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Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended
--- | ---
May 31, 2017 | May 31, 2016 | May 31, 2015
Income Statement [Abstract] |  |  |  |  |  |
REVENUES | $ 60,319 |  | $ 50,365 |  | $ 47,453 |
OPERATING EXPENSES: |  |  |  |  |  |
Salaries and employee benefits | 21,542 |  | 18,581 |  | 17,110 |
Purchased transportation | 13,630 |  | 9,966 |  | 8,483 |
Rentals and landing fees | 3,240 |  | 2,854 |  | 2,682 |
Depreciation and amortization | 2,995 |  | 2,631 |  | 2,611 |
Fuel | 2,773 |  | 2,399 |  | 3,720 |
Maintenance and repairs | 2,374 |  | 2,108 |  | 2,099 |
Impairment and other charges |  |  |  |  | 276 |
Retirement plans mark-to-market adjustment | (24) |  | 1,498 |  | 2,190 |
Other | 8,752 |  | 7,251 |  | 6,415 |
OPERATING EXPENSES | 55,282 |  | 47,288 |  | 45,586 |
OPERATING INCOME | 5,037 | [1] | 3,077 | [2] | 1,867 | [3]
OTHER INCOME (EXPENSE): |  |  |  |  |  |
Interest expense | (512) |  | (336) |  | (235) |
Interest income | 33 |  | 21 |  | 14 |
Other, net | 21 |  | (22) |  | (19) |
OTHER INCOME (EXPENSE) | (458) |  | (337) |  | (240) |
INCOME BEFORE INCOME TAXES | 4,579 |  | 2,740 |  | 1,627 |
PROVISION FOR INCOME TAXES | 1,582 |  | 920 |  | 577 |
NET INCOME | $ 2,997 |  | $ 1,820 |  | $ 1,050 |
BASIC EARNINGS PER COMMON SHARE | $ 11.24 |  | $ 6.59 |  | $ 3.70 |
DILUTED EARNINGS PER COMMON SHARE | $ 11.07 |  | $ 6.51 |  | $ 3.65 |
[1] | Includes TNT Express integration expenses and restructuring charges of $327 million, increased intangible asset amortization of $74 million as a result of the TNT Express acquisition, and a gain of $24 million associated with our mark-to-market pension accounting. These expenses are included in “Eliminations, corporate and other,” the FedEx Express segment and the TNT Express segment. Also includes $39 million of charges for legal reserves related to certain pending U.S. Customs and Border Protection (“CBP”) matters involving FedEx Trade Networks and $22 million of charges in connection with the settlement of and certain expected losses relating to independent contractor litigation matters at FedEx Ground. See Note 18 below for additional information.
[2] | Includes a $1.5 billion loss associated with our mark-to-market pension accounting. Also includes provisions for the settlement of and expected losses related to independent contractor litigation matters at FedEx Ground for $256 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, and transaction and integration-planning expenses related to our TNT Express acquisition of $113 million.
[3] | Includes a $2.2 billion loss associated with our mark-to-market pension accounting, $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, and a $197 million charge to increase the legal reserve associated with the settlement of a legal matter at FedEx Ground to the amount of the settlement.

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