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Commitments | 9 Months Ended
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Feb. 29, 2020
Commitments [Abstract] |
Commitments | (9) Commitments As of February 29, 2020, 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) |  | $ | 159 |  |  | $ | 331 |  |  | $ | 490 |
2021 |  |  | 2,285 |  |  |  | 797 |  |  |  | 3,082 |
2022 |  |  | 2,630 |  |  |  | 570 |  |  |  | 3,200 |
2023 |  |  | 2,069 |  |  |  | 381 |  |  |  | 2,450 |
2024 |  |  | 698 |  |  |  | 227 |  |  |  | 925 |
Thereafter |  |  | 3,358 |  |  |  | 585 |  |  |  | 3,943 |
Total |  | $ | 11,199 |  |  | $ | 2,891 |  |  | $ | 14,090 |
| (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 February 29, 2020, our obligation to purchase six Boeing 777 Freighter (“B777F”) aircraft and three 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. During the first quarter of 2020, FedEx Express exercised options to purchase an additional six B767F aircraft for delivery in 2022. During the third quarter of 2020, FedEx Express executed two contract amendments rescheduling two B777F aircraft deliveries from 2023 to 2022 and two B767F aircraft deliveries from 2022 to 2023. As of February 29, 2020, we had $733 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 February 29, 2020 with the year of expected delivery:
|  | Cessna SkyCourier 408 |  |  | ATR 72-600F |  |  | B767F |  |  | B777F |  |  | Total |
2020 (remainder) |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 6 |
2021 |  |  | 12 |  |  |  | 5 |  |  |  | 18 |  |  |  | 2 |  |  |  | 37 |
2022 |  |  | 12 |  |  |  | 6 |  |  |  | 16 |  |  |  | 5 |  |  |  | 39 |
2023 |  |  | 12 |  |  |  | 6 |  |  |  | 8 |  |  |  | 2 |  |  |  | 28 |
2024 |  |  | 14 |  |  |  | 6 |  |  |  | — |  |  |  | 4 |  |  |  | 24 |
Thereafter |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 2 |  |  |  | 9 |
Total |  |  | 50 |  |  |  | 30 |  |  |  | 48 |  |  |  | 15 |  |  |  | 143 |

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- Definition Commitments [Abstract] + References No definition available. + Details
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- 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
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