As of November 30, 2011, our purchase commitments under various contracts for the remainder of 2012 and annually thereafter were as follows (in millions):

		Aircraft and
		Aircraft Related		Other⁽¹⁾		Total

2012 (remainder)		$	389	$	435	$	824
2013			983		128		1,111
2014			780		57		837
2015			555		31		586
2016			580		40		620
Thereafter			3,225		130		3,355

⁽¹⁾	Primarily vehicles, facilities, advertising and promotions contracts, and for the remainder of 2012, a total of $291 million of required quarterly contributions to our U.S. Pension Plans.

The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. Our obligation to purchase 15 Boeing 777 Freighters (“B777F”) 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 (“RLA”). 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.

We had $678 million in deposits and progress payments as of November 30, 2011 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our condensed consolidated balance sheets. In addition to our commitment to purchase B777Fs, our aircraft purchase commitments include the Boeing 757 (“B757”) 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, 2011, with the year of expected delivery:

		B777F⁽¹⁾	B757	Total

2012 (remainder)		2	8	10
2013		4	6	10
2014		7	-	7
2015		3	-	3
2016		3	-	3
Thereafter		9	-	9
Total		28	14	42

⁽¹⁾	Reflects the deferral during the second quarter of 2012 of the delivery of two B777F aircraft from 2013 to after 2016.

On December 14, 2011, FedEx Express entered into an agreement with The Boeing Company for the purchase of 27 new Boeing 767-300 Freighter aircraft, with the first three arriving in 2014 followed by six per year from 2015 to 2018. FedEx Express is also delaying the delivery of nine B777F aircraft, five of which will be deferred from 2014 and one per year from 2015 to 2018. (Including the two deferrals that occurred in the second quarter of 2012, this brings the total B777F deferrals to 11 aircraft.) Additionally, FedEx Express removed the RLA condition from two of the 15 B777F aircraft discussed above and also exercised two B777F options for aircraft to be delivered at the end of the delivery schedule. These aircraft transactions are not reflected in the tables above, as they occurred subsequent to the end of the second quarter of 2012.

A summary of future minimum lease payments under capital leases and noncancelable operating leases with an initial or remaining term in excess of one year at November 30, 2011 is as follows (in millions):

				Operating Leases
				Aircraft				Total
		Capital		and Related		Facilities		Operating
		Leases		Equipment		and Other		Leases

2012 (remainder)		$	15	$	370	$	691	$	1,061
2013			120		499		1,286		1,785
2014			2		473		1,119		1,592
2015			2		455		988		1,443
2016			1		458		813		1,271
Thereafter			13		1,545		5,179		6,724
Total			153	$	3,800	$	10,076	$	13,876

Less amount representing interest			13
Present value of net minimum lease
	payments	$	140

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.