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Leases | 12 Months Ended
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May 31, 2018
Leases [Abstract] |
Leases | NOTE 7: LEASES We utilize certain aircraft, land, facilities, retail locations and equipment under capital and operating leases that expire at various dates through 2049. We leased 7% of our total aircraft fleet under operating leases as of May 31, 2018 and 9% as of May 31, 2017. A portion of our supplemental aircraft are leased by us under agreements that provide for cancellation upon 30 days’ notice. Our leased facilities include national, regional and metropolitan sorting facilities, retail facilities and administrative buildings. Rent expense under operating leases for the years ended May 31 was as follows (in millions):
|  | 2018 |  |  | 2017 |  |  | 2016 |
Minimum rentals |  | $ | 2,913 |  |  | $ | 2,814 |  |  | $ | 2,394 |
Contingent rentals(1) |  |  | 194 |  |  |  | 178 |  |  |  | 214 |
|  | $ | 3,107 |  |  | $ | 2,992 |  |  | $ | 2,608 |
(1) | Contingent rentals are based on equipment usage.
A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at May 31, 2018 is as follows (in millions):
|  | Operating Leases |
|  | Aircraft and Related Equipment |  |  | Facilities and Other |  |  | Total Operating Leases |
2019 |  | $ | 343 |  |  | $ | 2,128 |  |  | $ | 2,471 |
2020 |  |  | 261 |  |  |  | 1,916 |  |  |  | 2,177 |
2021 |  |  | 203 |  |  |  | 1,748 |  |  |  | 1,951 |
2022 |  |  | 185 |  |  |  | 1,577 |  |  |  | 1,762 |
2023 |  |  | 127 |  |  |  | 1,421 |  |  |  | 1,548 |
Thereafter |  |  | 48 |  |  |  | 8,145 |  |  |  | 8,193 |
Total |  | $ | 1,167 |  |  | $ | 16,935 |  |  | $ | 18,102 |
Property and equipment recorded under capital leases and future minimum lease payments under capital leases are immaterial. The weighted-average remaining lease term of all operating leases outstanding at May 31, 2018 was approximately six years. While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations. FedEx Express makes payments under certain leveraged operating leases that are sufficient to pay principal and interest on certain pass-through certificates. The pass-through certificates are not direct obligations of, or guaranteed by, FedEx or FedEx Express. We are the lessee under certain operating leases covering a portion of our leased aircraft in which the lessors are trusts established specifically to purchase, finance and lease these aircraft to us. These leasing entities are variable interest entities. We are not the primary beneficiary of the leasing entities, as the lease terms are at market at the inception of the lease and do not include a residual value guarantee, fixed-price purchase option or similar feature that obligates us to absorb decreases in value or entitles us to participate in increases in the value of the aircraft. Therefore, we are not required to consolidate any of these entities as the primary beneficiary. Our maximum exposure under these leases is included in the summary of future minimum lease payments.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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