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Commitments
3 Months Ended
Aug. 31, 2019
Commitments [Abstract]  
Commitments

(8) Commitments

As of August 31, 2019, our purchase commitments under various contracts for the remainder of 2020 and annually thereafter were as follows (in millions):

 

 

 

Aircraft and Related

 

 

Other(1)

 

 

Total

 

2020 (remainder)

 

$

1,043

 

 

$

789

 

 

$

1,832

 

2021

 

 

2,436

 

 

 

691

 

 

 

3,127

 

2022

 

 

2,392

 

 

 

470

 

 

 

2,862

 

2023

 

 

1,587

 

 

 

340

 

 

 

1,927

 

2024

 

 

503

 

 

 

192

 

 

 

695

 

Thereafter

 

 

2,449

 

 

 

541

 

 

 

2,990

 

Total

 

$

10,410

 

 

$

3,023

 

 

$

13,433

 

 

 

(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, 2019, 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. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above.

On June 24, 2019, FedEx Express exercised options to purchase an additional six B767F aircraft for delivery in 2022.

As of August 31, 2019, we had $611 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, 2019 with the year of expected delivery:

 

 

 

Cessna SkyCourier 408

 

 

ATR 72-600F

 

 

B767F

 

 

B777F

 

 

Total

 

2020 (remainder)

 

 

-

 

 

 

-

 

 

 

13

 

 

 

1

 

 

 

14

 

2021

 

 

12

 

 

 

5

 

 

 

18

 

 

 

2

 

 

 

37

 

2022

 

 

12

 

 

 

6

 

 

 

18

 

 

 

3

 

 

 

39

 

2023

 

 

12

 

 

 

6

 

 

 

6

 

 

 

4

 

 

 

28

 

2024

 

 

14

 

 

 

6

 

 

 

-

 

 

 

4

 

 

 

24

 

Thereafter

 

 

-

 

 

 

7

 

 

 

-

 

 

 

2

 

 

 

9

 

Total

 

 

50

 

 

 

30

 

 

 

55

 

 

 

16

 

 

 

151