FedEx (FDX) 10-Q 17 Dec 20 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2020	Dec. 15, 2020
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Nov. 30, 2020
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	FEDEX CORPORATION
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		265,070,592
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	Nov. 30, 2020	May 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 8,339	$ 4,881
Receivables, less allowances of $617 and $390	11,417	10,102
Spare parts, supplies and fuel, less allowances of $341 and $335	587	572
Prepaid expenses and other	922	828
Total current assets	21,265	16,383
PROPERTY AND EQUIPMENT, AT COST	67,514	65,024
Less accumulated depreciation and amortization	32,904	31,416
Net property and equipment	34,610	33,608
OTHER LONG-TERM ASSETS
Operating lease right-of-use assets, net	14,845	13,917
Goodwill	6,702	6,372
Other assets	3,734	3,257
Total other long-term assets	25,281	23,546
ASSETS	81,156	73,537
CURRENT LIABILITIES
Current portion of long-term debt	97	51
Accrued salaries and employee benefits	2,159	1,569
Accounts payable	3,733	3,269
Operating lease liabilities	2,123	1,923
Accrued expenses	4,003	3,532
Total current liabilities	12,115	10,344
LONG-TERM DEBT, LESS CURRENT PORTION	23,221	21,952
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,471	3,162
Pension, postretirement healthcare and other benefit obligations	5,088	5,019
Self-insurance accruals	2,250	2,104
Operating lease liabilities	13,009	12,195
Other liabilities	963	466
Total other long-term liabilities	24,781	22,946
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of November 30, 2020 and May 31, 2020	32	32
Additional paid-in capital	3,400	3,356
Retained earnings	27,208	25,216
Accumulated other comprehensive loss	(898)	(1,147)
Treasury stock, at cost	(8,703)	(9,162)
Total common stockholders’ investment	21,039	18,295
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	$ 81,156	$ 73,537

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 30, 2020	May 31, 2020
CURRENT ASSETS
Allowances for receivables	$ 617	$ 390
Allowances for spare parts, supplies and fuel	$ 341	$ 335
COMMON STOCKHOLDERS' INVESTMENT
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	318,000,000	318,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
REVENUE	$ 20,563	$ 17,324	$ 39,884	$ 34,372
OPERATING EXPENSES:
Salaries and employee benefits	7,443	6,235	14,295	12,322
Purchased transportation	5,407	4,328	10,384	8,356
Rentals and landing fees	1,006	924	1,942	1,844
Depreciation and amortization	936	901	1,862	1,780
Fuel	625	890	1,190	1,760
Maintenance and repairs	815	774	1,621	1,542
Asset impairment charges		66		66
Other	2,866	2,652	5,535	5,171
OPERATING EXPENSES	19,098	16,770	36,829	32,841
OPERATING INCOME	1,465	554	3,055	1,531
OTHER (EXPENSE) INCOME:
Interest, net	(184)	(151)	(368)	(288)
Other retirement plans income	150	168	351	336
Other, net	(25)	1	(26)	(11)
OTHER (EXPENSE) INCOME	(59)	18	(43)	37
INCOME BEFORE INCOME TAXES	1,406	572	3,012	1,568
PROVISION FOR INCOME TAXES	180	12	541	263
NET INCOME	$ 1,226	$ 560	$ 2,471	$ 1,305
EARNINGS PER COMMON SHARE:
Basic	$ 4.64	$ 2.15	$ 9.40	$ 5
Diluted	4.55	2.13	9.26	4.97
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.65	$ 0.65	$ 1.95	$ 1.95

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 1,226	$ 560	$ 2,471	$ 1,305
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustments, net of tax expense of $6 and $4 in 2020 and $7 and $4 in 2019	124	72	253	(11)
Amortization of prior service credit, net of tax benefit of $0 and $1 in 2020 and $6 and $12 in 2019	(2)	(20)	(4)	(41)
Other comprehensive income (loss)	122	52	249	(52)
COMPREHENSIVE INCOME	$ 1,348	$ 612	$ 2,720	$ 1,253

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax expense	$ 6	$ 7	$ 4	$ 4
Amortization of prior service credit, tax benefit	$ 0	$ 6	$ 1	$ 12

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Operating Activities:
Net income	$ 2,471	$ 1,305
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	1,862	1,780
Asset impairment charges		66
Provision for uncollectible accounts	291	208
Stock-based compensation	121	104
Retirement plan mark-to-market adjustment	52
Other noncash items and deferred income taxes	1,482	1,164
Changes in assets and liabilities:
Receivables	(1,100)	(684)
Other assets	(56)	(162)
Accounts payable and other liabilities	241	(1,691)
Other, net	(134)	(16)
Cash provided by operating activities	5,230	2,074
Investing Activities:
Capital expenditures	(2,826)	(3,266)
Proceeds from asset dispositions and other	14	4
Cash used in investing activities	(2,812)	(3,262)
Financing Activities:
Proceeds from short-term borrowings, net		150
Principal payments on debt	(75)	(1,021)
Proceeds from debt issuances	970	2,093
Proceeds from stock issuances	431	26
Dividends paid	(341)	(339)
Purchase of treasury stock		(3)
Other, net	(12)	(5)
Cash provided by financing activities	973	901
Effect of exchange rate changes on cash	67	(1)
Net increase (decrease) in cash and cash equivalents	3,458	(288)
Cash and cash equivalents at beginning of period	4,881	2,319
Cash and cash equivalents at end of period	$ 8,339	$ 2,031

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Common Stockholders' Investment - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Beginning Balance				$ 18,295
Net income		$ 1,226	$ 560	2,471	$ 1,305
Other comprehensive income, net of tax (expense)/benefit		122	52	249	(52)
Ending Balance		21,039	18,659	21,039	18,659
Common Stock
Beginning Balance		32	32	32	32
Ending Balance		32	32	32	32
Additional Paid-In Capital
Beginning Balance		3,375	3,257	3,356	3,231
Employee incentive plans and other		25	30	44	56
Ending Balance		3,400	3,287	3,400	3,287
Retained Earnings
Beginning Balance		26,108	25,048	25,216	24,648
Net income		1,226	560	2,471	1,305
Cash dividends declared		(172)	(170)	(513)	(509)
Employee incentive plans and other		46	(7)	34	(9)
Ending Balance		27,208	25,431	27,208	25,431
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-02 and 2018-02
Beginning Balance	[1]				(4)
Accumulated Other Comprehensive Income
Beginning Balance		(1,020)	(918)	(1,147)	(865)
Other comprehensive income, net of tax (expense)/benefit		122	52	249	(52)
Ending Balance		(898)	(866)	(898)	(866)
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		(9,033)	(9,253)	(9,162)	(9,289)
Purchase of treasury stock					(3)
Employee incentive plans and other		330	28	459	67
Ending Balance		$ (8,703)	$ (9,225)	$ (8,703)	$ (9,225)
[1]	Relates to the adoption of Accounting Standards Update (“ASU”) 2016-02 and ASU 2018-02.
[2]	Relates to the adoption of ASU 2018-02.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Common Stockholders' Investment (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Statement Of Stockholders Equity [Abstract]
Cash dividends declared, per share	$ 0.65	$ 0.65	$ 1.95	$ 1.95
Other comprehensive income, tax (expense)/benefit	$ (6)	$ (1)	$ (3)	$ 8
Purchase of treasury stock			0	20,000
Employee incentive plans and other, shares issued	2,400,000	200,000	3,400,000	500,000

General

General	6 Months Ended
	Nov. 30, 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, 2020 (“Annual Report”). Significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of November 30, 2020, and the results of our operations for the three- and six-month periods ended November 30, 2020 and 2019, cash flows for the six-month periods ended November 30, 2020 and 2019, and changes in common stockholders’ investment for the three- and six-month periods ended November 30, 2020 and 2019. Operating results for the three- and six-month periods ended November 30, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2021. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2021 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. REVENUE RECOGNITION . Contract Assets and Liabilities Contract assets include billed and unbilled amounts resulting from in-transit shipments, 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 shipments totaled $701 million and $563 million at November 30, 2020 and May 31, 2020, respectively. Contract assets net of deferred unearned revenue were $499 million and $456 million at November 30, 2020 and May 31, 2020, respectively. Contract assets are included within current assets in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities related to advance payments from customers were $9 million and $10 million at November 30, 2020 and May 31, 2020, 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 November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Six Months Ended 2020 2019 2020 2019 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 2,012 $ 1,864 $ 3,873 $ 3,730 U.S. overnight envelope 435 457 861 936 U.S. deferred 1,204 980 2,300 1,936 Total U.S. domestic package revenue 3,651 3,301 7,034 6,602 International priority 2,510 1,817 4,827 3,634 International economy 658 873 1,274 1,728 Total international export package revenue 3,168 2,690 6,101 5,362 International domestic (1) 1,206 1,165 2,294 2,241 Total package revenue 8,025 7,156 15,429 14,205 Freight: U.S. 799 698 1,632 1,393 International priority 737 473 1,390 937 International economy 408 541 779 1,057 International airfreight 65 70 140 136 Total freight revenue 2,009 1,782 3,941 3,523 Other (2) 334 146 645 301 Total FedEx Express segment 10,368 9,084 20,015 18,029 FedEx Ground segment 7,344 5,315 14,384 10,494 FedEx Freight segment 1,936 1,844 3,762 3,749 FedEx Services segment 8 5 16 9 Other and eliminations (3) 907 1,076 1,707 2,091 $ 20,563 $ 17,324 $ 39,884 $ 34,372 (1) (2) (3) 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 are 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. During the second quarter of 2020, we made the decision to permanently retire from service 10 Airbus A310-300 aircraft and 12 related engines at FedEx Express to align with the needs of the U.S. domestic network and modernize its aircraft fleet. As a consequence of this decision, noncash impairment charges of $66 million ($50 million, net of tax, or $0.19 per diluted share) were recorded in the FedEx Express segment in the second quarter of 2020. 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, a small number of our employees are members of unions. BUSINESS ACQUISITION. On December 2, 2020, we agreed to acquire ShopRunner, Inc. (“ShopRunner”), an e-commerce platform that directly connects brands and merchants with online shoppers . The cost of the acquisition will not be material and w ill be funded with cash from operations . This acquisition is expected to be completed in December 2020 , subject to customary conditions, including regulatory approval. The financial results of ShopRunner will be included in “Corporate, other and eliminations” from the date of acquisition and are not expected to be material to our results of operations in 2021 . 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 outstanding incentive stock plans and all financial disclosures about these programs are set forth in our Annual Report. Our stock-based compensation expense was $46 million for the three-month period ended November 30, 2020 and $121 million for the six-month period ended November 30, 2020. Our stock-based compensation expense was $37 million for the three-month period ended November 30, 2019 and $104 million for the six-month period ended November 30, 2019. 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 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. We have €640 million of debt designated 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 subsidiary. As of November 30, 2020, 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 June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13 that amends the impairment model for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables, to utilize an expected loss methodology in place of the incurred loss methodology. We adopted this standard effective June 1, 2020. We updated our process for estimating the expected credit loss to include a review of forecast information that may impact expected collectability over the lifetime of the asset. See Note 2 for additional information. The adoption of this standard did 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 adopted this standard effective June 1, 2020 and applied these changes prospectively. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. In 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. We early adopted this standard effective June 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. TREASURY SHARES. In January 2016, our Board of Directors approved a stock repurchase program of up to 25 million shares. We did not repurchase any shares of FedEx common stock during the first half of 2021. As of November 30, 2020, 5.1 million shares remained under the stock repurchase authorization. Shares under the current repurchase program may be repurchased from time to time in the open market or in privately negotiated transactions. The timing and volume of repurchases are at the discretion of management, based on the capital needs of the business, the market price of FedEx common stock and general market conditions. No time limit was set for the completion of the program, and the program may be suspended or discontinued at any time. During 2020, we amended our amended and restated $2.0 billion five-year See Note 4 for more information on the amendments to the Credit Agreements. DIVIDENDS DECLARED PER COMMON SHARE. On November 20, 2020, our Board of Directors declared a quarterly dividend of $0.65 per share of common stock. The dividend will be paid on December 28, 2020 to stockholders of record as of the close of business on December 14, 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. The amendments to the Credit Agreements discussed above under “Treasury Shares” temporarily restrict us from increasing the amount of our quarterly dividend payable per share of common stock from $0.65 per share between May 27, 2020 and May 31, 2021. There are no other material restrictions on our ability to declare dividends, nor are there any material restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans or advances.

Credit Losses

Credit Losses	6 Months Ended
	Nov. 30, 2020
Credit Loss [Abstract]
Credit Losses	(2) Credit Losses We are exposed to credit losses primarily through our trade receivables. We assess ability to pay for certain customers by conducting a credit review, which considers the customer’s established credit rating and our assessment of creditworthiness. We determine the allowance for credit losses on accounts receivable using a combination of specific reserves for accounts that are deemed to exhibit credit loss indicators and general reserves that are determined using loss rates based on historical write-offs by geography and recent forecast information, including underlying economic expectations. We update our estimate of credit loss reserves quarterly, considering recent write-offs, collections information and underlying economic expectations. Credit losses were $148 million for the three-month period ended November 30, 2020 and $291 million for the six-month period ended November 30, 2020. Credit losses were $102 million for the three-month period ended November 30, 2019 and $208 million for the six-month period ended November 30, 2019. Our allowance for credit losses was $296 million as of November 30, 2020 and $175 million at May 31, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Nov. 30, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income	(3) Accumulated Other Comprehensive Income The following table provides changes in accumulated other comprehensive income (“AOCI”), net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended November 30 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Six Months Ended 2020 2019 2020 2019 Foreign currency translation loss: Balance at beginning of period $ (1,078 ) $ (1,036 ) $ (1,207 ) $ (954 ) Translation adjustments 124 72 253 (11 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — — 1 Balance at end of period (954 ) (964 ) (954 ) (964 ) Retirement plans adjustments: Balance at beginning of period 58 118 60 89 Reclassifications from AOCI (2 ) (20 ) (4 ) (41 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — — 50 Balance at end of period 56 98 56 98 Accumulated other comprehensive (loss) at end of period $ (898 ) $ (866 ) $ (898 ) $ (866 ) The following table presents details of the reclassifications from AOCI for the periods ended November 30 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Six Months Ended 2020 2019 2020 2019 Amortization of retirement plans prior service credits, before tax $ 2 $ 26 $ 5 $ 53 Other retirement plans income Income tax benefit — (6 ) (1 ) (12 ) Provision for income taxes AOCI reclassifications, net of tax $ 2 $ 20 $ 4 $ 41 Net income

Financing Arrangements

Financing Arrangements	6 Months Ended
	Nov. 30, 2020
Debt And Capital Lease Obligations [Abstract]
Financing Arrangements	(4) 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 and allows pass through trusts formed by FedEx Express to sell, in one or more future offerings, pass through certificates. During August 2020, FedEx Express issued $970 million of Pass Through Certificates, Series 2020-1AA (the “Certificates”) with a fixed interest rate of 1.875% due in February 2034 utilizing pass through trusts (the “Trusts”). The Certificates are secured by 19 Boeing aircraft with a net book value of $1.9 billion at November 30, 2020. The payment obligations of FedEx Express in respect of the Certificates are fully and unconditionally guaranteed by FedEx. FedEx Express is using the proceeds from the issuance for general corporate purposes. Each Trust meets the definition of a variable interest entity, or VIE, as defined in the Consolidations We have a $2.0 billion Five-Year Information regarding changes to the ratio of debt to adjusted EBITDA required to be maintained under the Credit Agreements through the fourth quarter of 2021 is provided in our Annual Report. Outstanding commercial paper reduces the amount available to borrow under the Credit Agreements. As of November 30, 2020, no commercial paper was outstanding and $0.3 million in letters of credit were outstanding, leaving $3.5 billion available under the Credit Agreements for future borrowings. Long-term debt, including current maturities and exclusive of finance leases, had carrying values of $22.8 billion at November 30, 2020 and $21.5 billion at May 31, 2020, compared with estimated fair values of $27.2 billion at November 30, 2020 and $22.8 billion at May 31, 2020. The annualized weighted-average interest rate on long-term debt was 3.5% at November 30, 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	6 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Computation of Earnings Per Share	(5) Computation of Earnings Per Share The calculation of basic and diluted earnings per common share for the periods ended November 30 was as follows (in millions, except per share amounts): Three Months Ended Six Months Ended 2020 2019 2020 2019 Basic earnings per common share: Net earnings allocable to common shares (1) $ 1,224 $ 559 $ 2,466 $ 1,303 Weighted-average common shares 264 261 263 261 Basic earnings per common share $ 4.64 $ 2.15 $ 9.40 $ 5.00 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 1,224 $ 559 $ 2,466 $ 1,303 Weighted-average common shares 264 261 263 261 Dilutive effect of share-based awards 5 1 3 1 Weighted-average diluted shares 269 262 266 262 Diluted earnings per common share $ 4.55 $ 2.13 $ 9.26 $ 4.97 Anti-dilutive options excluded from diluted earnings per common share 1.3 11.2 5.1 11.0 (1) Net earnings available to participating securities were immaterial in all periods presented.

Income Taxes

Income Taxes	6 Months Ended
	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	(6) Income Taxes Our effective tax rate was 12.8% for the second quarter and 18.0% for the first half of 2021, compared to 2.1% for the second quarter and 16.8% for the first half of 2020. The 2021 tax rates include a benefit of $191 million from an increase in our 2020 tax loss that the Coronavirus Aid, Relief, and Economic Security Act will allow to be carried back to 2015, when the U.S. federal income tax rate was 35%. The increase in our estimated 2020 tax loss is attributable to our Application for Change in Accounting Method filed with the Internal Revenue Service (“IRS”) during the fourth quarter of 2020 discussed below and other accelerated deductions to be claimed on the 2020 tax return. The 2020 tax rates included a $133 million benefit from a valuation allowance reduction which, when combined with substantially lower consolidated earnings, produced a significantly lower rate for the second quarter of 2020 compared to the second quarter of 2021. We filed an application with the IRS in 2020 requesting approval to change our accounting method for depreciation to allow retroactive application of tax regulations issued during 2020 on certain assets placed in service during 2018 and 2019. During the second quarter of 2021, the IRS issued guidance granting automatic approval to change the method of accounting for these assets resulting in an income tax benefit of $130 million for the second quarter. During the second quarter of 2021, we filed suit in U.S. District Court for the Western District of Tennessee challenging the validity of a tax regulation related to the one-time transition tax on unrepatriated foreign earnings, which was enacted as part of the Tax Cuts and Jobs Act (“TCJA”). Our lawsuit seeks to have the court declare this regulation invalid and order the refund of overpayments of U.S. federal income taxes for 2018 and 2019 attributable to the denial of foreign tax credits under the regulation. We have recorded a cumulative benefit of $233 million through 2019 attributable to our interpretation of the TCJA and the Internal Revenue Code. If we are ultimately unsuccessful in defending our position, we may be required to reverse the benefit previously recorded.

Retirement Plans

Retirement Plans	6 Months Ended
	Nov. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	(7) Retirement Plans We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans and postretirement healthcare plans. Key terms of our retirement plans are provided in our Annual Report. Our retirement plans costs for the periods ended November 30 were as follows (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Defined benefit pension plans, net $ 27 $ 37 $ 52 $ 74 Defined contribution plans 153 136 311 278 Postretirement healthcare plans 20 21 41 43 Retirement plan mark-to-market (“MTM”) net loss 52 — 52 — $ 252 $ 194 $ 456 $ 395 Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2020 2019 2020 2019 2020 2019 Service cost $ 212 $ 192 $ 26 $ 24 $ 11 $ 10 Other retirement plans (income) expense: Interest cost 239 250 11 11 9 11 Expected return on plan assets (446 ) (401 ) (13 ) (13 ) — — Amortization of prior service credit and other (2 ) (25 ) — (1 ) — — MTM net loss — — 52 — — — (209 ) (176 ) 50 (3 ) 9 11 $ 3 $ 16 $ 76 $ 21 $ 20 $ 21 Six Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2020 2019 2020 2019 2020 2019 Service cost $ 425 $ 384 $ 49 $ 48 $ 22 $ 21 Other retirement plans (income) expense: Interest cost 479 500 21 22 19 22 Expected return on plan assets (892 ) (801 ) (25 ) (26 ) — — Amortization of prior service credit and other (4 ) (52 ) (1 ) (1 ) — — MTM net loss — — 52 — — — (417 ) (353 ) 47 (5 ) 19 22 $ 8 $ 31 $ 96 $ 43 $ 41 $ 43 For 2021, no pension contributions are required for our tax-qualified U.S. domestic pension plans (“U.S. Pension Plans”) as they are fully funded under the Employee Retirement Income Security Act. We made voluntary contributions to our U.S. Pension Plans of $1.0 billion during the first half of 2020. We incurred a pre-tax, noncash MTM net loss of $52 million in the second quarter of 2021 related to amendments to the TNT Express Netherlands Pension Plan. Benefits for approximately 2,100 employees will be frozen effective December 31, 2020. Effective January 1, 2021, these employees will begin earning pension benefits under a separate, multi-employer pension plan. This $52 million net loss consists of a $106 million MTM loss due to a lower discount rate and a $54 million curtailment gain. In 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 in 2022. During calendar 2021, 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, 2022. While this new program will provide employees greater flexibility and reduce our long-term pension costs, it will not have a material impact on current or near-term financial results.

Business Segment Information

Business Segment Information	6 Months Ended
	Nov. 30, 2020
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Business Segment Information	(8) Business Segment Information We provide a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating collaboratively and innovating digitally, under the respected FedEx brand. Our primary operating companies are FedEx 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, small-package ground delivery and freight transportation) FedEx Custom Critical (time-critical transportation) FedEx Cross Border (cross-border e-commerce technology and e-commerce transportation solutions) 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. 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, 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 November 30 (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Revenue: FedEx Express segment $ 10,368 $ 9,084 $ 20,015 $ 18,029 FedEx Ground segment 7,344 5,315 14,384 10,494 FedEx Freight segment 1,936 1,844 3,762 3,749 FedEx Services segment 8 5 16 9 Other and eliminations 907 1,076 1,707 2,091 $ 20,563 $ 17,324 $ 39,884 $ 34,372 Operating income (loss): FedEx Express segment $ 900 $ 236 $ 1,610 $ 521 FedEx Ground segment 552 342 1,386 986 FedEx Freight segment 252 141 526 335 Corporate, other and eliminations (239 ) (165 ) (467 ) (311 ) $ 1,465 $ 554 $ 3,055 $ 1,531

Commitments

Commitments	6 Months Ended
	Nov. 30, 2020
Commitments [Abstract]
Commitments	(9) Commitments As of November 30, 2020, our purchase commitments under various contracts for the remainder of 2021 and annually thereafter were as follows (in millions): Aircraft and Related Other (1) Total 2021 (remainder) $ 771 $ 550 $ 1,321 2022 2,203 678 2,881 2023 2,389 461 2,850 2024 1,000 302 1,302 2025 602 226 828 Thereafter 2,679 397 3,076 Total $ 9,644 $ 2,614 $ 12,258 (1) Primarily equipment and advertising contracts. The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of November 30, 2020, our obligation to purchase six Boeing 777 Freighter (“B777F”) aircraft is conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the Railway Labor Act of 1926, as amended. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above. During the first quarter of 2021, FedEx Express executed a contract amendment rescheduling Boeing 767-300 Freighter (“B767F”) aircraft deliveries as follows: 2021 – 18 aircraft; 2022 – 11 aircraft; 2023 – 13 aircraft; and 2024 – 4 aircraft. As of November 30, 2020, we had $830 million in deposits and progress Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2021 (remainder) — 3 11 — 14 2022 9 8 11 5 33 2023 12 6 13 2 33 2024 12 6 4 4 26 2025 12 6 — 2 20 Thereafter 5 1 — — 6 Total 50 30 39 13 132 A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year at November 30, 2020 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases Finance Leases Total Leases 2021 (remainder) $ 177 $ 1,111 $ 1,288 $ 17 $ 1,305 2022 234 2,275 2,509 60 2,569 2023 198 2,014 2,212 25 2,237 2024 102 1,758 1,860 24 1,884 2025 69 1,539 1,608 24 1,632 Thereafter 245 7,785 8,030 707 8,737 Total lease payments 1,025 16,482 17,507 857 18,364 Less imputed interest (77 ) (2,298 ) (2,375 ) (377 ) (2,752 ) Present value of lease liability $ 948 $ 14,184 $ 15,132 $ 480 $ 15,612 While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations. As of November 30, 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 $1.6 billion, and will commence when FedEx gains beneficial access to the leased asset. Commencement dates are expected to be from 2021 to 2022.

Contingencies

Contingencies	6 Months Ended
	Nov. 30, 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 a joint 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 . 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. Derivative Lawsuit Related to New York Cigarette Litigation . On October 3, 2019, FedEx and certain present and former FedEx directors and officers were named as defendants in a stockholder derivative lawsuit filed in the Delaware Court of Chancery. The complaint alleges the defendants breached their fiduciary duties in connection with the activities alleged in lawsuits filed by the City of New York and the State of New York against FedEx Ground in December 2013 and November 2014 and against FedEx Ground and FedEx Freight in July 2017. The underlying lawsuits related to the alleged shipment of cigarettes to New York residents in contravention of several statutes, as well as common law nuisance claims, and were dismissed by the court in December 2018 following entry into a final settlement agreement for approximately $35 million. The settlement did not include any admission of liability by FedEx Ground or FedEx Freight. In addition to the settlement amount, we recognized approximately $10 million for certain attorney’s fees in connection with the underlying lawsuits. 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 lawsuit. 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, as well as lawsuits containing allegations that FedEx and its subsidiaries are responsible for third-party losses related to vehicle accidents that could exceed our insurance coverage for such losses. 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. Environmental Matters. SEC regulations require us to disclose certain information about proceedings arising under federal, state, or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, FedEx uses a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters required to be disclosed for this period

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Nov. 30, 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 six-month periods ended November 30 was as follows (in millions): 2020 2019 Cash payments for: Interest (net of capitalized interest) $ 377 $ 279 Income taxes $ 526 $ 162 Income tax refunds received (22 ) (23 ) Cash tax payments, net $ 504 $ 139

General (Policies)

General (Policies)	6 Months Ended
	Nov. 30, 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, 2020 (“Annual Report”). Significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of November 30, 2020, and the results of our operations for the three- and six-month periods ended November 30, 2020 and 2019, cash flows for the six-month periods ended November 30, 2020 and 2019, and changes in common stockholders’ investment for the three- and six-month periods ended November 30, 2020 and 2019. Operating results for the three- and six-month periods ended November 30, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2021. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2021 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year.
Revenue Recognition	REVENUE RECOGNITION . Contract Assets and Liabilities Contract assets include billed and unbilled amounts resulting from in-transit shipments, 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 shipments totaled $701 million and $563 million at November 30, 2020 and May 31, 2020, respectively. Contract assets net of deferred unearned revenue were $499 million and $456 million at November 30, 2020 and May 31, 2020, respectively. Contract assets are included within current assets in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities related to advance payments from customers were $9 million and $10 million at November 30, 2020 and May 31, 2020, 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 November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Six Months Ended 2020 2019 2020 2019 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 2,012 $ 1,864 $ 3,873 $ 3,730 U.S. overnight envelope 435 457 861 936 U.S. deferred 1,204 980 2,300 1,936 Total U.S. domestic package revenue 3,651 3,301 7,034 6,602 International priority 2,510 1,817 4,827 3,634 International economy 658 873 1,274 1,728 Total international export package revenue 3,168 2,690 6,101 5,362 International domestic (1) 1,206 1,165 2,294 2,241 Total package revenue 8,025 7,156 15,429 14,205 Freight: U.S. 799 698 1,632 1,393 International priority 737 473 1,390 937 International economy 408 541 779 1,057 International airfreight 65 70 140 136 Total freight revenue 2,009 1,782 3,941 3,523 Other (2) 334 146 645 301 Total FedEx Express segment 10,368 9,084 20,015 18,029 FedEx Ground segment 7,344 5,315 14,384 10,494 FedEx Freight segment 1,936 1,844 3,762 3,749 FedEx Services segment 8 5 16 9 Other and eliminations (3) 907 1,076 1,707 2,091 $ 20,563 $ 17,324 $ 39,884 $ 34,372 (1) (2) (3)
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 are 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. During the second quarter of 2020, we made the decision to permanently retire from service 10 Airbus A310-300 aircraft and 12 related engines at FedEx Express to align with the needs of the U.S. domestic network and modernize its aircraft fleet. As a consequence of this decision, noncash impairment charges of $66 million ($50 million, net of tax, or $0.19 per diluted share) were recorded in the FedEx Express segment in the second quarter of 2020.
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 outstanding incentive stock plans and all financial disclosures about these programs are set forth in our Annual Report. Our stock-based compensation expense was $46 million for the three-month period ended November 30, 2020 and $121 million for the six-month period ended November 30, 2020. Our stock-based compensation expense was $37 million for the three-month period ended November 30, 2019 and $104 million for the six-month period ended November 30, 2019. 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 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. We have €640 million of debt designated 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 subsidiary. As of November 30, 2020, the hedge remains effective.

General (Tables)

General (Tables)	6 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Schedule of Revenue by Service Type	The following table provides revenue by service type (in millions) for the periods ended November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Six Months Ended 2020 2019 2020 2019 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 2,012 $ 1,864 $ 3,873 $ 3,730 U.S. overnight envelope 435 457 861 936 U.S. deferred 1,204 980 2,300 1,936 Total U.S. domestic package revenue 3,651 3,301 7,034 6,602 International priority 2,510 1,817 4,827 3,634 International economy 658 873 1,274 1,728 Total international export package revenue 3,168 2,690 6,101 5,362 International domestic (1) 1,206 1,165 2,294 2,241 Total package revenue 8,025 7,156 15,429 14,205 Freight: U.S. 799 698 1,632 1,393 International priority 737 473 1,390 937 International economy 408 541 779 1,057 International airfreight 65 70 140 136 Total freight revenue 2,009 1,782 3,941 3,523 Other (2) 334 146 645 301 Total FedEx Express segment 10,368 9,084 20,015 18,029 FedEx Ground segment 7,344 5,315 14,384 10,494 FedEx Freight segment 1,936 1,844 3,762 3,749 FedEx Services segment 8 5 16 9 Other and eliminations (3) 907 1,076 1,707 2,091 $ 20,563 $ 17,324 $ 39,884 $ 34,372 (1) (2) (3)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Nov. 30, 2020
Accumulated Other Comprehensive Income Loss Tables [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) ("AOCI")	The following table provides changes in accumulated other comprehensive income (“AOCI”), net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended November 30 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Six Months Ended 2020 2019 2020 2019 Foreign currency translation loss: Balance at beginning of period $ (1,078 ) $ (1,036 ) $ (1,207 ) $ (954 ) Translation adjustments 124 72 253 (11 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — — 1 Balance at end of period (954 ) (964 ) (954 ) (964 ) Retirement plans adjustments: Balance at beginning of period 58 118 60 89 Reclassifications from AOCI (2 ) (20 ) (4 ) (41 ) Reclassification to retained earnings due to the adoption of ASU 2018-02 — — — 50 Balance at end of period 56 98 56 98 Accumulated other comprehensive (loss) at end of period $ (898 ) $ (866 ) $ (898 ) $ (866 )
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	The following table presents details of the reclassifications from AOCI for the periods ended November 30 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Six Months Ended 2020 2019 2020 2019 Amortization of retirement plans prior service credits, before tax $ 2 $ 26 $ 5 $ 53 Other retirement plans income Income tax benefit — (6 ) (1 ) (12 ) Provision for income taxes AOCI reclassifications, net of tax $ 2 $ 20 $ 4 $ 41 Net income

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	6 Months Ended
	Nov. 30, 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 November 30 was as follows (in millions, except per share amounts): Three Months Ended Six Months Ended 2020 2019 2020 2019 Basic earnings per common share: Net earnings allocable to common shares (1) $ 1,224 $ 559 $ 2,466 $ 1,303 Weighted-average common shares 264 261 263 261 Basic earnings per common share $ 4.64 $ 2.15 $ 9.40 $ 5.00 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 1,224 $ 559 $ 2,466 $ 1,303 Weighted-average common shares 264 261 263 261 Dilutive effect of share-based awards 5 1 3 1 Weighted-average diluted shares 269 262 266 262 Diluted earnings per common share $ 4.55 $ 2.13 $ 9.26 $ 4.97 Anti-dilutive options excluded from diluted earnings per common share 1.3 11.2 5.1 11.0 (1) Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Nov. 30, 2020
Retirement Plan Tables [Abstract]
Schedule of Retirement Plan Costs	Our retirement plans costs for the periods ended November 30 were as follows (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Defined benefit pension plans, net $ 27 $ 37 $ 52 $ 74 Defined contribution plans 153 136 311 278 Postretirement healthcare plans 20 21 41 43 Retirement plan mark-to-market (“MTM”) net loss 52 — 52 — $ 252 $ 194 $ 456 $ 395
Schedule of Net Periodic Benefit Cost	Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2020 2019 2020 2019 2020 2019 Service cost $ 212 $ 192 $ 26 $ 24 $ 11 $ 10 Other retirement plans (income) expense: Interest cost 239 250 11 11 9 11 Expected return on plan assets (446 ) (401 ) (13 ) (13 ) — — Amortization of prior service credit and other (2 ) (25 ) — (1 ) — — MTM net loss — — 52 — — — (209 ) (176 ) 50 (3 ) 9 11 $ 3 $ 16 $ 76 $ 21 $ 20 $ 21 Six Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2020 2019 2020 2019 2020 2019 Service cost $ 425 $ 384 $ 49 $ 48 $ 22 $ 21 Other retirement plans (income) expense: Interest cost 479 500 21 22 19 22 Expected return on plan assets (892 ) (801 ) (25 ) (26 ) — — Amortization of prior service credit and other (4 ) (52 ) (1 ) (1 ) — — MTM net loss — — 52 — — — (417 ) (353 ) 47 (5 ) 19 22 $ 8 $ 31 $ 96 $ 43 $ 41 $ 43

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Nov. 30, 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 November 30 (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Revenue: FedEx Express segment $ 10,368 $ 9,084 $ 20,015 $ 18,029 FedEx Ground segment 7,344 5,315 14,384 10,494 FedEx Freight segment 1,936 1,844 3,762 3,749 FedEx Services segment 8 5 16 9 Other and eliminations 907 1,076 1,707 2,091 $ 20,563 $ 17,324 $ 39,884 $ 34,372 Operating income (loss): FedEx Express segment $ 900 $ 236 $ 1,610 $ 521 FedEx Ground segment 552 342 1,386 986 FedEx Freight segment 252 141 526 335 Corporate, other and eliminations (239 ) (165 ) (467 ) (311 ) $ 1,465 $ 554 $ 3,055 $ 1,531

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Nov. 30, 2020
Commitments Tables [Abstract]
Schedule of Purchase Commitments	As of November 30, 2020, our purchase commitments under various contracts for the remainder of 2021 and annually thereafter were as follows (in millions): Aircraft and Related Other (1) Total 2021 (remainder) $ 771 $ 550 $ 1,321 2022 2,203 678 2,881 2023 2,389 461 2,850 2024 1,000 302 1,302 2025 602 226 828 Thereafter 2,679 397 3,076 Total $ 9,644 $ 2,614 $ 12,258 (1) Primarily equipment and advertising contracts.
Schedule of Aircraft Purchase Commitments	The following table is a summary of the key aircraft we are committed to purchase as of November 30, 2020 with the year of expected delivery: Cessna SkyCourier 408 ATR 72-600F B767F B777F Total 2021 (remainder) — 3 11 — 14 2022 9 8 11 5 33 2023 12 6 13 2 33 2024 12 6 4 4 26 2025 12 6 — 2 20 Thereafter 5 1 — — 6 Total 50 30 39 13 132
Summary of Future Minimum Lease Payments, Operating and Finance Leases	A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year at November 30, 2020 is as follows (in millions): Aircraft and Related Equipment Facilities and Other Total Operating Leases Finance Leases Total Leases 2021 (remainder) $ 177 $ 1,111 $ 1,288 $ 17 $ 1,305 2022 234 2,275 2,509 60 2,569 2023 198 2,014 2,212 25 2,237 2024 102 1,758 1,860 24 1,884 2025 69 1,539 1,608 24 1,632 Thereafter 245 7,785 8,030 707 8,737 Total lease payments 1,025 16,482 17,507 857 18,364 Less imputed interest (77 ) (2,298 ) (2,375 ) (377 ) (2,752 ) Present value of lease liability $ 948 $ 14,184 $ 15,132 $ 480 $ 15,612

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Nov. 30, 2020
Supplemental Cash Flow Tables [Abstract]
Supplemental Cash Flow	Cash paid for interest expense and income taxes for the six-month periods ended November 30 was as follows (in millions): 2020 2019 Cash payments for: Interest (net of capitalized interest) $ 377 $ 279 Income taxes $ 526 $ 162 Income tax refunds received (22 ) (23 ) Cash tax payments, net $ 504 $ 139

General - Additional Informatio

General - Additional Information (Details) $ / shares in Units, € in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020USD ($)$ / sharesshares	Nov. 30, 2019USD ($)air-craft$ / shares	Nov. 30, 2020USD ($)$ / sharesshares	Nov. 30, 2019USD ($)shares	Nov. 30, 2020EUR (€)shares	May 31, 2020USD ($)	Jan. 26, 2016shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Gross contract assets related to in-transit shipments	$ 701,000,000		$ 701,000,000			$ 563,000,000
Contract assets net of deferred unearned revenue	499,000,000		499,000,000			456,000,000
Contract liabilities related to advance payments from customers	9,000,000		9,000,000			$ 10,000,000
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		$ 66,000,000
Noncash impairment charges net of tax		$ 50,000,000
Noncash impairment charges net of tax per diluted share | $ / shares		$ 0.19
Stock-based compensation	$ 46,000,000	$ 37,000,000	$ 121,000,000	$ 104,000,000
Denominated debt as a net investment hedge | €					€ 640
Stock repurchase program number of shares authorized to be repurchased | shares							25,000,000
Number of shares repurchased | shares			0	20,000
Stock repurchase program, remaining number of shares authorized to be repurchased | shares	5,100,000		5,100,000		5,100,000
Dividends payable, date declared			Nov. 20, 2020
Dividends payable amount per share | $ / shares	$ 0.65		$ 0.65
Dividends payable, date to be paid			Dec. 28, 2020
Dividends payable, date of record			Dec. 14, 2020
Amended and Restated Five-Year Credit Agreement [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Line of credit facility maximum borrowing capacity	$ 2,000,000,000		$ 2,000,000,000
Line of credit facility, term			5 years
Amended and Restated 364-Day Credit Agreement [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Line of credit facility maximum borrowing capacity	$ 1,500,000,000		$ 1,500,000,000
Line of credit facility, term			364 days
ASU 2016-13
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Change in accounting principle, ASU adopted	true		true		true
Change in accounting principle, ASU adoption date	Jun. 1, 2020		Jun. 1, 2020		Jun. 1, 2020
Change in accounting principle, ASU immaterial effect	true		true		true
ASU 2018-15
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Change in accounting principle, ASU adopted	true		true		true
Change in accounting principle, ASU adoption date	Jun. 1, 2020		Jun. 1, 2020		Jun. 1, 2020
Change in accounting principle, ASU immaterial effect	true		true		true
ASU 2019-12
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Change in accounting principle, ASU adopted	true		true		true
Change in accounting principle, ASU adoption date	Jun. 1, 2020		Jun. 1, 2020		Jun. 1, 2020
Change in accounting principle, ASU immaterial effect	true		true		true

General - Schedule of Revenue b

General - Schedule of Revenue by Service Type (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		$ 20,563	$ 17,324	$ 39,884	$ 34,372
Operating Segments | FedEx Express Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		10,368	9,084	20,015	18,029
Operating Segments | FedEx Express Segment [Member] | U.S. overnight box [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		2,012	1,864	3,873	3,730
Operating Segments | FedEx Express Segment [Member] | U.S. overnight envelope [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		435	457	861	936
Operating Segments | FedEx Express Segment [Member] | U.S. deferred [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,204	980	2,300	1,936
Operating Segments | FedEx Express Segment [Member] | Total U.S. domestic package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		3,651	3,301	7,034	6,602
Operating Segments | FedEx Express Segment [Member] | International priority [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		2,510	1,817	4,827	3,634
Operating Segments | FedEx Express Segment [Member] | International economy [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		658	873	1,274	1,728
Operating Segments | FedEx Express Segment [Member] | Total international export package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		3,168	2,690	6,101	5,362
Operating Segments | FedEx Express Segment [Member] | International domestic [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[1]	1,206	1,165	2,294	2,241
Operating Segments | FedEx Express Segment [Member] | Total package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		8,025	7,156	15,429	14,205
Operating Segments | FedEx Express Segment [Member] | U.S. freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		799	698	1,632	1,393
Operating Segments | FedEx Express Segment [Member] | International priority freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		737	473	1,390	937
Operating Segments | FedEx Express Segment [Member] | International Economy Freight
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		408	541	779	1,057
Operating Segments | FedEx Express Segment [Member] | International Airfreight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		65	70	140	136
Operating Segments | FedEx Express Segment [Member] | Total freight revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		2,009	1,782	3,941	3,523
Operating Segments | FedEx Express Segment [Member] | Other [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[2]	334	146	645	301
Operating Segments | FedEx Ground Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		7,344	5,315	14,384	10,494
Operating Segments | FedEx Freight Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,936	1,844	3,762	3,749
Operating Segments | FedEx Services Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		8	5	16	9
Other and eliminations [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[3]	$ 907	$ 1,076	$ 1,707	$ 2,091
[1]
[2]
[3]

Credit Losses - Additional Info

Credit Losses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020
Credit Loss [Abstract]
Credit losses	$ 148	$ 102	$ 291	$ 208
Allowance for credit losses	$ 296		$ 296		$ 175

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) ("AOCI") (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance				$ 18,295
Translation adjustments		$ 124	$ 72	253	$ (11)
Ending Balance		21,039	18,659	21,039	18,659
Foreign Currency Translation Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(1,078)	(1,036)	(1,207)	(954)
Translation adjustments		124	72	253	(11)
Ending Balance		(954)	(964)	(954)	(964)
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		58	118	60	89
Reclassifications from AOCI		(2)	(20)	(4)	(41)
Ending Balance		56	98	56	98
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		(1,020)	(918)	(1,147)	(865)
Ending Balance		$ (898)	$ (866)	$ (898)	(866)
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 Income - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Other retirement plans income	$ 2	$ 26	$ 5	$ 53
Provision for income taxes		(6)	(1)	(12)
Net income	$ 2	$ 20	$ 4	$ 41

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details)	1 Months Ended	6 Months Ended
	Aug. 31, 2020USD ($)	Nov. 30, 2020USD ($)air-craft	May 31, 2020USD ($)
Line Of Credit Facility [Line Items]
Number of Boeing aircraft | air-craft		19
Net book value of Boeing aircraft		$ 1,900,000,000
Letter of credit maximum sublimit amount		$ 250,000,000
Financial Covenant Terms Ratio		490.00%
Financial covenant compliance ratio		260.00%
Commercial paper outstanding		$ 0
Letters Of Credit Outstanding		300,000
Long term debt, including current maturities and exclusive of finance leases carrying value		22,800,000,000	$ 21,500,000,000
Long term debt, including current maturities and exclusive of finance leases fair value		$ 27,200,000,000	$ 22,800,000,000
Long-term debt weighted-average interest rate		3.50%
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
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		$ 3,500,000,000
1.875% due in February 2034 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount	$ 970,000,000
Fixed interest rate	1.875%
Debt instrument, maturity date	2034-02

Computation of Earnings Per S_3

Computation of Earnings Per Share - Schedule of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Basic earnings per common share:
Net earnings allocable to common shares	[1]	$ 1,224	$ 559	$ 2,466	$ 1,303
Weighted-average common shares		264	261	263	261
Basic earnings (loss) per common share		$ 4.64	$ 2.15	$ 9.40	$ 5
Diluted earnings per common share:
Net earnings allocable to common shares	[1]	$ 1,224	$ 559	$ 2,466	$ 1,303
Weighted-average common shares		264	261	263	261
Dilutive effect of share-based awards		5	1	3	1
Weighted-average diluted shares		269	262	266	262
Diluted earnings (loss) per common share		$ 4.55	$ 2.13	$ 9.26	$ 4.97
Anti-dilutive options excluded from diluted earnings per common share		1.3	11.2	5.1	11
[1]	Net earnings available to participating securities were immaterial in all periods presented.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	May 31, 2019	May 31, 2015
Income Taxes [Line Items]
Effective tax rate	12.80%	2.10%	18.00%	16.80%
Income tax expense (benefit)	$ 180	$ 12	$ 541	$ 263
Statutory Federal Income Tax Rate						35.00%
Benefit from reduction of valuation allowance				$ 133
Recognition of cumulative benefit from TCJA					$ 233
IRS [Member]
Income Taxes [Line Items]
Income tax expense (benefit)	$ (130)
CARES Act [Member]
Income Taxes [Line Items]
Income tax expense (benefit)			$ (191)

Retirement Plans - Schedule of

Retirement Plans - Schedule of Retirement Plan Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Pension And Other Postretirement Benefit Expense [Abstract]
Defined benefit pension plans, net	$ 27	$ 37	$ 52	$ 74
Defined contribution plans	153	136	311	278
Postretirement healthcare plans	20	21	41	43
Retirement plan mark-to-market (“MTM”) net loss	52		52
Retirement plans costs	$ 252	$ 194	$ 456	$ 395

Retirement Plans - Schedule o_2

Retirement Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Other retirement plans (income) expense:
MTM net loss	$ 52		$ 52
Pension Plans [Member] | U.S. Plans [Member]
Net Periodic Benefit Cost
Service cost	212	$ 192	425	$ 384
Other retirement plans (income) expense:
Interest cost	239	250	479	500
Expected return on plan assets	(446)	(401)	(892)	(801)
Amortization of prior service credit and other	(2)	(25)	(4)	(52)
Other retirement plans (income) expense	(209)	(176)	(417)	(353)
Net periodic benefit cost	3	16	8	31
Pension Plans [Member] | International Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	26	24	49	48
Other retirement plans (income) expense:
Interest cost	11	11	21	22
Expected return on plan assets	(13)	(13)	(25)	(26)
Amortization of prior service credit and other		(1)	(1)	(1)
MTM net loss	52		52
Other retirement plans (income) expense	50	(3)	47	(5)
Net periodic benefit cost	76	21	96	43
Postretirement Healthcare Plans [Member]
Net Periodic Benefit Cost
Service cost	11	10	22	21
Other retirement plans (income) expense:
Interest cost	9	11	19	22
Other retirement plans (income) expense	9	11	19	22
Net periodic benefit cost	$ 20	$ 21	$ 41	$ 43

Retirement Plans - Additional I

Retirement Plans - Additional Information (Details)	Dec. 31, 2020Employee	Nov. 30, 2020USD ($)	Nov. 30, 2020USD ($)	Nov. 30, 2019USD ($)	May 31, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
Non-cash MTM net loss		$ 52,000,000	$ 52,000,000
Future Plan Structure [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contributions to eligible employees			8.00%
Current Plan Structure [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contributions to eligible employees			3.50%
Voluntary Contribution [Member] | U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer				$ 1,000,000,000
Pension Plans [Member] | U.S. Pension Plans [Member] | Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer					$ 0
Pension Plans [Member] | International Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Non-cash MTM net loss		52,000,000	$ 52,000,000
Pension Plans [Member] | Netherlands Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Non-cash MTM net loss		52,000,000
MTM loss due to lower discount rate		106,000,000
Curtailment gain		$ 54,000,000
Pension Plans [Member] | Netherlands Pension Plan [Member] | Subsequent Event [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of employees frozen | Employee	2,100

Business Segment Information -

Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Revenue	$ 20,563	$ 17,324	$ 39,884	$ 34,372
Operating income (loss)	1,465	554	3,055	1,531
Operating Segments [Member] | FedEx Express Segment [Member]
Segment Reporting Information [Line Items]
Revenue	10,368	9,084	20,015	18,029
Operating income (loss)	900	236	1,610	521
Operating Segments [Member] | FedEx Ground Segment [Member]
Segment Reporting Information [Line Items]
Revenue	7,344	5,315	14,384	10,494
Operating income (loss)	552	342	1,386	986
Operating Segments [Member] | FedEx Freight Segment [Member]
Segment Reporting Information [Line Items]
Revenue	1,936	1,844	3,762	3,749
Operating income (loss)	252	141	526	335
Operating Segments [Member] | FedEx Services Segment [Member]
Segment Reporting Information [Line Items]
Revenue	8	5	16	9
Corporate, Other and Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue	907	1,076	1,707	2,091
Operating income (loss)	$ (239)	$ (165)	$ (467)	$ (311)

Commitments - Schedule of Purch

Commitments - Schedule of Purchase Commitments (Details) $ in Millions	Nov. 30, 2020USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2021 (remainder)	$ 1,321
2022	2,881
2023	2,850
2024	1,302
2025	828
Thereafter	3,076
Total	12,258
Aircraft And Related Equipment Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2021 (remainder)	771
2022	2,203
2023	2,389
2024	1,000
2025	602
Thereafter	2,679
Total	9,644
Other Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2021 (remainder)	550	[1]
2022	678	[1]
2023	461	[1]
2024	302	[1]
2025	226	[1]
Thereafter	397	[1]
Total	$ 2,614	[1]
[1]	Primarily equipment and advertising contracts.

Commitments - Additional Inform

Commitments - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 31, 2020air-craft	Nov. 30, 2020USD ($)air-craft
Other Aircraft Commitments Disclosure [Abstract]
Deposit and Progress Payments | $		$ 830
Lessee Disclosure [Abstract]
Additional leases not yet commenced, undiscounted future payments | $		$ 1,600
Minimum [Member]
Lessee Disclosure [Abstract]
Operating lease commencement date		2021
Maximum [Member]
Lessee Disclosure [Abstract]
Operating lease commencement date		2022
B777F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Conditional Aircraft Commitments		6
B767F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Number of aircrafts rescheduled delivery, 2021	18
Number of aircrafts rescheduled delivery, 2022	11
Number of aircrafts rescheduled delivery, 2023	13
Number of aircrafts rescheduled delivery, 2024	4

Commitments - Schedule of Aircr

Commitments - Schedule of Aircraft Purchase Commitments (Details)	6 Months Ended
	Nov. 30, 2020air-craft
Schedule of Aircraft Commitments [Line Items]
2021 (remainder)	14
2022	33
2023	33
2024	26
2025	20
Thereafter	6
Total	132
Cessna SkyCourier 408 [Member]
Schedule of Aircraft Commitments [Line Items]
2022	9
2023	12
2024	12
2025	12
Thereafter	5
Total	50
ATR 72-600F [Member]
Schedule of Aircraft Commitments [Line Items]
2021 (remainder)	3
2022	8
2023	6
2024	6
2025	6
Thereafter	1
Total	30
B767F [Member]
Schedule of Aircraft Commitments [Line Items]
2021 (remainder)	11
2022	11
2023	13
2024	4
Total	39
B777F [Member]
Schedule of Aircraft Commitments [Line Items]
2022	5
2023	2
2024	4
2025	2
Total	13

Commitments - Summary of Future

Commitments - Summary of Future Minimum Lease Payments, Operating and Finance Leases (Details) $ in Millions	Nov. 30, 2020USD ($)
Schedule Of Future Minimum Lease Payments For Operating Leases And Finance Leases [Line Items]
2021 (remainder)	$ 1,305
2022	2,569
2023	2,237
2024	1,884
2025	1,632
Thereafter	8,737
Total lease payments	18,364
Less imputed interest	(2,752)
Present value of lease liability	15,612
Operating Leases
2021 (remainder)	1,288
2022	2,509
2023	2,212
2024	1,860
2025	1,608
Thereafter	8,030
Total lease payments	17,507
Less imputed interest	(2,375)
Present value of lease liability	15,132
Finance Leases
2021 (remainder)	17
2022	60
2023	25
2024	24
2025	24
Thereafter	707
Total lease payments	857
Less imputed interest	(377)
Present value of lease liability	480
Aircraft and Related Equipment [Member]
Operating Leases
2021 (remainder)	177
2022	234
2023	198
2024	102
2025	69
Thereafter	245
Total lease payments	1,025
Less imputed interest	(77)
Present value of lease liability	948
Facilities and Other [Member]
Operating Leases
2021 (remainder)	1,111
2022	2,275
2023	2,014
2024	1,758
2025	1,539
Thereafter	7,785
Total lease payments	16,482
Less imputed interest	(2,298)
Present value of lease liability	$ 14,184

Contingencies - Additional Info

Contingencies - Additional Information (Details) $ in Millions	6 Months Ended
	Nov. 30, 2020USD ($)
Loss Contingency [Abstract]
Litigation, final settlement amount	$ 35
Attorneys fees recognized in connection with underlying lawsuits	10
Environmental loss contingencies threshold amount	$ 1

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Supplemental Cash Flow Information [Abstract]
Interest (net of capitalized interest)	$ 377	$ 279
Income taxes	526	162
Income tax refunds received	(22)	(23)
Cash tax payments, net	$ 504	$ 139