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Commitments | 12 Months Ended
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May 31, 2016
Commitments [Abstract] |
Commitments | NOTE 1 7: COMMITMENTS Annual purchase commitments under various contracts as of May 31, 2016 were as follows (in millions):
|  | Aircraft and |  |  |  |  |  |  |
|  | Aircraft Related |  | Other(1) |  | Total |  |
2017 | $ | 1,212 |  | $ | 1,235 |  | $ | 2,447 |  |
2018 |  | 1,770 |  |  | 401 |  |  | 2,171 |  |
2019 |  | 1,563 |  |  | 264 |  |  | 1,827 |  |
2020 |  | 1,620 |  |  | 193 |  |  | 1,813 |  |
2021 |  | 1,476 |  |  | 120 |  |  | 1,596 |  |
Thereafter |  | 4,240 |  |  | 108 |  |  | 4,348 |  |
Total | $ | 11,881 |  | $ | 2,321 |  | $ | 14,202 |  |
(1) | Primarily equipment, advertising contracts and, in 2017, approximately $615 million of estimated 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. As of May 31, 201 6, our obligation to purchase four Boeing 767-300 Freighter (“B767F”) aircraft and seven B oeing 777 Freighter (“B777F”) aircraft i s 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. We have several aircraft modernization programs underway that are sup por ted by the purchase of B777F and B767F aircraft. These aircraft are significantly more fuel-efficient per unit than the aircraft type s previously utilized, and these expenditures are necessary to achieve significant long-term operating savings and to replace older aircraft. Our ability to delay the timing of these aircraft-related expenditures is limited without incurring significant costs to modify existing purchase agreements. During July 2015, FedEx Express entered into a supplemental agreement to purchase 50 additional B767F aircraft from Boeing. The 50 additional B767F aircraft are expected to be delivered from fiscal 2018 through fiscal 2023 and will enable FedEx Express to continue to improve the efficiency and reliability of its aircraft f leet. On June 1 0, 2016, FedEx Ex press exercised options to acquire six additional B 767 F aircraft for delivery in 20 19 and 20 20. We had $41 3 million in deposits and prog ress payments as of May 31, 201 6 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other a ssets” caption of our con solidated balance sheets. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committe d to purchase as of May 31, 201 6, with the year of expected delivery:
|  | B767F |  | B777F |  | Total |
2017 | 12 |  | - |  | 12 |
2018 | 16 |  | 2 |  | 18 |
2019 | 13 |  | 2 |  | 15 |
2020 | 12 |  | 3 |  | 15 |
2021 | 10 |  | 3 |  | 13 |
Thereafter | 16 |  | 6 |  | 22 |
Total | 79 |  | 16 |  | 95 |

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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 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 2: 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 Reference 3: 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 + Details
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