Federal Express 10-Q 17 Dec 15 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2015	Dec. 16, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Nov. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	Federal Express Corporation
Entity Central Index Key	230,211
Current Fiscal Year End Date	--05-31
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 30, 2015	May. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 922	$ 884
Receivables, less allowances of $82 and $92	1,493	1,549
Spare parts, supplies and fuel, less allowances of $210 and $204	381	394
Deferred income taxes	382	378
Due from parent company and other FedEx subsidiaries	534	501
Prepaid expenses and other	121	108
Total current assets	3,833	3,814
PROPERTY AND EQUIPMENT, AT COST	27,747	26,286
Less accumulated depreciation and amortization	12,896	12,392
Net property and equipment	14,851	13,894
OTHER LONG-TERM ASSETS
Goodwill	1,383	1,448
Other assets	893	1,104
Total other long-term assets	2,276	2,552
ASSETS	20,960	20,260
CURRENT LIABILITIES
Current portion of long-term debt	5	7
Accrued salaries and employee benefits	1,078	1,014
Accounts payable	1,182	1,257
Accrued expenses	975	1,056
Due to other FedEx subsidiaries	1,998	1,932
Total current liabilities	5,238	5,266
LONG-TERM DEBT, LESS CURRENT PORTION	239	239
OTHER LONG-TERM LIABILITIES
Deferred income taxes	1,703	1,712
Pension, postretirement healthcare and other benefit obligations	1,266	1,251
Self insurance accruals	800	711
Deferred lease obligations	682	572
Deferred gains, principally related to aircraft transactions	165	178
Other liabilities	137	117
Total other long-term liabilities	$ 4,753	$ 4,541
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	10,522	9,839
Accumulated other comprehensive loss	(400)	(233)
Total owner's equity	10,730	10,214
LIABILITIES AND OWNER'S EQUITY	$ 20,960	$ 20,260

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 30, 2015	May. 31, 2015
CURRENT ASSETS
Allowances for receivables	$ 82	$ 92
Allowances for spare parts, supplies and fuel	$ 210	$ 204
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 Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Condensed Consolidated Statements of Income
REVENUES	$ 6,293	$ 6,715	$ 12,605	$ 13,299
OPERATING EXPENSES:
Salaries and employee benefits	2,422	2,399	4,855	4,754
Purchased transportation	420	465	839	922
Rentals and landing fees	391	416	794	835
Depreciation and amortization	346	365	690	736
Fuel	517	906	1,124	1,876
Maintenance and repairs	329	356	672	733
Intercompany charges, net	490	476	964	951
Other	799	843	1,587	1,629
OPERATING EXPENSES	5,714	6,226	11,525	12,436
OPERATING INCOME	579	489	1,080	863
OTHER INCOME (EXPENSE):
Interest, net	4	5	13	8
Other, net	(48)	(25)	(84)	(57)
OTHER INCOME (EXPENSE)	(44)	(20)	(71)	(49)
INCOME BEFORE INCOME TAXES	535	469	1,009	814
PROVISION FOR INCOME TAXES	165	165	327	285
NET INCOME	$ 370	$ 304	$ 682	$ 529

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Condensed Consolidated Statement of Comprehensive Income
NET INCOME	$ 370	$ 304	$ 682	$ 529
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $2, $11, $12, and $19	(30)	(119)	(161)	(148)
Amortization of prior service credit, net of tax of $0, $1, $3 and $1	0	0	(6)	(1)
Other comprehensive income (loss)	(30)	(119)	(167)	(149)
COMPREHENSIVE INCOME	$ 340	$ 185	$ 515	$ 380

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax	$ 2	$ 11	$ 12	$ 19
Amortization of prior service credit and other, net of tax	$ 0	$ 1	$ 3	$ 1

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Operating Activities:
Net income	$ 682	$ 529
Noncash charges:
Depreciation and amortization	690	736
Other, net	41	4
Changes in assets and liabilities. net	171	(150)
Cash provided by operating activities	1,584	1,119
Investing Activities:
Capital expenditures	(1,513)	(1,079)
Other	12	4
Cash used in investing activities	(1,501)	(1,075)
Financing Activities:
Principal payments on debt	(2)
Cash used in financing activities	(2)
Effect of exchange rate changes on cash	(43)	(54)
Net increase (decrease) in cash and cash equivalents	38	(10)
Cash and cash equivalents at beginning of period	884	858
Cash and cash equivalents at end of period	$ 922	$ 848

General

General	6 Months Ended
	Nov. 30, 2015
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, 2015 (“Annual Report”). Accordingly, significant accounting policies and other disclosures normally pr ovided have been omitted since s uch 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, 2015 , the results of our operations for the three- and six- month periods end ed November 30, 2015 and 2014 and cash flows for the six-month periods ended November 30, 2015 and 2014 . Operating results for the three- and six- month period s ended November 30, 2015 are not necessarily indicative of the results that may be expected for the year ending May 31, 2016 . 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, 2016 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. PENSION AND POSTRETIREMENT HEALTHCARE PLANS . During the fourth quarter of 2015 , we changed our method of accounting for our defined benefit pension and postretirement healthcare plans as discussed in our Annual Report. Prior year amounts have been recast to conform to these accounting changes. EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. Our pilots, which represent a small number of our total employees, are employed under a newly ratified collective bargaining agreement (“CBA”). The new CBA was ratified by our pilots in a vote concluded on October 20, 2015 , and is the product of 32 months of bargaining under the Railway Labor Act of 1926, as amended (“RLA”), the last 10 months of which were mediated by the National Mediation Board (the U.S. governmental agency that oversees labor agreements for entities covered by the RLA). The new CBA took effect November 2, 2015 , and is scheduled to become amendabl e in November 2021, after a six- year term. 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 $ 11 million for the three-month period ended November 30, 2015 and $ 28 million for the six-month period ended November 30, 2015 . Our stock-b ased compensation expense was $ 10 million for the three-month period ended November 30, 2014 and $2 6 million for the six-month period ended November 30, 2014 . 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, 2015 and May 31, 2015 compared with an estimated fair value of $ 312 million at November 30, 2015 and $3 45 million at May 31, 2015 . 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 comparabilit y of our financial statements. These matters are described in our Annual Report. During the quarter, we chose to early adopt the authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) requiring acquirers in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period that the adjustment amounts are determined and eliminates the requirement to retrospectively account for these adjustments. It also requires additional disclosure about the effects of the adjustments on prior periods. On November 11, 2015, the FASB voted to proceed with the new lease accounting standard that w ill require companies to include a right-of-use asset and a liability to make lease payments on the balance sheet for all leases (except short-term leas es). This new standard will have a significant impact on our accounting and financial reporting and will be effective for our fiscal year ending May 31, 2020. On November 20, 2015, the FASB issued an Accounting Standards Update that will require companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This new guidance will have minimal impact on our accounting and financial reporting and will be effective for our fiscal year ending May 31, 2018. We believe that no other new accounting guidance was adopted or issued during the first half of 2016 that is relevant to the readers of our financial statements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Nov. 30, 2015
Accumulated Other Comprehensive Income Loss Net Of Tax Abstract
Accumulated Other Comprehensive Income (Loss)	(2) Accumulated Other Comprehensive Loss The following table provides changes in accumulated other comprehensive loss (“AOCI”), net of tax, reported in our 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 2015 2014 2015 2014 Foreign currency translation gain (loss): Balance at beginning of period $ (381) $ 42 $ (250) $ 71 Translation adjustments (30) (119) (161) (148) Balance at end of period (411) (77) (411) (77) Retirement plans adjustments: Balance at beginning of period 11 21 17 22 Reclassifications from AOCI - - (6) (1) Balance at end of period 11 21 11 21 Accumulated other comprehensive loss at end of period $ (400) $ (56) $ (400) $ (56) 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, 2015
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, 2015 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 2015 2014 2015 2014 Pension plans sponsored by FedEx $ 15 $ 20 $ 31 $ 39 Defined benefit pension plans 12 10 23 21 Defined contribution plans 64 60 128 121 Postretirement healthcare plans 15 15 31 31 $ 106 $ 105 $ 213 $ 212 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 2016 or 2015 to pension plans sponsored by us, and we do not expect to mak e material contributions in 2016 .

Commitments

Commitments	6 Months Ended
	Nov. 30, 2015
Commitments [Abstract]
Commitments	( 4 ) Commitments As of November 30, 2015 , our purchase commitments under various contracts for the remainder of 2016 and annually thereafter were as follows (in millions): Aircraft and Aircraft-Related Other (1) Total 2016 (remainder) $ 228 $ 52 $ 280 2017 1,286 45 1,331 2018 1,755 40 1,795 2019 1,575 11 1,586 2020 1,646 8 1,654 Thereafter 5,867 73 5,940 Total $ 12,357 $ 229 $ 12,586 (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, 2015 , our obligation to purchase six 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 RLA . Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above. We had $ 326 million in deposits and progress payments as of November 30, 2015 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our consolidated balance sh eets. 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, 2015 with the year of expected delivery: B767F B777F Total 2016 (remainder) 2 - 2 2017 12 - 12 2018 16 2 18 2019 13 2 15 2020 12 3 15 Thereafter 26 9 35 Total 81 16 97 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, 2015 is as follows (in millions): Operating Leases Aircraft Total and Related Facilities Operating Equipment and Other Leases 2016 (remainder) $ 393 $ 339 $ 732 2017 403 880 1,283 2018 332 563 895 2019 274 484 758 2020 190 418 608 Thereafter 360 3,263 3,623 Total $ 1,952 $ 5,947 $ 7,899 Future minimum lease payments under capital leases were immaterial at November 30, 2015 . While certain of our lease agreements contain covenants governing the use of the leased assets or require us to ma intain certain levels of insurance, none of our lease agreements include material financial covenants or limitations.

Contingencies

Contingencies	6 Months Ended
	Nov. 30, 2015
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 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. 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. In April 2015, the FCA issued a report responding to the observations submitted by all companies involved in the investigation. We submitted an answer to the FCA's report in early July. Loss in this matter is probable, and in the fourth quarter of 2015 we established an accrual for the estimated probable loss. This amount was immaterial. A hearing in this matter before the Board of the FCA occurred on September 30, 2015. On December 15, 2015, the FCA announced its decision and related fines against all companies involved in the investigation. FedEx Express France w as fined € 17 million (currently, $19 million) . We are analyzing the decision and are considering the possibility of an appeal. Based on the amount previously accrued and available indemnification, no adjustment to the accrued amount is necessary at this time. 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.

Parent_Affiliate Transactions

Parent/Affiliate Transactions	6 Months Ended
	Nov. 30, 2015
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 F edEx TechConnect for collection. We have no continuing involvement with the receivables transferred to FedEx TechConnect . Our net receivables recorded by F edEx TechConnect totaled $ 1. 6 billion at November 30, 2015 and $ 1.7 billion at May 31, 2015 . 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 Informat

Supplemental Cash Flow Information	6 Months Ended
	Nov. 30, 2015
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): 2015 2014 Cash payments for: Income taxes $ 401 $ 295 Income tax refunds received (3) (3) Cash tax payments, net $ 398 $ 292

General (Policies)

General (Policies)	6 Months Ended
	Nov. 30, 2015
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, 2015 (“Annual Report”). Accordingly, significant accounting policies and other disclosures normally pr ovided have been omitted since s uch 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, 2015 , the results of our operations for the three- and six- month periods end ed November 30, 2015 and 2014 and cash flows for the six-month periods ended November 30, 2015 and 2014 . Operating results for the three- and six- month period s ended November 30, 2015 are not necessarily indicative of the results that may be expected for the year ending May 31, 2016 . 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, 2016 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year.

Accumulated Other Comprehensi16

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Nov. 30, 2015
Accumulated Other Comprehensive Income (Loss) (Tables) [Abstract]
Schedule Of Accumulated Other Comprehensive Income (Loss)	Three Months Ended Six Months Ended 2015 2014 2015 2014 Foreign currency translation gain (loss): Balance at beginning of period $ (381) $ 42 $ (250) $ 71 Translation adjustments (30) (119) (161) (148) Balance at end of period (411) (77) (411) (77) Retirement plans adjustments: Balance at beginning of period 11 21 17 22 Reclassifications from AOCI - - (6) (1) Balance at end of period 11 21 11 21 Accumulated other comprehensive loss at end of period $ (400) $ (56) $ (400) $ (56)

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Nov. 30, 2015
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 2015 2014 2015 2014 Pension plans sponsored by FedEx $ 15 $ 20 $ 31 $ 39 Defined benefit pension plans 12 10 23 21 Defined contribution plans 64 60 128 121 Postretirement healthcare plans 15 15 31 31 $ 106 $ 105 $ 213 $ 212

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Nov. 30, 2015
Commitments (Tables) [Abstract]
Schedule of Purchase Commitments	Aircraft and Aircraft-Related Other (1) Total 2016 (remainder) $ 228 $ 52 $ 280 2017 1,286 45 1,331 2018 1,755 40 1,795 2019 1,575 11 1,586 2020 1,646 8 1,654 Thereafter 5,867 73 5,940 Total $ 12,357 $ 229 $ 12,586 (1) Primarily advertising and promotions contracts.
Schedule of Aircraft Purchase Commitments	B767F B777F Total 2016 (remainder) 2 - 2 2017 12 - 12 2018 16 2 18 2019 13 2 15 2020 12 3 15 Thereafter 26 9 35 Total 81 16 97
Schedule of Future Minimum Rental Payments for Operating Leases	Operating Leases Aircraft Total and Related Facilities Operating Equipment and Other Leases 2016 (remainder) $ 393 $ 339 $ 732 2017 403 880 1,283 2018 332 563 895 2019 274 484 758 2020 190 418 608 Thereafter 360 3,263 3,623 Total $ 1,952 $ 5,947 $ 7,899

Supplemental Cash Flow Inform19

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Nov. 30, 2015
Supplemental Cash Flow (Tables) [Abstract]
Supplemental Cash Flow Table	2015 2014 Cash payments for: Income taxes $ 401 $ 295 Income tax refunds received (3) (3) Cash tax payments, net $ 398 $ 292

General (Details 1)

General (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Stock Based Compensation Details [Abstract]
Stock-based compensation	$ 11	$ 10	$ 28	$ 26

General (Details 2)

General (Details 2) - USD ($) $ in Millions	Nov. 30, 2015	May. 31, 2015
Long Term Debt [Abstract]
Long Term Debt Exclusive of Capital Leases Carrying Value	$ 239	$ 239
Long Term Debt Exclusive Of Capital Leases Fair Value	$ 312	$ 345

Accumulated Other Comprehensi22

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance			$ (233)
Translation adjustment	$ (30)	$ (119)	(161)	$ (148)
Amortization of prior service credit, net of tax of $0, $1, $3 and $1	0	0	(6)	(1)
Ending balance	(400)	(56)	(400)	(56)
Foreign currency translation gain (loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(381)	42	(250)	71
Translation adjustment	(30)	(119)	(161)	(148)
Ending balance	(411)	(77)	(411)	(77)
Retirement plans adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	11	21	17	22
Reclassification from AOCI			(6)	(1)
Ending balance	$ 11	$ 21	$ 11	$ 21

Retirement Plans (Details 1)

Retirement Plans (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Pension and Other Postretirement Benefit Expense [Abstract]
Pension plans sponsored by FedEx	$ 15	$ 20	$ 31	$ 39
Defined pension plans	12	10	23	21
Defined contribution plans	64	60	128	121
Postretirement healthcare plans	15	15	31	31
Retirement plans costs	$ 106	$ 105	$ 213	$ 212

Commitments (Details 1)

Commitments (Details 1) $ in Millions	Nov. 30, 2015USD ($)
Schedule of Purchase Commitments [Line Items]
2016 (remainder)	$ 280
2,017	1,331
2,018	1,795
2,019	1,586
2,020	1,654
Thereafter	5,940
Total	12,586
Aircraft And Related Equipment Commitments [Member]
Schedule of Purchase Commitments [Line Items]
2016 (remainder)	228
2,017	1,286
2,018	1,755
2,019	1,575
2,020	1,646
Thereafter	5,867
Total	12,357
Other Commitments [Member]
Schedule of Purchase Commitments [Line Items]
2016 (remainder)	52	[1]
2,017	45	[1]
2,018	40	[1]
2,019	11	[1]
2,020	8	[1]
Thereafter	73	[1]
Total	$ 229	[1]
[1]	Primarily advertising and promotions contracts.

Commitments (Details 2)

Commitments (Details 2)	Nov. 30, 2015
Schedule of Aircraft Commitments [Line Items]
2016 (remainder)	2
2,017	12
2,018	18
2,019	15
2,020	15
Thereafter	35
Total	97
Boeing 777 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2,018	2
2,019	2
2,020	3
Thereafter	9
Total	16
Boeing 767 Freighter [Member]
Schedule of Aircraft Commitments [Line Items]
2016 (remainder)	2
2,017	12
2,018	16
2,019	13
2,020	12
Thereafter	26
Total	81

Commitments (Details 3)

Commitments (Details 3) $ in Millions	Nov. 30, 2015USD ($)
Schedule of Future Minimum Operating Lease Payments [Line Items]
2016 (remainder)	$ 732
2,017	1,283
2,018	895
2,019	758
2,020	608
Thereafter	3,623
Total	7,899
Aircraft and Related Equipment [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2016 (remainder)	393
2,017	403
2,018	332
2,019	274
2,020	190
Thereafter	360
Total	1,952
Facilities and Other [Member]
Schedule of Future Minimum Operating Lease Payments [Line Items]
2016 (remainder)	339
2,017	880
2,018	563
2,019	484
2,020	418
Thereafter	3,263
Total	$ 5,947

Commitments (Details 4)

Commitments (Details 4) $ in Millions	6 Months Ended
	Nov. 30, 2015USD ($)
Other Aircraft Commitments Disclosure [Abstract]
Boeing 777F Conditional Aircraft Commitments	9
Boeing 767F Conditional Aircraft Commitments	6
Other Commitment Disclosures [Abstract]
Deposit and Progress Payments	$ 326

Contingencies (Details)

Contingencies (Details) - 6 months ended Nov. 30, 2015 € in Millions, $ in Millions	USD ($)	EUR (€)
Tatex USD [Member]
Loss Contingency [Line Items]
Loss Contingency Damages Awarded Value | $	$ 19
Tatex Euro [Member]
Loss Contingency [Line Items]
Loss Contingency Damages Awarded Value | €		€ 17

Parent_Affiliate Transactions (

Parent/Affiliate Transactions (Details) - USD ($) $ in Billions	Nov. 30, 2015	May. 31, 2015
Parent/Affiliate Transactions [Abstract]
Net Receivables Recorded by FedEx TechConnect	$ 1.6	$ 1.7

Supplemental Cash Flow Inform30

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Supplemental Cash Flow Information [Abstract]
Income taxes	$ 401	$ 295
Income tax refunds received	(3)	(3)
Cash tax payments, net	$ 398	$ 292