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Commitments | 6 Months Ended
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Nov. 30, 2014
Commitments [Abstract] |
Commitments | (7) 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 |  | $ | 452 |  | $ | 1,161 |
2016 |  | 1,230 |  |  | 329 |  |  | 1,559 |
2017 |  | 1,033 |  |  | 175 |  |  | 1,208 |
2018 |  | 1,402 |  |  | 101 |  |  | 1,503 |
2019 |  | 1,022 |  |  | 58 |  |  | 1,080 |
Thereafter |  | 4,472 |  |  | 101 |  |  | 4,573 |
Total | $ | 9,868 |  | $ | 1,216 |  | $ | 11,084 |
(1) | Primarily equipment, advertising contracts and contributions to our U.S. Pension Plans, which are further described in Note 5.
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 FedEx Express or its employees not to be covered by the Railw ay 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 fi nancial 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 |  | $ | 791 |  | $ | 1,182 |
2016 |  | 461 |  |  | 1,561 |  |  | 2,022 |
2017 |  | 399 |  |  | 1,684 |  |  | 2,083 |
2018 |  | 329 |  |  | 1,264 |  |  | 1,593 |
2019 |  | 273 |  |  | 1,091 |  |  | 1,364 |
Thereafter |  | 551 |  |  | 7,097 |  |  | 7,648 |
Total | $ | 2,404 |  | $ | 13,488 |  | $ | 15,892 |
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 ce rtain levels of insurance, none of our lease agreements include material financial covenants or limitations.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.(a)(19)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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