business acquisitions, net of cash acquired — (44 ) — — (44 ) Proceeds from asset dispositions and other (5 ) 23 3 — 21 CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (5 ) (3,767 ) (245 ) — (4,017 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 797 — — — 797 Net transfers from (to) Parent 807 (895 ) 88 — — Payment on loan between subsidiaries 210 — (210 ) — — Proceeds from debt issuances 1,481 — — — 1,481 Principal payments on debt — (17 ) (14 ) — (31 ) Proceeds from stock issuances 284 — — — 284 Dividends paid (402 ) — — — (402 ) Purchase of treasury stock (558 ) — — — (558 ) Other, net 2 4 — — 6 CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 2,621 (908 ) (136 ) — 1,577 Effect of exchange rate changes on cash (6 ) 61 43 — 98 Net (decrease) increase in cash and cash equivalents (927 ) 50 (313 ) 10 (1,180 ) Cash and cash equivalents at beginning of period 1,884 325 1,807 (47 ) 3,969 Cash and cash equivalents at end of period $ 957 $ 375 $ 1,494 $ (37 ) $ 2,789

General (Policies)

General (Policies)	9 Months Ended
	Feb. 28, 2019
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, 2018 (“Annual Report”). 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 February 28, 2019, and the results of our operations for the three- and nine-month periods ended February 28, 2019 and 2018, cash flows for the nine-month periods ended February 28, 2019 and 2018, and changes in common stockholders’ investment for the three- and nine-month periods ended February 28, 2019 and 2018. Operating results for the three- and nine-month periods ended February 28, 2019 are not necessarily indicative of the results that may be expected for the year ending May 31, 2019. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2019 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year.
Reclassifications	RECLASSIFICATIONS . Certain reclassifications have been made to the prior years’ condensed consolidated financial statements to conform to the current year presentation.
Revenue Recognition	REVENUE RECOGNITION . Satisfaction of Performance Obligation We recognize revenue upon delivery of shipments for our transportation businesses and upon completion of services for our business services, logistics and trade services businesses. Transportation services are provided with the use of employees and independent businesses that contract with FedEx. FedEx is the principal to the transaction for most of these services and revenue is recognized on a gross basis based on the transfer of control to the customer. Costs associated with independent businesses providing transportation services are recognized as incurred and included in the caption “Purchased transportation” in the accompanying unaudited condensed consolidated statements of income. For shipments in transit, revenue is recorded based on the percentage of service completed at the balance sheet date which results in our recognizing revenue over time as we perform the services in the contract because of the continuous transfer of control to the customer. Our customers receive the benefit of our services as the goods are transported from one location to another. If we were unable to complete delivery to the final location, another entity would not need to reperform the transportation service already performed. As control transfers over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The vast majority of our contracts include only one performance obligation, which is short in duration and spans only a few days. However, if a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative stand-alone selling prices of the promised goods or services underlying each performance obligation. We frequently sell standard transportation services with observable stand-alone sales prices. In these instances, the observable stand-alone sales are used to determine the stand-alone selling price. We sell customized customer-specific solutions, such as logistics, through which we provide the service of integrating a complex set of tasks and components into a single capability (even if that single capability results in the delivery of multiple units). Therefore, the entire contract is accounted for as one performance obligation. In these cases, we typically use the expected cost plus a margin approach to estimate the stand-alone selling price of each performance obligation. Variable Consideration It is common for our contracts to contain customer incentives, guaranteed service refunds or other provisions that can either increase or decrease the transaction price. These variable amounts are generally awarded based upon certain incentive achievements or performance metrics. We estimate variable consideration as the most likely amount to which we expect to be entitled. Estimates for adjustments to revenue and accounts receivable are recognized at the time of shipment for certain customer initiatives, money-back service guarantees and billing corrections based on our assessment of historical, current and forecasted information available. Delivery costs are accrued as incurred. Contract Modification Contracts are often modified to account for changes in the rates we charge our customers or to add additional distinct services. We consider contract modifications to exist when the modification either creates new enforceable rights and obligations or alters the existing arrangement. Contract modifications that add distinct goods or services are treated as separate contracts. Contract modifications that do not add distinct goods or services typically change the price of existing services. These contract modifications are accounted for prospectively as the remaining performance obligations are executed. Contract Assets and Liabilities Contract assets include billed and unbilled amounts resulting from in-transit packages, as we have an unconditional right to payment only once all performance obligations have been completed (e.g., packages have been delivered). Contract assets are generally classified as current and the full balance is converted each quarter based on the short-term nature of the transactions. Our contract liabilities consist of advance payments and billings in excess of revenue. The full balance of deferred revenue is converted each quarter based on the short-term nature of the transactions. Gross contract assets related to in-transit packages totaled $526 million and $542 million at February 28, 2019 and May 31, 2018, respectively. Contract assets net of deferred unearned revenue were $353 million and $363 million at February 28, 2019 and May 31, 2018, respectively. Contract assets are included within current assets in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities related to advance payments from customers were $9 million and $13 million at February 28, 2019 and May 31, 2018, respectively. Contract liabilities are included within current liabilities in the accompanying unaudited condensed consolidated balance sheets. Our contract logistics, global trade services and certain transportation businesses engage in some transactions wherein they act as agents. Revenue from these transactions is recorded on a net basis. Net revenue includes billings to customers less third-party charges, including transportation or handling costs, fees, commissions and taxes and duties. Certain of our revenue-producing transactions are subject to taxes, such as sales tax, assessed by governmental authorities. We present these revenues net of tax. Under the typical payment terms of our customer contracts, the customer pays at periodic intervals (e.g., every 15 days, 30 days, 45 days, etc.) for shipments included on invoices received. It is not customary business practice to extend payment terms past 90 days, and as such, we do not have a practice of including a significant financing component within our revenue contracts with customers. Disaggregation of Revenue The following table provides revenue by service type (dollars in millions) for the periods ended February 28. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Nine Months Ended 2019 2018 2019 2018 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 1,844 $ 1,836 $ 5,678 $ 5,373 U.S. overnight envelope 433 435 1,345 1,317 U.S. deferred 1,119 996 3,131 2,796 Total U.S. domestic package revenue 3,396 3,267 10,154 9,486 International priority 1,738 1,841 5,508 5,469 International economy 806 793 2,541 2,378 Total international export package revenue 2,544 2,634 8,049 7,847 International domestic (1) 1,078 1,140 3,412 3,424 Total package revenue 7,018 7,041 21,615 20,757 Freight: U.S. 772 739 2,294 2,040 International priority 477 532 1,574 1,527 International economy 495 492 1,568 1,354 International airfreight 76 93 244 276 Total freight revenue 1,820 1,856 5,680 5,197 Other 167 201 536 620 Total FedEx Express segment 9,005 9,098 27,831 26,574 FedEx Ground segment 5,261 4,828 15,202 13,598 FedEx Freight segment 1,750 1,613 5,627 4,950 FedEx Services segment 402 397 1,248 1,213 Other and eliminations (2) 592 590 1,978 1,801 $ 17,010 $ 16,526 $ 51,886 $ 48,136 (1) International domestic revenues relate to our intra-country operations. (2) Includes the FedEx Logistics, Inc. (“FedEx Logistics” (formerly FedEx Trade Networks, Inc.)) operating segment.
Employees Under Collective Bargaining Arrangements	EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of Federal Express Corporation (“FedEx Express”), who are a small number of its total employees, are employed under a collective bargaining agreement that took effect on November 2, 2015. The collective bargaining agreement is scheduled to become amendable in November 2021. Other than the pilots at FedEx Express and drivers at one FedEx Freight, Inc. facility, our U.S. employees have thus far chosen not to unionize (we acquired FedEx Supply Chain Distribution System, Inc. (“FedEx Supply Chain” (formerly GENCO Distribution System, Inc.)) in 2015, which already had a small number of employees who are members of unions). Additionally, certain of FedEx Express’s non-U.S. employees are unionized, and a union has been certified to represent owner-drivers at a FedEx Freight, Inc. facility in Canada.
Stock-based Compensation	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 $33 million for the three-month period ended February 28, 2019 and $141 million for the nine-month period ended February 28, 2019. Our stock-based compensation expense was $32 million for the three-month period ended February 28, 2018 and $135 million for the nine-month period ended February 28, 2018. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report.
Business Realignment Costs	BUSINESS REALIGNMENT COSTS. In December 2018, we announced cost-reduction programs primarily through initiatives at FedEx Express and FedEx Corporate Services, Inc. (“FedEx Services”), including a U.S.-based voluntary employee buyout program. During the third quarter of 2019, we began offering voluntary cash buyouts to eligible U.S.-based employees in certain staff functions. The U.S.-based voluntary employee buyout program includes voluntary severance payments and funding to healthcare reimbursement accounts, with the voluntary severance payment calculated based on four weeks of gross base salary for every year of continuous FedEx service up to a maximum payment of two years of pay. Eligible employees will be scheduled to vacate positions in phases to ensure a smooth transition in the impacted functions so that we maintain service levels to our customers. Costs of the benefits provided under the program will be recognized as special termination benefits in the period employees accept their offers. We incurred costs of approximately $4 million ($3 million, net of tax, or $0.01 per diluted share) during the third quarter of 2019 associated with our business realignment activities. These costs related to certain employee severance arrangements and other external costs directly attributable to our business realignment activities, such as professional fees. Total costs of the U.S.-based voluntary employee buyout program will depend on acceptance rates and severance payments will be made at the time of departure. The cost of our business realignment activities is included in the caption “Business realignment costs” in our unaudited condensed consolidated statements of income.
Recent Accounting Guidance	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. Recently Adopted Accounting Standards In December 2017, the SEC staff issued Staff Accounting Bulletin (“SAB”) 118 to provide guidance to registrants in accounting for income taxes under the Tax Cuts and Jobs Act (“TCJA”). SAB 118 was issued to address the application of U.S. generally accepted accounting principles (“GAAP”) in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to finalize the calculations for certain income tax effects of the TCJA. In accordance with SAB 118, we made reasonable estimates and recorded provisional amounts for the TCJA during 2018. Under the transitional provisions of SAB 118, we had a one-year measurement period to complete the accounting for the initial tax effects of the TCJA. As of December 22, 2018, our accounting is complete for the tax effects of the TCJA, including the following elements initially recorded on a provisional basis: • In 2018, we recognized a provisional benefit related to the revaluation of U.S. deferred tax assets and liabilities. During the second quarter of 2019, we revised the provisional benefit associated with the remeasurement of our net U.S. deferred tax liability. As a result, we recognized a $4 million tax expense, which decreased the $1.15 billion provisional benefit recorded in 2018. • We previously recognized an immaterial provisional benefit from foreign tax credits exceeding the one-time transition tax on previously deferred foreign earnings. No adjustments were made to the provisional estimate recorded in 2018. • We have determined to record the taxes for the global intangible low-taxed income (GILTI) as a period cost. In 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board issued a new accounting standard that supersedes virtually all existing revenue recognition guidance under generally accepted accounting principles in the United States. 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 adopted this standard as of June 1, 2018 (fiscal 2019) using the modified retrospective method of adoption as permitted by the standard. The new guidance did not have an impact on our revenue recognition policies, practices or systems; therefore, there was no cumulative-effect adjustment to retained earnings as of June 1, 2018. In March 2017, the FASB issued an Accounting Standards Update (ASU 2017-07) 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 impacts our operating income but has no impact on our net income or earnings per share. We adopted this standard effective June 1, 2018 (fiscal 2019) and applied these changes retrospectively. As such, prior year financial results are recast to conform to these new rules upon adoption. The following table presents our results under our historical method of accounting and as adjusted to reflect our adoption of ASU 2017-07 (in millions): Three Months Ended February 28, 2018 Nine Months Ended February 28, 2018 Reported Effect of Adoption of ASU 2017-07 As Adjusted Reported Effect of Adoption of ASU 2017-07 As Adjusted Revenue $ 16,526 $ — $ 16,526 $ 48,136 $ — $ 48,136 Operating Income 1,001 (143 ) 858 3,380 (436 ) 2,944 Other Income (Expense), net (127 ) 143 16 (385 ) 436 51 Net Income 2,074 — 2,074 3,445 — 3,445 In August 2018, the SEC published Release No. 33-10532, Disclosure Update and Simplification (“DUSTR”), which adopted amendments to certain disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other SEC disclosure requirements, GAAP, or changes in the information environment. While most of the DUSTR amendments eliminate outdated or duplicative disclosure requirements, the final rule amends the interim financial statement requirements to include a reconciliation of changes in common stockholders’ investment in the notes or as a separate statement for each period for which a statement of comprehensive income is required to be filed. The new interim reconciliation of changes in common stockholders’ investment is included herein as a separate statement. New Accounting Standards and Accounting Standards Not Yet Adopted In 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 our balance sheet of approximately $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 our lease portfolio as of the adoption date. We are currently 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 June 1, 2019 (fiscal 2020). In February 2018, the FASB issued an Accounting Standards Update (ASU 2018-02) that will permit companies to reclassify the income tax effect of the TCJA on items within accumulated other comprehensive income (loss) (“AOCI”) to retained earnings. These changes will be effective June 1, 2019 (fiscal 2020). We are continuing to assess the impact of this new standard on our consolidated financial statements and related disclosures. In August 2018, the FASB issued an Accounting Standards Update (ASU 2018-14) that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We expect this new guidance will have minimal impact on our financial reporting. These changes will be effective June 1, 2020 (fiscal 2021) and will be applied retrospectively. We plan to early adopt these new rules in the fourth quarter of 2019. In August 2018, the FASB issued an Accounting Standards Update (ASU 2018-15) that reduces the complexity for accounting for costs of implementing a cloud computing service arrangement and aligns the accounting for capitalizing implementation costs of hosting arrangements, regardless of whether they convey a license to the hosted software. These changes will be effective June 1, 2020 (fiscal 2021). We are assessing the impact of this new standard on our consolidated financial statements and related disclosures.
Treasury Shares	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 third quarter of 2019, we repurchased 0.6 million shares of FedEx common stock at an average price of $168.43 per share for a total of $93 million. During the nine months of 2019, we repurchased 6.0 million shares of FedEx common stock at an average price of $227.42 per share for a total of $1.4 billion. As of February 28, 2019, 5.7 million shares remained under the current share repurchase authorization.
Dividends Declared Per Common Share	DIVIDENDS DECLARED PER COMMON SHARE. On February 15, 2019, our Board of Directors declared a quarterly dividend of $0.65 per share of common stock. The dividend will be paid on April 1, 2019 to stockholders of record as of the close of business on March 11, 2019. 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.

General (Tables)

General (Tables)	9 Months Ended
	Feb. 28, 2019
Accounting Policies [Abstract]
Schedule of Revenue by Service Type	The following table provides revenue by service type (dollars in millions) for the periods ended February 28. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Nine Months Ended 2019 2018 2019 2018 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 1,844 $ 1,836 $ 5,678 $ 5,373 U.S. overnight envelope 433 435 1,345 1,317 U.S. deferred 1,119 996 3,131 2,796 Total U.S. domestic package revenue 3,396 3,267 10,154 9,486 International priority 1,738 1,841 5,508 5,469 International economy 806 793 2,541 2,378 Total international export package revenue 2,544 2,634 8,049 7,847 International domestic (1) 1,078 1,140 3,412 3,424 Total package revenue 7,018 7,041 21,615 20,757 Freight: U.S. 772 739 2,294 2,040 International priority 477 532 1,574 1,527 International economy 495 492 1,568 1,354 International airfreight 76 93 244 276 Total freight revenue 1,820 1,856 5,680 5,197 Other 167 201 536 620 Total FedEx Express segment 9,005 9,098 27,831 26,574 FedEx Ground segment 5,261 4,828 15,202 13,598 FedEx Freight segment 1,750 1,613 5,627 4,950 FedEx Services segment 402 397 1,248 1,213 Other and eliminations (2) 592 590 1,978 1,801 $ 17,010 $ 16,526 $ 51,886 $ 48,136 (1) International domestic revenues relate to our intra-country operations. (2) Includes the FedEx Logistics, Inc. (“FedEx Logistics” (formerly FedEx Trade Networks, Inc.)) operating segment.
Schedule of Recently Adopted Accounting Standards	The following table presents our results under our historical method of accounting and as adjusted to reflect our adoption of ASU 2017-07 (in millions): Three Months Ended February 28, 2018 Nine Months Ended February 28, 2018 Reported Effect of Adoption of ASU 2017-07 As Adjusted Reported Effect of Adoption of ASU 2017-07 As Adjusted Revenue $ 16,526 $ — $ 16,526 $ 48,136 $ — $ 48,136 Operating Income 1,001 (143 ) 858 3,380 (436 ) 2,944 Other Income (Expense), net (127 ) 143 16 (385 ) 436 51 Net Income 2,074 — 2,074 3,445 — 3,445

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Feb. 28, 2019
Accumulated Other Comprehensive Income Loss Tables [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table provides changes in AOCI, net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended February 28 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Foreign currency translation loss: Balance at beginning of period $ (952 ) $ (666 ) $ (759 ) $ (685 ) Translation adjustments 103 100 (90 ) 119 Balance at end of period (849 ) (566 ) (849 ) (566 ) Retirement plans adjustments: Balance at beginning of period 135 232 181 270 Reclassifications from AOCI (23 ) (23 ) (69 ) (61 ) Balance at end of period 112 209 112 209 Accumulated other comprehensive (loss) at end of period $ (737 ) $ (357 ) $ (737 ) $ (357 )
Reclassification Out of Accumulated Other Comprehensive Loss	The following table presents details of the reclassifications from AOCI for the periods ended February 28 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Nine Months Ended 2019 2018 2019 2018 Amortization of retirement plans prior service credits, before tax $ 30 $ 30 $ 90 $ 90 Salaries and employee benefits Income tax benefit (7 ) (7 ) (21 ) (29 ) Provision for income taxes AOCI reclassifications, net of tax $ 23 $ 23 $ 69 $ 61 Net income

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	9 Months Ended
	Feb. 28, 2019
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 February 28 was as follows (in millions, except per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Basic earnings per common share: Net earnings allocable to common shares (1) $ 738 $ 2,071 $ 2,506 $ 3,441 Weighted-average common shares 261 268 262 268 Basic earnings per common share $ 2.83 $ 7.74 $ 9.55 $ 12.85 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 738 $ 2,071 $ 2,506 $ 3,441 Weighted-average common shares 261 268 262 268 Dilutive effect of share-based awards 2 5 4 4 Weighted-average diluted shares 263 273 266 272 Diluted earnings per common share $ 2.80 $ 7.59 $ 9.41 $ 12.63 Anti-dilutive options excluded from diluted earnings per common share 7.2 1.9 5.0 2.6 (1)

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Summary of Reconciliation of Effective Tax Rates	The following table provides a reconciliation of the 2018 effective tax rates to the 2019 effective tax rates, including the impacts of the TCJA, for the periods ended February 28: Three Months Ended Nine Months Ended 2018 Effective Tax Rate (a) (137.3 )% (15.0 )% Remeasurement of net U.S. deferred tax liability in 2018 131.5 38.5 Effect of February 2018 pension contribution (b) 23.3 6.8 Lower statutory tax rate on first-half 2018 earnings (35% to 29.2%) (c) 12.5 — Reduction of valuation allowance on tax loss carryforwards in 2019 (10.3 ) (3.0 ) Lower statutory tax rate on 2019 earnings (29.2% to 21%) (c) (7.6 ) (7.6 ) Remeasurement of net Dutch deferred tax asset in 2019 5.3 1.5 Transition tax provisional benefit in 2018 4.1 1.2 Foreign tax credits on foreign dividends in 2018 1.2 2.9 Accelerated deductions claimed in 2019 on the 2018 U.S. income tax return — (1.8 ) Other, net (d) (2.1 ) (1.7 ) 2019 Effective Tax Rate (a) 20.6 % 21.8 % (a) 2018 includes a blended U.S. statutory federal income tax rate of 29.2% while 2019 includes the fully phased-in rate of 21%. (b) The benefit is from the pension contribution deducted on our 2017 tax return at a tax rate of 35%. (c) Due to our May 31 fiscal year-end, the TCJA’s lower U.S. statutory federal income tax rate that went into effect on December 22, 2017 was phased in resulting in a rate of 29.2% for 2018 and a rate of 21% for subsequent years. (d) The 2018 tax rates were negatively impacted by the effect of the NotPetya cyberattack, costs incurred in connection with the integration of foreign operations of FedEx Express and TNT Express B.V. (“TNT Express”), changes in uncertain tax positions and tax rate impacts on changes in deferred tax items after the TCJA enactment, and were favorably impacted from tax benefits from share-based payments.

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Feb. 28, 2019
Retirement Plan Tables [Abstract]
Schedule of Retirement Plan Costs	Our retirement plans costs for the periods ended February 28 were as follows (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Defined benefit pension plans, net $ 28 $ 39 $ 85 $ 113 Defined contribution plans 138 135 415 386 Postretirement healthcare plans 19 19 56 56 $ 185 $ 193 $ 556 $ 555
Schedule of Net Periodic Benefit Cost	Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended February 28 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2019 2018 2019 2018 2019 2018 Service cost $ 173 $ 169 $ 23 $ 23 $ 9 $ 9 Other retirement plans (income) expense: Interest cost 237 279 13 12 10 10 Expected return on plan assets (376 ) (406 ) (12 ) (10 ) — — Amortization of prior service credit and other (30 ) (29 ) — 1 — — (169 ) (156 ) 1 3 10 10 $ 4 $ 13 $ 24 $ 26 $ 19 $ 19 Nine Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2019 2018 2019 2018 2019 2018 Service cost $ 517 $ 509 $ 72 $ 69 $ 26 $ 27 Other retirement plans (income) expense: Interest cost 713 836 38 37 30 29 Expected return on plan assets (1,129 ) (1,218 ) (36 ) (32 ) — — Amortization of prior service credit and other (89 ) (88 ) (1 ) — — — (505 ) (470 ) 1 5 30 29 $ 12 $ 39 $ 73 $ 74 $ 56 $ 56
Schedule of Tax Qualified Pension Plans Contributions	Contributions to our U.S. Pension Plans for the nine-month periods ended February 28 were as follows (in millions): 2019 2018 Required $ — $ 22 Voluntary 1,000 2,478 $ 1,000 $ 2,500

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Feb. 28, 2019
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Schedule of Segment Information	The following table provides a reconciliation of reportable segment revenues and operating income (loss) to our unaudited condensed consolidated financial statement totals for the periods ended February 28 (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Revenues: FedEx Express segment $ 9,005 $ 9,098 $ 27,831 $ 26,574 FedEx Ground segment 5,261 4,828 15,202 13,598 FedEx Freight segment 1,750 1,613 5,627 4,950 FedEx Services segment 402 397 1,248 1,213 Other and eliminations 592 590 1,978 1,801 $ 17,010 $ 16,526 $ 51,886 $ 48,136 Operating income (loss): FedEx Express segment $ 370 $ 317 $ 1,357 $ 1,238 FedEx Ground segment 577 614 1,830 1,716 FedEx Freight segment 97 49 421 322 Corporate, other and eliminations (133 ) (122 ) (458 ) (332 ) $ 911 $ 858 $ 3,150 $ 2,944

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Feb. 28, 2019
Commitments Tables [Abstract]
Schedule of Purchase Commitments	As of February 28, 2019, our purchase commitments under various contracts for the remainder of 2019 and annually thereafter were as follows (in millions): Aircraft and Related Other (1) Total 2019 (remainder) $ 421 $ 296 $ 717 2020 1,998 833 2,831 2021 2,276 597 2,873 2022 1,874 433 2,307 2023 1,586 275 1,861 Thereafter 3,079 535 3,614 Total $ 11,234 $ 2,969 $ 14,203 (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 February 28, 2019 with the year of expected delivery: Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2019 (remainder) - - 4 1 5 2020 - - 17 5 22 2021 12 5 18 2 37 2022 12 6 12 3 33 2023 12 6 6 4 28 Thereafter 14 13 - 6 33 Total 50 30 57 21 158
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 February 28, 2019 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases 2019 (remainder) $ 26 $ 571 $ 597 2020 261 2,083 2,344 2021 203 1,923 2,126 2022 185 1,728 1,913 2023 127 1,555 1,682 Thereafter 48 8,926 8,974 Total $ 850 $ 16,786 $ 17,636

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Feb. 28, 2019
Supplemental Cash Flow Tables [Abstract]
Supplemental Cash Flow	Cash paid for interest expense and income taxes for the nine-month periods ended February 28 was as follows (in millions): 2019 2018 Cash payments for: Interest (net of capitalized interest) $ 498 $ 430 Income taxes $ 346 $ 707 Income tax refunds received (34 ) (59 ) Cash tax payments, net $ 312 $ 648

Condensed Consolidating Finan_2

Condensed Consolidating Financial Statements (Tables)	9 Months Ended
	Feb. 28, 2019
Condensed Consolidating Financial Statements Tables [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) February 28, 2019 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,413 $ 204 $ 1,296 $ (41 ) $ 2,872 Receivables, less allowances 45 5,474 3,600 (82 ) 9,037 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 313 979 299 — 1,591 Total current assets 1,771 6,657 5,195 (123 ) 13,500 PROPERTY AND EQUIPMENT, AT COST 23 53,997 4,144 — 58,164 Less accumulated depreciation and amortization 17 26,384 1,995 — 28,396 Net property and equipment 6 27,613 2,149 — 29,768 INTERCOMPANY RECEIVABLE 661 2,157 — (2,818 ) — GOODWILL — 1,598 5,318 — 6,916 INVESTMENT IN SUBSIDIARIES 35,803 4,904 — (40,707 ) — OTHER ASSETS 891 1,670 1,857 (138 ) 4,280 $ 39,132 $ 44,599 $ 14,519 $ (43,786 ) $ 54,464 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Short-term borrowings $ 225 $ — $ — $ — $ 225 Current portion of long-term debt 966 2 5 — 973 Accrued salaries and employee benefits 52 1,149 458 — 1,659 Accounts payable 188 1,430 1,656 (118 ) 3,156 Accrued expenses 510 1,848 890 (5 ) 3,243 Total current liabilities 1,941 4,429 3,009 (123 ) 9,256 LONG-TERM DEBT, LESS CURRENT PORTION 16,921 287 10 — 17,218 INTERCOMPANY PAYABLE — — 2,818 (2,818 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 3,252 97 (138 ) 3,211 Other liabilities 376 3,502 1,007 — 4,885 Total other long-term liabilities 376 6,754 1,104 (138 ) 8,096 COMMON STOCKHOLDERS’ INVESTMENT 19,894 33,129 7,578 (40,707 ) 19,894 $ 39,132 $ 44,599 $ 14,519 $ (43,786 ) $ 54,464 CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2018 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,485 $ 257 $ 1,538 $ (15 ) $ 3,265 Receivables, less allowances 3 4,970 3,586 (78 ) 8,481 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 425 878 292 — 1,595 Total current assets 1,913 6,105 5,416 (93 ) 13,341 PROPERTY AND EQUIPMENT, AT COST 21 51,232 3,868 — 55,121 Less accumulated depreciation and amortization 17 25,111 1,839 — 26,967 Net property and equipment 4 26,121 2,029 — 28,154 INTERCOMPANY RECEIVABLE 1,487 924 — (2,411 ) — GOODWILL — 1,709 5,264 — 6,973 INVESTMENT IN SUBSIDIARIES 33,370 4,082 — (37,452 ) — OTHER ASSETS 75 1,854 1,829 104 3,862 $ 36,849 $ 40,795 $ 14,538 $ (39,852 ) $ 52,330 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ 1,332 $ 1 $ 9 $ — $ 1,342 Accrued salaries and employee benefits 65 1,506 606 — 2,177 Accounts payable 16 1,332 1,719 (90 ) 2,977 Accrued expenses 460 1,778 896 (3 ) 3,131 Total current liabilities 1,873 4,617 3,230 (93 ) 9,627 LONG-TERM DEBT, LESS CURRENT PORTION 14,942 288 13 — 15,243 INTERCOMPANY PAYABLE — — 2,411 (2,411 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 2,626 137 104 2,867 Other liabilities 619 3,432 1,126 — 5,177 Total other long-term liabilities 619 6,058 1,263 104 8,044 COMMON STOCKHOLDERS’ INVESTMENT 19,415 29,832 7,621 (37,452 ) 19,416 $ 36,849 $ 40,795 $ 14,538 $ (39,852 ) $ 52,330
Condensed Consolidating Statements of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,443 $ 4,667 $ (100 ) $ 17,010 OPERATING EXPENSES: Salaries and employee benefits 28 4,720 1,321 — 6,069 Purchased transportation — 2,749 1,547 (43 ) 4,253 Rentals and landing fees 1 677 197 (1 ) 874 Depreciation and amortization — 731 120 — 851 Fuel — 838 69 — 907 Maintenance and repairs — 573 87 (2 ) 658 Business realignment costs 4 — — — 4 Intercompany charges, net (93 ) (397 ) 490 — — Other 60 1,771 698 (46 ) 2,483 — 11,662 4,529 (92 ) 16,099 OPERATING INCOME — 781 138 (8 ) 911 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 739 16 — (755 ) — Interest, net (109 ) (54 ) 28 — (135 ) Other retirement plans income — 155 3 — 158 Intercompany charges, net 149 (89 ) (60 ) — — Other, net (40 ) 71 (42 ) 8 (3 ) INCOME BEFORE INCOME TAXES 739 880 67 (755 ) 931 Provision for income taxes — 147 45 — 192 NET INCOME $ 739 $ 733 $ 22 $ (755 ) $ 739 COMPREHENSIVE INCOME $ 713 $ 732 $ 129 $ (755 ) $ 819 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended February 28, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,433 $ 4,229 $ (136 ) $ 16,526 OPERATING EXPENSES: Salaries and employee benefits 39 4,764 1,321 — 6,124 Purchased transportation — 2,459 1,560 (84 ) 3,935 Rentals and landing fees 2 684 189 (2 ) 873 Depreciation and amortization 1 670 115 — 786 Fuel — 837 77 — 914 Maintenance and repairs 1 543 84 — 628 Intercompany charges, net (114 ) 185 (71 ) — — Other 71 1,596 791 (50 ) 2,408 — 11,738 4,066 (136 ) 15,668 OPERATING INCOME — 695 163 — 858 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,074 2 — (2,076 ) — Interest, net (137 ) 11 1 — (125 ) Other retirement plans income — 141 2 — 143 Intercompany charges, net 140 (78 ) (62 ) — — Other, net (3 ) 104 (103 ) — (2 ) INCOME BEFORE INCOME TAXES 2,074 875 1 (2,076 ) 874 Provision for income taxes — (1,197 ) (3 ) — (1,200 ) NET INCOME $ 2,074 $ 2,072 $ 4 $ (2,076 ) $ 2,074 COMPREHENSIVE INCOME $ 2,051 $ 2,069 $ 107 $ (2,076 ) $ 2,151 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Nine Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 37,685 $ 14,503 $ (302 ) $ 51,886 OPERATING EXPENSES: Salaries and employee benefits 110 14,300 4,179 — 18,589 Purchased transportation — 7,780 4,912 (126 ) 12,566 Rentals and landing fees 4 1,948 585 (4 ) 2,533 Depreciation and amortization 1 2,133 353 — 2,487 Fuel — 2,708 237 — 2,945 Maintenance and repairs 1 1,874 271 (2 ) 2,144 Business realignment costs 4 — — — 4 Intercompany charges, net (357 ) (772 ) 1,129 — — Other 238 4,991 2,410 (171 ) 7,468 1 34,962 14,076 (303 ) 48,736 OPERATING INCOME (1 ) 2,723 427 1 3,150 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,509 145 — (2,654 ) — Interest, net (439 ) 44 2 — (393 ) Other retirement plans income — 466 8 — 474 Intercompany charges, net 454 (335 ) (119 ) — — Other, net (14 ) 18 (26 ) — (22 ) INCOME BEFORE INCOME TAXES 2,509 3,061 292 (2,653 ) 3,209 Provision for income taxes — 579 121 — 700 NET INCOME $ 2,509 $ 2,482 $ 171 $ (2,653 ) $ 2,509 COMPREHENSIVE INCOME $ 2,443 $ 2,514 $ 46 $ (2,653 ) $ 2,350 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Nine Months Ended February 28, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 36,044 $ 12,445 $ (353 ) $ 48,136 OPERATING EXPENSES: Salaries and employee benefits 112 13,713 3,852 — 17,677 Purchased transportation — 6,836 4,600 (216 ) 11,220 Rentals and landing fees 4 1,951 577 (6 ) 2,526 Depreciation and amortization 1 1,958 334 — 2,293 Fuel — 2,220 215 — 2,435 Maintenance and repairs 1 1,729 238 — 1,968 Intercompany charges, net (325 ) 298 27 — — Other 207 4,664 2,333 (131 ) 7,073 — 33,369 12,176 (353 ) 45,192 OPERATING INCOME — 2,675 269 — 2,944 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 3,445 39 — (3,484 ) — Interest, net (396 ) 35 (2 ) — (363 ) Other retirement plans income — 424 12 — 436 Intercompany charges, net 403 (220 ) (183 ) — — Other, net (7 ) 88 (103 ) — (22 ) INCOME BEFORE INCOME TAXES 3,445 3,041 (7 ) (3,484 ) 2,995 Provision for income taxes — (573 ) 123 — (450 ) NET INCOME $ 3,445 $ 3,614 $ (130 ) $ (3,484 ) $ 3,445 COMPREHENSIVE INCOME $ 3,385 $ 3,605 $ (3 ) $ (3,484 ) $ 3,503
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (109 ) $ 3,136 $ 322 $ (26 ) $ 3,323 INVESTING ACTIVITIES Capital expenditures (3 ) (3,359 ) (395 ) — (3,757 ) Proceeds from asset dispositions and other (45 ) 86 21 — 62 CASH USED IN INVESTING ACTIVITIES (48 ) (3,273 ) (374 ) — (3,695 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 220 — — — 220 Net transfers from (to) Parent 2 (31 ) 29 — — Payment on loan between subsidiaries (29 ) — 29 — — Intercompany dividends — 114 (114 ) — — Proceeds from debt issuances 2,463 — — — 2,463 Principal payments on debt (750 ) (117 ) (7 ) — (874 ) Proceeds from stock issuances 58 — — — 58 Dividends paid (514 ) — — — (514 ) Purchase of treasury stock (1,365 ) — — — (1,365 ) Other, net — 127 (122 ) — 5 CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 85 93 (185 ) — (7 ) Effect of exchange rate changes on cash — (9 ) (5 ) — (14 ) Net (decrease) increase in cash and cash equivalents (72 ) (53 ) (242 ) (26 ) (393 ) Cash and cash equivalents at beginning of period 1,485 257 1,538 (15 ) 3,265 Cash and cash equivalents at end of period $ 1,413 $ 204 $ 1,296 $ (41 ) $ 2,872 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended February 28, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (3,537 ) $ 4,664 $ 25 $ 10 $ 1,162 INVESTING ACTIVITIES Capital expenditures — (3,746 ) (248 ) — (3,994 ) Business acquisitions, net of cash acquired — (44 ) — — (44 ) Proceeds from asset dispositions and other (5 ) 23 3 — 21 CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (5 ) (3,767 ) (245 ) — (4,017 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 797 — — — 797 Net transfers from (to) Parent 807 (895 ) 88 — — Payment on loan between subsidiaries 210 — (210 ) — — Proceeds from debt issuances 1,481 — — — 1,481 Principal payments on debt — (17 ) (14 ) — (31 ) Proceeds from stock issuances 284 — — — 284 Dividends paid (402 ) — — — (402 ) Purchase of treasury stock (558 ) — — — (558 ) Other, net 2 4 — — 6 CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 2,621 (908 ) (136 ) — 1,577 Effect of exchange rate changes on cash (6 ) 61 43 — 98 Net (decrease) increase in cash and cash equivalents (927 ) 50 (313 ) 10 (1,180 ) Cash and cash equivalents at beginning of period 1,884 325 1,807 (47 ) 3,969 Cash and cash equivalents at end of period $ 957 $ 375 $ 1,494 $ (37 ) $ 2,789

General - Additional Informatio

General - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	May 31, 2018	Feb. 28, 2019	Nov. 30, 2018	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018	Jan. 26, 2016
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Gross contract assets related to in-transit packages	$ 542	$ 526			$ 526
Contract assets net of deferred unearned revenue	363	353			353
Contract liabilities related to advance payments from customers	13	9			$ 9
Payment terms of customer contracts					Under the typical payment terms of our customer contracts, the customer pays at periodic intervals (e.g., every 15 days, 30 days, 45 days, etc.) for shipments included on invoices received. It is not customary business practice to extend payment terms past 90 days, and as such, we do not have a practice of including a significant financing component within our revenue contracts with customers.
Stock-based compensation		33		$ 32	$ 141	$ 135
Business realignment costs		$ 4		$ 0	$ 4	$ 0
Diluted		$ 2.80		$ 7.59	$ 9.41	$ 12.63
Provisional benefit related to remeasurement of net U.S. deferred tax liability, income tax expense amount recognized		$ 4	$ 4
Provisional benefit related to remeasurement of net U.S. deferred tax liability	$ (1,150)				$ (1,150)
Lease liability and related right-of-use asset		$ 13,000			$ 13,000
Stock Repurchase Program Number Of Shares Authorized To Be Repurchased							25,000,000
Number of Shares Repurchased		600,000		1,200,000	6,000,000	2,400,000
Treasury Stock Acquired, Average Cost Per Share		$ 168.43			$ 227.42
Payments for Repurchase of Common Stock		$ 93			$ 1,365	$ 558
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		5,700,000			5,700,000
Dividends Payable, Date Declared					Feb. 15, 2019
Dividends Payable Amount Per Share		$ 0.65			$ 0.65
Dividends Payable, Date To Be Paid					Apr. 1, 2019
Dividends Payable, Date Of Record					Mar. 11, 2019
Business Realignment Activities [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business realignment costs		$ 4
Business realignment costs, net of tax		$ 3
Diluted		$ 0.01

General - Schedule of Revenue b

General - Schedule of Revenue by Service Type (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		$ 17,010	$ 16,526	$ 51,886	$ 48,136
Operating Segments | FedEx Express Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		9,005	9,098	27,831	26,574
Operating Segments | FedEx Express Segment [Member] | U.S. overnight box [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,844	1,836	5,678	5,373
Operating Segments | FedEx Express Segment [Member] | U.S. overnight envelope [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		433	435	1,345	1,317
Operating Segments | FedEx Express Segment [Member] | U.S. deferred [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,119	996	3,131	2,796
Operating Segments | FedEx Express Segment [Member] | Total U.S. domestic package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		3,396	3,267	10,154	9,486
Operating Segments | FedEx Express Segment [Member] | International priority [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,738	1,841	5,508	5,469
Operating Segments | FedEx Express Segment [Member] | International economy [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		806	793	2,541	2,378
Operating Segments | FedEx Express Segment [Member] | Total international export package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		2,544	2,634	8,049	7,847
Operating Segments | FedEx Express Segment [Member] | International domestic [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[1]	1,078	1,140	3,412	3,424
Operating Segments | FedEx Express Segment [Member] | Total package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		7,018	7,041	21,615	20,757
Operating Segments | FedEx Express Segment [Member] | U.S. freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		772	739	2,294	2,040
Operating Segments | FedEx Express Segment [Member] | International priority freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		477	532	1,574	1,527
Operating Segments | FedEx Express Segment [Member] | International Economy Freight
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		495	492	1,568	1,354
Operating Segments | FedEx Express Segment [Member] | International Airfreight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		76	93	244	276
Operating Segments | FedEx Express Segment [Member] | Total freight revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,820	1,856	5,680	5,197
Operating Segments | FedEx Express Segment [Member] | Other [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		167	201	536	620
Operating Segments | FedEx Ground Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		5,261	4,828	15,202	13,598
Operating Segments | FedEx Freight Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,750	1,613	5,627	4,950
Operating Segments | FedEx Services Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		402	397	1,248	1,213
Other and eliminations [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[2]	$ 592	$ 590	$ 1,978	$ 1,801
[1]	International domestic revenues relate to our intra-country operations.
[2]	Includes the FedEx Logistics, Inc. (“FedEx Logistics” (formerly FedEx Trade Networks, Inc.)) operating segment.

General - Schedule of Recently

General - Schedule of Recently Adopted Accounting Standards (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Revenues	$ 17,010	$ 16,526	$ 51,886	$ 48,136
Operating Income	911	858	3,150	2,944
Other Income (Expense), net	20	16	59	51
NET INCOME	$ 739	2,074	$ 2,509	3,445
Effect of Adoption of ASU 2017-07 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating Income		(143)		(436)
Other Income (Expense), net		143		436
Reported [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Revenues		16,526		48,136
Operating Income		1,001		3,380
Other Income (Expense), net		(127)		(385)
NET INCOME		$ 2,074		$ 3,445

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance			$ 19,416
Translation adjustments	$ 103	$ 100	(90)	$ 119
Ending Balance	19,894	18,894	19,894	18,894
Foreign Currency Translation Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(952)	(666)	(759)	(685)
Translation adjustments	103	100	(90)	119
Ending Balance	(849)	(566)	(849)	(566)
Retirement Plans Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	135	232	181	270
Reclassifications from AOCI	(23)	(23)	(69)	(61)
Ending Balance	112	209	112	209
Accumulated Other Comprehensive (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(817)	(434)	(578)	(415)
Ending Balance	$ (737)	$ (357)	$ (737)	$ (357)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Loss (Details) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	$ 30	$ 30	$ 90	$ 90
Provision for income taxes	(7)	(7)	(21)	(29)
Net income	$ 23	$ 23	$ 69	$ 61

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details) € in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019USD ($)	Nov. 30, 2018USD ($)	Feb. 28, 2019USD ($)	Feb. 28, 2019EUR (€)	May 31, 2018USD ($)
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%	350.00%
Financial Covenant Compliance Ratio	220.00%		220.00%	220.00%
Commercial paper outstanding	$ 225,000,000		$ 225,000,000
Letters Of Credit Outstanding	53,000,000		53,000,000
Long Term Debt, Including Current Maturities and Exclusive of Capital Leases Carrying Value	18,100,000,000		18,100,000,000		$ 16,500,000,000
Long Term Debt, Including Current Maturities and Exclusive of Capital Leases Fair Value	$ 17,800,000,000		$ 17,800,000,000		$ 16,600,000,000
Long-term debt weighted-average interest rate	3.40%		3.40%	3.40%
Maximum [Member]
Line Of Credit Facility [Line Items]
Commercial paper outstanding	$ 750,000,000		$ 750,000,000
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Line of Credit Facility, Term	5 years
Line Of Credit Facility Maximum Borrowing Capacity	$ 2,000,000,000		2,000,000,000
Line of credit facility outstanding for future borrowings	1,722,000,000		1,722,000,000
Senior Unsecured Debt [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount	$ 1,200,000,000	$ 1,250,000,000	$ 1,200,000,000
Debt instrument, frequency of interest payment			semi-annually
0.7% Fixed-Rate Notes Due in May 2022 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount | €				€ 640
Fixed interest rate	0.70%		0.70%	0.70%
Debt instrument, maturity date	May 13, 2022
3.4% Fixed-Rate Notes Due in January 2022 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount	$ 500,000,000		$ 500,000,000
Fixed interest rate	3.40%		3.40%	3.40%
Debt instrument, maturity date	Jan. 14, 2022
Floating Rate Notes Due April 11, 2019 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount | €				€ 500
Debt instrument, maturity date	Apr. 11, 2019
4.20% Fixed-rate Notes Due in October 2028 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount		$ 400,000,000
Fixed interest rate		4.20%
Debt instrument, maturity date		Oct. 17, 2028
4.95% Fixed-rate Notes Due in October 2048 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount		$ 850,000,000
Fixed interest rate		4.95%
Debt instrument, maturity date		Oct. 17, 2048
8.000% Notes Due January 15, 2019 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount		$ 750,000,000
Fixed interest rate		8.00%
Debt instrument, maturity date		Jan. 15, 2019

Computation of Earnings Per S_3

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		9 Months Ended
		Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Basic earnings per common share:
Net earnings allocable to common shares	[1]	$ 738	$ 2,071	$ 2,506	$ 3,441
Weighted-average common shares		261	268	262	268
Basic earnings per common share		$ 2.83	$ 7.74	$ 9.55	$ 12.85
Diluted earnings per common share:
Net earnings allocable to common shares	[1]	$ 738	$ 2,071	$ 2,506	$ 3,441
Weighted-average common shares		261	268	262	268
Dilutive effect of share-based awards		2	5	4	4
Weighted-average diluted shares		263	273	266	272
Diluted earnings per common share		$ 2.80	$ 7.59	$ 9.41	$ 12.63
Anti-dilutive options excluded from diluted earnings per common share		7.2	1.9	5	2.6
[1]	Net earnings available to participating securities were immaterial in all periods presented.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		May 31, 2018	Feb. 28, 2018	Feb. 28, 2019	Nov. 30, 2018	Feb. 28, 2018	Dec. 31, 2017	Feb. 28, 2019	Feb. 28, 2018	May 31, 2018	May 31, 2017
Income Taxes [Line Items]
Effective tax rate	[1]			20.60%		(137.30%)		21.80%	(15.00%)
Income tax benefit related to lower statutory Income tax rate on earnings				$ 60		$ 120		$ 230	$ 165
Income tax benefit from accelerated deductions to be claimed on 2018 tax return								60
Provisional benefit related to remeasurement of net U.S. deferred tax liability		$ (1,150)						(1,150)
Expense from the impact on deferred taxes attributable to a lower enacted tax rate				50
Provisional benefit related to foreign tax credits								36
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount								90
Recognition of benefit from TCJA										$ 225
Tax Cuts And Jobs Act Of 2017,Recognition of Benefit per diluted share										$ 0.94
Provisional benefit related to remeasurement of net U.S. deferred tax liability, income tax expense amount recognized				$ 4	$ 4
Effective income tax rate reconciliation, at federal statutory income tax rate, percent				21.00%			35.00%			29.20%	35.00%
U.S. Pension Plans [Member]
Income Taxes [Line Items]
Income tax benefit related to lower statutory Income tax rate on earnings			$ 204
Defined benefit plan contributions by employer			$ 1,500					$ 1,000	$ 2,500
[1]	2018 includes a blended U.S. statutory federal income tax rate of 29.2% while 2019 includes the fully phased-in rate of 21%.

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Effective Tax Rates (Details)		3 Months Ended		9 Months Ended
		Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Operating Loss Carryforwards [Line Items]
Effective tax rate	[1]	20.60%	(137.30%)	21.80%	(15.00%)
Remeasurement of net U.S. deferred tax liability in 2018		131.50%		38.50%
Effect of February 2018 pension contribution	[2]	23.30%		6.80%
Reduction of valuation allowance on tax loss carryforwards in 2019		(10.30%)		(3.00%)
Remeasurement of net Dutch deferred tax asset in 2019		5.30%		1.50%
Transition tax provisional benefit in 2018		4.10%		1.20%
Foreign tax credits on foreign dividends in 2018		1.20%		2.90%
Accelerated deductions claimed in 2019 on the 2018 U.S. income tax return				(1.80%)
Other, net	[3]	(2.10%)		(1.70%)
2018 [Member]
Operating Loss Carryforwards [Line Items]
Lower statutory tax rate	[4]	12.50%
2019 [Member]
Operating Loss Carryforwards [Line Items]
Lower statutory tax rate	[4]	(7.60%)		(7.60%)
[1]	2018 includes a blended U.S. statutory federal income tax rate of 29.2% while 2019 includes the fully phased-in rate of 21%.
[2]	The benefit is from the pension contribution deducted on our 2017 tax return at a tax rate of 35%.
[3]	The 2018 tax rates were negatively impacted by the effect of the NotPetya cyberattack, costs incurred in connection with the integration of foreign operations of FedEx Express and TNT Express B.V. (“TNT Express”), changes in uncertain tax positions and tax rate impacts on changes in deferred tax items after the TCJA enactment, and were favorably impacted from tax benefits from share-based payments
[4]	Due to our May 31 fiscal year-end, the TCJA’s lower U.S. statutory federal income tax rate that went into effect on December 22, 2017 was phased in resulting in a rate of 29.2% for 2018 and a rate of 21% for subsequent years

Income Taxes - Summary of Rec_2

Income Taxes - Summary of Reconciliation Tax Rates (Parenthetical) (Details)	3 Months Ended	7 Months Ended	12 Months Ended
	Feb. 28, 2019	Dec. 31, 2017	May 31, 2018	May 31, 2017
Income Taxes [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%	35.00%	29.20%	35.00%
2018 [Member]
Income Taxes [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent			29.20%
2019 [Member]
Income Taxes [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%

Retirement Plans - Schedule of

Retirement Plans - Schedule of Retirement Plan Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Pension And Other Postretirement Benefit Expense [Abstract]
Defined benefit pension plans, net	$ 28	$ 39	$ 85	$ 113
Defined contribution plans	138	135	415	386
Postretirement healthcare plans	19	19	56	56
Retirement plans costs	$ 185	$ 193	$ 556	$ 555

Retirement Plans - Schedule o_2

Retirement Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Pension Plans [Member] | U.S. Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	$ 173	$ 169	$ 517	$ 509
Other retirement plans (income) expense:
Interest cost	237	279	713	836
Expected return on plan assets	(376)	(406)	(1,129)	(1,218)
Amortization of prior service credit and other	(30)	(29)	(89)	(88)
Other retirement plans (income) expense	(169)	(156)	(505)	(470)
Total net periodic benefit cost	4	13	12	39
Pension Plans [Member] | International Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	23	23	72	69
Other retirement plans (income) expense:
Interest cost	13	12	38	37
Expected return on plan assets	(12)	(10)	(36)	(32)
Amortization of prior service credit and other		1	(1)
Other retirement plans (income) expense	1	3	1	5
Total net periodic benefit cost	24	26	73	74
Postretirement Healthcare Plans [Member]
Net Periodic Benefit Cost
Service cost	9	9	26	27
Other retirement plans (income) expense:
Interest cost	10	10	30	29
Other retirement plans (income) expense	10	10	30	29
Total net periodic benefit cost	$ 19	$ 19	$ 56	$ 56

Retirement Plans - Schedule o_3

Retirement Plans - Schedule of Pension Plans Contributions (Details) - U.S. Pension Plans [Member] - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer	$ 1,500	$ 1,000	$ 2,500
Required Contribution [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer			22
Voluntary Contribution [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer		$ 1,000	$ 2,478

Business Segment Information -

Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Segment Reporting Information [Line Items]
Revenues	$ 17,010	$ 16,526	$ 51,886	$ 48,136
Operating income (loss)	911	858	3,150	2,944
FedEx Express Segment [Member]
Segment Reporting Information [Line Items]
Revenues	9,005	9,098	27,831	26,574
Operating income (loss)	370	317	1,357	1,238
FedEx Ground Segment [Member]
Segment Reporting Information [Line Items]
Revenues	5,261	4,828	15,202	13,598
Operating income (loss)	577	614	1,830	1,716
FedEx Freight Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,750	1,613	5,627	4,950
Operating income (loss)	97	49	421	322
FedEx Services Segment [Member]
Segment Reporting Information [Line Items]
Revenues	402	397	1,248	1,213
Corporate, Other and Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	592	590	1,978	1,801
Operating income (loss)	$ (133)	$ (122)	$ (458)	$ (332)

Commitments - Schedule of Purch

Commitments - Schedule of Purchase Commitments (Details) $ in Millions	Feb. 28, 2019USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2019 (remainder)	$ 717
2020	2,831
2021	2,873
2022	2,307
2023	1,861
Thereafter	3,614
Total	14,203
Aircraft And Related Equipment Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2019 (remainder)	421
2020	1,998
2021	2,276
2022	1,874
2023	1,586
Thereafter	3,079
Total	11,234
Other Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2019 (remainder)	296	[1]
2020	833	[1]
2021	597	[1]
2022	433	[1]
2023	275	[1]
Thereafter	535	[1]
Total	$ 2,969	[1]
[1]	Primarily equipment and advertising contracts.

Commitments - Additional Inform

Commitments - Additional Information (Details) $ in Millions	9 Months Ended
	Feb. 28, 2019USD ($)air-craft
Other Aircraft Commitments Disclosure [Abstract]
Deposit and Progress Payments | $	$ 965
B767F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Conditional Aircraft Commitments	5
B777F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Conditional Aircraft Commitments	6

Commitments - Schedule of Aircr

Commitments - Schedule of Aircraft Purchase Commitments (Details)	9 Months Ended
	Feb. 28, 2019air-craft
Schedule of Aircraft Commitments [Line Items]
2019 (remainder)	5
2020	22
2021	37
2022	33
2023	28
Thereafter	33
Total	158
Cessna SkyCourier 408 [Member]
Schedule of Aircraft Commitments [Line Items]
2021	12
2022	12
2023	12
Thereafter	14
Total	50
ATR 72-600F [Member]
Schedule of Aircraft Commitments [Line Items]
2021	5
2022	6
2023	6
Thereafter	13
Total	30
B767F [Member]
Schedule of Aircraft Commitments [Line Items]
2019 (remainder)	4
2020	17
2021	18
2022	12
2023	6
Total	57
B777F [Member]
Schedule of Aircraft Commitments [Line Items]
2019 (remainder)	1
2020	5
2021	2
2022	3
2023	4
Thereafter	6
Total	21

Commitments - Schedule of Futur

Commitments - Schedule of Future Minimum Lease Payments, Operating Leases (Details) $ in Millions	Feb. 28, 2019USD ($)
Schedule of Future Minimum Operating Lease Payments [Line Items]
2019 (remainder)	$ 597
2020	2,344
2021	2,126
2022	1,913
2023	1,682
Thereafter	8,974
Total	17,636
Aircraft and Related Equipment [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2019 (remainder)	26
2020	261
2021	203
2022	185
2023	127
Thereafter	48
Total	850
Facilities and Other [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2019 (remainder)	571
2020	2,083
2021	1,923
2022	1,728
2023	1,555
Thereafter	8,926
Total	$ 16,786

Contingencies - Additional Info

Contingencies - Additional Information (Details) $ in Millions	Oct. 10, 2018USD ($)
Loss Contingencies [Line Items]
Accrued attorney's fees	$ 10
The City and State of New York [Member]
Loss Contingencies [Line Items]
Litigation settlement expense	$ 35.4

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information -Supplemental Cash Flow (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Supplemental Cash Flow Information [Abstract]
Interest (net of capitalized interest)	$ 498	$ 430
Income taxes	346	707
Income tax refunds received	(34)	(59)
Cash tax payments, net	$ 312	$ 648

Condensed Consolidating Finan_3

Condensed Consolidating Financial Statements - Additional Information (Details)	Feb. 28, 2019USD ($)
Guarantor Obligations [Abstract]
Debt Guarantee	$ 18,100,000,000

Condensed Consolidating Balance

Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Feb. 28, 2019	May 31, 2018	Feb. 28, 2018	May 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 2,872	$ 3,265	$ 2,789	$ 3,969
Receivables, less allowances	9,037	8,481
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	1,591	1,595
Total current assets	13,500	13,341
PROPERTY AND EQUIPMENT, AT COST	58,164	55,121
Less accumulated depreciation and amortization	28,396	26,967
Net property and equipment	29,768	28,154
GOODWILL	6,916	6,973
OTHER ASSETS	4,280	3,862
ASSETS	54,464	52,330
CURRENT LIABILITIES
Short-term borrowings	225
Current portion of long-term debt	973	1,342
Accrued salaries and employee benefits	1,659	2,177
Accounts payable	3,156	2,977
Accrued expenses	3,243	3,131
Total current liabilities	9,256	9,627
LONG-TERM DEBT, LESS CURRENT PORTION	17,218	15,243
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,211	2,867
Other liabilities	4,885	5,177
Total other long-term liabilities	8,096	8,044
COMMON STOCKHOLDERS’ INVESTMENT	19,894	19,416	18,894
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	54,464	52,330
Consolidation Eliminations [Member]
CURRENT ASSETS
Cash and cash equivalents	(41)	(15)	(37)	(47)
Receivables, less allowances	(82)	(78)
Total current assets	(123)	(93)
INTERCOMPANY RECEIVABLE	(2,818)	(2,411)
INVESTMENT IN SUBSIDIARIES	(40,707)	(37,452)
OTHER ASSETS	(138)	104
ASSETS	(43,786)	(39,852)
CURRENT LIABILITIES
Accounts payable	(118)	(90)
Accrued expenses	(5)	(3)
Total current liabilities	(123)	(93)
INTERCOMPANY PAYABLE	(2,818)	(2,411)
OTHER LONG-TERM LIABILITIES
Deferred income taxes	(138)	104
Total other long-term liabilities	(138)	104
COMMON STOCKHOLDERS’ INVESTMENT	(40,707)	(37,452)
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	(43,786)	(39,852)
Parent Company [Member] | Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	1,413	1,485	957	1,884
Receivables, less allowances	45	3
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	313	425
Total current assets	1,771	1,913
PROPERTY AND EQUIPMENT, AT COST	23	21
Less accumulated depreciation and amortization	17	17
Net property and equipment	6	4
INTERCOMPANY RECEIVABLE	661	1,487
INVESTMENT IN SUBSIDIARIES	35,803	33,370
OTHER ASSETS	891	75
ASSETS	39,132	36,849
CURRENT LIABILITIES
Short-term borrowings	225
Current portion of long-term debt	966	1,332
Accrued salaries and employee benefits	52	65
Accounts payable	188	16
Accrued expenses	510	460
Total current liabilities	1,941	1,873
LONG-TERM DEBT, LESS CURRENT PORTION	16,921	14,942
OTHER LONG-TERM LIABILITIES
Other liabilities	376	619
Total other long-term liabilities	376	619
COMMON STOCKHOLDERS’ INVESTMENT	19,894	19,415
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	39,132	36,849
Guarantor Subsidiaries [Member[ | Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	204	257	375	325
Receivables, less allowances	5,474	4,970
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	979	878
Total current assets	6,657	6,105
PROPERTY AND EQUIPMENT, AT COST	53,997	51,232
Less accumulated depreciation and amortization	26,384	25,111
Net property and equipment	27,613	26,121
INTERCOMPANY RECEIVABLE	2,157	924
GOODWILL	1,598	1,709
INVESTMENT IN SUBSIDIARIES	4,904	4,082
OTHER ASSETS	1,670	1,854
ASSETS	44,599	40,795
CURRENT LIABILITIES
Current portion of long-term debt	2	1
Accrued salaries and employee benefits	1,149	1,506
Accounts payable	1,430	1,332
Accrued expenses	1,848	1,778
Total current liabilities	4,429	4,617
LONG-TERM DEBT, LESS CURRENT PORTION	287	288
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,252	2,626
Other liabilities	3,502	3,432
Total other long-term liabilities	6,754	6,058
COMMON STOCKHOLDERS’ INVESTMENT	33,129	29,832
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	44,599	40,795
Non Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	1,296	1,538	$ 1,494	$ 1,807
Receivables, less allowances	3,600	3,586
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	299	292
Total current assets	5,195	5,416
PROPERTY AND EQUIPMENT, AT COST	4,144	3,868
Less accumulated depreciation and amortization	1,995	1,839
Net property and equipment	2,149	2,029
GOODWILL	5,318	5,264
OTHER ASSETS	1,857	1,829
ASSETS	14,519	14,538
CURRENT LIABILITIES
Current portion of long-term debt	5	9
Accrued salaries and employee benefits	458	606
Accounts payable	1,656	1,719
Accrued expenses	890	896
Total current liabilities	3,009	3,230
LONG-TERM DEBT, LESS CURRENT PORTION	10	13
INTERCOMPANY PAYABLE	2,818	2,411
OTHER LONG-TERM LIABILITIES
Deferred income taxes	97	137
Other liabilities	1,007	1,126
Total other long-term liabilities	1,104	1,263
COMMON STOCKHOLDERS’ INVESTMENT	7,578	7,621
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	$ 14,519	$ 14,538

Condensed Consolidating Stateme

Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Condensed Statement Of Income Captions [Line Items]
REVENUES	$ 17,010	$ 16,526	$ 51,886	$ 48,136
OPERATING EXPENSES:
Salaries and employee benefits	6,069	6,124	18,589	17,677
Purchased transportation	$ 4,253	$ 3,935	$ 12,566	$ 11,220
Type of cost, good or service [extensible list]	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember
Rentals and landing fees	$ 874	$ 873	$ 2,533	$ 2,526
Depreciation and amortization	851	786	2,487	2,293
Fuel	907	914	2,945	2,435
Maintenance and repairs	658	628	2,144	1,968
Business realignment costs	4	0	4	0
Other	2,483	2,408	7,468	7,073
OPERATING EXPENSES	16,099	15,668	48,736	45,192
OPERATING INCOME	911	858	3,150	2,944
OTHER INCOME (EXPENSE):
Interest, net	(135)	(125)	(393)	(363)
Other retirement plans income	158	143	474	436
Other, net	(3)	(2)	(22)	(22)
INCOME BEFORE INCOME TAXES	931	874	3,209	2,995
Provision for income taxes	192	(1,200)	700	(450)
NET INCOME	739	2,074	2,509	3,445
COMPREHENSIVE INCOME	819	2,151	2,350	3,503
Consolidation Eliminations [Member]
Condensed Statement Of Income Captions [Line Items]
REVENUES	(100)	(136)	(302)	(353)
OPERATING EXPENSES:
Purchased transportation	$ (43)	$ (84)	$ (126)	$ (216)
Type of cost, good or service [extensible list]	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember
Rentals and landing fees	$ (1)	$ (2)	$ (4)	$ (6)
Maintenance and repairs	(2)		(2)
Other	(46)	(50)	(171)	(131)
OPERATING EXPENSES	(92)	(136)	(303)	(353)
OPERATING INCOME	(8)		1
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	(755)	(2,076)	(2,654)	(3,484)
Other, net	8
INCOME BEFORE INCOME TAXES	(755)	(2,076)	(2,653)	(3,484)
NET INCOME	(755)	(2,076)	(2,653)	(3,484)
COMPREHENSIVE INCOME	(755)	(2,076)	(2,653)	(3,484)
Parent Company [Member] | Reportable Legal Entities [Member]
OPERATING EXPENSES:
Salaries and employee benefits	$ 28	$ 39	$ 110	$ 112
Type of cost, good or service [extensible list]	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember
Rentals and landing fees	$ 1	$ 2	$ 4	$ 4
Depreciation and amortization		1	1	1
Maintenance and repairs		1	1	1
Business realignment costs	4		4
Intercompany charges, net	(93)	(114)	(357)	(325)
Other	60	71	238	207
OPERATING EXPENSES			1
OPERATING INCOME			(1)
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	739	2,074	2,509	3,445
Interest, net	(109)	(137)	(439)	(396)
Intercompany charges, net	149	140	454	403
Other, net	(40)	(3)	(14)	(7)
INCOME BEFORE INCOME TAXES	739	2,074	2,509	3,445
NET INCOME	739	2,074	2,509	3,445
COMPREHENSIVE INCOME	713	2,051	2,443	3,385
Guarantor Subsidiaries [Member[ | Reportable Legal Entities [Member]
Condensed Statement Of Income Captions [Line Items]
REVENUES	12,443	12,433	37,685	36,044
OPERATING EXPENSES:
Salaries and employee benefits	4,720	4,764	14,300	13,713
Purchased transportation	$ 2,749	$ 2,459	$ 7,780	$ 6,836
Type of cost, good or service [extensible list]	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember
Rentals and landing fees	$ 677	$ 684	$ 1,948	$ 1,951
Depreciation and amortization	731	670	2,133	1,958
Fuel	838	837	2,708	2,220
Maintenance and repairs	573	543	1,874	1,729
Intercompany charges, net	(397)	185	(772)	298
Other	1,771	1,596	4,991	4,664
OPERATING EXPENSES	11,662	11,738	34,962	33,369
OPERATING INCOME	781	695	2,723	2,675
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	16	2	145	39
Interest, net	(54)	11	44	35
Other retirement plans income	155	141	466	424
Intercompany charges, net	(89)	(78)	(335)	(220)
Other, net	71	104	18	88
INCOME BEFORE INCOME TAXES	880	875	3,061	3,041
Provision for income taxes	147	(1,197)	579	(573)
NET INCOME	733	2,072	2,482	3,614
COMPREHENSIVE INCOME	732	2,069	2,514	3,605
Non Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Statement Of Income Captions [Line Items]
REVENUES	4,667	4,229	14,503	12,445
OPERATING EXPENSES:
Salaries and employee benefits	1,321	1,321	4,179	3,852
Purchased transportation	$ 1,547	$ 1,560	$ 4,912	$ 4,600
Type of cost, good or service [extensible list]	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember	us-gaap:ShippingAndHandlingMember
Rentals and landing fees	$ 197	$ 189	$ 585	$ 577
Depreciation and amortization	120	115	353	334
Fuel	69	77	237	215
Maintenance and repairs	87	84	271	238
Intercompany charges, net	490	(71)	1,129	27
Other	698	791	2,410	2,333
OPERATING EXPENSES	4,529	4,066	14,076	12,176
OPERATING INCOME	138	163	427	269
OTHER INCOME (EXPENSE):
Interest, net	28	1	2	(2)
Other retirement plans income	3	2	8	12
Intercompany charges, net	(60)	(62)	(119)	(183)
Other, net	(42)	(103)	(26)	(103)
INCOME BEFORE INCOME TAXES	67	1	292	(7)
Provision for income taxes	45	(3)	121	123
NET INCOME	22	4	171	(130)
COMPREHENSIVE INCOME	$ 129	$ 107	$ 46	$ (3)

Condensed Consolidating State_2

Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Feb. 28, 2019	Feb. 28, 2019	Feb. 28, 2018
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		$ 3,323	$ 1,162
INVESTING ACTIVITIES
Capital expenditures		(3,757)	(3,994)
Business acquisitions, net of cash acquired			(44)
Proceeds from asset dispositions and other		62	21
Cash used in investing activities		(3,695)	(4,017)
FINANCING ACTIVITIES
Proceeds from short-term borrowings, net		220	797
Proceeds from debt issuances		2,463	1,481
Principal payments on debt		(874)	(31)
Proceeds from stock issuances		58	284
Dividends paid		(514)	(402)
Purchase of treasury stock	$ (93)	(1,365)	(558)
Other, net		5	6
Cash (used in) provided by financing activities		(7)	1,577
Effect of exchange rate changes on cash		(14)	98
Net (decrease) increase in cash and cash equivalents		(393)	(1,180)
Cash and cash equivalents at beginning of period		3,265	3,969
Cash and cash equivalents at end of period	2,872	2,872	2,789
Consolidation Eliminations [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(26)	10
FINANCING ACTIVITIES
Net (decrease) increase in cash and cash equivalents		(26)	10
Cash and cash equivalents at beginning of period		(15)	(47)
Cash and cash equivalents at end of period	(41)	(41)	(37)
Parent Company [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(109)	(3,537)
INVESTING ACTIVITIES
Capital expenditures		(3)
Proceeds from asset dispositions and other		(45)	(5)
Cash used in investing activities		(48)	(5)
FINANCING ACTIVITIES
Proceeds from short-term borrowings, net		220	797
Net transfers from (to) Parent		2	807
Payment on loan between subsidiaries		(29)	210
Proceeds from debt issuances		2,463	1,481
Principal payments on debt		(750)
Proceeds from stock issuances		58	284
Dividends paid		(514)	(402)
Purchase of treasury stock		(1,365)	(558)
Other, net			2
Cash (used in) provided by financing activities		85	2,621
Effect of exchange rate changes on cash			(6)
Net (decrease) increase in cash and cash equivalents		(72)	(927)
Cash and cash equivalents at beginning of period		1,485	1,884
Cash and cash equivalents at end of period	1,413	1,413	957
Guarantor Subsidiaries [Member[ | Reportable Legal Entities [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		3,136	4,664
INVESTING ACTIVITIES
Capital expenditures		(3,359)	(3,746)
Business acquisitions, net of cash acquired			(44)
Proceeds from asset dispositions and other		86	23
Cash used in investing activities		(3,273)	(3,767)
FINANCING ACTIVITIES
Net transfers from (to) Parent		(31)	(895)
Intercompany dividends		114
Principal payments on debt		(117)	(17)
Other, net		127	4
Cash (used in) provided by financing activities		93	(908)
Effect of exchange rate changes on cash		(9)	61
Net (decrease) increase in cash and cash equivalents		(53)	50
Cash and cash equivalents at beginning of period		257	325
Cash and cash equivalents at end of period	204	204	375
Non Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		322	25
INVESTING ACTIVITIES
Capital expenditures		(395)	(248)
Proceeds from asset dispositions and other		21	3
Cash used in investing activities		(374)	(245)
FINANCING ACTIVITIES
Net transfers from (to) Parent		29	88
Payment on loan between subsidiaries		29	(210)
Intercompany dividends		(114)
Principal payments on debt		(7)	(14)
Other, net		(122)
Cash (used in) provided by financing activities		(185)	(136)
Effect of exchange rate changes on cash		(5)	43
Net (decrease) increase in cash and cash equivalents		(242)	(313)
Cash and cash equivalents at beginning of period		1,538	1,807
Cash and cash equivalents at end of period	$ 1,296	$ 1,296	$ 1,494