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Income Taxes (Tables)

12 Months Ended

May 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the years ended May 31 were as follows (in millions):

		2018				2017				2016
Current provision
Domestic:
Federal		$	(540	)		$	269			$	513
State and local			43				88				72
Foreign			461				285				200
			(36	)			642				785
Deferred provision (benefit)
Domestic:
Federal			271				989				155
State and local			125				59				(18	)
Foreign			(579	)			(108	)			(2	)
			(183	)			940				135
		$	(219	)		$	1,582			$	920

Schedule of Reconciliation of Total Income Tax Expense and Amount Computed by Statutory Federal Income Tax Rate to Income Before Taxes

A reconciliation of total income tax expense and the amount computed by applying the statutory federal income tax rate (29.2% in 2018 and 35% in 2017 and 2016) to income before taxes for the years ended May 31 is as follows (in millions):

		2018				2017				2016
Taxes computed at federal statutory rate		$	1,271			$	1,603			$	959
Increases (decreases) in income tax from:
Goodwill impairment charge		109					—				—
State and local income taxes, net of federal benefit			119				99				33
Foreign operations			43				(19	)			(50	)
Corporate structuring transactions (1)			(255	)			(68	)			(76	)
Tax Cuts and Jobs Act (2)			(1,357	)			—				—
Foreign tax credits from distributions			(225	)			—				—
Uncertain tax positions			86				—				—
TNT Express integration and acquisition costs			20				25				40
Other, net (3)			(30	)			(58	)			14
		$	(219	)		$	1,582			$	920
Effective Tax Rate			(5.0	)%			34.6	%			33.6	%

⁽¹⁾ The 2018 and 2017 net benefits consist of foreign deferred tax benefits of $434 million and $94 million, respectively, which were partially offset by U.S. deferred tax expenses of $179 million and $26 million, respectively.

⁽²⁾ Primary components are a $1.15 billion benefit from the remeasurement of our net U.S. deferred tax liability and a $204 million one-time benefit from a contribution to our U.S. Pensions Plans in February 2018.

⁽³⁾ Includes benefits from share-based payments of $60 million and $55 million in 2018 and 2017, respectively.

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities as of May 31 were as follows (in millions):

		2018								2017
		Deferred Tax Assets				Deferred Tax Liabilities				Deferred Tax Assets				Deferred Tax Liabilities
Property, equipment, leases and intangibles		$	752			$	3,663			$	124			$	4,993
Employee benefits			595				31				1,951				—
Self-insurance accruals			494				—				745				—
Other			416				602				692				660
Net operating loss/credit carryforwards			1,146				—				1,069				—
Valuation allowances			(711	)			—				(738	)			—
		$	2,692			$	4,296			$	3,843			$	5,653

Schedule of Net Deferred Tax Liabilities

The net deferred tax liabilities as of May 31 have been classified in the balance sheets as follows (in millions):

		2018				2017
Noncurrent deferred tax assets(1)		$	1,263			$	675
Noncurrent deferred tax liabilities			(2,867	)			(2,485	)
		$	(1,604	)		$	(1,810	)

⁽¹⁾ Noncurrent deferred tax assets are included in the line item “Other Assets” in our consolidated balance sheets.

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

		2018				2017				2016
Balance at beginning of year		$	67			$	49			$	36
Increases for tax positions taken in the current year			3				—				3
Increases for tax positions taken in prior years			103				8				3
Increase for business acquisition			—				17				25
Decreases for tax positions taken in prior years			(10	)			(1	)			(5	)
Settlements			(2	)			(4	)			(4	)
Decreases from lapse of statute of limitations			—				(2	)			(7	)
Changes due to currency translation			—				—				(2	)
Balance at end of year		$	161			$	67			$	49

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- Definition

For entities that net deferred tax assets and tax liabilities, represents the net amount of deferred tax assets (after reduction for valuation allowance) and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities that are classified as current or noncurrent in the financial statements.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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