Federal Express 10-Q 18 Dec 14 2015 Q2 Quarterly report Financial data

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Nov. 30, 2014	31-May-14
In Millions, unless otherwise specified
CURRENT ASSETS
Cash and cash equivalents	$848	$858
Receivables, less allowances of $87 and $80	1,763	1,705
Spare parts, supplies and fuel, less allowances of $214 and $211	403	395
Deferred income taxes	380	401
Due from parent company and other FedEx subsidiaries	523	502
Prepaid expenses and other	93	103
Total current assets	4,010	3,964
PROPERTY AND EQUIPMENT, AT COST	26,182	25,752
Less accumulated depreciation and amortization	12,593	12,272
Net property and equipment	13,589	13,480
OTHER LONG-TERM ASSETS
Goodwill	1,506	1,561
Other assets	1,029	959
Total other long-term assets	2,535	2,520
ASSETS	20,134	19,964
CURRENT LIABILITIES
Accrued salaries and employee benefits	924	902
Accounts payable	1,315	1,394
Accrued expenses	1,018	1,019
Due to other FedEx subsidiaries	740	910
Total current liabilities	3,997	4,225
LONG-TERM DEBT, LESS CURRENT PORTION	239	239
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,192	3,196
Pension, postretirement healthcare and other benefit obligations	1,205	1,208
Self insurance accruals	683	667
Deferred lease obligations	713	643
Deferred gains, principally related to aircraft transactions	190	203
Other liabilities	105	96
Total other long-term liabilities	6,088	6,013
COMMITMENTS AND CONTINGENCIES
OWNER'S EQUTIY
Common stock, $0.10 par value; 1,000 shares authorized, issued and outstanding	0	0
Additional paid-in capital	608	608
Retained earnings	9,413	8,944
Accumulated other comprehensive loss	-211	-65
Total owner's equity	9,810	9,487
LIABILITIES AND OWNER'S EQUITY	$20,134	$19,964

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Nov. 30, 2014	31-May-14
In Millions, except Share data, unless otherwise specified
CURRENT ASSETS
Allowances for receivables	$87	$80
Allowances for spare parts, supplies and fuel	$214	$211
COMMON STOCKHOLDERS' INVESTMENT
Common stock, par value	$0.10	$0.10
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1,000	1,000
Common Stock, Shares, Outstanding	1,000	1,000

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Condensed Consolidated Statements of Income
REVENUES	$6,715	$6,546	$13,299	$12,892
OPERATING EXPENSES:
Salaries and employee benefits	2,446	2,387	4,847	4,747
Purchased transportation	465	446	922	876
Rentals and landing fees	416	413	835	827
Depreciation and amortization	365	370	736	736
Fuel	906	986	1,876	1,942
Maintenance and repairs	356	307	733	613
Intercompany charges, net	476	505	952	994
Other	843	810	1,629	1,605
OPERATING EXPENSES	6,273	6,224	12,530	12,340
OPERATING INCOME	442	322	769	552
OTHER INCOME (EXPENSE):
Interest, net	5	5	8	12
Other, net	-25	-22	-57	-43
OTHER INCOME (EXPENSE)	-20	-17	-49	-31
INCOME BEFORE INCOME TAXES	422	305	720	521
PROVISION FOR INCOME TAXES	148	107	251	177
NET INCOME	$274	$198	$469	$344

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Condensed Consolidated Statement of Comprehensive Income
NET INCOME	$274	$198	$469	$344
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $11, $5, $19 and $4	-119	44	-148	-34
Amortization of unrealized pension actuarial gains/losses and other, net of tax of $0, $0, $1 and $1	1	2	2	3
Other comprehensive income (loss)	-118	46	-146	-31
COMPREHENSIVE INCOME	$156	$244	$323	$313

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax	$11	$5	$19	$4
Amortization of unrealized pension actuarial gains/losses and other, tax	$0	$0	$1	$1

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014	Nov. 30, 2013
Operating Activities:
Net income	$469	$344
Noncash charges:
Depreciation and amortization	736	736
Other, net	63	108
Changes in assets and liabilities. net	-149	-76
Cash provided by operating activities	1,119	1,112
Investing Activities:
Capital expenditures	-1,079	-992
Other	4	14
Cash used in investing activities	-1,075	-978
Financing Activities:
Principal payments on debt		-3
Cash used in financing activities		-3
Effect of exchange rate changes on cash	-54	-2
Net increase in cash and cash equivalents	-10	129
Cash and cash equivalents at beginning of period	858	769
Cash and cash equivalents at end of period	$848	$898

General

General	6 Months Ended
	Nov. 30, 2014
General [Abstract]
General	(1) General
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of Federal Express Corporation (“FedEx Express”) have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission 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, 2014 (“Annual Report”). Accordingly, significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report.
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of November 30, 2014, the results of our operations for the three- and six-month periods ended November 30, 2014 and 2013 and cash flows for the six-month periods ended November 30, 2014 and 2013. Operating results for the three- and six-month periods ended November 30, 2014 are not necessarily indicative of the results that may be expected for the year ending May 31, 2015.
	We are a wholly owned subsidiary of FedEx Corporation (“FedEx”) engaged in a single line of business and operate in one business segment – the worldwide express transportation and distribution of goods and documents.
	Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2015 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year.
	EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS.  Our pilots, which represent a small number of our total employees, are employed under a collective bargaining agreement. The contract became amendable in March 2013, and the parties are currently in negotiations. In October 2014, we formally requested assistance from the National Mediation Board (“NMB”) to mediate the negotiations. The NMB is the U.S. governmental agency that oversees labor agreements for entities covered by the Railway Labor Act of 1926, as amended (“Railway Labor Act”). The progression of negotiations into the mediation stage has no impact on our operations or our ability to provide highly reliable service to customers.  In addition to our pilots, certain non-U.S. employees are unionized.
	STOCK-BASED COMPENSATION. FedEx has two types of equity-based compensation: stock options and restricted stock. The key terms of the stock option and restricted stock awards granted under FedEx's incentive stock plans are set forth in FedEx's Annual Report.
	Our stock-based compensation expense was $10 million for the three-month period ended November 30, 2014 and $26 million for the six-month period ended November 30, 2014. Our stock-based compensation expense was $9 million for the three-month period ended November 30, 2013 and $24 million for the six-month period ended November 30, 2013. This amount represents the amount charged to us by FedEx for awards granted to our employees.
	LONG-TERM DEBT. Long-term debt, exclusive of capital leases, had a carrying value of $239 million at November 30, 2014 and May 31, 2014 compared with an estimated fair value of $335 million at November 30, 2014 and $326 million at May 31, 2014. 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.
	RECENT ACCOUNTING GUIDANCE. New accounting rules and disclosure requirements can significantly impact our reported results and the comparability of our financial statements.
	We believe that no other new accounting guidance was adopted or issued during the first six months of 2015 that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting, as described in our Annual Report.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Nov. 30, 2014
Accumulated Other Comprehensive Income Loss Net Of Tax Abstract
Accumulated Other Comprehensive Income (Loss)	(2) Accumulated Other Comprehensive Income
	The following table provides changes in accumulated other comprehensive income (“AOCI”), net of tax, reported in our condensed consolidated financial statements for the three-month and six-month periods ended November 30 (in millions; amounts in parentheses indicate debits to AOCI):
			Three Months Ended				Six Months Ended
			2014		2013		2014		2013
	Foreign currency translation gain (loss):
		Balance at beginning of period	$	38	$	12	$	67	$	90
		Translation adjustments		-119		44		-148		-34
		Balance at end of period		-81		56		-81		56
	Retirement plans adjustments:
		Balance at beginning of period		-131		-125		-132		-126
		Reclassifications from AOCI		1		2		2		3
		Balance at end of period		-130		-123		-130		-123
	Accumulated other comprehensive loss at
		end of period	$	-211	$	-67	$	-211	$	-67
	Due to its immateriality, the table presenting details of reclassifications from AOCI has been excluded from this quarterly report.

Retirement_Plans

Retirement Plans	6 Months Ended
	Nov. 30, 2014
Retirement Plans [Abstract]
Retirement Plans	(3) Retirement Plans
	We sponsor or participate in programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans and postretirement healthcare plans. A majority of our employees are covered by the FedEx Corporation Employees' Pension Plan (“FedEx Plan”), a defined benefit pension plan sponsored by FedEx. Defined contribution plans are in place covering a majority of U.S. employees and certain international employees. We also sponsor or participate in nonqualified benefit plans covering certain of our U.S. employee groups and other pension plans covering certain of our international employees. For more information, refer to the financial statements of FedEx included in its Form 10-Q for the quarter ended November 30, 2014 and 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
		2014		2013		2014		2013
	Pension plans sponsored by FedEx	$	24	$	67	$	48	$	134
	Other U.S. domestic and international pension plans		14		14		28		27
	U.S. domestic and international defined contribution plans		60		57		121		115
	U.S. domestic and international postretirement healthcare plans		15		16		31		31
		$	113	$	154	$	228	$	307
	The components of the net periodic benefit cost of the pension and postretirement healthcare plans currently sponsored by us were individually immaterial for all periods presented. No material contributions were made during the first half of 2015 or 2014 to pension plans sponsored by us, and we do not expect to make material contributions in 2015.

Commitments

Commitments	6 Months Ended
	Nov. 30, 2014
Commitments [Abstract]
Commitments	(4) Commitments
	As of November 30, 2014, our purchase commitments under various contracts for the remainder of 2015 and annually thereafter were as follows (in millions):
			Aircraft and
			Aircraft-Related			Other(1)				Total
	2015 (remainder)		$	709		$	48			$	757
	2016			1,230			41				1,271
	2017			1,033			32				1,065
	2018			1,402			26				1,428
	2019			1,022			10				1,032
	Thereafter			4,472			80				4,552
	Total		$	9,868		$	237			$	10,105
	(1)	Primarily advertising and promotions contracts.
	The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of November 30, 2014, our obligation to purchase four Boeing 767-300 Freighter (“B767F”) aircraft and nine Boeing 777 Freighter (“B777F”) aircraft is conditioned upon there being no event that causes us or our employees not to be covered by the Railway Labor Act. Commitments to purchase aircraft in passenger configuration do not include the attendant costs to modify these aircraft for cargo transport unless we have entered into noncancelable commitments to modify such aircraft.  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 September 2014, FedEx Express entered into an agreement to purchase four additional B767F aircraft, the delivery of which will begin in 2017 and continue through 2019.
	We had $500 million in deposits and progress payments as of November 30, 2014 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our consolidated balance sheets. In addition to our commitment to purchase B777Fs and B767Fs, our aircraft purchase commitments include the Boeing 757 (“B757”) aircraft in passenger configuration, which will require additional costs to modify for cargo transport. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of November 30, 2014 with the year of expected delivery:
			B757		B767F		B777F		Total
	2015 (remainder)		1		8		-		9
	2016		-		11		2		13
	2017		-		12		-		12
	2018		-		11		2		13
	2019		-		6		2		8
	Thereafter		-		-		12		12
	Total		1		48		18		67
	A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at November 30, 2014 is as follows (in millions):
				Operating Leases
				Aircraft						Total
				and Related			Facilities			Operating
				Equipment			and Other			Leases
	2015 (remainder)			$	391		$	362		$	753
	2016				461			654			1,115
	2017				399			827			1,226
	2018				329			513			842
	2019				273			442			715
	Thereafter				551			3,640			4,191
	Total			$	2,404		$	6,438		$	8,842
	Future minimum lease payments under capital leases were immaterial at November 30, 2014. While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations.

Contingencies

Contingencies	6 Months Ended
	Nov. 30, 2014
Loss Contingency [Abstract]
Contingencies	(5) Contingencies
	Environmental Matters. SEC regulations require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions that management reasonably believes could exceed $100,000.
	On January 14, 2014, the U.S. Department of Justice (“DOJ”) issued a Grand Jury Subpoena to FedEx Express relating to an asbestos matter previously investigated by the U.S. Environmental Protection Agency. On May 1, 2014, the DOJ informed us that it had determined to continue to pursue the matter as a criminal case, citing seven asbestos-related regulatory violations associated with removal of roof materials from a hangar in Puerto Rico during cleaning and repair activity, as well as violation of waste disposal requirements. Loss is reasonably possible; however, the amount of any loss is expected to be immaterial.
	Department of Justice Indictment – Internet Pharmacy Shipments. In the past, we received requests for information from the DOJ in the Northern District of California in connection with a criminal investigation relating to the transportation of packages for online pharmacies that may have shipped pharmaceuticals in violation of federal law. In July 2014, the DOJ filed a criminal indictment in the United States District Court for the Northern District of California in connection with the matter. A superseding indictment was filed in August 2014. The indictment alleges that FedEx Corporation, FedEx Express and FedEx Services, together with certain pharmacies, conspired to unlawfully distribute controlled substances, unlawfully distributed controlled substances and conspired to unlawfully distribute misbranded drugs. The superseding indictment adds conspiracy to launder money counts related to services provided to and payments from online pharmacies. We continue to believe that our employees have acted in good faith at all times and that we have not engaged in any illegal activities.
	Accordingly, we will vigorously defend ourselves in this matter. If we are convicted, remedies could include fines, penalties, forfeiture and compliance conditions. Given the early stage of this proceeding, we cannot estimate the amount or range of loss, if any; however, it is reasonably possible that it could be material if we are convicted.
	Other Matters. In August 2010, a third-party consultant who works with shipping customers to negotiate lower rates filed a lawsuit in federal district court in California against FedEx and United Parcel Service, Inc. (“UPS”) alleging violations of U.S. antitrust law. This matter was dismissed in May 2011, but the court granted the plaintiff permission to file an amended complaint, which FedEx received in June 2011. In November 2011, the court granted our motion to dismiss this complaint, but again allowed the plaintiff to file an amended complaint. The plaintiff filed a new complaint in December 2011, and the matter remains pending before the court. In February 2011, shortly after the initial lawsuit was filed, we received a demand for the production of information and documents in connection with a civil investigation by the DOJ into the policies and practices of FedEx and UPS for dealing with third-party consultants who work with shipping customers to negotiate lower rates. In November 2012, the DOJ served a civil investigative demand on the third-party consultant seeking all pleadings, depositions and documents produced in the lawsuit. We are cooperating with the investigation, do not believe that we have engaged in any anti-competitive activities and will vigorously defend ourselves in any action that may result from the investigation. While the litigation proceedings and the DOJ investigation move forward, and the amount of loss, if any, is dependent on a number of factors that are not yet fully developed or resolved, the amount of any loss is expected to be immaterial.
	On June 30, 2014, we received a Statement of Objections from the French Competition Authority (“FCA”) addressed to FedEx Express France, formerly known as TATEX, regarding an investigation by the FCA into anticompetitive behavior that is alleged to have occurred primarily in the framework of trade association meetings that included the former general managers of TATEX prior to our acquisition of that company in July 2012. In September 2014, FedEx Express France submitted its observations in response to the Statement of Objections to the FCA. Given the early stage of this matter, we cannot yet determine the amount or range of potential loss; however, it is reasonably possible that it could be material.
	FedEx Express and its subsidiaries are subject to other legal proceedings that arise in the ordinary course of their business. 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.

ParentAffiliate_Transactions

Parent/Affiliate Transactions	6 Months Ended
	Nov. 30, 2014
Parent/Affiliate Transactions [Abstract]
Parent/Affiliate Transactions Disclosure	(6) Parent/Affiliate Transactions
	Affiliate company balances that are currently receivable or payable relate to charges for services provided to or by other FedEx affiliates, which are settled on a monthly basis, or the net activity from participation in FedEx's consolidated cash management program. In addition, we are allocated net interest on these amounts at market rates.
	We maintain an accounts receivable arrangement with FedEx TechConnect, Inc. (“FedEx TechConnect”), a wholly owned subsidiary of FedEx Corporate Services, Inc. (“FedEx Services”). FedEx Services is a wholly owned subsidiary of FedEx. Under this arrangement, we recognize revenue for the transportation services provided to our U.S. customers and factor the related receivables to FedEx TechConnect for collection. We have no continuing involvement with the receivables transferred to FedEx TechConnect. Our net receivables recorded by FedEx TechConnect totaled $1.7 billion at November 30, 2014 and May 31, 2014.
	The costs of FedEx Services, FedEx TechConnect and FedEx Office and Print Services, Inc., as well as charges for management fees from our parent, are allocated to us and are included in the expense line item “Intercompany charges, net” based on metrics such as relative revenues or estimated services provided. We believe these allocations approximate the net cost of providing the functions. FedEx allocation methodologies are refined as necessary to reflect changes in our business.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	6 Months Ended
	Nov. 30, 2014
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	(7) 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):
			2014		2013
	Cash payments for:
		Income taxes	$	295	$	127
		Income tax refunds received		-3		-43
		Cash tax payments, net	$	292	$	84

General_Policies

General (Policies)	6 Months Ended
	Nov. 30, 2014
General (Policies) [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of Federal Express Corporation (“FedEx Express”) have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission 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, 2014 (“Annual Report”). Accordingly, significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report.
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of November 30, 2014, the results of our operations for the three- and six-month periods ended November 30, 2014 and 2013 and cash flows for the six-month periods ended November 30, 2014 and 2013. Operating results for the three- and six-month periods ended November 30, 2014 are not necessarily indicative of the results that may be expected for the year ending May 31, 2015.
	We are a wholly owned subsidiary of FedEx Corporation (“FedEx”) engaged in a single line of business and operate in one business segment – the worldwide express transportation and distribution of goods and documents.
	Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2015 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year.

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Nov. 30, 2014
Accumulated Other Comprehensive Income (Loss) (Tables) [Abstract]
Schedule Of Accumulated Other Comprehensive Income (Loss)			Three Months Ended				Six Months Ended
			2014		2013		2014		2013
	Foreign currency translation gain (loss):
		Balance at beginning of period	$	38	$	12	$	67	$	90
		Translation adjustments		-119		44		-148		-34
		Balance at end of period		-81		56		-81		56
	Retirement plans adjustments:
		Balance at beginning of period		-131		-125		-132		-126
		Reclassifications from AOCI		1		2		2		3
		Balance at end of period		-130		-123		-130		-123
	Accumulated other comprehensive loss at
		end of period	$	-211	$	-67	$	-211	$	-67

Retirement_Plans_Tables

Retirement Plans (Tables)	6 Months Ended
	Nov. 30, 2014
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
		2014		2013		2014		2013
	Pension plans sponsored by FedEx	$	24	$	67	$	48	$	134
	Other U.S. domestic and international pension plans		14		14		28		27
	U.S. domestic and international defined contribution plans		60		57		121		115
	U.S. domestic and international postretirement healthcare plans		15		16		31		31
		$	113	$	154	$	228	$	307

Commitments_Tables

Commitments (Tables)	6 Months Ended
	Nov. 30, 2014
Commitments (Tables) [Abstract]
Schedule of Purchase Commitments			Aircraft and
			Aircraft-Related			Other(1)				Total
	2015 (remainder)		$	709		$	48			$	757
	2016			1,230			41				1,271
	2017			1,033			32				1,065
	2018			1,402			26				1,428
	2019			1,022			10				1,032
	Thereafter			4,472			80				4,552
	Total		$	9,868		$	237			$	10,105
	(1)	Primarily advertising and promotions contracts.
Schedule of Aircraft Purchase Commitments			B757		B767F		B777F		Total
	2015 (remainder)		1		8		-		9
	2016		-		11		2		13
	2017		-		12		-		12
	2018		-		11		2		13
	2019		-		6		2		8
	Thereafter		-		-		12		12
	Total		1		48		18		67
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]				Operating Leases
				Aircraft						Total
				and Related			Facilities			Operating
				Equipment			and Other			Leases
	2015 (remainder)			$	391		$	362		$	753
	2016				461			654			1,115
	2017				399			827			1,226
	2018				329			513			842
	2019				273			442			715
	Thereafter				551			3,640			4,191
	Total			$	2,404		$	6,438		$	8,842

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Nov. 30, 2014
Supplemental Cash Flow (Tables) [Abstract]
Supplemental Cash Flow Table			2014		2013
	Cash payments for:
		Income taxes	$	295	$	127
		Income tax refunds received		-3		-43
		Cash tax payments, net	$	292	$	84

General_Details

General (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013	31-May-14
Long Term Debt [Abstract]
Long Term Debt Exclusive of Capital Leases Carrying Value	$239		$239		$239
Long Term Debt Exclusive Of Capital Leases Fair Value	335		335		326
Stock Based Compensation Details [Abstract]
Stock-based compensation	$10	$9	$26	$24

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Loss) (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance			($65)
Translation adjustment	-119	44	-148	-34
Amortization of unrealized pension actuarial gains/losses and other, net of tax of $0, $0, $1 and $1	1	2	2	3
Ending balance	-211	-67	-211	-67
Foreign currency translation gain (loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	38	12	67	90
Translation adjustment	-119	44	-148	-34
Ending balance	-81	56	-81	56
Retirement plans adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	-131	-125	-132	-126
Reclassification from AOCI	1	2	2	3
Ending balance	($130)	($123)	($130)	($123)

Retirement_Plans_Details_1

Retirement Plans (Details 1) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Pension and Other Postretirement Benefit Expense [Abstract]
Pension plans sponsored by FedEx	$24	$67	$48	$134
Other U.S. domestic and international pension plans	14	14	28	27
U.S. domestic and international defined contribution plans	60	57	121	115
U.S. domestic and international postretirement healthcare plans	15	16	31	31
Retirement plans costs	$113	$154	$228	$307

Commitments_Details_1

Commitments (Details 1) (USD $)	Nov. 30, 2014
In Millions, unless otherwise specified
Schedule of Purchase Commitments [Line Items]
2015 (remainder)	$757
2016	1,271
2017	1,065
2018	1,428
2019	1,032
Thereafter	4,552
Total	10,105
Aircraft And Related Equipment Commitments [Member]
Schedule of Purchase Commitments [Line Items]
2015 (remainder)	709
2016	1,230
2017	1,033
2018	1,402
2019	1,022
Thereafter	4,472
Total	9,868
Other Commitments [Member]
Schedule of Purchase Commitments [Line Items]
2015 (remainder)	48	[1]
2016	41	[1]
2017	32	[1]
2018	26	[1]
2019	10	[1]
Thereafter	80	[1]
Total	$237	[1]
[1]	Primarily advertising and promotions contracts.

Commitments_Details_2

Commitments (Details 2)	Nov. 30, 2014
Schedule of Aircraft Commitments [Line Items]
2015 (remainder)	9
2016	13
2017	12
2018	13
2019	8
Thereafter	12
Total	67
Boeing 777 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2016	2
2018	2
2019	2
Thereafter	12
Total	18
Boeing 757 [Member]
Schedule of Aircraft Commitments [Line Items]
2015 (remainder)	1
Total	1
Boeing 767 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2015 (remainder)	8
2016	11
2017	12
2018	11
2019	6
Total	48

Commitments_Details_3

Commitments (Details 3) (USD $)	Nov. 30, 2014
In Millions, unless otherwise specified
Schedule of Future Minimum Operating Lease Payments [Line Items]
2015 (remainder)	$753
2016	1,115
2017	1,226
2018	842
2019	715
Thereafter	4,191
Total	8,842
Aircraft and Related Equipment [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2015 (remainder)	391
2016	461
2017	399
2018	329
2019	273
Thereafter	551
Total	2,404
Facilities and Other [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2015 (remainder)	362
2016	654
2017	827
2018	513
2019	442
Thereafter	3,640
Total	$6,438

Commitments_Details_4

Commitments (Details 4) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014
Other Commitment Disclosures [Abstract]
Deposit and Progress Payments	$500
Other Aircraft Commitments Disclosure [Line Items]
Boeing 777F Conditional Aircraft Commitments	9
Boeing 767F Conditional Aircraft Commitments	4
Aircraft Purchase Commitment Boeing 767 Delivery 2017 And 2019	4

ParentAffiliate_Transactions_D

Parent/Affiliate Transactions (Details) (USD $)	Nov. 30, 2014	31-May-14
In Billions, unless otherwise specified
Parent/Affiliate Transactions [Abstract]
Net Receivables Recorded by FedEx TechConnect	$1.70	$1.70

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014	Nov. 30, 2013
Supplemental Cash Flow Information [Abstract]
Income taxes	$295	$127
Income tax refunds received	-3	-43
Cash tax payments, net	$292	$84

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Nov. 30, 2014	Dec. 17, 2014
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	30-Nov-14
Amendment Flag	FALSE
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Federal Express Corporation
Entity Central Index Key	230211
Current Fiscal Year End Date	-26
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		1,000