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COMMITMENTS

12 Months Ended

May 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

COMMITMENTS

Annual purchase commitments under various contracts as of May 31, 2025 were as follows (in millions):

			Aircraft and Aircraft Related						Other(1)						Total
2026			$	889					$	848					$	1,737
2027			1,114						581						1,695
2028			989						411						1,400
2029			410						338						748
2030			204						20						224
Thereafter			1,075						90						1,165
Total			$	4,681					$	2,288					$	6,969

(1)Primarily information technology and advertising contracts.

The amounts reflected in the table above for purchase commitments represent noncancellable agreements to purchase goods or services. Open purchase orders that are cancellable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above.

We have several aircraft modernization programs under way that are supported by the purchase of Boeing 777 Freighter (“B777F”) and Boeing 767-300 Freighter (“B767F”) aircraft. These aircraft are significantly more fuel-efficient per unit than the aircraft types previously utilized, and these future expenditures are necessary to achieve significant long-term operational savings and to replace older aircraft. Our ability to delay the timing of these aircraft-related expenditures is limited without incurring significant costs to modify existing purchase agreements.

As of May 31, 2025, we had $590 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 consolidated balance sheets. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we were committed to purchase as of May 31, 2025, with the year of expected delivery:

			Cessna SkyCourier 408						ATR 72-600F						B767F						B777F						Total
2026			19						3						7						—						29
2027			4						3						—						5						12
2028			—						4						—						5						9
2029			—						4						—						—						4
2030			—						2						—						—						2
Thereafter			—						—						—						—						—
Total			23						16						7						10						56

During 2025, Federal Express exercised options to purchase eight B777F aircraft and ten ATR 72-600F aircraft. Of the eight B777F aircraft, three are expected to be delivered in calendar year 2026 and five are expected to be delivered in calendar year 2027. Of the ten ATR 72-600F aircraft, three are expected to be delivered in calendar year 2027, four in calendar year 2028, and three in calendar year 2029.

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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
-Topic 440
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/440/tableOfContent

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