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Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
May 31, 2018
May 31, 2017
May 31, 2016
Income Statement [Abstract]      
REVENUES [1] $ 65,450 $ 60,319 $ 50,365
OPERATING EXPENSES:      
Salaries and employee benefits 23,207 21,542 18,581
Purchased transportation 15,101 13,630 9,966
Rentals and landing fees 3,361 3,240 2,854
Depreciation and amortization 3,095 2,995 2,631
Fuel 3,374 2,773 2,399
Maintenance and repairs 2,622 2,374 2,108
Goodwill and other asset impairment charges 380    
Retirement plans mark-to-market adjustment (10) (24) 1,498
Other 9,450 8,752 7,251
OPERATING EXPENSES 60,580 55,282 47,288
OPERATING INCOME 4,870 [2] 5,037 [3] 3,077 [4]
OTHER INCOME (EXPENSE):      
Interest expense (558) (512) (336)
Interest income 48 33 21
Other, net (7) 21 (22)
OTHER INCOME (EXPENSE) (517) (458) (337)
INCOME BEFORE INCOME TAXES 4,353 4,579 2,740
PROVISION FOR INCOME TAXES (BENEFIT) (219) 1,582 920
NET INCOME $ 4,572 $ 2,997 $ 1,820
BASIC EARNINGS PER COMMON SHARE $ 17.08 $ 11.24 $ 6.59
DILUTED EARNINGS PER COMMON SHARE $ 16.79 $ 11.07 $ 6.51
[1] International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors. Noncurrent assets include property and equipment, goodwill and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally.
[2] Includes TNT Express integration expenses and restructuring charges of $477 million and a gain of $10 million associated with our annual MTM retirement plans accounting adjustment. These expenses are included in “Corporate, other and eliminations” and the FedEx Express segment. Also includes goodwill and other asset impairment charges of $380 million.
[3] Includes TNT Express integration expenses and restructuring charges of $327 million and a gain of $24 million associated with our MTM retirement plans accounting. These expenses are included in “Corporate, other and eliminations” and the FedEx 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.
[4] Includes a $1.5 billion loss associated with our MTM retirement plans 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 involving FedEx Trade Networks 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.