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Summary of Quarterly Operating Results (Unaudited) | 12 Months Ended
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May 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Summary of Quarterly Operating Results (Unaudited) | NOTE 20: SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED)
(in millions, except per share amounts) |  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
2017(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 14,663 |  |  | $ | 14,931 |  |  | $ | 14,997 |  |  | $ | 15,728 |
Operating income |  |  | 1,264 |  |  |  | 1,167 |  |  |  | 1,025 |  |  |  | 1,581 |
Net income |  |  | 715 |  |  |  | 700 |  |  |  | 562 |  |  |  | 1,020 |
Basic earnings per common share(2) |  |  | 2.69 |  |  |  | 2.63 |  |  |  | 2.11 |  |  |  | 3.81 |
Diluted earnings per common share(2) |  |  | 2.65 |  |  |  | 2.59 |  |  |  | 2.07 |  |  |  | 3.75 |
2016(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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(2) |  |  | 2.45 |  |  |  | 2.47 |  |  |  | 1.86 |  |  |  | (0.26 | )
Diluted earnings (loss) per common share(2) |  |  | 2.42 |  |  |  | 2.44 |  |  |  | 1.84 |  |  |  | (0.26 | )
(1) | The fourth quarter, third quarter, second quarter, and first quarter of 2017 include $124 million, $78 million, $58 million and $68 million, respectively, of TNT Express integration expenses and restructuring charges, and $20 million, $16 million, $10 million and $28 million, respectively, of increased intangible asset amortization as a result of the TNT Express acquisition. The fourth quarter of 2017 includes $39 million of charges for legal reserves related to certain pending CBP matters involving FedEx Trade Networks, $22 million of charges in connection with the settlement of and certain expected losses relating to independent contractor litigation matters at FedEx Ground and $24 million related to the retirement plans MTM gain.
(2) | 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.
(3) | The fourth quarter of 2016 includes a $1.5 billion retirement plans MTM 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 legal entity 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 CBP notice of action in the amount of $69 million (in each case, net of recognized immaterial insurance recovery), 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.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: 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=68064558&loc=d3e765-108305 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=68064558&loc=d3e725-108305 + Details
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