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Business Combinations (Tables) | 12 Months Ended
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May 31, 2017
Acquisition Tables [Abstract] |
Schedule of Purchase Price Allocation | The following table summarizes the final amounts of the fair values recognized for the assets acquired and liabilities assumed for this acquisition, as well as adjustments made during the measurement period (in millions):
|  | Preliminary |  |  | Measurement Period |  |  | Final |
|  | (May 31, 2016) |  |  | Adjustments |  |  | (May 31, 2017) |
Current assets(1) |  | $ | 1,905 |  |  | $ | (53 | ) |  | $ | 1,852 |
Property and equipment |  |  | 1,104 |  |  |  | (124 | ) |  |  | 980 |
Goodwill |  |  | 2,964 |  |  |  | 488 |  |  |  | 3,452 |
Identifiable intangible assets |  |  | 920 |  |  |  | (390 | ) |  |  | 530 |
Other non-current assets |  |  | 289 |  |  |  | 183 |  |  |  | 472 |
Current liabilities(2) |  |  | (1,644 | ) |  |  | (44 | ) |  |  | (1,688 | )
Long-term liabilities |  |  | (644 | ) |  |  | (60 | ) |  |  | (704 | )
Total purchase price |  | $ | 4,894 |  |  | $ | — |  |  | $ | 4,894 |
(1) | Primarily accounts receivable and cash.
(2) | Primarily accounts payable and accrued expenses.
Schedule of Intangible Assets with Finite Lives | The purchase price was allocated to the identifiable intangible assets acquired as follows (in millions):
Intangible assets with finite lives |  |  |  |
Customer relationships (12-year life) |  | $ | 430 |
Technology (3-year life) |  |  | 20 |
Trademarks (4-year life) |  |  | 80 |
Total intangible assets |  | $ | 530 |
Business Acquisition Pro Forma Financial Information | The following unaudited pro forma consolidated financial information presents the combined operations of FedEx and TNT Express as if the acquisition had occurred at the beginning of 2015 (dollars in millions, except per share amounts):
|  | (Unaudited) |
|  | 2016 |  |  | 2015 |
Consolidated revenues |  | $ | 57,899 |  |  | $ | 55,862 |
Consolidated net income |  |  | 1,600 |  |  |  | 638 |
Diluted earnings per share |  | $ | 5.73 |  |  | $ | 2.22 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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