XML 43 R15.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Commitments | 3 Months Ended
--- | ---
Aug. 31, 2018
Commitments [Abstract] |
Commitments | (8) Commitments As of August 31, 2018, our purchase commitments under various contracts for the remainder of 2018 and annually thereafter were as follows (in millions):
|  | Aircraft and Related |  |  | Other(1) |  |  | Total |
2019 (remainder) |  | $ | 1,341 |  |  | $ | 664 |  |  | $ | 2,005 |
2020 |  |  | 1,991 |  |  |  | 786 |  |  |  | 2,777 |
2021 |  |  | 2,315 |  |  |  | 500 |  |  |  | 2,815 |
2022 |  |  | 1,856 |  |  |  | 363 |  |  |  | 2,219 |
2023 |  |  | 1,561 |  |  |  | 263 |  |  |  | 1,824 |
Thereafter |  |  | 2,986 |  |  |  | 532 |  |  |  | 3,518 |
Total |  | $ | 12,050 |  |  | $ | 3,108 |  |  | $ | 15,158 |
| (1) | Primarily equipment and advertising contracts.
The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of August 31, 2018, our obligation to purchase six Boeing 777 Freighter (“B777F”) aircraft and five Boeing 767-300 Freighter (“B767F”) aircraft is conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the Railway Labor Act of 1926, as amended (“RLA”). Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above. During the quarter, FedEx Express entered into agreements to purchase 12 incremental B777F aircraft and 12 incremental B767F aircraft. Six of the B777F and one of the B767F aircraft purchases are conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the RLA (the RLA condition was removed from three previously ordered B777F aircraft). The B777F aircraft are expected to be delivered between 2021 and 2025. The B767F aircraft are expected to be delivered between 2020 and 2022. As part of these agreements, one B777F and one B767F aircraft delivery were accelerated from 2020 to 2019. One B777F aircraft and five B767F aircraft were delivered during the quarter. FedEx Express now has a total of 23 firm orders for B777F aircraft scheduled for delivery during the remainder of 2019 through 2025 and a total of 64 firm orders for B767F aircraft for delivery during the remainder of 2019 through 2023. During the quarter, FedEx Express also acquired options to purchase an additional 14 B777F aircraft, and the delivery dates of 11 existing B777F option aircraft were rescheduled. As a result, FedEx Express now has options to purchase a total of 25 B777F aircraft for delivery through 2028. FedEx Express also acquired options to purchase an additional six B767F aircraft. As a result, FedEx Express now has options to purchase a total of 50 B767F aircraft for delivery through 2026. As of August 31, 2018, we had $992 million in deposits and progress payments on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our accompanying unaudited condensed consolidated balance sheets. Aircraft and related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of August 31, 2018, with the year of expected delivery:
|  | Cessna SkyCourier 408 |  |  | ATR 72-600F |  |  | B767F |  |  | B777F |  |  | Total |
2019 (remainder) |  |  | - |  |  |  | - |  |  |  | 11 |  |  |  | 3 |  |  |  | 14 |
2020 |  |  | - |  |  |  | - |  |  |  | 17 |  |  |  | 5 |  |  |  | 22 |
2021 |  |  | 12 |  |  |  | 5 |  |  |  | 18 |  |  |  | 2 |  |  |  | 37 |
2022 |  |  | 12 |  |  |  | 6 |  |  |  | 12 |  |  |  | 3 |  |  |  | 33 |
2023 |  |  | 12 |  |  |  | 6 |  |  |  | 6 |  |  |  | 4 |  |  |  | 28 |
Thereafter |  |  | 14 |  |  |  | 13 |  |  |  | - |  |  |  | 6 |  |  |  | 33 |
Total |  |  | 50 |  |  |  | 30 |  |  |  | 64 |  |  |  | 23 |  |  |  | 167 |
A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at August 31, 2018 is as follows (in millions):
|  | Aircraft and Related Equipment |  |  | Facilities and Other |  |  | Total Operating Leases |
2019 (remainder) |  | $ | 307 |  |  | $ | 1,623 |  |  | $ | 1,930 |
2020 |  |  | 261 |  |  |  | 1,961 |  |  |  | 2,222 |
2021 |  |  | 203 |  |  |  | 1,796 |  |  |  | 1,999 |
2022 |  |  | 185 |  |  |  | 1,615 |  |  |  | 1,800 |
2023 |  |  | 127 |  |  |  | 1,459 |  |  |  | 1,586 |
Thereafter |  |  | 48 |  |  |  | 8,319 |  |  |  | 8,367 |
Total |  | $ | 1,131 |  |  | $ | 16,773 |  |  | $ | 17,904 |
Future minimum lease payments under capital leases were immaterial at August 31, 2018. 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.

X
- Definition Commitments [Abstract] + References No definition available. + Details
Name: | fdx_CommitmentsAbstract
Namespace Prefix: | fdx_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
Name: | us-gaap_CommitmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration