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Summary of Quarterly Operating Results (Unaudited) | 12 Months Ended
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May 31, 2016
Summary of Quarterly Operating Results [Abstract] |
Summary of Quarterly Operating Results (Unaudited) | NOTE 2 0: SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED)
|  | First |  | Second |  | Third |  | Fourth
(in millions, except per share amounts) | Quarter |  | Quarter |  | Quarter |  | Quarter
2016(1) |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 12,279 |  | $ | 12,453 |  | $ | 12,654 |  | $ | 12,979
Operating income (loss) |  | 1,144 |  |  | 1,137 |  |  | 864 |  |  | (68)
Net income (loss) |  | 692 |  |  | 691 |  |  | 507 |  |  | (70)
Basic earnings (loss) per common share(3) |  | 2.45 |  |  | 2.47 |  |  | 1.86 |  |  | (0.26)
Diluted earnings (loss) per common share(3) |  | 2.42 |  |  | 2.44 |  |  | 1.84 |  |  | (0.26)
2015(2) |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 11,684 |  | $ | 11,939 |  | $ | 11,716 |  | $ | 12,114
Operating income (loss) |  | 1,062 |  |  | 1,088 |  |  | 1,038 |  |  | (1,321)
Net income (loss) |  | 653 |  |  | 663 |  |  | 628 |  |  | (895)
Basic earnings (loss) per common share(3) |  | 2.29 |  |  | 2.34 |  |  | 2.21 |  |  | (3.16)
Diluted earnings (loss) per common share(3) |  | 2.26 |  |  | 2.31 |  |  | 2.18 |  |  | (3.16)
(1) | The fourth quarter of 2016 includes a $1.5 billion retirement plans mark-to-market loss and TNT Express transaction, financing and integration planning expenses and immaterial financial results from the time of acquisition totaling $79 million. In addition, the fourth quarter of 2016 includes a $76 million favorable tax impact from an internal corporate restructuring to facilitate the integration of FedEx Express and TNT Express and $11 million of expenses related to independent contractor litigation matters at FedEx Ground. The third quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $204 million and expenses related to the settlement of a U.S. Customs and Border Protection notice of action in the amount of $69 million, as well as TNT Express transaction, financing and integration planning expenses of $25 million. The second quarter of 2016 includes provisions related to independent contractor litigation matters at FedEx Ground for $41 million and $19 million of TNT Express transaction, financing and integration planning expenses.
(2) | The fourth quarter of 2015 includes a $2.2 billion retirement plans mark-to-market loss, $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines at FedEx Express and a $197 million reserve increase due to the settlement of a legal matter at FedEx Ground.
(3) | The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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