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Commitments | 6 Months Ended
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Nov. 30, 2021
Commitments [Abstract] |
Commitments | (8) Commitments As of November 30, 2021, our purchase commitments under various contracts for the remainder of 2022 and annually thereafter were as follows (in millions):
|  | Aircraft and Related |  |  | Other(1) |  |  | Total |
2022 (remainder) |  | $ | 485 |  |  | $ | 469 |  |  | $ | 954 |
2023 |  |  | 2,615 |  |  |  | 784 |  |  |  | 3,399 |
2024 |  |  | 1,907 |  |  |  | 586 |  |  |  | 2,493 |
2025 |  |  | 1,359 |  |  |  | 444 |  |  |  | 1,803 |
2026 |  |  | 432 |  |  |  | 398 |  |  |  | 830 |
Thereafter |  |  | 2,289 |  |  |  | 268 |  |  |  | 2,557 |
Total |  | $ | 9,087 |  |  | $ | 2,949 |  |  | $ | 12,036 |
| (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 November 30, 2021, our obligation to purchase two Boeing 777 Freighter (“B777F”) aircraft and two 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 2022, FedEx Express exercised options to purchase an additional 20 B767F aircraft, ten of which will be delivered in 2024 and ten of which will be delivered in 2025. As of November 30, 2021, we had $629 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 November 30, 2021 with the year of expected delivery:
|  | Cessna SkyCourier 408 |  |  | ATR 72-600F |  |  | B767F |  |  | B777F |  |  | Total |
2022 (remainder) |  |  | 3 |  |  |  | 7 |  |  |  | 3 |  |  |  | — |  |  |  | 13 |
2023 |  |  | 12 |  |  |  | 6 |  |  |  | 13 |  |  |  | 2 |  |  |  | 33 |
2024 |  |  | 12 |  |  |  | 6 |  |  |  | 14 |  |  |  | 4 |  |  |  | 36 |
2025 |  |  | 12 |  |  |  | 6 |  |  |  | 10 |  |  |  | 2 |  |  |  | 30 |
2026 |  |  | 11 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 12 |
Thereafter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 50 |  |  |  | 26 |  |  |  | 40 |  |  |  | 8 |  |  |  | 124 |
A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year as of November 30, 2021 is as follows (in millions):
|  | Aircraft and Related Equipment |  |  | Facilities and Other |  |  | Total Operating Leases |  |  | Finance Leases |  |  | Total Leases |
2022 (remainder) |  | $ | 165 |  |  | $ | 1,260 |  |  | $ | 1,425 |  |  | $ | 70 |  |  | $ | 1,495 |
2023 |  |  | 200 |  |  |  | 2,471 |  |  |  | 2,671 |  |  |  | 34 |  |  |  | 2,705 |
2024 |  |  | 111 |  |  |  | 2,207 |  |  |  | 2,318 |  |  |  | 30 |  |  |  | 2,348 |
2025 |  |  | 80 |  |  |  | 1,949 |  |  |  | 2,029 |  |  |  | 26 |  |  |  | 2,055 |
2026 |  |  | 73 |  |  |  | 1,705 |  |  |  | 1,778 |  |  |  | 21 |  |  |  | 1,799 |
Thereafter |  |  | 223 |  |  |  | 8,351 |  |  |  | 8,574 |  |  |  | 690 |  |  |  | 9,264 |
Total lease payments |  |  | 852 |  |  |  | 17,943 |  |  |  | 18,795 |  |  |  | 871 |  |  |  | 19,666 |
Less imputed interest |  |  | (59 | ) |  |  | (2,410 | ) |  |  | (2,469 | ) |  |  | (361 | ) |  |  | (2,830 | )
Present value of lease liability |  | $ | 793 |  |  | $ | 15,533 |  |  | $ | 16,326 |  |  | $ | 510 |  |  | $ | 16,836 |
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. As of November 30, 2021, FedEx has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases are generally for build-to-suit facilities and have undiscounted future payments of approximately $2.5 billion that will commence when FedEx gains beneficial access to the leased asset. Commencement dates are expected to be from 2022 to 2023.

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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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