FedEx (FDX) 10-Q 17 Mar 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Feb. 29, 2020	Mar. 13, 2020
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Feb. 29, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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		261,249,779
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Common Stock, Par Value $0.10 Per Share [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	Feb. 29, 2020	May 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 1,766	$ 2,319
Receivables, less allowances of $307 and $300	9,323	9,116
Spare parts, supplies and fuel, less allowances of $332 and $335	568	553
Prepaid expenses and other	884	1,098
Total current assets	12,541	13,086
PROPERTY AND EQUIPMENT, AT COST	64,305	59,511
Less accumulated depreciation and amortization	30,999	29,082
Net property and equipment	33,306	30,429
OTHER LONG-TERM ASSETS
Operating lease right-of-use assets, net	13,981
Goodwill	6,814	6,884
Other assets	3,372	4,004
Total other long-term assets	24,167	10,888
ASSETS	70,014	54,403
CURRENT LIABILITIES
Short-term borrowings	300
Current portion of long-term debt	35	964
Accrued salaries and employee benefits	1,472	1,741
Accounts payable	3,193	3,030
Operating lease liabilities	1,902
Accrued expenses	3,423	3,278
Total current liabilities	10,325	9,013
LONG-TERM DEBT, LESS CURRENT PORTION	18,973	16,617
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,101	2,821
Pension, postretirement healthcare and other benefit obligations	4,165	5,095
Self-insurance accruals	1,933	1,899
Operating lease liabilities	12,232
Deferred lease obligations		531
Other liabilities	454	670
Total other long-term liabilities	21,885	11,016
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of February 29, 2020 and May 31, 2019	32	32
Additional paid-in capital	3,324	3,231
Retained earnings	25,569	24,648
Accumulated other comprehensive loss	(887)	(865)
Treasury stock, at cost	(9,207)	(9,289)
Total common stockholders’ investment	18,831	17,757
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	$ 70,014	$ 54,403

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Feb. 29, 2020	May 31, 2019
CURRENT ASSETS
Allowances for receivables	$ 307	$ 300
Allowances for spare parts, supplies and fuel	$ 332	$ 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		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Income Statement [Abstract]
REVENUE	$ 17,487	$ 17,010	$ 51,859	$ 51,886
OPERATING EXPENSES:
Salaries and employee benefits	6,382	6,069	18,704	18,589
Purchased transportation	4,558	4,253	12,914	12,566
Rentals and landing fees	964	874	2,808	2,533
Depreciation and amortization	908	851	2,688	2,487
Fuel	879	907	2,639	2,945
Maintenance and repairs	684	658	2,226	2,144
Asset impairment charges			66
Business realignment costs		4		4
Other	2,701	2,483	7,872	7,468
OPERATING EXPENSES	17,076	16,099	49,917	48,736
OPERATING INCOME	411	911	1,942	3,150
OTHER INCOME (EXPENSE):
Interest, net	(155)	(135)	(443)	(393)
Other retirement plans income	168	158	504	474
Other, net	(4)	(3)	(15)	(22)
OTHER INCOME (EXPENSE)	9	20	46	59
INCOME BEFORE INCOME TAXES	420	931	1,988	3,209
PROVISION FOR INCOME TAXES	105	192	368	700
NET INCOME	$ 315	$ 739	$ 1,620	$ 2,509
EARNINGS PER COMMON SHARE:
Basic	$ 1.21	$ 2.83	$ 6.21	$ 9.55
Diluted	1.20	2.80	6.17	9.41
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.65	$ 0.65	$ 2.60	$ 2.60

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 315	$ 739	$ 1,620	$ 2,509
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustments, net of tax benefit of $6 and $3 in 2020 and tax expense of $9 and tax benefit of $22 in 2019	(1)	103	(12)	(90)
Amortization of prior service credit, net of tax benefit of $7 and $19 in 2020 and tax benefit of $7 and $21 in 2019	(20)	(23)	(61)	(69)
Other comprehensive income (loss)	(21)	80	(73)	(159)
COMPREHENSIVE INCOME	$ 294	$ 819	$ 1,547	$ 2,350

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax expense (benefit)	$ (6)	$ 9	$ (3)	$ (22)
Amortization of prior service credit, tax benefit	$ 7	$ 7	$ 19	$ 21

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Operating Activities:
Net income	$ 1,620	$ 2,509
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	2,688	2,487
Asset impairment charges	66
Provision for uncollectible accounts	295	221
Stock-based compensation	137	141
Other noncash items and deferred income taxes	1,758	250
Changes in assets and liabilities:
Receivables	(504)	(780)
Other assets	(149)	(96)
Accounts payable and other liabilities	(2,612)	(1,307)
Other, net	(21)	(102)
Cash provided by operating activities	3,278	3,323
Investing Activities:
Capital expenditures	(4,705)	(3,757)
Proceeds from asset dispositions and other	15	62
Cash used in investing activities	(4,690)	(3,695)
Financing Activities:
Proceeds from short-term borrowings, net	298	220
Principal payments on debt	(1,045)	(874)
Proceeds from debt issuances	2,093	2,463
Proceeds from stock issuances	38	58
Dividends paid	(509)	(514)
Purchase of treasury stock	(3)	(1,365)
Other, net	(5)	5
Cash provided by (used in) financing activities	867	(7)
Effect of exchange rate changes on cash	(8)	(14)
Net decrease in cash and cash equivalents	(553)	(393)
Cash and cash equivalents at beginning of period	2,319	3,265
Cash and cash equivalents at end of period	$ 1,766	$ 2,872

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Common Stockholders' Investment - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Beginning Balance				$ 17,757
Net income		$ 315	$ 739	1,620	$ 2,509
Other comprehensive income, net of tax (expense)/benefit		(21)	80	(73)	(159)
Ending Balance		18,831	19,894	18,831	19,894
Common Stock
Beginning Balance		32	32	32	32
Ending Balance		32	32	32	32
Additional Paid-In Capital
Beginning Balance		3,287	3,185	3,231	3,117
Employee incentive plans and other		37	24	93	92
Ending Balance		3,324	3,209	3,324	3,209
Retained Earnings
Beginning Balance		25,431	26,080	24,648	24,823
Net income		315	739	1,620	2,509
Cash dividends declared		(170)	(169)	(679)	(683)
Employee incentive plans and other		(7)		(16)	1
Ending Balance		25,569	26,650	25,569	26,650
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		(866)	(817)	(865)	(578)
Other comprehensive income, net of tax (expense)/benefit		(21)	80	(73)	(159)
Ending Balance		(887)	(737)	(887)	(737)
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		(9,225)	(9,186)	(9,289)	(7,978)
Purchase of treasury stock			(93)	(3)	(1,365)
Employee incentive plans and other		18	19	85	83
Ending Balance		$ (9,207)	$ (9,260)	$ (9,207)	$ (9,260)
[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		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Statement Of Stockholders Equity [Abstract]
Cash dividends declared, per share	$ 0.65	$ 0.65	$ 2.60	$ 2.60
Other comprehensive income, tax (expense)/benefit	$ 13	$ (2)	$ 22	$ 43
Purchase of treasury stock	0	600,000	20,000	6,000,000
Employee incentive plans and other, shares issued	100,000	100,000	600,000	600,000

General

General	9 Months Ended
	Feb. 29, 2020
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 February 29, 2020, and the results of our operations for the three- and nine-month periods ended February 29, 2020 and February 28, 2019, cash flows for the nine-month periods ended February 29, 2020 and February 28, 2019, and changes in common stockholders’ investment for the three- and nine-month periods ended February 29, 2020 and February 28, 2019. Operating results for the three- and nine-month periods ended February 29, 2020 and February 28, 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 $491 million and $533 million at February 29, 2020 and May 31, 2019, respectively. Contract assets net of deferred unearned revenue were $360 million and $364 million at February 29, 2020 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 February 29, 2020 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 (in millions) for the periods ended February 29, 2020 and February 28, 2019. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Nine Months Ended 2020 2019 2020 2019 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 1,865 $ 1,844 $ 5,595 $ 5,678 U.S. overnight envelope 459 433 1,395 1,345 U.S. deferred 1,127 1,119 3,063 3,131 Total U.S. domestic package revenue 3,451 3,396 10,053 10,154 International priority 1,710 1,738 5,344 5,508 International economy 810 806 2,538 2,541 Total international export package revenue 2,520 2,544 7,882 8,049 International domestic (1) 1,075 1,078 3,316 3,412 Total package revenue 7,046 7,018 21,251 21,615 Freight: U.S. 739 772 2,132 2,294 International priority 439 477 1,376 1,574 International economy 499 495 1,556 1,568 International airfreight 61 76 197 244 Total freight revenue 1,738 1,820 5,261 5,680 Other 140 167 441 536 Total FedEx Express segment 8,924 9,005 26,953 27,831 FedEx Ground segment 5,845 5,261 16,339 15,202 FedEx Freight segment 1,738 1,750 5,487 5,627 FedEx Services segment 6 4 15 17 Other and eliminations (2) 974 990 3,065 3,209 $ 17,487 $ 17,010 $ 51,859 $ 51,886 (1) International domestic revenue relates 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 February 29, 2020 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. In 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 $33 million for the three-month period ended February 29, 2020 and $137 million for the nine-month period ended February 29, 2020. Our stock-based compensation expense was $33 million for the three-month period ended February 28, 2019 and $141 million for the nine-month period ended February 28, 2019. 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 February 29, 2020, 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. We will adopt this standard effective June 1, 2020 (fiscal 2021). This standard will not have a material impact 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. We will adopt this standard effective June 1, 2020 (fiscal 2021) and apply these changes prospectively. This new guidance will have a minimal impact on our financial reporting. I n December 2019, the FASB issued ASU 2019-12 , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application . This standard is effective June 1, 2021 (fiscal 2022). We are currently evaluating the impact of this new standard but do no t currently expect it will have a material impact on our consolidated financi al statements and related disclosures . In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. This new guidance narrows the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlines the alternative disclosures required in lieu of those statements. This rule is effective January 4, 2021 (fiscal 2021) with earlier adoption permitted. We are currently evaluating the impact of this new rule 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 third quarter of 2020. During the nine months 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 February 29, 2020, 5.1 million shares remained under the stock repurchase authorization. DIVIDENDS DECLARED PER COMMON SHARE. On February 14, 2020, our Board of Directors declared a quarterly dividend of $0.65 per share of common stock. The dividend will be paid on April 1, 2020 to stockholders of record as of the close of business on March 9, 2020. Each quarterly dividend payment is subject to review and approval by our Board of Directors, and we evaluate our dividend payment amount on an annual basis.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Feb. 29, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Loss	(2) Accumulated Other Comprehensive Loss The following table provides changes in AOCI, net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended February 29, 2020 and February 28, 2019 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Foreign currency translation loss: Balance at beginning of period $ (964 ) $ (952 ) $ (954 ) $ (759 ) Translation adjustments (1 ) 103 (12 ) (90 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — 1 — Balance at end of period (965 ) (849 ) (965 ) (849 ) Retirement plans adjustments: Balance at beginning of period 98 135 89 181 Reclassifications from AOCI (20 ) (23 ) (61 ) (69 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — 50 — Balance at end of period 78 112 78 112 Accumulated other comprehensive (loss) at end of period $ (887 ) $ (737 ) $ (887 ) $ (737 ) The following table presents details of the reclassifications from AOCI for the periods ended February 29, 2020 and February 28, 2019 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Nine Months Ended 2020 2019 2020 2019 Amortization of retirement plans prior service credits, before tax $ 27 $ 30 $ 80 $ 90 Salaries and employee benefits Income tax benefit (7 ) (7 ) (19 ) (21 ) Provision for income taxes AOCI reclassifications, net of tax $ 20 $ 23 $ 61 $ 69 Net income

Financing Arrangements

Financing Arrangements	9 Months Ended
	Feb. 29, 2020
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 third quarter of 2020, we issued commercial paper to provide us with additional short-term liquidity. The maximum amount outstanding during the quarter was $1.1 billion. Our commercial paper program is backed by unused commitments under the revolving credit facility, and borrowings under the program reduce the amount available under the credit facility. As of February 29, 2020, $300 million of commercial paper and $0.3 million in letters of credit were outstanding, leaving $3.200 billion available under the Credit Agreements for future borrowings. Long-term debt, including current maturities and exclusive of finance leases, had carrying values of $18.5 billion at February 29, 2020 and $17.5 billion at May 31, 2019, compared with estimated fair values of $20.0 billion at February 29, 2020 and $17.8 billion at May 31, 2019. The annualized weighted-average interest rate on long-term debt was 3.5% at February 29, 2020. The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of our long-term debt is classified as Level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the liability, either directly or indirectly.

Computation of Earnings Per Sha

Computation of Earnings Per Share	9 Months Ended
	Feb. 29, 2020
Earnings Per Share [Abstract]
Computation of Earnings Per Share	(4) Computation of Earnings Per Share The calculation of basic and diluted earnings per common share for the periods ended February 29, 2020 and February 28, 2019 was as follows (in millions, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic earnings per common share: Net earnings allocable to common shares (1) $ 314 $ 738 $ 1,617 $ 2,506 Weighted-average common shares 261 261 261 262 Basic earnings per common share $ 1.21 $ 2.83 $ 6.21 $ 9.55 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 314 $ 738 $ 1,617 $ 2,506 Weighted-average common shares 261 261 261 262 Dilutive effect of share-based awards 1 2 1 4 Weighted-average diluted shares 262 263 262 266 Diluted earnings per common share $ 1.20 $ 2.80 $ 6.17 $ 9.41 Anti-dilutive options excluded from diluted earnings per common share 11.7 7.2 11.2 5.0 (1) Net earnings available to participating securities were immaterial in all periods presented.

Income Taxes

Income Taxes	9 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Income Taxes	(5) Income Taxes Our effective tax rate was 25.0% for the third quarter and 18.5% for the nine months of 2020 compared with 20.6% for the third quarter and 21.8% for the nine months of 2019. The tax rate for the nine months of 2020 includes a benefit of $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 tax rates for the third quarter and nine months of 2019 included a benefit of $90 million from the reduction of a valuation allowance on certain tax loss carryforwards, partially offset by an expense of $50 million from the impact on our deferred taxes attributable to the enactment of a lower tax rate in the Netherlands. The tax rate for the nine months of 2019 was also 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	9 Months Ended
	Feb. 29, 2020
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	(6) Retirement Plans We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans and postretirement healthcare plans. Key terms of our retirement plans are provided in our Annual Report. Our retirement plans costs for the periods ended February 29, 2020 and February 28, 2019 were as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Defined benefit pension plans, net $ 38 $ 28 $ 112 $ 85 Defined contribution plans 147 138 425 415 Postretirement healthcare plans 21 19 64 56 $ 206 $ 185 $ 601 $ 556 Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended February 29, 2020 and February 28, 2019 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2020 2019 2020 2019 2020 2019 Service cost $ 192 $ 173 $ 25 $ 23 $ 10 $ 9 Other retirement plans (income) expense: Interest cost 250 237 11 13 11 10 Expected return on plan assets (400 ) (376 ) (13 ) (12 ) — — Amortization of prior service credit and other (26 ) (30 ) (1 ) — — — (176 ) (169 ) (3 ) 1 11 10 $ 16 $ 4 $ 22 $ 24 $ 21 $ 19 Nine Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2020 2019 2020 2019 2020 2019 Service cost $ 576 $ 517 $ 73 $ 72 $ 31 $ 26 Other retirement plans (income) expense: Interest cost 750 713 33 38 33 30 Expected return on plan assets (1,201 ) (1,129 ) (39 ) (36 ) — — Amortization of prior service credit and other (78 ) (89 ) (2 ) (1 ) — — (529 ) (505 ) (8 ) 1 33 30 $ 47 $ 12 $ 65 $ 73 $ 64 $ 56 We made voluntary contributions to our U.S. Pension Plans of $1.0 billion during the nine months of 2020 and 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	9 Months Ended
	Feb. 29, 2020
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 revenue 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 revenue of the billing segment. These rates are adjusted from time to time based on market conditions. Such intersegment revenue 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 revenue and operating income (loss) to our unaudited condensed consolidated financial statement totals for the periods ended February 29, 2020 and February 28, 2019 (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Revenue: FedEx Express segment $ 8,924 $ 9,005 $ 26,953 $ 27,831 FedEx Ground segment 5,845 5,261 16,339 15,202 FedEx Freight segment 1,738 1,750 5,487 5,627 FedEx Services segment 6 4 15 17 Other and eliminations 974 990 3,065 3,209 $ 17,487 $ 17,010 $ 51,859 $ 51,886 Operating income (loss): FedEx Express segment $ 137 $ 389 $ 658 $ 1,407 FedEx Ground segment 355 586 1,341 1,852 FedEx Freight segment 113 97 448 421 Corporate, other and eliminations (194 ) (161 ) (505 ) (530 ) $ 411 $ 911 $ 1,942 $ 3,150

Leases

Leases	9 Months Ended
	Feb. 29, 2020
Leases [Abstract]
Leases	(8) Leases The following table is a summary of the components of net lease cost for the periods ended February 29, 2020 (in millions): Three Months Ended Nine Months Ended 2020 2020 Operating lease cost (1) $ 675 $ 2,025 Finance lease cost: Amortization of right-of-use assets 6 12 Interest on lease liabilities 6 8 Total finance lease cost 12 20 Short-term lease cost 60 141 Variable lease cost (1) 301 850 Net lease cost $ 1,048 $ 3,036 (1) Supplemental cash flow information related to leases for the nine months ended February 29 is as follows (in millions): 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 2,016 Operating cash flows paid for interest portion of finance leases 10 Financing cash flows paid for principal portion of finance leases 84 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,390 Right-of-use assets obtained in exchange for new finance lease liabilities $ 464 Supplemental balance sheet information related to leases as of February 29 is as follows (in millions, except lease term and discount rate): 2020 Operating leases: Operating lease right-of-use assets, net $ 13,981 Current portion of operating lease liabilities 1,902 Operating lease liabilities 12,232 Total operating lease liabilities $ 14,134 Finance leases: Net property and equipment $ 464 Current portion of long-term debt 35 Long-term debt, less current portion 437 Total finance lease liabilities $ 472 Weighted-average remaining lease term Operating leases 10.0 Finance leases 33.3 Weighted-average discount rate Operating leases 3.23 % Finance leases 3.59 % 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 February 29, 2020 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases Finance Leases Total Leases 2020 (remainder) $ 38 $ 413 $ 451 $ 31 $ 482 2021 249 2,181 2,430 26 2,456 2022 234 1,941 2,175 26 2,201 2023 198 1,733 1,931 25 1,956 2024 102 1,512 1,614 24 1,638 Thereafter 314 7,757 8,071 728 8,799 Total lease payments 1,135 15,537 16,672 860 17,532 Less imputed interest (99 ) (2,439 ) (2,538 ) (388 ) (2,926 ) Present value of lease liability $ 1,036 $ 13,098 $ 14,134 $ 472 $ 14,606 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 February 29, 2020, 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 $1.7 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	9 Months Ended
	Feb. 29, 2020
Commitments [Abstract]
Commitments	(9) Commitments As of February 29, 2020, 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) $ 159 $ 331 $ 490 2021 2,285 797 3,082 2022 2,630 570 3,200 2023 2,069 381 2,450 2024 698 227 925 Thereafter 3,358 585 3,943 Total $ 11,199 $ 2,891 $ 14,090 (1) Primarily equipment and advertising contracts. The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of February 29, 2020, our obligation to purchase six Boeing 777 Freighter (“B777F”) aircraft and three 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. During the third quarter of 2020, FedEx Express executed two contract amendments rescheduling two B777F aircraft deliveries from 2023 to 2022 and two B767F aircraft deliveries from 2022 to 2023. As of February 29, 2020, we had $733 million in deposits and progress Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2020 (remainder) — — 6 — 6 2021 12 5 18 2 37 2022 12 6 16 5 39 2023 12 6 8 2 28 2024 14 6 — 4 24 Thereafter — 7 — 2 9 Total 50 30 48 15 143

Contingencies

Contingencies	9 Months Ended
	Feb. 29, 2020
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, which have been consolidated, 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 securities laws. 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. Prior to our acquisition of TNT Express, a lawsuit was filed in Simões Filho, Bahia, Brazil against a subsidiary of TNT Express alleging violations of Brazilian environmental laws. Specifically, the lawsuit alleges that in 2012, certain employees unlawfully discarded non-toxic trash on a highway. We could be subject to monetary sanctions and fines related to such activity that exceed $100,000. We believe that the aggregate amount of any such sanctions and fines will be immaterial. Other Matters . FedEx and its subsidiaries are subject to other legal proceedings that arise in the ordinary course of business, including certain lawsuits containing various class-action allegations of wage-and-hour violations in which plaintiffs claim, among other things, that they were forced to work “off the clock,” were not paid overtime or were not provided work breaks or other benefits. In the opinion of management, the aggregate liability, if any, with respect to these other actions will not have a material adverse effect on our financial position, results of operations or cash flows.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Feb. 29, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	(11) Supplemental Cash Flow Information Cash paid for interest expense and income taxes for the nine-month periods ended February 29, 2020 and February 28, 2019 was as follows (in millions): 2020 2019 Cash payments for: Interest (net of capitalized interest) $ 511 $ 498 Income taxes $ 291 $ 346 Income tax refunds received (321 ) (34 ) Cash tax (refunds) payments, net $ (30 ) $ 312

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	9 Months Ended
	Feb. 29, 2020
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 $18.5 billion of our public debt. The guarantees are full and unconditional and joint and several. Our guarantor subsidiaries were not determined using geographic, service line or other similar criteria, and as a result, the “Guarantor Subsidiaries” and “Non-guarantor Subsidiaries” columns each include portions of our domestic and international operations. Accordingly, this basis of presentation is not intended to present our financial condition, results of operations or cash flows for any purpose other than to comply with the specific requirements for subsidiary guarantor reporting. Condensed consolidating financial statements for our guarantor subsidiaries and non-guarantor subsidiaries are presented in the following tables (in millions): CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) February 29, 2020 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 246 $ 203 $ 1,333 $ (16 ) $ 1,766 Receivables, less allowances 71 5,752 3,585 (85 ) 9,323 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 207 895 350 — 1,452 Total current assets 524 6,850 5,268 (101 ) 12,541 PROPERTY AND EQUIPMENT, AT COST 28 59,777 4,500 — 64,305 Less accumulated depreciation and amortization 18 28,761 2,220 — 30,999 Net property and equipment 10 31,016 2,280 — 33,306 INTERCOMPANY RECEIVABLE 3,349 (136 ) — (3,213 ) — OPERATING LEASE RIGHT-OF-USE ASSETS, NET 38 11,715 2,228 — 13,981 GOODWILL — 1,587 5,227 — 6,814 INVESTMENT IN SUBSIDIARIES 35,407 5,020 — (40,427 ) — OTHER ASSETS 962 1,134 1,763 (487 ) 3,372 $ 40,290 $ 57,186 $ 16,766 $ (44,228 ) $ 70,014 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Short-term borrowings $ 300 $ — $ — $ — $ 300 Current portion of long-term debt — 27 8 — 35 Accrued salaries and employee benefits 87 975 410 — 1,472 Accounts payable 194 1,554 1,545 (100 ) 3,193 Operating lease liabilities 4 1,435 463 — 1,902 Accrued expenses 416 2,033 975 (1 ) 3,423 Total current liabilities 1,001 6,024 3,401 (101 ) 10,325 LONG-TERM DEBT, LESS CURRENT PORTION 18,298 634 41 — 18,973 INTERCOMPANY PAYABLE — — 3,213 (3,213 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 3,016 572 (487 ) 3,101 Operating lease liabilities 36 10,378 1,818 — 12,232 Other liabilities 2,124 3,473 955 — 6,552 Total other long-term liabilities 2,160 16,867 3,345 (487 ) 21,885 COMMON STOCKHOLDERS’ INVESTMENT 18,831 33,661 6,766 (40,427 ) 18,831 $ 40,290 $ 57,186 $ 16,766 $ (44,228 ) $ 70,014 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 February 29, 2020 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUE $ — $ 12,925 $ 4,658 $ (96 ) $ 17,487 OPERATING EXPENSES: Salaries and employee benefits 24 4,934 1,424 — 6,382 Purchased transportation — 3,211 1,392 (45 ) 4,558 Rentals and landing fees 2 749 216 (3 ) 964 Depreciation and amortization — 789 119 — 908 Fuel — 839 40 — 879 Maintenance and repairs — 597 87 — 684 Intercompany charges, net (93 ) (574 ) 667 — — Other 67 1,842 840 (48 ) 2,701 — 12,387 4,785 (96 ) 17,076 OPERATING INCOME — 538 (127 ) — 411 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 315 22 — (337 ) — Interest, net (159 ) 3 1 — (155 ) Other retirement plans income — 163 5 — 168 Intercompany charges, net 160 (120 ) (40 ) — — Other, net (1 ) 11 (14 ) — (4 ) INCOME (LOSS) BEFORE INCOME TAXES 315 617 (175 ) (337 ) 420 Provision for income taxes (benefit) — 82 23 — 105 NET INCOME (LOSS) $ 315 $ 535 $ (198 ) $ (337 ) $ 315 COMPREHENSIVE INCOME (LOSS) $ 298 $ 535 $ (202 ) $ (337 ) $ 294 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUE $ — $ 12,443 $ 4,667 $ (100 ) $ 17,010 OPERATING EXPENSES: Salaries and employee benefits 28 4,720 1,321 — 6,069 Purchased transportation — 2,749 1,547 (43 ) 4,253 Rentals and landing fees 1 677 197 (1 ) 874 Depreciation and amortization — 731 120 — 851 Fuel — 838 69 — 907 Maintenance and repairs — 573 87 (2 ) 658 Business realignment costs 4 — — — 4 Intercompany charges, net (93 ) (397 ) 490 — — Other 60 1,771 698 (46 ) 2,483 — 11,662 4,529 (92 ) 16,099 OPERATING INCOME — 781 138 (8 ) 911 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 739 16 — (755 ) — Interest, net (109 ) (54 ) 28 — (135 ) Other retirement plans income — 155 3 — 158 Intercompany charges, net 149 (89 ) (60 ) — — Other, net (40 ) 71 (42 ) 8 (3 ) INCOME (LOSS) BEFORE INCOME TAXES 739 880 67 (755 ) 931 Provision for income taxes — 147 45 — 192 NET INCOME (LOSS) $ 739 $ 733 $ 22 $ (755 ) $ 739 COMPREHENSIVE INCOME (LOSS) $ 713 $ 732 $ 129 $ (755 ) $ 819 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Nine Months Ended February 29, 2020 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUE $ — $ 37,474 $ 14,660 $ (275 ) $ 51,859 OPERATING EXPENSES: Salaries and employee benefits 66 14,441 4,197 — 18,704 Purchased transportation — 8,619 4,416 (121 ) 12,914 Rentals and landing fees 6 2,175 633 (6 ) 2,808 Depreciation and amortization 1 2,335 352 — 2,688 Fuel — 2,497 142 — 2,639 Maintenance and repairs — 1,966 261 (1 ) 2,226 Asset impairment charges — 66 — — 66 Intercompany charges, net (249 ) (1,677 ) 1,926 — — Other 176 5,261 2,582 (147 ) 7,872 — 35,683 14,509 (275 ) 49,917 OPERATING INCOME — 1,791 151 — 1,942 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,620 66 — (1,686 ) — Interest, net (476 ) 23 9 1 (443 ) Other retirement plans income 1 488 15 — 504 Intercompany charges, net 485 (357 ) (127 ) (1 ) — Other, net (10 ) 38 (43 ) — (15 ) INCOME (LOSS) BEFORE INCOME TAXES 1,620 2,049 5 (1,686 ) 1,988 Provision for income taxes (benefit) — 388 (20 ) — 368 NET INCOME (LOSS) $ 1,620 $ 1,661 $ 25 $ (1,686 ) $ 1,620 COMPREHENSIVE INCOME (LOSS) $ 1,569 $ 1,620 $ 44 $ (1,686 ) $ 1,547 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Nine Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUE $ — $ 37,685 $ 14,503 $ (302 ) $ 51,886 OPERATING EXPENSES: Salaries and employee benefits 110 14,300 4,179 — 18,589 Purchased transportation — 7,780 4,912 (126 ) 12,566 Rentals and landing fees 4 1,948 585 (4 ) 2,533 Depreciation and amortization 1 2,133 353 — 2,487 Fuel — 2,708 237 — 2,945 Maintenance and repairs 1 1,874 271 (2 ) 2,144 Business realignment costs 4 — — — 4 Intercompany charges, net (357 ) (772 ) 1,129 — — Other 238 4,991 2,410 (171 ) 7,468 1 34,962 14,076 (303 ) 48,736 OPERATING INCOME (1 ) 2,723 427 1 3,150 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,509 145 — (2,654 ) — Interest, net (439 ) 44 2 — (393 ) Other retirement plans income — 466 8 — 474 Intercompany charges, net 454 (335 ) (119 ) — — Other, net (14 ) 18 (26 ) — (22 ) INCOME (LOSS) BEFORE INCOME TAXES 2,509 3,061 292 (2,653 ) 3,209 Provision for income taxes — 579 121 — 700 NET INCOME (LOSS) $ 2,509 $ 2,482 $ 171 $ (2,653 ) $ 2,509 COMPREHENSIVE INCOME (LOSS) $ 2,443 $ 2,514 $ 46 $ (2,653 ) $ 2,350 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended February 29, 2020 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (1,794 ) $ 4,864 $ 178 $ 30 $ 3,278 INVESTING ACTIVITIES Capital expenditures (2 ) (4,288 ) (415 ) — (4,705 ) Proceeds from asset dispositions and other (12 ) 20 7 — 15 CASH USED IN INVESTING ACTIVITIES (14 ) (4,268 ) (408 ) — (4,690 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 298 — — — 298 Net transfers from (to) Parent 597 (869 ) 272 — — Payment on loan between subsidiaries (326 ) — 326 — — Intercompany dividends — 398 (398 ) — — Principal payments on debt (956 ) (81 ) (8 ) — (1,045 ) Proceeds from debt issuances 2,093 — — — 2,093 Proceeds from stock issuances 38 — — — 38 Dividends paid (509 ) — — — (509 ) Purchase of treasury stock (3 ) — — — (3 ) Other, net (4 ) — (1 ) — (5 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,228 (552 ) 191 — 867 Effect of exchange rate changes on cash — 1 (9 ) — (8 ) Net (decrease) increase in cash and cash equivalents (580 ) 45 (48 ) 30 (553 ) Cash and cash equivalents at beginning of period 826 158 1,381 (46 ) 2,319 Cash and cash equivalents at end of period $ 246 $ 203 $ 1,333 $ (16 ) $ 1,766 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (109 ) $ 3,136 $ 322 $ (26 ) $ 3,323 INVESTING ACTIVITIES Capital expenditures (3 ) (3,359 ) (395 ) — (3,757 ) Proceeds from asset dispositions and other (45 ) 86 21 — 62 CASH USED IN INVESTING ACTIVITIES (48 ) (3,273 ) (374 ) — (3,695 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 220 — — — 220 Net transfers from (to) Parent 2 (31 ) 29 — — Payment on loan between subsidiaries (29 ) — 29 — — Intercompany dividends — 114 (114 ) — — Principal payments on debt (750 ) (117 ) (7 ) — (874 ) Proceeds from debt issuances 2,463 — — — 2,463 Proceeds from stock issuances 58 — — — 58 Dividends paid (514 ) — — — (514 ) Purchase of treasury stock (1,365 ) — — — (1,365 ) Other, net — 127 (122 ) — 5 CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 85 93 (185 ) — (7 ) Effect of exchange rate changes on cash — (9 ) (5 ) — (14 ) Net decrease in cash and cash equivalents (72 ) (53 ) (242 ) (26 ) (393 ) Cash and cash equivalents at beginning of period 1,485 257 1,538 (15 ) 3,265 Cash and cash equivalents at end of period $ 1,413 $ 204 $ 1,296 $ (41 ) $ 2,872

General (Policies)

General (Policies)	9 Months Ended
	Feb. 29, 2020
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 February 29, 2020, and the results of our operations for the three- and nine-month periods ended February 29, 2020 and February 28, 2019, cash flows for the nine-month periods ended February 29, 2020 and February 28, 2019, and changes in common stockholders’ investment for the three- and nine-month periods ended February 29, 2020 and February 28, 2019. Operating results for the three- and nine-month periods ended February 29, 2020 and February 28, 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 $491 million and $533 million at February 29, 2020 and May 31, 2019, respectively. Contract assets net of deferred unearned revenue were $360 million and $364 million at February 29, 2020 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 February 29, 2020 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 (in millions) for the periods ended February 29, 2020 and February 28, 2019. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Nine Months Ended 2020 2019 2020 2019 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 1,865 $ 1,844 $ 5,595 $ 5,678 U.S. overnight envelope 459 433 1,395 1,345 U.S. deferred 1,127 1,119 3,063 3,131 Total U.S. domestic package revenue 3,451 3,396 10,053 10,154 International priority 1,710 1,738 5,344 5,508 International economy 810 806 2,538 2,541 Total international export package revenue 2,520 2,544 7,882 8,049 International domestic (1) 1,075 1,078 3,316 3,412 Total package revenue 7,046 7,018 21,251 21,615 Freight: U.S. 739 772 2,132 2,294 International priority 439 477 1,376 1,574 International economy 499 495 1,556 1,568 International airfreight 61 76 197 244 Total freight revenue 1,738 1,820 5,261 5,680 Other 140 167 441 536 Total FedEx Express segment 8,924 9,005 26,953 27,831 FedEx Ground segment 5,845 5,261 16,339 15,202 FedEx Freight segment 1,738 1,750 5,487 5,627 FedEx Services segment 6 4 15 17 Other and eliminations (2) 974 990 3,065 3,209 $ 17,487 $ 17,010 $ 51,859 $ 51,886 (1) International domestic revenue relates 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 February 29, 2020 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. In 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 $33 million for the three-month period ended February 29, 2020 and $137 million for the nine-month period ended February 29, 2020. Our stock-based compensation expense was $33 million for the three-month period ended February 28, 2019 and $141 million for the nine-month period ended February 28, 2019. 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 February 29, 2020, the requirements for the application of hedge accounting continue to be met and the hedge remains effective.
Recent Accounting Guidance	RECENT ACCOUNTING GUIDANCE. New accounting rules and disclosure requirements can significantly impact our reported results and the comparability of our financial statements. We believe the following new accounting guidance is relevant to the readers of our financial statements. Recently Adopted Accounting Standards In 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. We will adopt this standard effective June 1, 2020 (fiscal 2021). This standard will not have a material impact 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. We will adopt this standard effective June 1, 2020 (fiscal 2021) and apply these changes prospectively. This new guidance will have a minimal impact on our financial reporting. I n December 2019, the FASB issued ASU 2019-12 , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application . This standard is effective June 1, 2021 (fiscal 2022). We are currently evaluating the impact of this new standard but do no t currently expect it will have a material impact on our consolidated financi al statements and related disclosures . In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. This new guidance narrows the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlines the alternative disclosures required in lieu of those statements. This rule is effective January 4, 2021 (fiscal 2021) with earlier adoption permitted. We are currently evaluating the impact of this new rule on our consolidated financial statements and related disclosures.

General (Tables)

General (Tables)	9 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Schedule of Revenue by Service Type	The following table provides revenue by service type (in millions) for the periods ended February 29, 2020 and February 28, 2019. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Nine Months Ended 2020 2019 2020 2019 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 1,865 $ 1,844 $ 5,595 $ 5,678 U.S. overnight envelope 459 433 1,395 1,345 U.S. deferred 1,127 1,119 3,063 3,131 Total U.S. domestic package revenue 3,451 3,396 10,053 10,154 International priority 1,710 1,738 5,344 5,508 International economy 810 806 2,538 2,541 Total international export package revenue 2,520 2,544 7,882 8,049 International domestic (1) 1,075 1,078 3,316 3,412 Total package revenue 7,046 7,018 21,251 21,615 Freight: U.S. 739 772 2,132 2,294 International priority 439 477 1,376 1,574 International economy 499 495 1,556 1,568 International airfreight 61 76 197 244 Total freight revenue 1,738 1,820 5,261 5,680 Other 140 167 441 536 Total FedEx Express segment 8,924 9,005 26,953 27,831 FedEx Ground segment 5,845 5,261 16,339 15,202 FedEx Freight segment 1,738 1,750 5,487 5,627 FedEx Services segment 6 4 15 17 Other and eliminations (2) 974 990 3,065 3,209 $ 17,487 $ 17,010 $ 51,859 $ 51,886 (1) International domestic revenue relates 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)	9 Months Ended
	Feb. 29, 2020
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 February 29, 2020 and February 28, 2019 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Foreign currency translation loss: Balance at beginning of period $ (964 ) $ (952 ) $ (954 ) $ (759 ) Translation adjustments (1 ) 103 (12 ) (90 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — 1 — Balance at end of period (965 ) (849 ) (965 ) (849 ) Retirement plans adjustments: Balance at beginning of period 98 135 89 181 Reclassifications from AOCI (20 ) (23 ) (61 ) (69 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — 50 — Balance at end of period 78 112 78 112 Accumulated other comprehensive (loss) at end of period $ (887 ) $ (737 ) $ (887 ) $ (737 )
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	The following table presents details of the reclassifications from AOCI for the periods ended February 29, 2020 and February 28, 2019 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Nine Months Ended 2020 2019 2020 2019 Amortization of retirement plans prior service credits, before tax $ 27 $ 30 $ 80 $ 90 Salaries and employee benefits Income tax benefit (7 ) (7 ) (19 ) (21 ) Provision for income taxes AOCI reclassifications, net of tax $ 20 $ 23 $ 61 $ 69 Net income

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	9 Months Ended
	Feb. 29, 2020
Computation Of Earnings Per Share Tables [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share	The calculation of basic and diluted earnings per common share for the periods ended February 29, 2020 and February 28, 2019 was as follows (in millions, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic earnings per common share: Net earnings allocable to common shares (1) $ 314 $ 738 $ 1,617 $ 2,506 Weighted-average common shares 261 261 261 262 Basic earnings per common share $ 1.21 $ 2.83 $ 6.21 $ 9.55 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 314 $ 738 $ 1,617 $ 2,506 Weighted-average common shares 261 261 261 262 Dilutive effect of share-based awards 1 2 1 4 Weighted-average diluted shares 262 263 262 266 Diluted earnings per common share $ 1.20 $ 2.80 $ 6.17 $ 9.41 Anti-dilutive options excluded from diluted earnings per common share 11.7 7.2 11.2 5.0 (1) Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Feb. 29, 2020
Retirement Plan Tables [Abstract]
Schedule of Retirement Plan Costs	Our retirement plans costs for the periods ended February 29, 2020 and February 28, 2019 were as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Defined benefit pension plans, net $ 38 $ 28 $ 112 $ 85 Defined contribution plans 147 138 425 415 Postretirement healthcare plans 21 19 64 56 $ 206 $ 185 $ 601 $ 556
Schedule of Net Periodic Benefit Cost	Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended February 29, 2020 and February 28, 2019 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2020 2019 2020 2019 2020 2019 Service cost $ 192 $ 173 $ 25 $ 23 $ 10 $ 9 Other retirement plans (income) expense: Interest cost 250 237 11 13 11 10 Expected return on plan assets (400 ) (376 ) (13 ) (12 ) — — Amortization of prior service credit and other (26 ) (30 ) (1 ) — — — (176 ) (169 ) (3 ) 1 11 10 $ 16 $ 4 $ 22 $ 24 $ 21 $ 19 Nine Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2020 2019 2020 2019 2020 2019 Service cost $ 576 $ 517 $ 73 $ 72 $ 31 $ 26 Other retirement plans (income) expense: Interest cost 750 713 33 38 33 30 Expected return on plan assets (1,201 ) (1,129 ) (39 ) (36 ) — — Amortization of prior service credit and other (78 ) (89 ) (2 ) (1 ) — — (529 ) (505 ) (8 ) 1 33 30 $ 47 $ 12 $ 65 $ 73 $ 64 $ 56

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Feb. 29, 2020
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Schedule of Segment Information	The following table provides a reconciliation of reportable segment revenue and operating income (loss) to our unaudited condensed consolidated financial statement totals for the periods ended February 29, 2020 and February 28, 2019 (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Revenue: FedEx Express segment $ 8,924 $ 9,005 $ 26,953 $ 27,831 FedEx Ground segment 5,845 5,261 16,339 15,202 FedEx Freight segment 1,738 1,750 5,487 5,627 FedEx Services segment 6 4 15 17 Other and eliminations 974 990 3,065 3,209 $ 17,487 $ 17,010 $ 51,859 $ 51,886 Operating income (loss): FedEx Express segment $ 137 $ 389 $ 658 $ 1,407 FedEx Ground segment 355 586 1,341 1,852 FedEx Freight segment 113 97 448 421 Corporate, other and eliminations (194 ) (161 ) (505 ) (530 ) $ 411 $ 911 $ 1,942 $ 3,150

Leases (Tables)

Leases (Tables)	9 Months Ended
	Feb. 29, 2020
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 February 29, 2020 (in millions): Three Months Ended Nine Months Ended 2020 2020 Operating lease cost (1) $ 675 $ 2,025 Finance lease cost: Amortization of right-of-use assets 6 12 Interest on lease liabilities 6 8 Total finance lease cost 12 20 Short-term lease cost 60 141 Variable lease cost (1) 301 850 Net lease cost $ 1,048 $ 3,036 (1)
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases for the nine months ended February 29 is as follows (in millions): 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 2,016 Operating cash flows paid for interest portion of finance leases 10 Financing cash flows paid for principal portion of finance leases 84 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,390 Right-of-use assets obtained in exchange for new finance lease liabilities $ 464
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases as of February 29 is as follows (in millions, except lease term and discount rate): 2020 Operating leases: Operating lease right-of-use assets, net $ 13,981 Current portion of operating lease liabilities 1,902 Operating lease liabilities 12,232 Total operating lease liabilities $ 14,134 Finance leases: Net property and equipment $ 464 Current portion of long-term debt 35 Long-term debt, less current portion 437 Total finance lease liabilities $ 472 Weighted-average remaining lease term Operating leases 10.0 Finance leases 33.3 Weighted-average discount rate Operating leases 3.23 % Finance leases 3.59 %
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 February 29, 2020 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases Finance Leases Total Leases 2020 (remainder) $ 38 $ 413 $ 451 $ 31 $ 482 2021 249 2,181 2,430 26 2,456 2022 234 1,941 2,175 26 2,201 2023 198 1,733 1,931 25 1,956 2024 102 1,512 1,614 24 1,638 Thereafter 314 7,757 8,071 728 8,799 Total lease payments 1,135 15,537 16,672 860 17,532 Less imputed interest (99 ) (2,439 ) (2,538 ) (388 ) (2,926 ) Present value of lease liability $ 1,036 $ 13,098 $ 14,134 $ 472 $ 14,606
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)	9 Months Ended
	Feb. 29, 2020
Commitments Tables [Abstract]
Schedule of Purchase Commitments	As of February 29, 2020, 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) $ 159 $ 331 $ 490 2021 2,285 797 3,082 2022 2,630 570 3,200 2023 2,069 381 2,450 2024 698 227 925 Thereafter 3,358 585 3,943 Total $ 11,199 $ 2,891 $ 14,090 (1) Primarily equipment and advertising contracts.
Schedule of Aircraft Purchase Commitments	The following table is a summary of the key aircraft we are committed to purchase as of February 29, 2020 with the year of expected delivery: Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2020 (remainder) — — 6 — 6 2021 12 5 18 2 37 2022 12 6 16 5 39 2023 12 6 8 2 28 2024 14 6 — 4 24 Thereafter — 7 — 2 9 Total 50 30 48 15 143

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Feb. 29, 2020
Supplemental Cash Flow Tables [Abstract]
Supplemental Cash Flow	Cash paid for interest expense and income taxes for the nine-month periods ended February 29, 2020 and February 28, 2019 was as follows (in millions): 2020 2019 Cash payments for: Interest (net of capitalized interest) $ 511 $ 498 Income taxes $ 291 $ 346 Income tax refunds received (321 ) (34 ) Cash tax (refunds) payments, net $ (30 ) $ 312

Condensed Consolidating Finan_2

Condensed Consolidating Financial Statements (Tables)	9 Months Ended
	Feb. 29, 2020
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) February 29, 2020 Guarantor Non-guarantor Parent Subsidiaries Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 246 $ 203 $ 1,333 $ (16 ) $ 1,766 Receivables, less allowances 71 5,752 3,585 (85 ) 9,323 Spare parts, supplies, fuel, prepaid expenses and other, less allowances 207 895 350 — 1,452 Total current assets 524 6,850 5,268 (101 ) 12,541 PROPERTY AND EQUIPMENT, AT COST 28 59,777 4,500 — 64,305 Less accumulated depreciation and amortization 18 28,761 2,220 — 30,999 Net property and equipment 10 31,016 2,280 — 33,306 INTERCOMPANY RECEIVABLE 3,349 (136 ) — (3,213 ) — OPERATING LEASE RIGHT-OF-USE ASSETS, NET 38 11,715 2,228 — 13,981 GOODWILL — 1,587 5,227 — 6,814 INVESTMENT IN SUBSIDIARIES 35,407 5,020 — (40,427 ) — OTHER ASSETS 962 1,134 1,763 (487 ) 3,372 $ 40,290 $ 57,186 $ 16,766 $ (44,228 ) $ 70,014 LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT CURRENT LIABILITIES Short-term borrowings $ 300 $ — $ — $ — $ 300 Current portion of long-term debt — 27 8 — 35 Accrued salaries and employee benefits 87 975 410 — 1,472 Accounts payable 194 1,554 1,545 (100 ) 3,193 Operating lease liabilities 4 1,435 463 — 1,902 Accrued expenses 416 2,033 975 (1 ) 3,423 Total current liabilities 1,001 6,024 3,401 (101 ) 10,325 LONG-TERM DEBT, LESS CURRENT PORTION 18,298 634 41 — 18,973 INTERCOMPANY PAYABLE — — 3,213 (3,213 ) — OTHER LONG-TERM LIABILITIES Deferred income taxes — 3,016 572 (487 ) 3,101 Operating lease liabilities 36 10,378 1,818 — 12,232 Other liabilities 2,124 3,473 955 — 6,552 Total other long-term liabilities 2,160 16,867 3,345 (487 ) 21,885 COMMON STOCKHOLDERS’ INVESTMENT 18,831 33,661 6,766 (40,427 ) 18,831 $ 40,290 $ 57,186 $ 16,766 $ (44,228 ) $ 70,014 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 February 29, 2020 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUE $ — $ 12,925 $ 4,658 $ (96 ) $ 17,487 OPERATING EXPENSES: Salaries and employee benefits 24 4,934 1,424 — 6,382 Purchased transportation — 3,211 1,392 (45 ) 4,558 Rentals and landing fees 2 749 216 (3 ) 964 Depreciation and amortization — 789 119 — 908 Fuel — 839 40 — 879 Maintenance and repairs — 597 87 — 684 Intercompany charges, net (93 ) (574 ) 667 — — Other 67 1,842 840 (48 ) 2,701 — 12,387 4,785 (96 ) 17,076 OPERATING INCOME — 538 (127 ) — 411 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 315 22 — (337 ) — Interest, net (159 ) 3 1 — (155 ) Other retirement plans income — 163 5 — 168 Intercompany charges, net 160 (120 ) (40 ) — — Other, net (1 ) 11 (14 ) — (4 ) INCOME (LOSS) BEFORE INCOME TAXES 315 617 (175 ) (337 ) 420 Provision for income taxes (benefit) — 82 23 — 105 NET INCOME (LOSS) $ 315 $ 535 $ (198 ) $ (337 ) $ 315 COMPREHENSIVE INCOME (LOSS) $ 298 $ 535 $ (202 ) $ (337 ) $ 294 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUE $ — $ 12,443 $ 4,667 $ (100 ) $ 17,010 OPERATING EXPENSES: Salaries and employee benefits 28 4,720 1,321 — 6,069 Purchased transportation — 2,749 1,547 (43 ) 4,253 Rentals and landing fees 1 677 197 (1 ) 874 Depreciation and amortization — 731 120 — 851 Fuel — 838 69 — 907 Maintenance and repairs — 573 87 (2 ) 658 Business realignment costs 4 — — — 4 Intercompany charges, net (93 ) (397 ) 490 — — Other 60 1,771 698 (46 ) 2,483 — 11,662 4,529 (92 ) 16,099 OPERATING INCOME — 781 138 (8 ) 911 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 739 16 — (755 ) — Interest, net (109 ) (54 ) 28 — (135 ) Other retirement plans income — 155 3 — 158 Intercompany charges, net 149 (89 ) (60 ) — — Other, net (40 ) 71 (42 ) 8 (3 ) INCOME (LOSS) BEFORE INCOME TAXES 739 880 67 (755 ) 931 Provision for income taxes — 147 45 — 192 NET INCOME (LOSS) $ 739 $ 733 $ 22 $ (755 ) $ 739 COMPREHENSIVE INCOME (LOSS) $ 713 $ 732 $ 129 $ (755 ) $ 819 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Nine Months Ended February 29, 2020 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUE $ — $ 37,474 $ 14,660 $ (275 ) $ 51,859 OPERATING EXPENSES: Salaries and employee benefits 66 14,441 4,197 — 18,704 Purchased transportation — 8,619 4,416 (121 ) 12,914 Rentals and landing fees 6 2,175 633 (6 ) 2,808 Depreciation and amortization 1 2,335 352 — 2,688 Fuel — 2,497 142 — 2,639 Maintenance and repairs — 1,966 261 (1 ) 2,226 Asset impairment charges — 66 — — 66 Intercompany charges, net (249 ) (1,677 ) 1,926 — — Other 176 5,261 2,582 (147 ) 7,872 — 35,683 14,509 (275 ) 49,917 OPERATING INCOME — 1,791 151 — 1,942 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 1,620 66 — (1,686 ) — Interest, net (476 ) 23 9 1 (443 ) Other retirement plans income 1 488 15 — 504 Intercompany charges, net 485 (357 ) (127 ) (1 ) — Other, net (10 ) 38 (43 ) — (15 ) INCOME (LOSS) BEFORE INCOME TAXES 1,620 2,049 5 (1,686 ) 1,988 Provision for income taxes (benefit) — 388 (20 ) — 368 NET INCOME (LOSS) $ 1,620 $ 1,661 $ 25 $ (1,686 ) $ 1,620 COMPREHENSIVE INCOME (LOSS) $ 1,569 $ 1,620 $ 44 $ (1,686 ) $ 1,547 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Nine Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUE $ — $ 37,685 $ 14,503 $ (302 ) $ 51,886 OPERATING EXPENSES: Salaries and employee benefits 110 14,300 4,179 — 18,589 Purchased transportation — 7,780 4,912 (126 ) 12,566 Rentals and landing fees 4 1,948 585 (4 ) 2,533 Depreciation and amortization 1 2,133 353 — 2,487 Fuel — 2,708 237 — 2,945 Maintenance and repairs 1 1,874 271 (2 ) 2,144 Business realignment costs 4 — — — 4 Intercompany charges, net (357 ) (772 ) 1,129 — — Other 238 4,991 2,410 (171 ) 7,468 1 34,962 14,076 (303 ) 48,736 OPERATING INCOME (1 ) 2,723 427 1 3,150 OTHER INCOME (EXPENSE): Equity in earnings of subsidiaries 2,509 145 — (2,654 ) — Interest, net (439 ) 44 2 — (393 ) Other retirement plans income — 466 8 — 474 Intercompany charges, net 454 (335 ) (119 ) — — Other, net (14 ) 18 (26 ) — (22 ) INCOME (LOSS) BEFORE INCOME TAXES 2,509 3,061 292 (2,653 ) 3,209 Provision for income taxes — 579 121 — 700 NET INCOME (LOSS) $ 2,509 $ 2,482 $ 171 $ (2,653 ) $ 2,509 COMPREHENSIVE INCOME (LOSS) $ 2,443 $ 2,514 $ 46 $ (2,653 ) $ 2,350
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended February 29, 2020 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (1,794 ) $ 4,864 $ 178 $ 30 $ 3,278 INVESTING ACTIVITIES Capital expenditures (2 ) (4,288 ) (415 ) — (4,705 ) Proceeds from asset dispositions and other (12 ) 20 7 — 15 CASH USED IN INVESTING ACTIVITIES (14 ) (4,268 ) (408 ) — (4,690 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 298 — — — 298 Net transfers from (to) Parent 597 (869 ) 272 — — Payment on loan between subsidiaries (326 ) — 326 — — Intercompany dividends — 398 (398 ) — — Principal payments on debt (956 ) (81 ) (8 ) — (1,045 ) Proceeds from debt issuances 2,093 — — — 2,093 Proceeds from stock issuances 38 — — — 38 Dividends paid (509 ) — — — (509 ) Purchase of treasury stock (3 ) — — — (3 ) Other, net (4 ) — (1 ) — (5 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,228 (552 ) 191 — 867 Effect of exchange rate changes on cash — 1 (9 ) — (8 ) Net (decrease) increase in cash and cash equivalents (580 ) 45 (48 ) 30 (553 ) Cash and cash equivalents at beginning of period 826 158 1,381 (46 ) 2,319 Cash and cash equivalents at end of period $ 246 $ 203 $ 1,333 $ (16 ) $ 1,766 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended February 28, 2019 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (109 ) $ 3,136 $ 322 $ (26 ) $ 3,323 INVESTING ACTIVITIES Capital expenditures (3 ) (3,359 ) (395 ) — (3,757 ) Proceeds from asset dispositions and other (45 ) 86 21 — 62 CASH USED IN INVESTING ACTIVITIES (48 ) (3,273 ) (374 ) — (3,695 ) FINANCING ACTIVITIES Proceeds from short-term borrowings, net 220 — — — 220 Net transfers from (to) Parent 2 (31 ) 29 — — Payment on loan between subsidiaries (29 ) — 29 — — Intercompany dividends — 114 (114 ) — — Principal payments on debt (750 ) (117 ) (7 ) — (874 ) Proceeds from debt issuances 2,463 — — — 2,463 Proceeds from stock issuances 58 — — — 58 Dividends paid (514 ) — — — (514 ) Purchase of treasury stock (1,365 ) — — — (1,365 ) Other, net — 127 (122 ) — 5 CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 85 93 (185 ) — (7 ) Effect of exchange rate changes on cash — (9 ) (5 ) — (14 ) Net decrease in cash and cash equivalents (72 ) (53 ) (242 ) (26 ) (393 ) Cash and cash equivalents at beginning of period 1,485 257 1,538 (15 ) 3,265 Cash and cash equivalents at end of period $ 1,413 $ 204 $ 1,296 $ (41 ) $ 2,872

General - Additional Informatio

General - Additional Information (Details) $ / shares in Units, € in Millions, $ in Millions	Jun. 01, 2019USD ($)	Feb. 29, 2020USD ($)$ / sharesshares	Nov. 30, 2019USD ($)air-craft$ / shares	Feb. 28, 2019USD ($)shares	Feb. 29, 2020USD ($)$ / sharesshares	Feb. 28, 2019USD ($)shares	Nov. 08, 2019EUR (€)	Aug. 13, 2019EUR (€)	May 31, 2019USD ($)	Jan. 26, 2016shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Gross contract assets related to in-transit packages		$ 491			$ 491				$ 533
Contract assets net of deferred unearned revenue		360			360				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		$ 33		$ 33	$ 137	$ 141
Denominated debt as a net investment hedge | €							€ 392	€ 294
Denominated Additional debt as a net investment hedge | €							€ 98
Operating lease liability	$ 14,200	14,134			14,134
Operating right-of-use asset	14,100	$ 13,981			$ 13,981
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		600,000	20,000	6,000,000
Treasury stock acquired, average cost per share | $ / shares					$ 156.90
Payments for repurchase of common stock					$ 3	$ 1,365
Stock repurchase program, remaining number of shares authorized to be repurchased | shares		5,100,000			5,100,000
Dividends payable, date declared					Feb. 14, 2020
Dividends payable amount per share | $ / shares		$ 0.65			$ 0.65
Dividends payable, date to be paid					Apr. 1, 2020
Dividends payable, date of record					Mar. 9, 2020
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		9 Months Ended
		Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		$ 17,487	$ 17,010	$ 51,859	$ 51,886
Operating Segments | FedEx Express Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		8,924	9,005	26,953	27,831
Operating Segments | FedEx Express Segment [Member] | U.S. overnight box [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,865	1,844	5,595	5,678
Operating Segments | FedEx Express Segment [Member] | U.S. overnight envelope [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		459	433	1,395	1,345
Operating Segments | FedEx Express Segment [Member] | U.S. deferred [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,127	1,119	3,063	3,131
Operating Segments | FedEx Express Segment [Member] | Total U.S. domestic package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		3,451	3,396	10,053	10,154
Operating Segments | FedEx Express Segment [Member] | International priority [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,710	1,738	5,344	5,508
Operating Segments | FedEx Express Segment [Member] | International economy [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		810	806	2,538	2,541
Operating Segments | FedEx Express Segment [Member] | Total international export package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		2,520	2,544	7,882	8,049
Operating Segments | FedEx Express Segment [Member] | International domestic [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[1]	1,075	1,078	3,316	3,412
Operating Segments | FedEx Express Segment [Member] | Total package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		7,046	7,018	21,251	21,615
Operating Segments | FedEx Express Segment [Member] | U.S. freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		739	772	2,132	2,294
Operating Segments | FedEx Express Segment [Member] | International priority freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		439	477	1,376	1,574
Operating Segments | FedEx Express Segment [Member] | International Economy Freight
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		499	495	1,556	1,568
Operating Segments | FedEx Express Segment [Member] | International Airfreight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		61	76	197	244
Operating Segments | FedEx Express Segment [Member] | Total freight revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,738	1,820	5,261	5,680
Operating Segments | FedEx Express Segment [Member] | Other [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		140	167	441	536
Operating Segments | FedEx Ground Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		5,845	5,261	16,339	15,202
Operating Segments | FedEx Freight Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,738	1,750	5,487	5,627
Operating Segments | FedEx Services Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		6	4	15	17
Other and eliminations [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[2]	$ 974	$ 990	$ 3,065	$ 3,209
[1]	International domestic revenue relates 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		9 Months Ended
		Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance				$ 17,757
Translation adjustments		$ (1)	$ 103	(12)	$ (90)
Ending Balance		18,831	19,894	18,831	19,894
Foreign Currency Translation Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(964)	(952)	(954)	(759)
Translation adjustments		(1)	103	(12)	(90)
Ending Balance		(965)	(849)	(965)	(849)
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		98	135	89	181
Reclassifications from AOCI		(20)	(23)	(61)	(69)
Ending Balance		78	112	78	112
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		(866)	(817)	(865)	(578)
Ending Balance		$ (887)	$ (737)	(887)	$ (737)
Accumulated Other Comprehensive (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]			$ 51
[1]	Relates to the adoption of ASU 2018-02.

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		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	$ 27	$ 30	$ 80	$ 90
Provision for income taxes	(7)	(7)	(19)	(21)
Net income	$ 20	$ 23	$ 61	$ 69

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details) € in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2019USD ($)	Feb. 29, 2020USD ($)	Aug. 31, 2019EUR (€)	May 31, 2019USD ($)
Line Of Credit Facility [Line Items]
Financial Covenant Terms Ratio		350.00%
Financial Covenant Compliance Ratio		280.00%
Commercial paper outstanding		$ 300,000,000
Letters Of Credit Outstanding		300,000
Long Term Debt, Including Current Maturities and Exclusive of finance Leases Carrying Value		18,500,000,000		$ 17,500,000,000
Long Term Debt, Including Current Maturities and Exclusive of finance Leases Fair Value		$ 20,000,000,000		$ 17,800,000,000
Long-term debt weighted-average interest rate		3.50%
Maximum [Member]
Line Of Credit Facility [Line Items]
Commercial paper outstanding		$ 1,100,000,000
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		2025-03
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		2021-03
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility outstanding for future borrowings		$ 3,200,000,000
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		9 Months Ended
		Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Basic earnings per common share:
Net earnings allocable to common shares	[1]	$ 314	$ 738	$ 1,617	$ 2,506
Weighted-average common shares		261	261	261	262
Basic earnings per common share		$ 1.21	$ 2.83	$ 6.21	$ 9.55
Diluted earnings per common share:
Net earnings allocable to common shares	[1]	$ 314	$ 738	$ 1,617	$ 2,506
Weighted-average common shares		261	261	261	262
Dilutive effect of share-based awards		1	2	1	4
Weighted-average diluted shares		262	263	262	266
Diluted earnings per common share		$ 1.20	$ 2.80	$ 6.17	$ 9.41
Anti-dilutive options excluded from diluted earnings per common share		11.7	7.2	11.2	5
[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		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Income Taxes [Line Items]
Effective tax rate	25.00%	20.60%	18.50%	21.80%
Benefit from reduction of valuation allowance on tax loss carryforwards			$ 133	$ 90
Income tax benefit from accelerated deductions to be claimed on 2018 tax return				60
Netherlands [Member]
Income Taxes [Line Items]
Expense from the impact on deferred taxes attributable to a lower enacted tax rate				$ 50

Retirement Plans - Schedule of

Retirement Plans - Schedule of Retirement Plan Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Pension And Other Postretirement Benefit Expense [Abstract]
Defined benefit pension plans, net	$ 38	$ 28	$ 112	$ 85
Defined contribution plans	147	138	425	415
Postretirement healthcare plans	21	19	64	56
Retirement plans costs	$ 206	$ 185	$ 601	$ 556

Retirement Plans - Schedule o_2

Retirement Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Pension Plans [Member] | U.S. Plans [Member]
Net Periodic Benefit Cost
Service cost	$ 192	$ 173	$ 576	$ 517
Other retirement plans (income) expense:
Interest cost	250	237	750	713
Expected return on plan assets	(400)	(376)	(1,201)	(1,129)
Amortization of prior service credit and other	(26)	(30)	(78)	(89)
Other retirement plans (income) expense	(176)	(169)	(529)	(505)
Net periodic benefit cost	16	4	47	12
Pension Plans [Member] | International Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	25	23	73	72
Other retirement plans (income) expense:
Interest cost	11	13	33	38
Expected return on plan assets	(13)	(12)	(39)	(36)
Amortization of prior service credit and other	(1)		(2)	(1)
Other retirement plans (income) expense	(3)	1	(8)	1
Net periodic benefit cost	22	24	65	73
Postretirement Healthcare Plans [Member]
Net Periodic Benefit Cost
Service cost	10	9	31	26
Other retirement plans (income) expense:
Interest cost	11	10	33	30
Other retirement plans (income) expense	11	10	33	30
Net periodic benefit cost	$ 21	$ 19	$ 64	$ 56

Retirement Plans - Additional I

Retirement Plans - Additional Information (Details) - USD ($) $ in Billions	9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
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	$ 1

Business Segment Information -

Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Segment Reporting Information [Line Items]
Revenues	$ 17,487	$ 17,010	$ 51,859	$ 51,886
Operating income (loss)	411	911	1,942	3,150
Operating Segments | FedEx Express Segment [Member]
Segment Reporting Information [Line Items]
Revenues	8,924	9,005	26,953	27,831
Operating income (loss)	137	389	658	1,407
Operating Segments | FedEx Ground Segment [Member]
Segment Reporting Information [Line Items]
Revenues	5,845	5,261	16,339	15,202
Operating income (loss)	355	586	1,341	1,852
Operating Segments | FedEx Freight Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,738	1,750	5,487	5,627
Operating income (loss)	113	97	448	421
Operating Segments | FedEx Services Segment [Member]
Segment Reporting Information [Line Items]
Revenues	6	4	15	17
Corporate, Other and Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	974	990	3,065	3,209
Operating income (loss)	$ (194)	$ (161)	$ (505)	$ (530)

Leases - Summary of Components

Leases - Summary of Components of Net Lease Cost (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
		Feb. 29, 2020	Feb. 29, 2020
Leases [Abstract]
Operating lease cost	[1]	$ 675	$ 2,025
Finance lease cost:
Amortization of right-of-use assets		6	12
Interest on lease liabilities		6	8
Total finance lease cost		12	20
Short-term lease cost		60	141
Variable lease cost	[1]	301	850
Net lease cost		$ 1,048	$ 3,036
[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	9 Months Ended
	Feb. 29, 2020USD ($)
Leases [Abstract]
Operating cash flows paid for operating leases	$ 2,016
Operating cash flows paid for interest portion of finance leases	10
Financing cash flows paid for principal portion of finance leases	84
Right-of-use assets obtained in exchange for new operating lease liabilities	1,390
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 464

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Feb. 29, 2020	Jun. 01, 2019
Operating leases:
Operating lease right-of-use assets, net	$ 13,981	$ 14,100
Current portion of operating lease liabilities	1,902
Operating lease liabilities	12,232
Total operating lease liabilities	14,134	$ 14,200
Finance Leases:
Net property and equipment	$ 464
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Current portion of long-term debt	$ 35
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtAndCapitalLeaseObligations
Long-term debt, less current portion	$ 437
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtAndCapitalLeaseObligations
Total finance lease liabilities	$ 472
Weighted-average remaining lease term
Operating leases	10 years
Finance leases	33 years 3 months 18 days
Weighted-average discount rate
Operating leases	3.23%
Finance leases	3.59%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments, Operating and Finance Leases (Details) - USD ($) $ in Millions	Feb. 29, 2020	Jun. 01, 2019
Schedule Of Future Minimum Lease Payments For Operating Leases And Finance Leases [Line Items]
2020 (remainder)	$ 482
2021	2,456
2022	2,201
2023	1,956
2024	1,638
Thereafter	8,799
Total lease payments	17,532
Less imputed interest	(2,926)
Present value of lease liability	14,606
Operating Leases
2020 (remainder)	451
2021	2,430
2022	2,175
2023	1,931
2024	1,614
Thereafter	8,071
Total lease payments	16,672
Less imputed interest	(2,538)
Present value of lease liability	14,134	$ 14,200
Finance Leases
2020 (remainder)	31
2021	26
2022	26
2023	25
2024	24
Thereafter	728
Total lease payments	860
Less imputed interest	(388)
Present value of lease liability	472
Aircraft and Related Equipment [Member]
Operating Leases
2020 (remainder)	38
2021	249
2022	234
2023	198
2024	102
Thereafter	314
Total lease payments	1,135
Less imputed interest	(99)
Present value of lease liability	1,036
Facilities and Other [Member]
Operating Leases
2020 (remainder)	413
2021	2,181
2022	1,941
2023	1,733
2024	1,512
Thereafter	7,757
Total lease payments	15,537
Less imputed interest	(2,439)
Present value of lease liability	$ 13,098

Leases - Additional Information

Leases - Additional Information (Details) $ in Billions	9 Months Ended
	Feb. 29, 2020USD ($)
Lessee Lease Description [Line Items]
Additional leases not yet commenced, undiscounted future payments	$ 1.7
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	Feb. 29, 2020USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2020 (remainder)	$ 490
2021	3,082
2022	3,200
2023	2,450
2024	925
Thereafter	3,943
Total	14,090
Aircraft And Related Equipment Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2020 (remainder)	159
2021	2,285
2022	2,630
2023	2,069
2024	698
Thereafter	3,358
Total	11,199
Other Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2020 (remainder)	331	[1]
2021	797	[1]
2022	570	[1]
2023	381	[1]
2024	227	[1]
Thereafter	585	[1]
Total	$ 2,891	[1]
[1]	Primarily equipment and advertising contracts.

Commitments - Additional Inform

Commitments - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2020USD ($)air-craft	Aug. 31, 2019air-craft	Feb. 29, 2020USD ($)air-craft
Other Aircraft Commitments Disclosure [Abstract]
Deposit and Progress Payments | $	$ 733		$ 733
B767F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Conditional Aircraft Commitments			3
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
B777F Aircraft from 2023 to 2022 [Member]
Other Aircraft Commitments Disclosure [Abstract]
Number of aircrafts rescheduled delivery	2		2
Aircraft expected to be delivered, earliest fiscal year	2022
Aircraft expected to be delivered, latest fiscal year	2023
B767F Aircraft from 2022 to 2023 [Member]
Other Aircraft Commitments Disclosure [Abstract]
Number of aircrafts rescheduled delivery	2		2
Aircraft expected to be delivered, earliest fiscal year	2022
Aircraft expected to be delivered, latest fiscal year	2023

Commitments - Schedule of Aircr

Commitments - Schedule of Aircraft Purchase Commitments (Details)	9 Months Ended
	Feb. 29, 2020air-craft
Schedule of Aircraft Commitments [Line Items]
2020 (remainder)	6
2021	37
2022	39
2023	28
2024	24
Thereafter	9
Total	143
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)	6
2021	18
2022	16
2023	8
Total	48
B777F [Member]
Schedule of Aircraft Commitments [Line Items]
2021	2
2022	5
2023	2
2024	4
Thereafter	2
Total	15

Contingencies - Additional Info

Contingencies - Additional Information (Details) - Minimum [Member]	9 Months Ended
	Feb. 29, 2020USD ($)
Loss Contingencies [Line Items]
Proceedings of environmental matters	$ 100,000
Monetary sanctions and fines related to violations of environmental laws	$ 100,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information -Supplemental Cash Flow (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Supplemental Cash Flow Information [Abstract]
Interest (net of capitalized interest)	$ 511	$ 498
Income taxes	291	346
Income tax refunds received	(321)	(34)
Cash tax (refunds) payments, net	$ (30)
Cash tax (refunds) payments, net		$ 312

Condensed Consolidating Finan_3

Condensed Consolidating Financial Statements - Additional Information (Details)	Feb. 29, 2020USD ($)
Guarantor Obligations [Abstract]
Debt Guarantee	$ 18,500,000,000

Condensed Consolidating Balance

Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Feb. 29, 2020	Jun. 01, 2019	May 31, 2019	Feb. 28, 2019	May 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 1,766		$ 2,319	$ 2,872	$ 3,265
Receivables, less allowances	9,323		9,116
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	1,452		1,651
Total current assets	12,541		13,086
PROPERTY AND EQUIPMENT, AT COST	64,305		59,511
Less accumulated depreciation and amortization	30,999		29,082
Net property and equipment	33,306		30,429
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	13,981	$ 14,100
GOODWILL	6,814		6,884
OTHER ASSETS	3,372		4,004
ASSETS	70,014		54,403
CURRENT LIABILITIES
Short-term borrowings	300
Current portion of long-term debt	35		964
Accrued salaries and employee benefits	1,472		1,741
Accounts payable	3,193		3,030
Operating lease liabilities	1,902
Accrued expenses	3,423		3,278
Total current liabilities	10,325		9,013
LONG-TERM DEBT, LESS CURRENT PORTION	18,973		16,617
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,101		2,821
Operating lease liabilities	12,232
Other liabilities	6,552		8,195
Total other long-term liabilities	21,885		11,016
COMMON STOCKHOLDERS’ INVESTMENT	18,831		17,757	19,894
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	70,014		54,403
Consolidation Eliminations [Member]
CURRENT ASSETS
Cash and cash equivalents	(16)		(46)	(41)	(15)
Receivables, less allowances	(85)		(227)
Total current assets	(101)		(273)
INTERCOMPANY RECEIVABLE	(3,213)		(2,472)
INVESTMENT IN SUBSIDIARIES	(40,427)		(39,174)
OTHER ASSETS	(487)		(591)
ASSETS	(44,228)		(42,510)
CURRENT LIABILITIES
Accounts payable	(100)		(263)
Accrued expenses	(1)		(10)
Total current liabilities	(101)		(273)
INTERCOMPANY PAYABLE	(3,213)		(2,472)
OTHER LONG-TERM LIABILITIES
Deferred income taxes	(487)		(591)
Total other long-term liabilities	(487)		(591)
COMMON STOCKHOLDERS’ INVESTMENT	(40,427)		(39,174)
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	(44,228)		(42,510)
Parent Company [Member] | Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	246		826	1,413	1,485
Receivables, less allowances	71		56
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	207		366
Total current assets	524		1,248
PROPERTY AND EQUIPMENT, AT COST	28		25
Less accumulated depreciation and amortization	18		17
Net property and equipment	10		8
INTERCOMPANY RECEIVABLE	3,349		2,877
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	38
INVESTMENT IN SUBSIDIARIES	35,407		33,725
OTHER ASSETS	962		995
ASSETS	40,290		38,853
CURRENT LIABILITIES
Short-term borrowings	300
Current portion of long-term debt			959
Accrued salaries and employee benefits	87		143
Accounts payable	194		16
Operating lease liabilities	4
Accrued expenses	416		521
Total current liabilities	1,001		1,639
LONG-TERM DEBT, LESS CURRENT PORTION	18,298		16,322
OTHER LONG-TERM LIABILITIES
Operating lease liabilities	36
Other liabilities	2,124		3,135
Total other long-term liabilities	2,160		3,135
COMMON STOCKHOLDERS’ INVESTMENT	18,831		17,757
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	40,290		38,853
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	203		158	204	257
Receivables, less allowances	5,752		5,603
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	895		953
Total current assets	6,850		6,714
PROPERTY AND EQUIPMENT, AT COST	59,777		55,341
Less accumulated depreciation and amortization	28,761		27,066
Net property and equipment	31,016		28,275
INTERCOMPANY RECEIVABLE	(136)		(405)
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	11,715
GOODWILL	1,587		1,589
INVESTMENT IN SUBSIDIARIES	5,020		5,449
OTHER ASSETS	1,134		1,811
ASSETS	57,186		43,433
CURRENT LIABILITIES
Current portion of long-term debt	27		2
Accrued salaries and employee benefits	975		1,100
Accounts payable	1,554		1,469
Operating lease liabilities	1,435
Accrued expenses	2,033		1,853
Total current liabilities	6,024		4,424
LONG-TERM DEBT, LESS CURRENT PORTION	634		287
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,016		2,832
Operating lease liabilities	10,378
Other liabilities	3,473		3,965
Total other long-term liabilities	16,867		6,797
COMMON STOCKHOLDERS’ INVESTMENT	33,661		31,925
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	57,186		43,433
Non-guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
CURRENT ASSETS
Cash and cash equivalents	1,333		1,381	$ 1,296	$ 1,538
Receivables, less allowances	3,585		3,684
Spare parts, supplies, fuel, prepaid expenses and other, less allowances	350		332
Total current assets	5,268		5,397
PROPERTY AND EQUIPMENT, AT COST	4,500		4,145
Less accumulated depreciation and amortization	2,220		1,999
Net property and equipment	2,280		2,146
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	2,228
GOODWILL	5,227		5,295
OTHER ASSETS	1,763		1,789
ASSETS	16,766		14,627
CURRENT LIABILITIES
Current portion of long-term debt	8		3
Accrued salaries and employee benefits	410		498
Accounts payable	1,545		1,808
Operating lease liabilities	463
Accrued expenses	975		914
Total current liabilities	3,401		3,223
LONG-TERM DEBT, LESS CURRENT PORTION	41		8
INTERCOMPANY PAYABLE	3,213		2,472
OTHER LONG-TERM LIABILITIES
Deferred income taxes	572		580
Operating lease liabilities	1,818
Other liabilities	955		1,095
Total other long-term liabilities	3,345		1,675
COMMON STOCKHOLDERS’ INVESTMENT	6,766		7,249
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	$ 16,766		$ 14,627

Condensed Consolidating Stateme

Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
Condensed Statement Of Income Captions [Line Items]
REVENUE	$ 17,487	$ 17,010	$ 51,859	$ 51,886
OPERATING EXPENSES:
Salaries and employee benefits	6,382	6,069	18,704	18,589
Purchased transportation	4,558	4,253	12,914	12,566
Rentals and landing fees	964	874	2,808	2,533
Depreciation and amortization	908	851	2,688	2,487
Fuel	879	907	2,639	2,945
Maintenance and repairs	684	658	2,226	2,144
Asset impairment charges			66
Business realignment costs		4		4
Other	2,701	2,483	7,872	7,468
OPERATING EXPENSES	17,076	16,099	49,917	48,736
OPERATING INCOME	411	911	1,942	3,150
OTHER INCOME (EXPENSE):
Interest, net	(155)	(135)	(443)	(393)
Other retirement plans income	168	158	504	474
Other, net	(4)	(3)	(15)	(22)
INCOME BEFORE INCOME TAXES	420	931	1,988	3,209
Provision for income taxes (benefit)	105	192	368	700
NET INCOME	315	739	1,620	2,509
COMPREHENSIVE INCOME (LOSS)	294	819	1,547	2,350
Consolidation Eliminations [Member]
Condensed Statement Of Income Captions [Line Items]
REVENUE	(96)	(100)	(275)	(302)
OPERATING EXPENSES:
Purchased transportation	(45)	(43)	(121)	(126)
Rentals and landing fees	(3)	(1)	(6)	(4)
Maintenance and repairs		(2)	(1)	(2)
Other	(48)	(46)	(147)	(171)
OPERATING EXPENSES	(96)	(92)	(275)	(303)
OPERATING INCOME		(8)		1
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	(337)	(755)	(1,686)	(2,654)
Interest, net			1
Intercompany charges, net			(1)
Other, net		8
INCOME BEFORE INCOME TAXES	(337)	(755)	(1,686)	(2,653)
NET INCOME	(337)	(755)	(1,686)	(2,653)
COMPREHENSIVE INCOME (LOSS)	(337)	(755)	(1,686)	(2,653)
Parent Company [Member] | Reportable Legal Entities [Member]
OPERATING EXPENSES:
Salaries and employee benefits	24	28	66	110
Rentals and landing fees	2	1	6	4
Depreciation and amortization			1	1
Maintenance and repairs				1
Business realignment costs		4		4
Intercompany charges, net	(93)	(93)	(249)	(357)
Other	67	60	176	238
OPERATING EXPENSES				1
OPERATING INCOME				(1)
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	315	739	1,620	2,509
Interest, net	(159)	(109)	(476)	(439)
Other retirement plans income			1
Intercompany charges, net	160	149	485	454
Other, net	(1)	(40)	(10)	(14)
INCOME BEFORE INCOME TAXES	315	739	1,620	2,509
NET INCOME	315	739	1,620	2,509
COMPREHENSIVE INCOME (LOSS)	298	713	1,569	2,443
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Statement Of Income Captions [Line Items]
REVENUE	12,925	12,443	37,474	37,685
OPERATING EXPENSES:
Salaries and employee benefits	4,934	4,720	14,441	14,300
Purchased transportation	3,211	2,749	8,619	7,780
Rentals and landing fees	749	677	2,175	1,948
Depreciation and amortization	789	731	2,335	2,133
Fuel	839	838	2,497	2,708
Maintenance and repairs	597	573	1,966	1,874
Asset impairment charges			66
Intercompany charges, net	(574)	(397)	(1,677)	(772)
Other	1,842	1,771	5,261	4,991
OPERATING EXPENSES	12,387	11,662	35,683	34,962
OPERATING INCOME	538	781	1,791	2,723
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries	22	16	66	145
Interest, net	3	(54)	23	44
Other retirement plans income	163	155	488	466
Intercompany charges, net	(120)	(89)	(357)	(335)
Other, net	11	71	38	18
INCOME BEFORE INCOME TAXES	617	880	2,049	3,061
Provision for income taxes (benefit)	82	147	388	579
NET INCOME	535	733	1,661	2,482
COMPREHENSIVE INCOME (LOSS)	535	732	1,620	2,514
Non-guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Statement Of Income Captions [Line Items]
REVENUE	4,658	4,667	14,660	14,503
OPERATING EXPENSES:
Salaries and employee benefits	1,424	1,321	4,197	4,179
Purchased transportation	1,392	1,547	4,416	4,912
Rentals and landing fees	216	197	633	585
Depreciation and amortization	119	120	352	353
Fuel	40	69	142	237
Maintenance and repairs	87	87	261	271
Intercompany charges, net	667	490	1,926	1,129
Other	840	698	2,582	2,410
OPERATING EXPENSES	4,785	4,529	14,509	14,076
OPERATING INCOME	(127)	138	151	427
OTHER INCOME (EXPENSE):
Interest, net	1	28	9	2
Other retirement plans income	5	3	15	8
Intercompany charges, net	(40)	(60)	(127)	(119)
Other, net	(14)	(42)	(43)	(26)
INCOME BEFORE INCOME TAXES	(175)	67	5	292
Provision for income taxes (benefit)	23	45	(20)	121
NET INCOME	(198)	22	25	171
COMPREHENSIVE INCOME (LOSS)	$ (202)	$ 129	$ 44	$ 46

Condensed Consolidating State_2

Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$ 3,278	$ 3,323
INVESTING ACTIVITIES
Capital expenditures	(4,705)	(3,757)
Proceeds from asset dispositions and other	15	62
Cash used in investing activities	(4,690)	(3,695)
FINANCING ACTIVITIES
Proceeds from short-term borrowings, net	298	220
Principal payments on debt	(1,045)	(874)
Proceeds from debt issuances	2,093	2,463
Proceeds from stock issuances	38	58
Dividends paid	(509)	(514)
Purchase of treasury stock	(3)	(1,365)
Other, net	(5)	5
Cash provided by (used in) financing activities	867	(7)
Effect of exchange rate changes on cash	(8)	(14)
Net decrease in cash and cash equivalents	(553)	(393)
Cash and cash equivalents at beginning of period	2,319	3,265
Cash and cash equivalents at end of period	1,766	2,872
Consolidation Eliminations [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	30	(26)
FINANCING ACTIVITIES
Net decrease in cash and cash equivalents	30	(26)
Cash and cash equivalents at beginning of period	(46)	(15)
Cash and cash equivalents at end of period	(16)	(41)
Parent Company [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(1,794)	(109)
INVESTING ACTIVITIES
Capital expenditures	(2)	(3)
Proceeds from asset dispositions and other	(12)	(45)
Cash used in investing activities	(14)	(48)
FINANCING ACTIVITIES
Proceeds from short-term borrowings, net	298	220
Net transfers from (to) Parent	597	2
Payment on loan between subsidiaries	(326)	(29)
Principal payments on debt	(956)	(750)
Proceeds from debt issuances	2,093	2,463
Proceeds from stock issuances	38	58
Dividends paid	(509)	(514)
Purchase of treasury stock	(3)	(1,365)
Other, net	(4)
Cash provided by (used in) financing activities	1,228	85
Net decrease in cash and cash equivalents	(580)	(72)
Cash and cash equivalents at beginning of period	826	1,485
Cash and cash equivalents at end of period	246	1,413
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	4,864	3,136
INVESTING ACTIVITIES
Capital expenditures	(4,288)	(3,359)
Proceeds from asset dispositions and other	20	86
Cash used in investing activities	(4,268)	(3,273)
FINANCING ACTIVITIES
Net transfers from (to) Parent	(869)	(31)
Intercompany dividends	398	114
Principal payments on debt	(81)	(117)
Other, net		127
Cash provided by (used in) financing activities	(552)	93
Effect of exchange rate changes on cash	1	(9)
Net decrease in cash and cash equivalents	45	(53)
Cash and cash equivalents at beginning of period	158	257
Cash and cash equivalents at end of period	203	204
Non-guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements Captions [Line Items]
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	178	322
INVESTING ACTIVITIES
Capital expenditures	(415)	(395)
Proceeds from asset dispositions and other	7	21
Cash used in investing activities	(408)	(374)
FINANCING ACTIVITIES
Net transfers from (to) Parent	272	29
Payment on loan between subsidiaries	326	29
Intercompany dividends	(398)	(114)
Principal payments on debt	(8)	(7)
Other, net	(1)	(122)
Cash provided by (used in) financing activities	191	(185)
Effect of exchange rate changes on cash	(9)	(5)
Net decrease in cash and cash equivalents	(48)	(242)
Cash and cash equivalents at beginning of period	1,381	1,538
Cash and cash equivalents at end of period	$ 1,333	$ 1,296