FedEx (FDX) 10-Q17 Dec 192020 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Nov. 30, 2019	Dec. 13, 2019
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Nov. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	FEDEX CORP
Entity Current Reporting Status	Yes
Entity File Number	1-15829
Entity Tax Identification Number	62-1721435
Entity Address, Address Line One	942 South Shady Grove Road
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38120
City Area Code	901
Local Phone Number	818-7500
Entity Central Index Key	0001048911
Current Fiscal Year End Date	--05-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		261,119,074
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	FDX
Title of 12(b) Security	Common Stock, par value $0.10 per share
Security Exchange Name	NYSE
0.700% Notes Due 2022 [Member]
Document Information [Line Items]
Trading Symbol	FDX 22B
Title of 12(b) Security	0.700% Notes due 2022
Security Exchange Name	NYSE
1.000% Notes Due 2023 [Member]
Document Information [Line Items]
Trading Symbol	FDX 23A
Title of 12(b) Security	1.000% Notes due 2023
Security Exchange Name	NYSE
0.450% Notes Due 2025 [Member]
Document Information [Line Items]
Trading Symbol	FDX 25A
Title of 12(b) Security	0.450% Notes due 2025
Security Exchange Name	NYSE
1.625% Notes Due 2027 [Member]
Document Information [Line Items]
Trading Symbol	FDX 27
Title of 12(b) Security	1.625% Notes due 2027
Security Exchange Name	NYSE
1.300% Notes Due 2031 [Member]
Document Information [Line Items]
Trading Symbol	FDX 31
Title of 12(b) Security	1.300% Notes due 2031
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 30, 2019	May 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 2,031	$ 2,319
Receivables, less allowances of $315 and $300	9,709	9,116
Spare parts, supplies and fuel, less allowances of $330 and $335	576	553
Prepaid expenses and other	882	1,098
Total current assets	13,198	13,086
PROPERTY AND EQUIPMENT, AT COST	62,715	59,511
Less accumulated depreciation and amortization	30,307	29,082
Net property and equipment	32,408	30,429
OTHER LONG-TERM ASSETS
Operating lease right-of-use assets, net	14,097
Goodwill	6,861	6,884
Other assets	3,390	4,004
Total other long-term assets	24,348	10,888
ASSETS	69,954	54,403
CURRENT LIABILITIES
Short-term borrowings	150
Current portion of long-term debt	16	964
Accrued salaries and employee benefits	1,632	1,741
Accounts payable	3,283	3,030
Operating lease liabilities	1,928
Accrued expenses	3,538	3,278
Total current liabilities	10,547	9,013
LONG-TERM DEBT, LESS CURRENT PORTION	18,691	16,617
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,072	2,821
Pension, postretirement healthcare and other benefit obligations	4,156	5,095
Self-insurance accruals	1,921	1,899
Operating lease liabilities	12,432
Deferred lease obligations		531
Other liabilities	476	670
Total other long-term liabilities	22,057	11,016
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of November 30, 2019 and May 31, 2019	32	32
Additional paid-in capital	3,287	3,231
Retained earnings	25,431	24,648
Accumulated other comprehensive loss	(866)	(865)
Treasury stock, at cost	(9,225)	(9,289)
Total common stockholders’ investment	18,659	17,757
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	$ 69,954	$ 54,403

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 30, 2019	May 31, 2019
CURRENT ASSETS
Allowances for receivables	$ 315	$ 300
Allowances for spare parts, supplies and fuel	$ 330	$ 335
COMMON STOCKHOLDERS' INVESTMENT
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	318,000,000	318,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Income Statement [Abstract]
REVENUES	$ 17,324	$ 17,824	$ 34,372	$ 34,876
OPERATING EXPENSES:
Salaries and employee benefits	6,235	6,260	12,322	12,520
Purchased transportation	4,328	4,346	8,356	8,313
Rentals and landing fees	924	836	1,844	1,659
Depreciation and amortization	901	828	1,780	1,636
Fuel	890	1,052	1,760	2,038
Maintenance and repairs	774	751	1,542	1,486
Asset impairment charges	66		66
Other	2,652	2,583	5,171	4,985
OPERATING EXPENSES	16,770	16,656	32,841	32,637
OPERATING INCOME	554	1,168	1,531	2,239
OTHER INCOME (EXPENSE):
Interest, net	(151)	(131)	(288)	(258)
Other retirement plans income	168	158	336	316
Other, net	1	(18)	(11)	(19)
OTHER INCOME (EXPENSE)	18	9	37	39
INCOME BEFORE INCOME TAXES	572	1,177	1,568	2,278
PROVISION FOR INCOME TAXES	12	242	263	508
NET INCOME	$ 560	$ 935	$ 1,305	$ 1,770
EARNINGS PER COMMON SHARE:
Basic	$ 2.15	$ 3.56	$ 5	$ 6.71
Diluted	2.13	3.51	4.97	6.60
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.65	$ 0.65	$ 1.95	$ 1.95

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 560	$ 935	$ 1,305	$ 1,770
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustments, net of tax expense of $7 and $4 in 2019 and tax benefit of $7 and $31 in 2018	72	(31)	(11)	(193)
Amortization of prior service credit, net of tax benefit of $6 and $12 in 2019 and tax benefit of $7 and $14 in 2018	(20)	(23)	(41)	(46)
Other comprehensive income (loss)	52	(54)	(52)	(239)
COMPREHENSIVE INCOME	$ 612	$ 881	$ 1,253	$ 1,531

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax expense (benefit)	$ 7	$ (7)	$ 4	$ (31)
Amortization of prior service credit, tax benefit	$ 6	$ 7	$ 12	$ 14

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Operating Activities:
Net income	$ 1,305	$ 1,770
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	1,780	1,636
Asset impairment charges	66
Provision for uncollectible accounts	208	160
Stock-based compensation	104	108
Deferred income taxes and other noncash items	1,164	236
Changes in assets and liabilities:
Receivables	(684)	(1,343)
Other assets	(162)	(111)
Accounts payable and other liabilities	(1,691)	(227)
Other, net	(16)	(50)
Cash provided by operating activities	2,074	2,179
Investing Activities:
Capital expenditures	(3,266)	(2,634)
Proceeds from asset dispositions and other	4	53
Cash used in investing activities	(3,262)	(2,581)
Financing Activities:
Proceeds from short-term borrowings, net	150	248
Principal payments on debt	(1,021)	(785)
Proceeds from debt issuances	2,093	1,233
Proceeds from stock issuances	26	45
Dividends paid	(339)	(173)
Purchase of treasury stock	(3)	(1,271)
Other, net	(5)	1
Cash provided by (used in) financing activities	901	(702)
Effect of exchange rate changes on cash	(1)	(38)
Net decrease in cash and cash equivalents	(288)	(1,142)
Cash and cash equivalents at beginning of period	2,319	3,265
Cash and cash equivalents at end of period	$ 2,031	$ 2,123

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Common Stockholders' Investment - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Beginning Balance				$ 17,757
Net income		$ 560	$ 935	1,305	$ 1,770
Other comprehensive income, net of tax (expense)/benefit		52	(54)	(52)	(239)
Ending Balance		18,659	19,294	18,659	19,294
Common Stock
Beginning Balance		32	32	32	32
Ending Balance		32	32	32	32
Additional Paid-In Capital
Beginning Balance		3,257	3,154	3,231	3,117
Employee incentive plans and other		30	31	56	68
Ending Balance		3,287	3,185	3,287	3,185
Retained Earnings
Beginning Balance		25,048	25,315	24,648	24,823
Net income		560	935	1,305	1,770
Cash dividends declared		(170)	(170)	(509)	(514)
Employee incentive plans and other		(7)		(9)	1
Ending Balance		25,431	26,080	25,431	26,080
Retained Earnings \| Accounting Standards Update 2016-02 and 2018-02
Adoption of new accounting standards on June 1, 2019	[1]			(4)
Accumulated Other Comprehensive Income
Beginning Balance		(918)	(763)	(865)	(578)
Other comprehensive income, net of tax (expense)/benefit		52	(54)	(52)	(239)
Ending Balance		(866)	(817)	(866)	(817)
Accumulated Other Comprehensive Income \| Accounting Standards Update 2018-02
Reclassification to retained earnings due to the adoption of a new accounting standard on June 1, 2019	[2]			51
Treasury Stock
Beginning Balance		(9,253)	(8,565)	(9,289)	(7,978)
Purchase of treasury stock			(646)	(3)	(1,271)
Employee incentive plans and other		28	25	67	63
Ending Balance		$ (9,225)	$ (9,186)	$ (9,225)	$ (9,186)

[1]	Relates to the adoption of Accounting Standards Update (“ASU”) 2016-02 and ASU 2018-02.
[2]	Relates to the adoption of ASU 2018-02.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Common Stockholders' Investment (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Statement Of Stockholders Equity [Abstract]
Cash dividends declared, per share	$ 0.65	$ 0.65	$ 1.95	$ 1.95
Other comprehensive income, tax (expense)/benefit	$ (1)	$ 14	$ 8	$ 45
Purchase of treasury stock	0	2,800,000	20,000	5,400,000
Employee incentive plans and other, shares issued	200,000	200,000	500,000	500,000

General

General	6 Months Ended
General	Nov. 30, 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, 2019 (“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 November 30, 2019, and the results of our operations for the three- and six-month periods ended November 30, 2019 and 2018, cash flows for the six-month periods ended November 30, 2019 and 2018, and changes in common stockholders’ investment for the three- and six-month periods ended November 30, 2019 and 2018. Operating results for the three- and six-month periods ended November 30, 2019 are not necessarily indicative of the results that may be expected for the year ending May 31, 2020. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2020 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 . 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 $513 million and $533 million at November 30, 2019 and May 31, 2019, respectively. Contract assets net of deferred unearned revenue were $385 million and $364 million at November 30, 2019 and May 31, 2019, 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 $10 million and $11 million at November 30, 2019 and May 31, 2019, respectively. Contract liabilities are included within current liabilities in the accompanying unaudited condensed consolidated balance sheets. Disaggregation of Revenue The following table provides revenue by service type (dollars in millions) for the periods ended November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Six Months Ended 2019 2018 2019 2018 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 1,864 $ 1,948 $ 3,730 $ 3,834 U.S. overnight envelope 457 444 936 912 U.S. deferred 980 1,060 1,936 2,012 Total U.S. domestic package revenue 3,301 3,452 6,602 6,758 International priority 1,817 1,896 3,634 3,770 International economy 873 885 1,728 1,735 Total international export package revenue 2,690 2,781 5,362 5,505 International domestic (1) 1,165 1,203 2,241 2,334 Total package revenue 7,156 7,436 14,205 14,597 Freight: U.S. 698 792 1,393 1,522 International priority 473 564 937 1,097 International economy 541 554 1,057 1,073 International airfreight 70 83 136 168 Total freight revenue 1,782 1,993 3,523 3,860 Other 146 175 301 369 Total FedEx Express segment 9,084 9,604 18,029 18,826 FedEx Ground segment 5,315 5,142 10,494 9,941 FedEx Freight segment 1,844 1,918 3,749 3,877 FedEx Services segment 5 4 9 13 Other and eliminations (2) 1,076 1,156 2,091 2,219 $ 17,324 $ 17,824 $ 34,372 $ 34,876 (1) International domestic revenues relate to our international intra-country operations. ( 2 ) Includes the FedEx Logistics, Inc. (“FedEx Logistics”) and FedEx Office and Print Services, Inc. (“FedEx Office”) operating segments. LEASES . We lease certain facilities, aircraft, equipment and vehicles under operating and finance leases. A determination of whether a contract contains a lease is made at the inception of the arrangement. Our leased facilities include national, regional and metropolitan sorting facilities, retail facilities and administrative buildings. We leased 5% of our total aircraft fleet as of November 30, 2019 and 6% as of May 31, 2019. Our leases generally contain options to extend or terminate the lease. We reevaluate our leases on a regular basis to consider the economic and strategic incentives of exercising the renewal options, and how they align with our operating strategy. Therefore, substantially all the renewal option periods are not included within the lease term and the associated payments are not included in the measurement of the right-of-use asset and lease liability as the options to extend are not reasonably certain at lease commencement. The lease liabilities are measured at the lease commencement date and determined using the present value of the minimum lease payments not yet paid and our incremental borrowing rate, which approximates the rate at which we would borrow, on a collateralized basis, over the term of a lease in the applicable currency environment. The interest rate implicit in the lease is generally not determinable in transactions where we are the lessee. For real estate leases, we account for lease components and non-lease components (such as common area maintenance) as a single lease component. Certain real estate leases require additional payments based on sales volume and index based rate increases , as well as reimbursement for real estate taxes, common area maintenance and insurance, which are expensed as incurred as variable lease costs. Certain leases contain fixed lease payment s for items such as real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. See Note 8 for IMPAIRMENT OF LONG-LIVED ASSETS . Long-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. For assets that are to be held and used, an impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, discounted cash flows or internal and external appraisals, as applicable. Assets to be disposed of are carried at the lower of carrying value or estimated net realizable value. We operate integrated transportation networks, and accordingly, cash flows for most of our operating assets to be held and used are assessed at a network level, not at an individual asset level, for our analysis of impairment. During the second quarter of 2020, we made the decision to permanently retire from service 10 Airbus A310-300 aircraft and 12 related engines at Federal Express Corporation (“FedEx Express”) with the needs of the U.S. domestic network and modernize its aircraft fleet EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of 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. in 2015, which already had a small number of employees who are members of unions). Additionally, certain FedEx Express non-U.S. employees are unionized, and a union has been certified to represent owner-drivers at a FedEx Freight Canada, Corp. facility. 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 $37 million for the three-month period ended November 30, 2019 and $104 million for the six-month period ended November 30, 2019. Our stock-based compensation expense was $40 million for the three-month period ended November 30, 2018 and $108 million for the six-month period ended November 30, 2018. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report. DERIVATIVE FINANCIAL INSTRUMENTS. Our risk management strategy includes the select use of derivative instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. In accordance with our risk management policies, we do not hold or issue derivative instruments for trading or speculative purposes. All derivative instruments are recognized in the financial statements at fair value, regardless of the purpose or intent for holding them. When we become a party to a derivative instrument and intend to apply hedge accounting, we formally document the hedge relationship and the risk management objective for undertaking the hedge, which includes designating the instrument for financial reporting purposes as a fair value hedge, a cash flow hedge or a net investment hedge. If a derivative is designated as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in other comprehensive income. For net investment hedges, the entire change in the fair value is recorded in the currency translation adjustment section of other comprehensive income. Any portion of a change in the fair value of a derivative that is considered to be ineffective, along with the change in fair value of any derivatives not designated in a hedging relationship, is immediately recognized in the income statement. We do not have any derivatives designated as a cash flow hedge for any period presented. Accordingly, additional disclosures about cash flow hedges are excluded from this quarterly report. On August 13, 2019, we designated €294 million of debt and on November 8, 2019, we designated an additional €98 million of debt, for a total of €392 million, as a net investment hedge to reduce the volatility of the U.S. dollar value of a portion of our net investment in a euro-denominated consolidated subsidiary. As of November 30, 2019, the requirements for the application of hedge accounting continue to be met and the hedge remains effective. 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 2016, the Financial Accounting Standards Board (“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. Lessees are required to 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 are recognized on a straight-line basis, while those determined to be finance leases are recognized following a front-loaded expense profile in which interest and amortization are presented separately in the income statement. We adopted this new standard on June 1, 2019 using a modified retrospective transition method. Using the modified retrospective transition method of adoption, we did not adjust the balance sheet for comparative periods but recorded a cumulative effect adjustment to retained earnings on June 1, 2019. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical accounting relating to lease identification and classification for existing leases upon adoption. We also elected the practical expedient to not separate lease and non-lease components for the majority of our classes of assets. For leases in which the lease and non-lease components have been combined, the lease expense includes expenses such as common area maintenance. We have made an accounting policy election not to recognize leases with an initial term of 12 months or less on the consolidated balance sheet. The adoption of the new lease accounting standard resulted in the recognition of an operating lease liability of $14.2 billion and an operating right-of-use asset of $14.1 billion, with an immaterial impact on our income statement compared to the previous lease accounting model. Existing prepaid asset and net deferred rent liability balances of $154 million and $309 million, respectively, were recorded to the right-of-use asset. The cumulative effect of the adoption to retained earnings was an increase of $57 million ($47 million, net of tax), primarily related to the reclassification of deferred gains related to sale-leasebacks of aircraft. Substantially all of our lease arrangements are operating leases under the new standard. The new standard had a material impact on our balance sheet, but did not materially impact consolidated operating results and had no impact on operating cash flows. See “Leases” and Note 8 for . In February 2018, the FASB issued ASU 2018-02 that permits companies to reclassify the income tax effect of the Tax Cuts and Jobs Act (“TCJA”) on items within Accumulated Other Comprehensive Income (“AOCI”) to retained earnings. We adopted this new standard on June 1, 2019. New Accounting Standards and Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13 that changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. 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. In August 2018, the FASB issued ASU 2018-15 that reduces the complexity of 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. 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 stock 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. We did not repurchase any shares of FedEx common stock during the second quarter of 2020. During the first half of 2020, we repurchased 0.02 million shares of FedEx common stock at an average price of $156.90 per share for a total of $3 million. As of November 30, 2019, 5.1 million shares remained under the stock repurchase authorization. DIVIDENDS DECLARED PER COMMON SHARE. On November 15, 2019, our Board of Directors declared a quarterly dividend of $0.65 per share of common stock. The dividend will be paid on January 2, 2020 to stockholders of record as of the close of business on December 9, 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	6 Months Ended
Accumulated Other Comprehensive Loss	Nov. 30, 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 November 30 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Six Months Ended 2019 2018 2019 2018 Foreign currency translation loss: Balance at beginning of period $ (1,036 ) $ (921 ) $ (954 ) $ (759 ) Translation adjustments 72 (31 ) (11 ) (193 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — 1 — Balance at end of period (964 ) (952 ) (964 ) (952 ) Retirement plans adjustments: Balance at beginning of period 118 158 89 181 Reclassifications from AOCI (20 ) (23 ) (41 ) (46 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — 50 — Balance at end of period 98 135 98 135 Accumulated other comprehensive (loss) at end of period $ (866 ) $ (817 ) $ (866 ) $ (817 ) The following table presents details of the reclassifications from AOCI for the periods ended November 30 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Six Months Ended 2019 2018 2019 2018 Amortization of retirement plans prior service credits, before tax $ 26 $ 30 $ 53 $ 60 Salaries and employee benefits Income tax benefit (6 ) (7 ) (12 ) (14 ) Provision for income taxes AOCI reclassifications, net of tax $ 20 $ 23 $ 41 $ 46 Net income

Financing Arrangements

Financing Arrangements	6 Months Ended
Financing Arrangements	Nov. 30, 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 first quarter of 2020, we issued $2.1 billion of senior unsecured debt under our current shelf registration statement, comprised of $1.0 billion of 3.10% fixed-rate notes due in August 2029, €500 million of 0.45% fixed-rate notes due in August 2025 and €500 million of 1.30% fixed-rate notes due in August 2031. We used the net proceeds to make voluntary contributions to our tax-qualified U.S. domestic pension plans (“U.S. Pension Plans”) during the first quarter of 2020 and to redeem the $400 million aggregate principal amount of 2.30% notes due February 1, 2020 and the €500 million aggregate principal amount of 0.50% notes due April 9, 2020. The remaining net proceeds are being used for general corporate purposes. We have a $2.0 billion five-year During the second quarter of 2020, we issued commercial paper to provide us with additional short-term liquidity. The maximum amount outstanding during the quarter was $150 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 November 30, 2019, $150 million of commercial paper and $53 million in letters of credit were outstanding, leaving $3.297 billion available under the Credit Agreements for future borrowings. Long-term debt, including current maturities and exclusive of finance leases, had carrying values of $18.6 billion at November 30, 2019 and $17.5 billion at May 31, 2019, compared with estimated fair values of $19.6 billion at November 30, 2019 and $17.8 billion at May 31, 2019. The annualized weighted-average interest rate on long-term debt was 3.5% at November 30, 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	6 Months Ended
Computation of Earnings Per Share	Nov. 30, 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 November 30 was as follows (in millions, except per share amounts): Three Months Ended Six Months Ended 2019 2018 2019 2018 Basic earnings per common share: Net earnings allocable to common shares (1) $ 559 $ 933 $ 1,303 $ 1,768 Weighted-average common shares 261 262 261 263 Basic earnings per common share $ 2.15 $ 3.56 $ 5.00 $ 6.71 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 559 $ 933 $ 1,303 $ 1,768 Weighted-average common shares 261 262 261 263 Dilutive effect of share-based awards 1 4 1 5 Weighted-average diluted shares 262 266 262 268 Diluted earnings per common share $ 2.13 $ 3.51 $ 4.97 $ 6.60 Anti-dilutive options excluded from diluted earnings per common share 11.2 4.0 11.0 3.8 (1) Net earnings available to participating securities were immaterial in all periods presented.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	(5) Income Taxes Our effective tax rate was 2.1% for the second quarter and 16.8% for the first half of 2020, compared with 20.6% for the second quarter and 22.3% for the first half of 2019. The 2020 tax rates were favorably impacted by $133 million from the reduction of a valuation allowance on certain foreign tax loss carryforwards due to operational changes which impacted the determination of the realizability of the deferred tax asset in that jurisdiction. The 2020 tax rates were negatively impacted by decreased earnings in certain non-U.S. jurisdictions. The 2019 tax rates were favorably impacted by the TCJA, which resulted in an approximate $60 million tax benefit from accelerated deductions claimed on our 2018 tax return filed in 2019.

Retirement Plans

Retirement Plans	6 Months Ended
Retirement Plans	Nov. 30, 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 November 30 were as follows (in millions): Three Months Ended Six Months Ended 2019 2018 2019 2018 Defined benefit pension plans, net $ 37 $ 29 $ 74 $ 57 Defined contribution plans 136 133 278 277 Postretirement healthcare plans 21 18 43 37 $ 194 $ 180 $ 395 $ 371 Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2019 2018 2019 2018 2019 2018 Service cost $ 192 $ 172 $ 24 $ 25 $ 10 $ 8 Other retirement plans (income) expense: Interest cost 250 238 11 12 11 10 Expected return on plan assets (401 ) (376 ) (13 ) (12 ) — — Amortization of prior service credit and other (25 ) (30 ) (1 ) — — — (176 ) (168 ) (3 ) — 11 10 $ 16 $ 4 $ 21 $ 25 $ 21 $ 18 Six Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2019 2018 2019 2018 2019 2018 Service cost $ 384 $ 344 $ 48 $ 49 $ 21 $ 17 Other retirement plans (income) expense: Interest cost 500 476 22 25 22 20 Expected return on plan assets (801 ) (753 ) (26 ) (24 ) — — Amortization of prior service credit and other (52 ) (59 ) (1 ) (1 ) — — (353 ) (336 ) (5 ) — 22 20 $ 31 $ 8 $ 43 $ 49 $ 43 $ 37 We made voluntary contributions to our U.S. Pension Plans of $1.0 billion during the first half of 2020 and $500 million during the first half of 2019. During the second quarter of 2020, we announced the closing of our U.S.-based defined benefit pension plans to new non-union employees hired on or after January 1, 2020. We will introduce an all 401(k) plan retirement benefit structure for eligible employees with a higher company match of up to 8% across all U.S.-based operating companies. During 2020, current eligible employees under the Portable Pension Account (PPA) pension formula will be given a one-time option to continue to be eligible for pension compensation credits under the existing PPA formula and remain in the existing 401(k) plan with its match of up to 3.5%, or to cease receiving compensation credits under the pension plan and move to the new 401(k) plan with the higher match of up to 8%. Changes to the new 401(k) plan structure become effective beginning January 1, 2021. While this new program will provide employees greater flexibility and reduce our long-term pension costs, it will not have a material impact on current or near-term financial results.

Business Segment Information

Business Segment Information	6 Months Ended
Business Segment Information	Nov. 30, 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 B.V. (“TNT Express”), the world’s largest express transportation company; FedEx Ground Package System, Inc. (“FedEx Ground”), a leading North American provider of small-package ground delivery services; and FedEx Freight Corporation (“FedEx Freight”), a leading North American provider of less-than-truckload (“LTL”) freight transportation services. These companies represent our major service lines and, along with FedEx Corporate Services, Inc. (“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) References to our transportation segments include, collectively, the FedEx Express segment, the FedEx Ground segment and the FedEx Freight segment. Effective June 1, 2019, the results of the FedEx Office operating segment are included in “Corporate, other and eliminations.” This change was made to reflect our internal management reporting structure. Prior year amounts have been revised to reflect current year presentation. FedEx Services Segment The FedEx Services segment operates combined sales, marketing, administrative and information-technology functions in shared services operations for U.S. customers of our major business units and certain back-office support to our operating segments which allows 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 provides direct and indirect support to our operating segments, and we allocate all of the net operating costs of the FedEx Services segment to reflect the full cost of operating our businesses in the results of those segments. 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 operating 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 Office operating segment, which provides an array of document and business services and retail access to our customers for our package transportation businesses, and the FedEx Logistics operating segment, which provides integrated supply chain management solutions, specialty transportation, cross-border e-commerce technology and e-commerce transportation solutions, customs brokerage and global ocean and air freight forwarding. 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 November 30 (in millions): Three Months Ended Six Months Ended 2019 2018 2019 2018 Revenues: FedEx Express segment $ 9,084 $ 9,604 $ 18,029 $ 18,826 FedEx Ground segment 5,315 5,142 10,494 9,941 FedEx Freight segment 1,844 1,918 3,749 3,877 FedEx Services segment 5 4 9 13 Other and eliminations 1,076 1,156 2,091 2,219 $ 17,324 $ 17,824 $ 34,372 $ 34,876 Operating income (loss): FedEx Express segment $ 236 $ 630 $ 521 $ 1,018 FedEx Ground segment 342 590 986 1,266 FedEx Freight segment 141 148 335 324 Corporate, other and eliminations (165 ) (200 ) (311 ) (369 ) $ 554 $ 1,168 $ 1,531 $ 2,239

Leases

Leases	6 Months Ended
Leases	Nov. 30, 2019
Leases [Abstract]
Leases	(8) Leases The following table is a summary of the components of net lease cost for the periods ended November 30 (in millions): Three Months Ended Six Months Ended 2019 2019 Operating lease cost (1) $ 676 $ 1,350 Finance lease cost: Amortization of right-of-use assets 3 6 Interest on lease liabilities 1 2 Total finance lease cost 4 8 Short-term lease cost 46 81 Variable lease cost (1) 282 549 Net lease cost $ 1,008 $ 1,988 (1) Supplemental cash flow information related to leases for the six months ended November 30 is as follows (in millions): 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 1,247 Operating cash flows paid for interest portion of finance leases 2 Financing cash flows paid for principal portion of finance leases 64 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,049 Right-of-use assets obtained in exchange for new finance lease liabilities $ 93 Supplemental balance sheet information related to leases as of November 30 is as follows (in millions, except lease term and discount rate): 2019 Operating leases: Operating lease right-of-use assets, net $ 14,097 Current portion of operating lease liabilities 1,928 Operating lease liabilities 12,432 Total operating lease liabilities $ 14,360 Finance leases: Net property and equipment $ 99 Current portion of long-term debt 16 Long-term debt, less current portion 92 Total finance lease liabilities $ 108 Weighted-average remaining lease term Operating leases 10.0 Finance leases 11.6 Weighted-average discount rate Operating leases 3.24 % Finance leases 3.99 % A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year at November 30, 2019 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases Finance Leases Total Leases 2020 (remainder) $ 236 $ 1,013 $ 1,249 $ 13 $ 1,262 2021 253 2,102 2,355 14 2,369 2022 234 1,871 2,105 14 2,119 2023 198 1,668 1,866 13 1,879 2024 102 1,457 1,559 11 1,570 Thereafter 314 7,527 7,841 78 7,919 Total lease payments 1,337 15,638 16,975 143 17,118 Less imputed interest (107 ) (2,508 ) (2,615 ) (35 ) (2,650 ) Present value of lease liability $ 1,230 $ 13,130 $ 14,360 $ 108 $ 14,468 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. As of November 30, 2019, FedEx has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases are generally for build-to-suit facilities and have undiscounted future payments of approximately $1.6 billion, and will commence when FedEx gains beneficial access to the leased asset. Commencement dates are expected to be from fiscal 2020 to fiscal 2022. As previously disclosed in our Annual Report and under the previous lease accounting standard, future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at May 31, 2019 would have been as follows (in millions): Operating Leases Aircraft and Related Equipment Facilities and Other Total Operating Leases 2020 $ 288 $ 2,209 $ 2,497 2021 230 2,033 2,263 2022 212 1,816 2,028 2023 154 1,625 1,779 2024 58 1,428 1,486 Thereafter 85 7,977 8,062 Total $ 1,027 $ 17,088 $ 18,115

Commitments

Commitments	6 Months Ended
Commitments	Nov. 30, 2019
Commitments [Abstract]
Commitments	(9) Commitments As of November 30, 2019, our purchase commitments under various contracts for the remainder of 2020 and annually thereafter were as follows (in millions): Aircraft and Related Other (1) Total 2020 (remainder) $ 556 $ 511 $ 1,067 2021 2,592 749 3,341 2022 2,596 529 3,125 2023 1,789 377 2,166 2024 701 228 929 Thereafter 3,408 586 3,994 Total $ 11,642 $ 2,980 $ 14,622 (1) The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of November 30, 2019, our obligation to purchase six Boeing 777 Freighter (“B777F”) aircraft and four 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. During the first quarter of 2020, FedEx Express exercised options to purchase an additional six B767F aircraft for delivery in 2022. As of November 30, 2019, we had $735 million in deposits and progress Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2020 (remainder) - - 10 - 10 2021 12 5 18 2 37 2022 12 6 18 3 39 2023 12 6 6 4 28 2024 14 6 - 4 24 Thereafter - 7 - 2 9 Total 50 30 52 15 147

Contingencies

Contingencies	6 Months Ended
Contingencies	Nov. 30, 2019
Loss Contingency [Abstract]
Contingencies	(10) Contingencies Service Provider Lawsuits. FedEx Ground is defending lawsuits in which it is alleged that FedEx Ground should be treated as an employer of drivers employed by service providers engaged by FedEx Ground. These cases are in varying stages of litigation, and we are not currently able to estimate an amount or range of potential loss in all of these matters. However, we do not expect to incur, individually or in the aggregate, a material loss in these matters. Nevertheless, adverse determinations in these matters could, among other things, entitle service providers’ drivers to certain wage payments from the service providers and FedEx Ground, and result in employment and withholding tax and benefit liability for FedEx Ground. We continue to believe that FedEx Ground is not an employer or joint employer of the drivers of these independent businesses. Federal Securities Litigation and Derivative Lawsuits . On June 26, 2019 and July 2, 2019, FedEx and certain present and former officers were named as defendants in two putative class action securities lawsuits filed in the U.S. District Court for the Southern District of New York. The complaints, which have been consolidated, allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder relating to alleged misstatements or omissions in FedEx’s public filings with the SEC and other public statements during the period from September 19, 2017 to December 18, 2018. We are not currently able to estimate the probability of loss or the amount or range of potential loss, if any, at this stage of the litigation. On September 17, 2019 and November 6, 2019, FedEx, its Board of Directors and certain present and former directors and officers were named as defendants in two stockholder derivative lawsuits filed in the U.S. District Court for the District of Delaware. The complaints repeat the allegations in the federal securities litigation complaints discussed above, and assert new claims against the FedEx Board of Directors and certain present and former directors and officers for breach of fiduciary duty, waste of corporate assets, unjust enrichment, insider selling and violations of the federal proxy rules. We are not currently able to estimate the probability of loss or the amount or range of potential loss, if any, at this stage of the litigation. Environmental Matters . SEC regulations require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions that management reasonably believes could exceed $100,000. On July 26, 2019, FedEx Freight received a pre-litigation offer from the San Bernardino District Attorney’s Office in California to settle a civil action that the District Attorney intended to file against FedEx Freight for alleged violations of the state’s environmental and hazardous waste regulations. Specifically, the District Attorney alleged that between 2015 and 2018, FedEx Freight illegally transported and stored hazardous waste, failed to report releases of hazardous materials or substances, and unlawfully released oil into a storm drain. In September 2019, we reached an agreement to settle this matter for an immaterial amount. In October 2019, the settlement agreement was approved 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	6 Months Ended
Supplemental Cash Flow Information	Nov. 30, 2019
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	(11) Supplemental Cash Flow Information Cash paid for interest expense and income taxes for the six-month periods ended November 30 was as follows (in millions): 2019 2018 Cash payments for: Interest (net of capitalized interest) $ 279 $ 308 Income taxes $ 162 $ 220 Income tax refunds received (23 ) (6 ) Cash tax payments, net $ 139 $ 214

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	6 Months Ended
Condensed Consolidating Financial Statements	Nov. 30, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Statements	(12) 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 $18.6 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) November 30, 2019 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 394 $ 236 $ 1,410 $ (9 ) $ 2,031 Receivables, less allowances 348 5,698 3,762 (99 ) 9,709 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 128 932 398 — 1,458 Total current assets 870 6,866 5,570 (108 ) 13,198 PROPERTY AND EQUIPMENT, AT COST 27 58,286 4,402 — 62,715 Less accumulated depreciation and amortization 17 28,139 2,151 — 30,307 Net property and equipment 10 30,147 2,251 — 32,408 INTERCOMPANY RECEIVABLE 3,181 — — (3,181 ) — OPERATING LEASE RIGHT-OF-USE ASSETS, NET 39 11,844 2,214 — 14,097 GOODWILL — 1,587 5,274 — 6,861 INVESTMENT IN SUBSIDIARIES 35,086 4,982 — (40,068 ) — OTHER ASSETS 953 1,141 1,820 (524 ) 3,390 $ 40,139 $ 56,567 $ 17,129 $ (43,881 ) $ 69,954 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Short-term borrowings $ 150 $ — $ — $ — $ 150 Current portion of long-term debt — 5 11 — 16 Accrued salaries and employee benefits 87 1,058 487 — 1,632 Accounts payable 192 1,505 1,692 (106 ) 3,283 Operating lease liabilities 4 1,476 448 — 1,928 Accrued expenses 509 2,023 1,008 (2 ) 3,538 Total current liabilities 942 6,067 3,646 (108 ) 10,547 LONG-TERM DEBT, LESS CURRENT PORTION 18,362 286 43 — 18,691 INTERCOMPANY PAYABLE — 58 3,123 (3,181 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 3,013 583 (524 ) 3,072 Operating lease liabilities 37 10,577 1,818 — 12,432 Other liabilities 2,139 3,439 975 — 6,553 Total other long-term liabilities 2,176 17,029 3,376 (524 ) 22,057 COMMON STOCKHOLDERS’ INVESTMENT 18,659 33,127 6,941 (40,068 ) 18,659 $ 40,139 $ 56,567 $ 17,129 $ (43,881 ) $ 69,954 CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2019 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 826 $ 158 $ 1,381 $ (46 ) $ 2,319 Receivables, less allowances 56 5,603 3,684 (227 ) 9,116 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 366 953 332 — 1,651 Total current assets 1,248 6,714 5,397 (273 ) 13,086 PROPERTY AND EQUIPMENT, AT COST 25 55,341 4,145 — 59,511 Less accumulated depreciation and amortization 17 27,066 1,999 — 29,082 Net property and equipment 8 28,275 2,146 — 30,429 INTERCOMPANY RECEIVABLE 2,877 (405 ) — (2,472 ) — GOODWILL — 1,589 5,295 — 6,884 INVESTMENT IN SUBSIDIARIES 33,725 5,449 — (39,174 ) — OTHER ASSETS 995 1,811 1,789 (591 ) 4,004 $ 38,853 $ 43,433 $ 14,627 $ (42,510 ) $ 54,403 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ 959 $ 2 $ 3 $ — $ 964 Accrued salaries and employee benefits 143 1,100 498 — 1,741 Accounts payable 16 1,469 1,808 (263 ) 3,030 Accrued expenses 521 1,853 914 (10 ) 3,278 Total current liabilities 1,639 4,424 3,223 (273 ) 9,013 LONG-TERM DEBT, LESS CURRENT PORTION 16,322 287 8 — 16,617 INTERCOMPANY PAYABLE — — 2,472 (2,472 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 2,832 580 (591 ) 2,821 Other liabilities 3,135 3,965 1,095 — 8,195 Total other long-term liabilities 3,135 6,797 1,675 (591 ) 11,016 COMMON STOCKHOLDERS’ INVESTMENT 17,757 31,925 7,249 (39,174 ) 17,757 $ 38,853 $ 43,433 $ 14,627 $ (42,510 ) $ 54,403 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,307 $ 5,110 $ (93 ) $ 17,324 OPERATING EXPENSES: Salaries and employee benefits 22 4,823 1,390 — 6,235 Purchased transportation — 2,865 1,505 (42 ) 4,328 Rentals and landing fees 2 715 209 (2 ) 924 Depreciation and amortization — 785 116 — 901 Fuel — 846 44 — 890 Maintenance and repairs — 685 89 — 774 Asset impairment charges — 66 — — 66 Intercompany charges, net (77 ) (622 ) 699 — — Other 53 1,752 896 (49 ) 2,652 — 11,915 4,948 (93 ) 16,770 OPERATING INCOME — 392 162 — 554 OTHER (EXPENSE) INCOME: Equity in earnings of subsidiaries 560 26 — (586 ) — Interest, net (164 ) 8 5 — (151 ) Other retirement plans income — 163 5 — 168 Intercompany charges, net 161 (117 ) (44 ) — — Other, net 3 12 (14 ) — 1 INCOME (LOSS) BEFORE INCOME TAXES 560 484 114 (586 ) 572 Provision for income taxes (benefit) — 81 (69 ) — 12 NET INCOME (LOSS) $ 560 $ 403 $ 183 $ (586 ) $ 560 COMPREHENSIVE INCOME (LOSS) $ 540 $ 380 $ 278 $ (586 ) $ 612 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,874 $ 5,050 $ (100 ) $ 17,824 OPERATING EXPENSES: Salaries and employee benefits 34 4,797 1,429 — 6,260 Purchased transportation — 2,650 1,731 (35 ) 4,346 Rentals and landing fees 1 640 196 (1 ) 836 Depreciation and amortization — 709 119 — 828 Fuel — 968 84 — 1,052 Maintenance and repairs — 655 96 — 751 Intercompany charges, net (152 ) (149 ) 301 — — Other 117 1,675 863 (72 ) 2,583 — 11,945 4,819 (108 ) 16,656 OPERATING INCOME — 929 231 8 1,168 OTHER (EXPENSE) INCOME: Equity in earnings of subsidiaries 935 48 — (983 ) — Interest, net (169 ) 50 (12 ) — (131 ) Other retirement plans income — 155 3 — 158 Intercompany charges, net 162 (124 ) (38 ) — — Other, net 7 (9 ) (7 ) (9 ) (18 ) INCOME (LOSS) BEFORE INCOME TAXES 935 1,049 177 (984 ) 1,177 Provision for income taxes — 217 25 — 242 NET INCOME (LOSS) $ 935 $ 832 $ 152 $ (984 ) $ 935 COMPREHENSIVE INCOME (LOSS) $ 912 $ 819 $ 133 $ (983 ) $ 881 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Six Months Ended November 30, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 24,549 $ 10,002 $ (179 ) $ 34,372 OPERATING EXPENSES: Salaries and employee benefits 42 9,507 2,773 — 12,322 Purchased transportation — 5,408 3,025 (77 ) 8,356 Rentals and landing fees 4 1,426 417 (3 ) 1,844 Depreciation and amortization — 1,547 233 — 1,780 Fuel — 1,658 102 — 1,760 Maintenance and repairs 1 1,368 173 — 1,542 Asset impairment charges — 66 — — 66 Intercompany charges, net (156 ) (1,103 ) 1,259 — — Other 109 3,419 1,742 (99 ) 5,171 — 23,296 9,724 (179 ) 32,841 OPERATING INCOME — 1,253 278 — 1,531 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,305 43 — (1,348 ) — Interest, net (315 ) 20 7 — (288 ) Other retirement plans income — 325 11 — 336 Intercompany charges, net 325 (237 ) (88 ) — — Other, net (10 ) 28 (29 ) — (11 ) INCOME (LOSS) BEFORE INCOME TAXES 1,305 1,432 179 (1,348 ) 1,568 Provision for income taxes (benefit) — 306 (43 ) — 263 NET INCOME (LOSS) $ 1,305 $ 1,126 $ 222 $ (1,348 ) $ 1,305 COMPREHENSIVE INCOME (LOSS) $ 1,270 $ 1,085 $ 246 $ (1,348 ) $ 1,253 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Six Months Ended November 30, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 25,241 $ 9,837 $ (202 ) $ 34,876 OPERATING EXPENSES: Salaries and employee benefits 82 9,580 2,858 — 12,520 Purchased transportation — 5,032 3,364 (83 ) 8,313 Rentals and landing fees 3 1,271 388 (3 ) 1,659 Depreciation and amortization — 1,402 234 — 1,636 Fuel — 1,871 167 — 2,038 Maintenance and repairs 1 1,301 184 — 1,486 Intercompany charges, net (264 ) (375 ) 639 — — Other 178 3,221 1,711 (125 ) 4,985 — 23,303 9,545 (211 ) 32,637 OPERATING INCOME — 1,938 292 9 2,239 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,770 128 — (1,898 ) — Interest, net (330 ) 97 (25 ) — (258 ) Other retirement plans income — 311 5 — 316 Intercompany charges, net 304 (246 ) (58 ) — — Other, net 26 (51 ) 16 (10 ) (19 ) INCOME (LOSS) BEFORE INCOME TAXES 1,770 2,177 230 (1,899 ) 2,278 Provision for income taxes — 432 76 — 508 NET INCOME (LOSS) $ 1,770 $ 1,745 $ 154 $ (1,899 ) $ 1,770 COMPREHENSIVE INCOME (LOSS) $ 1,730 $ 1,833 $ (133 ) $ (1,899 ) $ 1,531 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (1,759 ) $ 3,595 $ 201 $ 37 $ 2,074 INVESTING ACTIVITIES Capital expenditures (2 ) (3,007 ) (257 ) — (3,266 ) Proceeds from asset dispositions and other (12 ) 9 7 4 CASH USED IN INVESTING ACTIVITIES (14 ) (2,998 ) (250 ) — (3,262 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 150 — — — 150 Net transfers from (to) Parent 700 (853 ) 153 — — Payment on loan between subsidiaries (326 ) — 326 — — Intercompany dividends — 398 (398 ) — — Proceeds from debt issuances 2,093 — — — 2,093 Principal payments on debt (956 ) (62 ) (3 ) — (1,021 ) Proceeds from stock issuances 26 — — — 26 Dividends paid (339 ) — — — (339 ) Purchase of treasury stock (3 ) — — — (3 ) Other, net (4 ) — (1 ) — (5 ) CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 1,341 (517 ) 77 — 901 Effect of exchange rate changes on cash — (2 ) 1 — (1 ) Net (decrease) increase in cash and cash equivalents (432 ) 78 29 37 (288 ) Cash and cash equivalents at beginning of period 826 158 1,381 (46 ) 2,319 Cash and cash equivalents at end of period $ 394 $ 236 $ 1,410 $ (9 ) $ 2,031 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 262 $ 1,631 $ 333 $ (47 ) $ 2,179 INVESTING ACTIVITIES Capital expenditures (2 ) (2,337 ) (295 ) — (2,634 ) Proceeds from asset dispositions and other (45 ) 83 15 — 53 CASH USED IN INVESTING ACTIVITIES (47 ) (2,254 ) (280 ) — (2,581 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 248 — — — 248 Net transfers from (to) Parent (344 ) 350 (6 ) — — Intercompany dividends — 113 (113 ) — — Proceeds from debt issuances 1,233 — — — 1,233 Principal payments on debt (750 ) (29 ) (6 ) — (785 ) Proceeds from stock issuances 45 — — — 45 Dividends paid (173 ) — — — (173 ) Purchase of treasury stock (1,271 ) — — — (1,271 ) Other, net — 128 (127 ) — 1 CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (1,012 ) 562 (252 ) — (702 ) Effect of exchange rate changes on cash — (9 ) (29 ) — (38 ) Net decrease in cash and cash equivalents (797 ) (70 ) (228 ) (47 ) (1,142 ) Cash and cash equivalents at beginning of period 1,485 257 1,538 (15 ) 3,265 Cash and cash equivalents at end of period $ 688 $ 187 $ 1,310 $ (62 ) $ 2,123

General (Policies)

General (Policies)	6 Months Ended
General (Policies)	Nov. 30, 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, 2019 (“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 November 30, 2019, and the results of our operations for the three- and six-month periods ended November 30, 2019 and 2018, cash flows for the six-month periods ended November 30, 2019 and 2018, and changes in common stockholders’ investment for the three- and six-month periods ended November 30, 2019 and 2018. Operating results for the three- and six-month periods ended November 30, 2019 are not necessarily indicative of the results that may be expected for the year ending May 31, 2020. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2020 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 . 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 $513 million and $533 million at November 30, 2019 and May 31, 2019, respectively. Contract assets net of deferred unearned revenue were $385 million and $364 million at November 30, 2019 and May 31, 2019, 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 $10 million and $11 million at November 30, 2019 and May 31, 2019, respectively. Contract liabilities are included within current liabilities in the accompanying unaudited condensed consolidated balance sheets. Disaggregation of Revenue The following table provides revenue by service type (dollars in millions) for the periods ended November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Six Months Ended 2019 2018 2019 2018 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 1,864 $ 1,948 $ 3,730 $ 3,834 U.S. overnight envelope 457 444 936 912 U.S. deferred 980 1,060 1,936 2,012 Total U.S. domestic package revenue 3,301 3,452 6,602 6,758 International priority 1,817 1,896 3,634 3,770 International economy 873 885 1,728 1,735 Total international export package revenue 2,690 2,781 5,362 5,505 International domestic (1) 1,165 1,203 2,241 2,334 Total package revenue 7,156 7,436 14,205 14,597 Freight: U.S. 698 792 1,393 1,522 International priority 473 564 937 1,097 International economy 541 554 1,057 1,073 International airfreight 70 83 136 168 Total freight revenue 1,782 1,993 3,523 3,860 Other 146 175 301 369 Total FedEx Express segment 9,084 9,604 18,029 18,826 FedEx Ground segment 5,315 5,142 10,494 9,941 FedEx Freight segment 1,844 1,918 3,749 3,877 FedEx Services segment 5 4 9 13 Other and eliminations (2) 1,076 1,156 2,091 2,219 $ 17,324 $ 17,824 $ 34,372 $ 34,876 (1) International domestic revenues relate to our international intra-country operations. ( 2 ) Includes the FedEx Logistics, Inc. (“FedEx Logistics”) and FedEx Office and Print Services, Inc. (“FedEx Office”) operating segments.
Leases	LEASES . We lease certain facilities, aircraft, equipment and vehicles under operating and finance leases. A determination of whether a contract contains a lease is made at the inception of the arrangement. Our leased facilities include national, regional and metropolitan sorting facilities, retail facilities and administrative buildings. We leased 5% of our total aircraft fleet as of November 30, 2019 and 6% as of May 31, 2019. Our leases generally contain options to extend or terminate the lease. We reevaluate our leases on a regular basis to consider the economic and strategic incentives of exercising the renewal options, and how they align with our operating strategy. Therefore, substantially all the renewal option periods are not included within the lease term and the associated payments are not included in the measurement of the right-of-use asset and lease liability as the options to extend are not reasonably certain at lease commencement. The lease liabilities are measured at the lease commencement date and determined using the present value of the minimum lease payments not yet paid and our incremental borrowing rate, which approximates the rate at which we would borrow, on a collateralized basis, over the term of a lease in the applicable currency environment. The interest rate implicit in the lease is generally not determinable in transactions where we are the lessee. For real estate leases, we account for lease components and non-lease components (such as common area maintenance) as a single lease component. Certain real estate leases require additional payments based on sales volume and index based rate increases , as well as reimbursement for real estate taxes, common area maintenance and insurance, which are expensed as incurred as variable lease costs. Certain leases contain fixed lease payment s for items such as real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. See Note 8 for
Impairment of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETS . Long-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. For assets that are to be held and used, an impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, discounted cash flows or internal and external appraisals, as applicable. Assets to be disposed of are carried at the lower of carrying value or estimated net realizable value. We operate integrated transportation networks, and accordingly, cash flows for most of our operating assets to be held and used are assessed at a network level, not at an individual asset level, for our analysis of impairment. During the second quarter of 2020, we made the decision to permanently retire from service 10 Airbus A310-300 aircraft and 12 related engines at Federal Express Corporation (“FedEx Express”) with the needs of the U.S. domestic network and modernize its aircraft fleet
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 $37 million for the three-month period ended November 30, 2019 and $104 million for the six-month period ended November 30, 2019. Our stock-based compensation expense was $40 million for the three-month period ended November 30, 2018 and $108 million for the six-month period ended November 30, 2018. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report.
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS. Our risk management strategy includes the select use of derivative instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. In accordance with our risk management policies, we do not hold or issue derivative instruments for trading or speculative purposes. All derivative instruments are recognized in the financial statements at fair value, regardless of the purpose or intent for holding them. When we become a party to a derivative instrument and intend to apply hedge accounting, we formally document the hedge relationship and the risk management objective for undertaking the hedge, which includes designating the instrument for financial reporting purposes as a fair value hedge, a cash flow hedge or a net investment hedge. If a derivative is designated as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in other comprehensive income. For net investment hedges, the entire change in the fair value is recorded in the currency translation adjustment section of other comprehensive income. Any portion of a change in the fair value of a derivative that is considered to be ineffective, along with the change in fair value of any derivatives not designated in a hedging relationship, is immediately recognized in the income statement. We do not have any derivatives designated as a cash flow hedge for any period presented. Accordingly, additional disclosures about cash flow hedges are excluded from this quarterly report. On August 13, 2019, we designated €294 million of debt and on November 8, 2019, we designated an additional €98 million of debt, for a total of €392 million, as a net investment hedge to reduce the volatility of the U.S. dollar value of a portion of our net investment in a euro-denominated consolidated subsidiary. As of November 30, 2019, the requirements for the application of hedge accounting continue to be met and the hedge remains effective.

General (Tables)

General (Tables)	6 Months Ended
General (Tables)	Nov. 30, 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 November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Six Months Ended 2019 2018 2019 2018 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 1,864 $ 1,948 $ 3,730 $ 3,834 U.S. overnight envelope 457 444 936 912 U.S. deferred 980 1,060 1,936 2,012 Total U.S. domestic package revenue 3,301 3,452 6,602 6,758 International priority 1,817 1,896 3,634 3,770 International economy 873 885 1,728 1,735 Total international export package revenue 2,690 2,781 5,362 5,505 International domestic (1) 1,165 1,203 2,241 2,334 Total package revenue 7,156 7,436 14,205 14,597 Freight: U.S. 698 792 1,393 1,522 International priority 473 564 937 1,097 International economy 541 554 1,057 1,073 International airfreight 70 83 136 168 Total freight revenue 1,782 1,993 3,523 3,860 Other 146 175 301 369 Total FedEx Express segment 9,084 9,604 18,029 18,826 FedEx Ground segment 5,315 5,142 10,494 9,941 FedEx Freight segment 1,844 1,918 3,749 3,877 FedEx Services segment 5 4 9 13 Other and eliminations (2) 1,076 1,156 2,091 2,219 $ 17,324 $ 17,824 $ 34,372 $ 34,876 (1) International domestic revenues relate to our international intra-country operations. ( 2 ) Includes the FedEx Logistics, Inc. (“FedEx Logistics”) and FedEx Office and Print Services, Inc. (“FedEx Office”) operating segments.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Nov. 30, 2019
Accumulated Other Comprehensive Income Loss Tables [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table provides changes in AOCI, net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended November 30 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Six Months Ended 2019 2018 2019 2018 Foreign currency translation loss: Balance at beginning of period $ (1,036 ) $ (921 ) $ (954 ) $ (759 ) Translation adjustments 72 (31 ) (11 ) (193 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — 1 — Balance at end of period (964 ) (952 ) (964 ) (952 ) Retirement plans adjustments: Balance at beginning of period 118 158 89 181 Reclassifications from AOCI (20 ) (23 ) (41 ) (46 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — 50 — Balance at end of period 98 135 98 135 Accumulated other comprehensive (loss) at end of period $ (866 ) $ (817 ) $ (866 ) $ (817 )
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	The following table presents details of the reclassifications from AOCI for the periods ended November 30 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Six Months Ended 2019 2018 2019 2018 Amortization of retirement plans prior service credits, before tax $ 26 $ 30 $ 53 $ 60 Salaries and employee benefits Income tax benefit (6 ) (7 ) (12 ) (14 ) Provision for income taxes AOCI reclassifications, net of tax $ 20 $ 23 $ 41 $ 46 Net income

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	6 Months Ended
Computation of Earnings Per Share (Tables)	Nov. 30, 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 November 30 was as follows (in millions, except per share amounts): Three Months Ended Six Months Ended 2019 2018 2019 2018 Basic earnings per common share: Net earnings allocable to common shares (1) $ 559 $ 933 $ 1,303 $ 1,768 Weighted-average common shares 261 262 261 263 Basic earnings per common share $ 2.15 $ 3.56 $ 5.00 $ 6.71 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 559 $ 933 $ 1,303 $ 1,768 Weighted-average common shares 261 262 261 263 Dilutive effect of share-based awards 1 4 1 5 Weighted-average diluted shares 262 266 262 268 Diluted earnings per common share $ 2.13 $ 3.51 $ 4.97 $ 6.60 Anti-dilutive options excluded from diluted earnings per common share 11.2 4.0 11.0 3.8 (1) Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
Retirement Plans (Tables)	Nov. 30, 2019
Retirement Plan Tables [Abstract]
Schedule of Retirement Plan Costs	Our retirement plans costs for the periods ended November 30 were as follows (in millions): Three Months Ended Six Months Ended 2019 2018 2019 2018 Defined benefit pension plans, net $ 37 $ 29 $ 74 $ 57 Defined contribution plans 136 133 278 277 Postretirement healthcare plans 21 18 43 37 $ 194 $ 180 $ 395 $ 371
Schedule of Net Periodic Benefit Cost	Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2019 2018 2019 2018 2019 2018 Service cost $ 192 $ 172 $ 24 $ 25 $ 10 $ 8 Other retirement plans (income) expense: Interest cost 250 238 11 12 11 10 Expected return on plan assets (401 ) (376 ) (13 ) (12 ) — — Amortization of prior service credit and other (25 ) (30 ) (1 ) — — — (176 ) (168 ) (3 ) — 11 10 $ 16 $ 4 $ 21 $ 25 $ 21 $ 18 Six Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2019 2018 2019 2018 2019 2018 Service cost $ 384 $ 344 $ 48 $ 49 $ 21 $ 17 Other retirement plans (income) expense: Interest cost 500 476 22 25 22 20 Expected return on plan assets (801 ) (753 ) (26 ) (24 ) — — Amortization of prior service credit and other (52 ) (59 ) (1 ) (1 ) — — (353 ) (336 ) (5 ) — 22 20 $ 31 $ 8 $ 43 $ 49 $ 43 $ 37

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
Business Segment Information (Tables)	Nov. 30, 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 November 30 (in millions): Three Months Ended Six Months Ended 2019 2018 2019 2018 Revenues: FedEx Express segment $ 9,084 $ 9,604 $ 18,029 $ 18,826 FedEx Ground segment 5,315 5,142 10,494 9,941 FedEx Freight segment 1,844 1,918 3,749 3,877 FedEx Services segment 5 4 9 13 Other and eliminations 1,076 1,156 2,091 2,219 $ 17,324 $ 17,824 $ 34,372 $ 34,876 Operating income (loss): FedEx Express segment $ 236 $ 630 $ 521 $ 1,018 FedEx Ground segment 342 590 986 1,266 FedEx Freight segment 141 148 335 324 Corporate, other and eliminations (165 ) (200 ) (311 ) (369 ) $ 554 $ 1,168 $ 1,531 $ 2,239

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Nov. 30, 2019
Leases [Abstract]
Summary of Components of Net Lease Cost	The following table is a summary of the components of net lease cost for the periods ended November 30 (in millions): Three Months Ended Six Months Ended 2019 2019 Operating lease cost (1) $ 676 $ 1,350 Finance lease cost: Amortization of right-of-use assets 3 6 Interest on lease liabilities 1 2 Total finance lease cost 4 8 Short-term lease cost 46 81 Variable lease cost (1) 282 549 Net lease cost $ 1,008 $ 1,988 (1)
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases for the six months ended November 30 is as follows (in millions): 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 1,247 Operating cash flows paid for interest portion of finance leases 2 Financing cash flows paid for principal portion of finance leases 64 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,049 Right-of-use assets obtained in exchange for new finance lease liabilities $ 93
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases as of November 30 is as follows (in millions, except lease term and discount rate): 2019 Operating leases: Operating lease right-of-use assets, net $ 14,097 Current portion of operating lease liabilities 1,928 Operating lease liabilities 12,432 Total operating lease liabilities $ 14,360 Finance leases: Net property and equipment $ 99 Current portion of long-term debt 16 Long-term debt, less current portion 92 Total finance lease liabilities $ 108 Weighted-average remaining lease term Operating leases 10.0 Finance leases 11.6 Weighted-average discount rate Operating leases 3.24 % Finance leases 3.99 %
Summary of Future Minimum Lease Payments, Operating and Finance Leases	A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year at November 30, 2019 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases Finance Leases Total Leases 2020 (remainder) $ 236 $ 1,013 $ 1,249 $ 13 $ 1,262 2021 253 2,102 2,355 14 2,369 2022 234 1,871 2,105 14 2,119 2023 198 1,668 1,866 13 1,879 2024 102 1,457 1,559 11 1,570 Thereafter 314 7,527 7,841 78 7,919 Total lease payments 1,337 15,638 16,975 143 17,118 Less imputed interest (107 ) (2,508 ) (2,615 ) (35 ) (2,650 ) Present value of lease liability $ 1,230 $ 13,130 $ 14,360 $ 108 $ 14,468
Schedule of Future Minimum Lease Payments, Operating Leases	As previously disclosed in our Annual Report and under the previous lease accounting standard, future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at May 31, 2019 would have been as follows (in millions): Operating Leases Aircraft and Related Equipment Facilities and Other Total Operating Leases 2020 $ 288 $ 2,209 $ 2,497 2021 230 2,033 2,263 2022 212 1,816 2,028 2023 154 1,625 1,779 2024 58 1,428 1,486 Thereafter 85 7,977 8,062 Total $ 1,027 $ 17,088 $ 18,115

Commitments (Tables)

Commitments (Tables)	6 Months Ended
Commitments (Tables)	Nov. 30, 2019
Commitments Tables [Abstract]
Schedule of Purchase Commitments	As of November 30, 2019, our purchase commitments under various contracts for the remainder of 2020 and annually thereafter were as follows (in millions): Aircraft and Related Other (1) Total 2020 (remainder) $ 556 $ 511 $ 1,067 2021 2,592 749 3,341 2022 2,596 529 3,125 2023 1,789 377 2,166 2024 701 228 929 Thereafter 3,408 586 3,994 Total $ 11,642 $ 2,980 $ 14,622 (1)
Schedule of Aircraft Purchase Commitments	The following table is a summary of the key aircraft we are committed to purchase as of November 30, 2019 with the year of expected delivery: Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2020 (remainder) - - 10 - 10 2021 12 5 18 2 37 2022 12 6 18 3 39 2023 12 6 6 4 28 2024 14 6 - 4 24 Thereafter - 7 - 2 9 Total 50 30 52 15 147

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
Supplemental Cash Flow Information (Tables)	Nov. 30, 2019
Supplemental Cash Flow Tables [Abstract]
Supplemental Cash Flow	Cash paid for interest expense and income taxes for the six-month periods ended November 30 was as follows (in millions): 2019 2018 Cash payments for: Interest (net of capitalized interest) $ 279 $ 308 Income taxes $ 162 $ 220 Income tax refunds received (23 ) (6 ) Cash tax payments, net $ 139 $ 214

Condensed Consolidating Finan_2

Condensed Consolidating Financial Statements (Tables)	6 Months Ended
Condensed Consolidating Financial Statements (Tables)	Nov. 30, 2019
Condensed Consolidating Financial Statements Tables [Abstract]
Condensed Consolidating Balance Sheets	Condensed consolidating financial statements for our guarantor subsidiaries and non-guarantor subsidiaries are presented in the following tables (in millions): CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) November 30, 2019 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 394 $ 236 $ 1,410 $ (9 ) $ 2,031 Receivables, less allowances 348 5,698 3,762 (99 ) 9,709 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 128 932 398 — 1,458 Total current assets 870 6,866 5,570 (108 ) 13,198 PROPERTY AND EQUIPMENT, AT COST 27 58,286 4,402 — 62,715 Less accumulated depreciation and amortization 17 28,139 2,151 — 30,307 Net property and equipment 10 30,147 2,251 — 32,408 INTERCOMPANY RECEIVABLE 3,181 — — (3,181 ) — OPERATING LEASE RIGHT-OF-USE ASSETS, NET 39 11,844 2,214 — 14,097 GOODWILL — 1,587 5,274 — 6,861 INVESTMENT IN SUBSIDIARIES 35,086 4,982 — (40,068 ) — OTHER ASSETS 953 1,141 1,820 (524 ) 3,390 $ 40,139 $ 56,567 $ 17,129 $ (43,881 ) $ 69,954 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Short-term borrowings $ 150 $ — $ — $ — $ 150 Current portion of long-term debt — 5 11 — 16 Accrued salaries and employee benefits 87 1,058 487 — 1,632 Accounts payable 192 1,505 1,692 (106 ) 3,283 Operating lease liabilities 4 1,476 448 — 1,928 Accrued expenses 509 2,023 1,008 (2 ) 3,538 Total current liabilities 942 6,067 3,646 (108 ) 10,547 LONG-TERM DEBT, LESS CURRENT PORTION 18,362 286 43 — 18,691 INTERCOMPANY PAYABLE — 58 3,123 (3,181 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 3,013 583 (524 ) 3,072 Operating lease liabilities 37 10,577 1,818 — 12,432 Other liabilities 2,139 3,439 975 — 6,553 Total other long-term liabilities 2,176 17,029 3,376 (524 ) 22,057 COMMON STOCKHOLDERS’ INVESTMENT 18,659 33,127 6,941 (40,068 ) 18,659 $ 40,139 $ 56,567 $ 17,129 $ (43,881 ) $ 69,954 CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2019 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 826 $ 158 $ 1,381 $ (46 ) $ 2,319 Receivables, less allowances 56 5,603 3,684 (227 ) 9,116 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 366 953 332 — 1,651 Total current assets 1,248 6,714 5,397 (273 ) 13,086 PROPERTY AND EQUIPMENT, AT COST 25 55,341 4,145 — 59,511 Less accumulated depreciation and amortization 17 27,066 1,999 — 29,082 Net property and equipment 8 28,275 2,146 — 30,429 INTERCOMPANY RECEIVABLE 2,877 (405 ) — (2,472 ) — GOODWILL — 1,589 5,295 — 6,884 INVESTMENT IN SUBSIDIARIES 33,725 5,449 — (39,174 ) — OTHER ASSETS 995 1,811 1,789 (591 ) 4,004 $ 38,853 $ 43,433 $ 14,627 $ (42,510 ) $ 54,403 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ 959 $ 2 $ 3 $ — $ 964 Accrued salaries and employee benefits 143 1,100 498 — 1,741 Accounts payable 16 1,469 1,808 (263 ) 3,030 Accrued expenses 521 1,853 914 (10 ) 3,278 Total current liabilities 1,639 4,424 3,223 (273 ) 9,013 LONG-TERM DEBT, LESS CURRENT PORTION 16,322 287 8 — 16,617 INTERCOMPANY PAYABLE — — 2,472 (2,472 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 2,832 580 (591 ) 2,821 Other liabilities 3,135 3,965 1,095 — 8,195 Total other long-term liabilities 3,135 6,797 1,675 (591 ) 11,016 COMMON STOCKHOLDERS’ INVESTMENT 17,757 31,925 7,249 (39,174 ) 17,757 $ 38,853 $ 43,433 $ 14,627 $ (42,510 ) $ 54,403
Condensed Consolidating Statements of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,307 $ 5,110 $ (93 ) $ 17,324 OPERATING EXPENSES: Salaries and employee benefits 22 4,823 1,390 — 6,235 Purchased transportation — 2,865 1,505 (42 ) 4,328 Rentals and landing fees 2 715 209 (2 ) 924 Depreciation and amortization — 785 116 — 901 Fuel — 846 44 — 890 Maintenance and repairs — 685 89 — 774 Asset impairment charges — 66 — — 66 Intercompany charges, net (77 ) (622 ) 699 — — Other 53 1,752 896 (49 ) 2,652 — 11,915 4,948 (93 ) 16,770 OPERATING INCOME — 392 162 — 554 OTHER (EXPENSE) INCOME: Equity in earnings of subsidiaries 560 26 — (586 ) — Interest, net (164 ) 8 5 — (151 ) Other retirement plans income — 163 5 — 168 Intercompany charges, net 161 (117 ) (44 ) — — Other, net 3 12 (14 ) — 1 INCOME (LOSS) BEFORE INCOME TAXES 560 484 114 (586 ) 572 Provision for income taxes (benefit) — 81 (69 ) — 12 NET INCOME (LOSS) $ 560 $ 403 $ 183 $ (586 ) $ 560 COMPREHENSIVE INCOME (LOSS) $ 540 $ 380 $ 278 $ (586 ) $ 612 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 12,874 $ 5,050 $ (100 ) $ 17,824 OPERATING EXPENSES: Salaries and employee benefits 34 4,797 1,429 — 6,260 Purchased transportation — 2,650 1,731 (35 ) 4,346 Rentals and landing fees 1 640 196 (1 ) 836 Depreciation and amortization — 709 119 — 828 Fuel — 968 84 — 1,052 Maintenance and repairs — 655 96 — 751 Intercompany charges, net (152 ) (149 ) 301 — — Other 117 1,675 863 (72 ) 2,583 — 11,945 4,819 (108 ) 16,656 OPERATING INCOME — 929 231 8 1,168 OTHER (EXPENSE) INCOME: Equity in earnings of subsidiaries 935 48 — (983 ) — Interest, net (169 ) 50 (12 ) — (131 ) Other retirement plans income — 155 3 — 158 Intercompany charges, net 162 (124 ) (38 ) — — Other, net 7 (9 ) (7 ) (9 ) (18 ) INCOME (LOSS) BEFORE INCOME TAXES 935 1,049 177 (984 ) 1,177 Provision for income taxes — 217 25 — 242 NET INCOME (LOSS) $ 935 $ 832 $ 152 $ (984 ) $ 935 COMPREHENSIVE INCOME (LOSS) $ 912 $ 819 $ 133 $ (983 ) $ 881 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Six Months Ended November 30, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 24,549 $ 10,002 $ (179 ) $ 34,372 OPERATING EXPENSES: Salaries and employee benefits 42 9,507 2,773 — 12,322 Purchased transportation — 5,408 3,025 (77 ) 8,356 Rentals and landing fees 4 1,426 417 (3 ) 1,844 Depreciation and amortization — 1,547 233 — 1,780 Fuel — 1,658 102 — 1,760 Maintenance and repairs 1 1,368 173 — 1,542 Asset impairment charges — 66 — — 66 Intercompany charges, net (156 ) (1,103 ) 1,259 — — Other 109 3,419 1,742 (99 ) 5,171 — 23,296 9,724 (179 ) 32,841 OPERATING INCOME — 1,253 278 — 1,531 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,305 43 — (1,348 ) — Interest, net (315 ) 20 7 — (288 ) Other retirement plans income — 325 11 — 336 Intercompany charges, net 325 (237 ) (88 ) — — Other, net (10 ) 28 (29 ) — (11 ) INCOME (LOSS) BEFORE INCOME TAXES 1,305 1,432 179 (1,348 ) 1,568 Provision for income taxes (benefit) — 306 (43 ) — 263 NET INCOME (LOSS) $ 1,305 $ 1,126 $ 222 $ (1,348 ) $ 1,305 COMPREHENSIVE INCOME (LOSS) $ 1,270 $ 1,085 $ 246 $ (1,348 ) $ 1,253 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Six Months Ended November 30, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES $ — $ 25,241 $ 9,837 $ (202 ) $ 34,876 OPERATING EXPENSES: Salaries and employee benefits 82 9,580 2,858 — 12,520 Purchased transportation — 5,032 3,364 (83 ) 8,313 Rentals and landing fees 3 1,271 388 (3 ) 1,659 Depreciation and amortization — 1,402 234 — 1,636 Fuel — 1,871 167 — 2,038 Maintenance and repairs 1 1,301 184 — 1,486 Intercompany charges, net (264 ) (375 ) 639 — — Other 178 3,221 1,711 (125 ) 4,985 — 23,303 9,545 (211 ) 32,637 OPERATING INCOME — 1,938 292 9 2,239 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,770 128 — (1,898 ) — Interest, net (330 ) 97 (25 ) — (258 ) Other retirement plans income — 311 5 — 316 Intercompany charges, net 304 (246 ) (58 ) — — Other, net 26 (51 ) 16 (10 ) (19 ) INCOME (LOSS) BEFORE INCOME TAXES 1,770 2,177 230 (1,899 ) 2,278 Provision for income taxes — 432 76 — 508 NET INCOME (LOSS) $ 1,770 $ 1,745 $ 154 $ (1,899 ) $ 1,770 COMPREHENSIVE INCOME (LOSS) $ 1,730 $ 1,833 $ (133 ) $ (1,899 ) $ 1,531
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (1,759 ) $ 3,595 $ 201 $ 37 $ 2,074 INVESTING ACTIVITIES Capital expenditures (2 ) (3,007 ) (257 ) — (3,266 ) Proceeds from asset dispositions and other (12 ) 9 7 4 CASH USED IN INVESTING ACTIVITIES (14 ) (2,998 ) (250 ) — (3,262 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 150 — — — 150 Net transfers from (to) Parent 700 (853 ) 153 — — Payment on loan between subsidiaries (326 ) — 326 — — Intercompany dividends — 398 (398 ) — — Proceeds from debt issuances 2,093 — — — 2,093 Principal payments on debt (956 ) (62 ) (3 ) — (1,021 ) Proceeds from stock issuances 26 — — — 26 Dividends paid (339 ) — — — (339 ) Purchase of treasury stock (3 ) — — — (3 ) Other, net (4 ) — (1 ) — (5 ) CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 1,341 (517 ) 77 — 901 Effect of exchange rate changes on cash — (2 ) 1 — (1 ) Net (decrease) increase in cash and cash equivalents (432 ) 78 29 37 (288 ) Cash and cash equivalents at beginning of period 826 158 1,381 (46 ) 2,319 Cash and cash equivalents at end of period $ 394 $ 236 $ 1,410 $ (9 ) $ 2,031 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2018 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 262 $ 1,631 $ 333 $ (47 ) $ 2,179 INVESTING ACTIVITIES Capital expenditures (2 ) (2,337 ) (295 ) — (2,634 ) Proceeds from asset dispositions and other (45 ) 83 15 — 53 CASH USED IN INVESTING ACTIVITIES (47 ) (2,254 ) (280 ) — (2,581 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 248 — — — 248 Net transfers from (to) Parent (344 ) 350 (6 ) — — Intercompany dividends — 113 (113 ) — — Proceeds from debt issuances 1,233 — — — 1,233 Principal payments on debt (750 ) (29 ) (6 ) — (785 ) Proceeds from stock issuances 45 — — — 45 Dividends paid (173 ) — — — (173 ) Purchase of treasury stock (1,271 ) — — — (1,271 ) Other, net — 128 (127 ) — 1 CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (1,012 ) 562 (252 ) — (702 ) Effect of exchange rate changes on cash — (9 ) (29 ) — (38 ) Net decrease in cash and cash equivalents (797 ) (70 ) (228 ) (47 ) (1,142 ) Cash and cash equivalents at beginning of period 1,485 257 1,538 (15 ) 3,265 Cash and cash equivalents at end of period $ 688 $ 187 $ 1,310 $ (62 ) $ 2,123

General - Additional Informatio

General - Additional Information (Details) $ / shares in Units, € in Millions, $ in Millions	Jun. 01, 2019USD ($)	Nov. 30, 2019USD ($)air-craft$ / sharesshares	Nov. 30, 2018USD ($)shares	Nov. 30, 2019USD ($)$ / sharesshares	Nov. 30, 2018USD ($)shares	Nov. 08, 2019EUR (€)	Aug. 13, 2019EUR (€)	May 31, 2019USD ($)	Jan. 26, 2016shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Gross contract assets related to in-transit packages		$ 513		$ 513				$ 533
Contract assets net of deferred unearned revenue		385		385				364
Contract liabilities related to advance payments from customers		$ 10		$ 10				$ 11
Percentage total aircraft fleet leased		5.00%		5.00%				6.00%
Number of aircraft to be permanently retired from service \| air-craft		10
Number of aircraft engines to be permanently retired from service \| air-craft		12
Noncash impairment charges		$ 66
Noncash impairment charges net of tax		$ 50
Noncash impairment charges net of tax per diluted share \| $ / shares		$ 0.19
Number of aircraft temporarily idled \| air-craft		7
Stock-based compensation		$ 37	$ 40	$ 104	$ 108
Denominated debt as a net investment hedge \| €						€ 392	€ 294
Denominated Additional debt as a net investment hedge \| €						€ 98
Operating lease liability	$ 14,200	14,360		14,360
Operating right-of-use asset	14,100	$ 14,097		$ 14,097
Cumulative effect on retained earnings, before tax	57
Cumulative effect on retained earnings, net of tax	47
Stock repurchase program number of shares authorized to be repurchased \| shares									25,000,000
Number of shares repurchased \| shares		0	2,800,000	20,000	5,400,000
Treasury stock acquired, average cost per share \| $ / shares				$ 156.90
Payments for repurchase of common stock				$ 3	$ 1,271
Stock repurchase program, remaining number of shares authorized to be repurchased \| shares		5,100,000		5,100,000
Dividends payable, date declared				Nov. 15, 2019
Dividends payable amount per share \| $ / shares		$ 0.65		$ 0.65
Dividends payable, date to be paid				Jan. 2, 2020
Dividends payable, date of record				Dec. 9, 2019
Prepaid Asset [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating right-of-use asset	154
Net Deferred Rent Liability [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating right-of-use asset	$ 309

General - Schedule of Revenue b

General - Schedule of Revenue by Service Type (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		$ 17,324	$ 17,824	$ 34,372	$ 34,876
Operating Segments \| FedEx Express Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		9,084	9,604	18,029	18,826
Operating Segments \| FedEx Express Segment [Member] \| U.S. overnight box [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,864	1,948	3,730	3,834
Operating Segments \| FedEx Express Segment [Member] \| U.S. overnight envelope [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		457	444	936	912
Operating Segments \| FedEx Express Segment [Member] \| U.S. deferred [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		980	1,060	1,936	2,012
Operating Segments \| FedEx Express Segment [Member] \| Total U.S. domestic package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		3,301	3,452	6,602	6,758
Operating Segments \| FedEx Express Segment [Member] \| International priority [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,817	1,896	3,634	3,770
Operating Segments \| FedEx Express Segment [Member] \| International economy [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		873	885	1,728	1,735
Operating Segments \| FedEx Express Segment [Member] \| Total international export package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		2,690	2,781	5,362	5,505
Operating Segments \| FedEx Express Segment [Member] \| International domestic [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[1]	1,165	1,203	2,241	2,334
Operating Segments \| FedEx Express Segment [Member] \| Total package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		7,156	7,436	14,205	14,597
Operating Segments \| FedEx Express Segment [Member] \| U.S. freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		698	792	1,393	1,522
Operating Segments \| FedEx Express Segment [Member] \| International priority freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		473	564	937	1,097
Operating Segments \| FedEx Express Segment [Member] \| International Economy Freight
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		541	554	1,057	1,073
Operating Segments \| FedEx Express Segment [Member] \| International Airfreight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		70	83	136	168
Operating Segments \| FedEx Express Segment [Member] \| Total freight revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,782	1,993	3,523	3,860
Operating Segments \| FedEx Express Segment [Member] \| Other [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		146	175	301	369
Operating Segments \| FedEx Ground Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		5,315	5,142	10,494	9,941
Operating Segments \| FedEx Freight Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,844	1,918	3,749	3,877
Operating Segments \| FedEx Services Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		5	4	9	13
Other and eliminations [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[2]	$ 1,076	$ 1,156	$ 2,091	$ 2,219

[1]	International domestic revenues relate to our international intra-country operations.
[2]	Includes the FedEx Logistics, Inc. (“FedEx Logistics”) and FedEx Office and Print Services, Inc. (“FedEx Office”) operating segments.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance			$ 17,757
Translation adjustments	$ 72	$ (31)	(11)	$ (193)
Ending Balance	18,659	19,294	18,659	19,294
Foreign Currency Translation Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(1,036)	(921)	(954)	(759)
Translation adjustments	72	(31)	(11)	(193)
Ending Balance	(964)	(952)	(964)	(952)
Foreign Currency Translation Loss [Member] \| ASU 2018-02 [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification to retained earnings due to the adoption of ASU 2018-02			1
Retirement Plans Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	118	158	89	181
Reclassifications from AOCI	(20)	(23)	(41)	(46)
Ending Balance	98	135	98	135
Retirement Plans Adjustments [Member] \| ASU 2018-02 [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification to retained earnings due to the adoption of ASU 2018-02			50
Accumulated Other Comprehensive (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(918)	(763)	(865)	(578)
Ending Balance	$ (866)	$ (817)	$ (866)	$ (817)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	$ 26	$ 30	$ 53	$ 60
Provision for income taxes	(6)	(7)	(12)	(14)
Net income	$ 20	$ 23	$ 41	$ 46

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details) € in Millions	3 Months Ended	6 Months Ended
	Aug. 31, 2019USD ($)	Nov. 30, 2019USD ($)	Aug. 31, 2019EUR (€)	May 31, 2019USD ($)
Line Of Credit Facility [Line Items]
Financial Covenant Terms Ratio		350.00%
Financial Covenant Compliance Ratio		260.00%
Commercial paper outstanding		$ 150,000,000
Letters Of Credit Outstanding		53,000,000
Long Term Debt, Including Current Maturities and Exclusive of finance Leases Carrying Value		18,600,000,000		$ 17,500,000,000
Long Term Debt, Including Current Maturities and Exclusive of finance Leases Fair Value		$ 19,600,000,000		$ 17,800,000,000
Long-term debt weighted-average interest rate		3.50%
Maximum [Member]
Line Of Credit Facility [Line Items]
Commercial paper outstanding		$ 150,000,000
Five-Year Credit Agreement [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
Line of Credit Facility, Expiration Date		2024-03
Letter of Credit Maximum Sublimit Amount		$ 250,000,000
364-Day Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of Credit Facility, Term		364 days
Line Of Credit Facility Maximum Borrowing Capacity		$ 1,500,000,000
Line of Credit Facility, Expiration Date		2020-03
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility outstanding for future borrowings		$ 3,297,000,000
Senior Unsecured Debt [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount	$ 2,100,000,000
3.10% Fixed-rate Notes Due in August 2029 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount	$ 1,000,000,000
Fixed interest rate	3.10%		3.10%
Debt instrument, maturity date	2029-08
0.45% Fixed-rate Notes Due in August 2025 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount \| €			€ 500
Fixed interest rate	0.45%		0.45%
Debt instrument, maturity date	2025-08
1.30% Fixed-rate Notes Due in August 2031 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount \| €			€ 500
Fixed interest rate	1.30%		1.30%
Debt instrument, maturity date	2031-08
2.30% Fixed-rate Notes Due in February1 2020 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount	$ 400,000,000
Fixed interest rate	2.30%		2.30%
Debt instrument, maturity date	Feb. 1, 2020
0.50% Notes Due April 09, 2020 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount \| €			€ 500
Fixed interest rate	0.50%		0.50%
Debt instrument, maturity date	Apr. 9, 2020

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		6 Months Ended
		Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Basic earnings per common share:
Net earnings allocable to common shares	[1]	$ 559	$ 933	$ 1,303	$ 1,768
Weighted-average common shares		261	262	261	263
Basic earnings per common share		$ 2.15	$ 3.56	$ 5	$ 6.71
Diluted earnings per common share:
Net earnings allocable to common shares	[1]	$ 559	$ 933	$ 1,303	$ 1,768
Weighted-average common shares		261	262	261	263
Dilutive effect of share-based awards		1	4	1	5
Weighted-average diluted shares		262	266	262	268
Diluted earnings per common share		$ 2.13	$ 3.51	$ 4.97	$ 6.60
Anti-dilutive options excluded from diluted earnings per common share		11.2	4	11	3.8

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

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	2.10%	20.60%	16.80%	22.30%
Benefit from reduction of valuation allowance on tax loss carryforwards			$ 133
Income tax benefit from accelerated deductions to be claimed on 2018 tax return			$ 60

Retirement Plans - Schedule of

Retirement Plans - Schedule of Retirement Plan Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Pension And Other Postretirement Benefit Expense [Abstract]
Defined benefit pension plans, net	$ 37	$ 29	$ 74	$ 57
Defined contribution plans	136	133	278	277
Postretirement healthcare plans	21	18	43	37
Retirement plans costs	$ 194	$ 180	$ 395	$ 371

Retirement Plans - Schedule o_2

Retirement Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Pension Plans [Member] \| U.S. Plans [Member]
Net Periodic Benefit Cost
Service cost	$ 192	$ 172	$ 384	$ 344
Other retirement plans (income) expense:
Interest cost	250	238	500	476
Expected return on plan assets	(401)	(376)	(801)	(753)
Amortization of prior service credit and other	(25)	(30)	(52)	(59)
Other retirement plans (income) expense	(176)	(168)	(353)	(336)
Net periodic benefit cost	16	4	31	8
Pension Plans [Member] \| International Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	24	25	48	49
Other retirement plans (income) expense:
Interest cost	11	12	22	25
Expected return on plan assets	(13)	(12)	(26)	(24)
Amortization of prior service credit and other	(1)		(1)	(1)
Other retirement plans (income) expense	(3)		(5)
Net periodic benefit cost	21	25	43	49
Postretirement Healthcare Plans [Member]
Net Periodic Benefit Cost
Service cost	10	8	21	17
Other retirement plans (income) expense:
Interest cost	11	10	22	20
Other retirement plans (income) expense	11	10	22	20
Net periodic benefit cost	$ 21	$ 18	$ 43	$ 37

Retirement Plans - Additional I

Retirement Plans - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
401(k) plan description	During the second quarter of 2020, we announced the closing of our U.S.-based defined benefit pension plans to new non-union employees hired on or after January 1, 2020. We will introduce an all 401(k) plan retirement benefit structure for eligible employees with a higher company match of up to 8% across all U.S.-based operating companies. During 2020, current eligible employees under the Portable Pension Account (PPA) pension formula will be given a one-time option to continue to be eligible for pension compensation credits under the existing PPA formula and remain in the existing 401(k) plan with its match of up to 3.5%, or to cease receiving compensation credits under the pension plan and move to the new 401(k) plan with the higher match of up to 8%. Changes to the new 401(k) plan structure become effective beginning January 1, 2021. While this new program will provide employees greater flexibility and reduce our long-term pension costs, it will not have a material impact on current or near-term financial results.
Maximum [Member] \| Future Plan Structure [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contributions to eligible employees	8.00%
Maximum [Member] \| Current Plan Structure [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contributions to eligible employees	3.50%
Voluntary Contribution [Member] \| U.S. Pensions Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer	$ 1,000	$ 500

Business Segment Information -

Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Segment Reporting Information [Line Items]
Revenues	$ 17,324	$ 17,824	$ 34,372	$ 34,876
Operating income (loss)	554	1,168	1,531	2,239
Operating Segments \| FedEx Express Segment [Member]
Segment Reporting Information [Line Items]
Revenues	9,084	9,604	18,029	18,826
Operating income (loss)	236	630	521	1,018
Operating Segments \| FedEx Ground Segment [Member]
Segment Reporting Information [Line Items]
Revenues	5,315	5,142	10,494	9,941
Operating income (loss)	342	590	986	1,266
Operating Segments \| FedEx Freight Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,844	1,918	3,749	3,877
Operating income (loss)	141	148	335	324
Operating Segments \| FedEx Services Segment [Member]
Segment Reporting Information [Line Items]
Revenues	5	4	9	13
Corporate, Other and Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	1,076	1,156	2,091	2,219
Operating income (loss)	$ (165)	$ (200)	$ (311)	$ (369)

Leases - Summary of Components

Leases - Summary of Components of Net Lease Cost (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
		Nov. 30, 2019	Nov. 30, 2019
Leases [Abstract]
Operating lease cost	[1]	$ 676	$ 1,350
Finance lease cost:
Amortization of right-of-use assets		3	6
Interest on lease liabilities		1	2
Total finance lease cost		4	8
Short-term lease cost		46	81
Variable lease cost	[1]	282	549
Net lease cost		$ 1,008	$ 1,988

[1]	Expenses are primarily accounted for in the “Rentals and landing fees” line item. Additional amounts related to embedded leases are accounted for in the “Purchased transportation,” “Fuel” and “Other” line items in the unaudited condensed consolidated statements of income.

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) $ in Millions	6 Months Ended
	Nov. 30, 2019USD ($)
Leases [Abstract]
Operating cash flows paid for operating leases	$ 1,247
Operating cash flows paid for interest portion of finance leases	2
Financing cash flows paid for principal portion of finance leases	64
Right-of-use assets obtained in exchange for new operating lease liabilities	1,049
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 93

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Nov. 30, 2019	Jun. 01, 2019
Operating leases:
Operating lease right-of-use assets, net	$ 14,097	$ 14,100
Current portion of operating lease liabilities	1,928
Operating lease liabilities	12,432
Total operating lease liabilities	14,360	$ 14,200
Finance Leases:
Net property and equipment	$ 99
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Current portion of long-term debt	$ 16
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent
Long-term debt, less current portion	$ 92
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtAndCapitalLeaseObligations
Total finance lease liabilities	$ 108
Weighted-average remaining lease term
Operating leases	10 years
Finance leases	11 years 7 months 6 days
Weighted-average discount rate
Operating leases	3.24%
Finance leases	3.99%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments, Operating and Finance Leases (Details) - USD ($) $ in Millions	Nov. 30, 2019	Jun. 01, 2019
Schedule Of Future Minimum Lease Payments For Operating Leases And Finance Leases [Line Items]
2020 (remainder)	$ 1,262
2021	2,369
2022	2,119
2023	1,879
2024	1,570
Thereafter	7,919
Total lease payments	17,118
Less imputed interest	(2,650)
Present value of lease liability	14,468
Operating Leases
2020 (remainder)	1,249
2021	2,355
2022	2,105
2023	1,866
2024	1,559
Thereafter	7,841
Total lease payments	16,975
Less imputed interest	(2,615)
Present value of lease liability	14,360	$ 14,200
Finance Leases
2020 (remainder)	13
2021	14
2022	14
2023	13
2024	11
Thereafter	78
Total lease payments	143
Less imputed interest	(35)
Present value of lease liability	108
Aircraft and Related Equipment [Member]
Operating Leases
2020 (remainder)	236
2021	253
2022	234
2023	198
2024	102
Thereafter	314
Total lease payments	1,337
Less imputed interest	(107)
Present value of lease liability	1,230
Facilities and Other [Member]
Operating Leases
2020 (remainder)	1,013
2021	2,102
2022	1,871
2023	1,668
2024	1,457
Thereafter	7,527
Total lease payments	15,638
Less imputed interest	(2,508)
Present value of lease liability	$ 13,130

Leases - Additional Information

Leases - Additional Information (Details) $ in Billions	6 Months Ended
Leases - Additional Information (Details) $ in Billions	Nov. 30, 2019USD ($)
Lessee Lease Description [Line Items]
Additional leases not yet commenced, undiscounted future payments	$ 1.6
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease commencement date	2020
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease commencement date	2022

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments, Operating Leases (Details) $ in Millions	May 31, 2019USD ($)
Schedule of Future Minimum Operating Lease Payments [Line Items]
2020	$ 2,497
2021	2,263
2022	2,028
2023	1,779
2024	1,486
Thereafter	8,062
Total	18,115
Aircraft and Related Equipment [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2020	288
2021	230
2022	212
2023	154
2024	58
Thereafter	85
Total	1,027
Facilities and Other [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2020	2,209
2021	2,033
2022	1,816
2023	1,625
2024	1,428
Thereafter	7,977
Total	$ 17,088

Commitments - Schedule of Purch

Commitments - Schedule of Purchase Commitments (Details) $ in Millions	Nov. 30, 2019USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2020 (remainder)	$ 1,067
2021	3,341
2022	3,125
2023	2,166
2024	929
Thereafter	3,994
Total	14,622
Aircraft And Related Equipment Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2020 (remainder)	556
2021	2,592
2022	2,596
2023	1,789
2024	701
Thereafter	3,408
Total	11,642
Other Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2020 (remainder)	511	[1]
2021	749	[1]
2022	529	[1]
2023	377	[1]
2024	228	[1]
Thereafter	586	[1]
Total	$ 2,980	[1]

[1]

Commitments - Additional Inform

Commitments - Additional Information (Details) $ in Millions	6 Months Ended
	Nov. 30, 2019USD ($)air-craft
Other Aircraft Commitments Disclosure [Abstract]
Deposit and Progress Payments \| $	$ 735
B767F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Conditional Aircraft Commitments	4
Number of additional aircraft agreed to purchase options exercised	6
Aircraft expected to be delivered, fiscal year	2022
B777F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Conditional Aircraft Commitments	6

Commitments - Schedule of Aircr

Commitments - Schedule of Aircraft Purchase Commitments (Details)	6 Months Ended
	Nov. 30, 2019air-craft
Schedule of Aircraft Commitments [Line Items]
2020 (remainder)	10
2021	37
2022	39
2023	28
2024	24
Thereafter	9
Total	147
Cessna SkyCourier 408 [Member]
Schedule of Aircraft Commitments [Line Items]
2021	12
2022	12
2023	12
2024	14
Total	50
ATR 72-600F [Member]
Schedule of Aircraft Commitments [Line Items]
2021	5
2022	6
2023	6
2024	6
Thereafter	7
Total	30
B767F [Member]
Schedule of Aircraft Commitments [Line Items]
2020 (remainder)	10
2021	18
2022	18
2023	6
Total	52
B777F [Member]
Schedule of Aircraft Commitments [Line Items]
2021	2
2022	3
2023	4
2024	4
Thereafter	2
Total	15

Contingencies - Additional Info

Contingencies - Additional Information (Details)	Nov. 30, 2019USD ($)
Minimum [Member]
Loss Contingencies [Line Items]
Proceedings of environmental matters	$ 100,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information -Supplemental Cash Flow (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Supplemental Cash Flow Information [Abstract]
Interest (net of capitalized interest)	$ 279	$ 308
Income taxes	162	220
Income tax refunds received	(23)	(6)
Cash tax payments, net	$ 139	$ 214

Condensed Consolidating Finan_3

Condensed Consolidating Financial Statements - Additional Information (Details)	Nov. 30, 2019USD ($)
Guarantor Obligations [Abstract]
Debt Guarantee	$ 18,600,000,000

Condensed Consolidating Balance

Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Nov. 30, 2019	Jun. 01, 2019	May 31, 2019	Nov. 30, 2018	May 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 2,031		$ 2,319	$ 2,123	$ 3,265
Receivables, less allowances	9,709		9,116
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	1,458		1,651
Total current assets	13,198		13,086
PROPERTY AND EQUIPMENT, AT COST	62,715		59,511
Less accumulated depreciation and amortization	30,307		29,082
Net property and equipment	32,408		30,429
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	14,097	$ 14,100
GOODWILL	6,861		6,884
OTHER ASSETS	3,390		4,004
ASSETS	69,954		54,403
CURRENT LIABILITIES
Short-term borrowings	150
Current portion of long-term debt	16		964
Accrued salaries and employee benefits	1,632		1,741
Accounts payable	3,283		3,030
Operating lease liabilities	1,928
Accrued expenses	3,538		3,278
Total current liabilities	10,547		9,013
LONG-TERM DEBT, LESS CURRENT PORTION	18,691		16,617
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,072		2,821
Operating lease liabilities	12,432
Other liabilities	6,553		8,195
Total other long-term liabilities	22,057		11,016
COMMON STOCKHOLDERS’ INVESTMENT	18,659		17,757	19,294
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	69,954		54,403
Consolidation Eliminations [Member]
CURRENT ASSETS
Cash and cash equivalents	(9)		(46)	(62)	(15)
Receivables, less allowances	(99)		(227)
Total current assets	(108)		(273)
INTERCOMPANY RECEIVABLE	(3,181)		(2,472)
INVESTMENT IN SUBSIDIARIES	(40,068)		(39,174)
OTHER ASSETS	(524)		(591)
ASSETS	(43,881)		(42,510)
CURRENT LIABILITIES
Accounts payable	(106)		(263)
Accrued expenses	(2)		(10)
Total current liabilities	(108)		(273)
INTERCOMPANY PAYABLE	(3,181)		(2,472)
OTHER LONG-TERM LIABILITIES
Deferred income taxes	(524)		(591)
Total other long-term liabilities	(524)		(591)
COMMON STOCKHOLDERS’ INVESTMENT	(40,068)		(39,174)
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	(43,881)		(42,510)
Parent Company [Member] \| Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	394		826	688	1,485
Receivables, less allowances	348		56
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	128		366
Total current assets	870		1,248
PROPERTY AND EQUIPMENT, AT COST	27		25
Less accumulated depreciation and amortization	17		17
Net property and equipment	10		8
INTERCOMPANY RECEIVABLE	3,181		2,877
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	39
INVESTMENT IN SUBSIDIARIES	35,086		33,725
OTHER ASSETS	953		995
ASSETS	40,139		38,853
CURRENT LIABILITIES
Short-term borrowings	150
Current portion of long-term debt			959
Accrued salaries and employee benefits	87		143
Accounts payable	192		16
Operating lease liabilities	4
Accrued expenses	509		521
Total current liabilities	942		1,639
LONG-TERM DEBT, LESS CURRENT PORTION	18,362		16,322
OTHER LONG-TERM LIABILITIES
Operating lease liabilities	37
Other liabilities	2,139		3,135
Total other long-term liabilities	2,176		3,135
COMMON STOCKHOLDERS’ INVESTMENT	18,659		17,757
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	40,139		38,853
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	236		158	187	257
Receivables, less allowances	5,698		5,603
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	932		953
Total current assets	6,866		6,714
PROPERTY AND EQUIPMENT, AT COST	58,286		55,341
Less accumulated depreciation and amortization	28,139		27,066
Net property and equipment	30,147		28,275
INTERCOMPANY RECEIVABLE			(405)
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	11,844
GOODWILL	1,587		1,589
INVESTMENT IN SUBSIDIARIES	4,982		5,449
OTHER ASSETS	1,141		1,811
ASSETS	56,567		43,433
CURRENT LIABILITIES
Current portion of long-term debt	5		2
Accrued salaries and employee benefits	1,058		1,100
Accounts payable	1,505		1,469
Operating lease liabilities	1,476
Accrued expenses	2,023		1,853
Total current liabilities	6,067		4,424
LONG-TERM DEBT, LESS CURRENT PORTION	286		287
INTERCOMPANY PAYABLE	58
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,013		2,832
Operating lease liabilities	10,577
Other liabilities	3,439		3,965
Total other long-term liabilities	17,029		6,797
COMMON STOCKHOLDERS’ INVESTMENT	33,127		31,925
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	56,567		43,433
Non-guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	1,410		1,381	$ 1,310	$ 1,538
Receivables, less allowances	3,762		3,684
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	398		332
Total current assets	5,570		5,397
PROPERTY AND EQUIPMENT, AT COST	4,402		4,145
Less accumulated depreciation and amortization	2,151		1,999
Net property and equipment	2,251		2,146
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	2,214
GOODWILL	5,274		5,295
OTHER ASSETS	1,820		1,789
ASSETS	17,129		14,627
CURRENT LIABILITIES
Current portion of long-term debt	11		3
Accrued salaries and employee benefits	487		498
Accounts payable	1,692		1,808
Operating lease liabilities	448
Accrued expenses	1,008		914
Total current liabilities	3,646		3,223
LONG-TERM DEBT, LESS CURRENT PORTION	43		8
INTERCOMPANY PAYABLE	3,123		2,472
OTHER LONG-TERM LIABILITIES
Deferred income taxes	583		580
Operating lease liabilities	1,818
Other liabilities	975		1,095
Total other long-term liabilities	3,376		1,675
COMMON STOCKHOLDERS’ INVESTMENT	6,941		7,249
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	$ 17,129		$ 14,627

Condensed Consolidating Stateme

Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Condensed Statement Of Income Captions [Line Items]
REVENUES	$ 17,324	$ 17,824	$ 34,372	$ 34,876
OPERATING EXPENSES:
Salaries and employee benefits	6,235	6,260	12,322	12,520
Purchased transportation	4,328	4,346	8,356	8,313
Rentals and landing fees	924	836	1,844	1,659
Depreciation and amortization	901	828	1,780	1,636
Fuel	890	1,052	1,760	2,038
Maintenance and repairs	774	751	1,542	1,486
Asset impairment charges	66		66
Other	2,652	2,583	5,171	4,985
OPERATING EXPENSES	16,770	16,656	32,841	32,637
OPERATING INCOME	554	1,168	1,531	2,239
OTHER (EXPENSE) INCOME:
Interest, net	(151)	(131)	(288)	(258)
Other retirement plans income	168	158	336	316
Other, net	1	(18)	(11)	(19)
INCOME BEFORE INCOME TAXES	572	1,177	1,568	2,278
Provision for income taxes (benefit)	12	242	263	508
NET INCOME	560	935	1,305	1,770
COMPREHENSIVE INCOME (LOSS)	612	881	1,253	1,531
Consolidation Eliminations [Member]
Condensed Statement Of Income Captions [Line Items]
REVENUES	(93)	(100)	(179)	(202)
OPERATING EXPENSES:
Purchased transportation	(42)	(35)	(77)	(83)
Rentals and landing fees	(2)	(1)	(3)	(3)
Other	(49)	(72)	(99)	(125)
OPERATING EXPENSES	(93)	(108)	(179)	(211)
OPERATING INCOME		8		9
OTHER (EXPENSE) INCOME:
Equity in earnings of subsidiaries	(586)	(983)	(1,348)	(1,898)
Other, net		(9)		(10)
INCOME BEFORE INCOME TAXES	(586)	(984)	(1,348)	(1,899)
NET INCOME	(586)	(984)	(1,348)	(1,899)
COMPREHENSIVE INCOME (LOSS)	(586)	(983)	(1,348)	(1,899)
Parent Company [Member] \| Reportable Legal Entities [Member]
OPERATING EXPENSES:
Salaries and employee benefits	22	34	42	82
Rentals and landing fees	2	1	4	3
Maintenance and repairs			1	1
Intercompany charges, net	(77)	(152)	(156)	(264)
Other	53	117	109	178
OTHER (EXPENSE) INCOME:
Equity in earnings of subsidiaries	560	935	1,305	1,770
Interest, net	(164)	(169)	(315)	(330)
Intercompany charges, net	161	162	325	304
Other, net	3	7	(10)	26
INCOME BEFORE INCOME TAXES	560	935	1,305	1,770
NET INCOME	560	935	1,305	1,770
COMPREHENSIVE INCOME (LOSS)	540	912	1,270	1,730
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Statement Of Income Captions [Line Items]
REVENUES	12,307	12,874	24,549	25,241
OPERATING EXPENSES:
Salaries and employee benefits	4,823	4,797	9,507	9,580
Purchased transportation	2,865	2,650	5,408	5,032
Rentals and landing fees	715	640	1,426	1,271
Depreciation and amortization	785	709	1,547	1,402
Fuel	846	968	1,658	1,871
Maintenance and repairs	685	655	1,368	1,301
Asset impairment charges	66		66
Intercompany charges, net	(622)	(149)	(1,103)	(375)
Other	1,752	1,675	3,419	3,221
OPERATING EXPENSES	11,915	11,945	23,296	23,303
OPERATING INCOME	392	929	1,253	1,938
OTHER (EXPENSE) INCOME:
Equity in earnings of subsidiaries	26	48	43	128
Interest, net	8	50	20	97
Other retirement plans income	163	155	325	311
Intercompany charges, net	(117)	(124)	(237)	(246)
Other, net	12	(9)	28	(51)
INCOME BEFORE INCOME TAXES	484	1,049	1,432	2,177
Provision for income taxes (benefit)	81	217	306	432
NET INCOME	403	832	1,126	1,745
COMPREHENSIVE INCOME (LOSS)	380	819	1,085	1,833
Non-guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Statement Of Income Captions [Line Items]
REVENUES	5,110	5,050	10,002	9,837
OPERATING EXPENSES:
Salaries and employee benefits	1,390	1,429	2,773	2,858
Purchased transportation	1,505	1,731	3,025	3,364
Rentals and landing fees	209	196	417	388
Depreciation and amortization	116	119	233	234
Fuel	44	84	102	167
Maintenance and repairs	89	96	173	184
Intercompany charges, net	699	301	1,259	639
Other	896	863	1,742	1,711
OPERATING EXPENSES	4,948	4,819	9,724	9,545
OPERATING INCOME	162	231	278	292
OTHER (EXPENSE) INCOME:
Interest, net	5	(12)	7	(25)
Other retirement plans income	5	3	11	5
Intercompany charges, net	(44)	(38)	(88)	(58)
Other, net	(14)	(7)	(29)	16
INCOME BEFORE INCOME TAXES	114	177	179	230
Provision for income taxes (benefit)	(69)	25	(43)	76
NET INCOME	183	152	222	154
COMPREHENSIVE INCOME (LOSS)	$ 278	$ 133	$ 246	$ (133)

Condensed Consolidating State_2

Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$ 2,074	$ 2,179
INVESTING ACTIVITIES
Capital expenditures	(3,266)	(2,634)
Proceeds from asset dispositions and other	4	53
Cash used in investing activities	(3,262)	(2,581)
FINANCING ACTIVITIES
Proceeds from short-term borrowings, net	150	248
Proceeds from debt issuances	2,093	1,233
Principal payments on debt	(1,021)	(785)
Proceeds from stock issuances	26	45
Dividends paid	(339)	(173)
Purchase of treasury stock	(3)	(1,271)
Other, net	(5)	1
Cash provided by (used in) financing activities	901	(702)
Effect of exchange rate changes on cash	(1)	(38)
Net decrease in cash and cash equivalents	(288)	(1,142)
Cash and cash equivalents at beginning of period	2,319	3,265
Cash and cash equivalents at end of period	2,031	2,123
Consolidation Eliminations [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	37	(47)
FINANCING ACTIVITIES
Net decrease in cash and cash equivalents	37	(47)
Cash and cash equivalents at beginning of period	(46)	(15)
Cash and cash equivalents at end of period	(9)	(62)
Parent Company [Member] \| Reportable Legal Entities [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(1,759)	262
INVESTING ACTIVITIES
Capital expenditures	(2)	(2)
Proceeds from asset dispositions and other	(12)	(45)
Cash used in investing activities	(14)	(47)
FINANCING ACTIVITIES
Proceeds from short-term borrowings, net	150	248
Net transfers from (to) Parent	700	(344)
Payment on loan between subsidiaries	(326)
Proceeds from debt issuances	2,093	1,233
Principal payments on debt	(956)	(750)
Proceeds from stock issuances	26	45
Dividends paid	(339)	(173)
Purchase of treasury stock	(3)	(1,271)
Other, net	(4)
Cash provided by (used in) financing activities	1,341	(1,012)
Net decrease in cash and cash equivalents	(432)	(797)
Cash and cash equivalents at beginning of period	826	1,485
Cash and cash equivalents at end of period	394	688
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	3,595	1,631
INVESTING ACTIVITIES
Capital expenditures	(3,007)	(2,337)
Proceeds from asset dispositions and other	9	83
Cash used in investing activities	(2,998)	(2,254)
FINANCING ACTIVITIES
Net transfers from (to) Parent	(853)	350
Intercompany dividends	398	113
Principal payments on debt	(62)	(29)
Other, net		128
Cash provided by (used in) financing activities	(517)	562
Effect of exchange rate changes on cash	(2)	(9)
Net decrease in cash and cash equivalents	78	(70)
Cash and cash equivalents at beginning of period	158	257
Cash and cash equivalents at end of period	236	187
Non-guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	201	333
INVESTING ACTIVITIES
Capital expenditures	(257)	(295)
Proceeds from asset dispositions and other	7	15
Cash used in investing activities	(250)	(280)
FINANCING ACTIVITIES
Net transfers from (to) Parent	153	(6)
Payment on loan between subsidiaries	326
Intercompany dividends	(398)	(113)
Principal payments on debt	(3)	(6)
Other, net	(1)	(127)
Cash provided by (used in) financing activities	77	(252)
Effect of exchange rate changes on cash	1	(29)
Net decrease in cash and cash equivalents	29	(228)
Cash and cash equivalents at beginning of period	1,381	1,538
Cash and cash equivalents at end of period	$ 1,410	$ 1,310