FedEx (FDX) 10-Q16 Dec 212022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Nov. 30, 2021	Dec. 14, 2021
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Nov. 30, 2021
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	FedEx Corporation
Entity Current Reporting Status	Yes
Entity File Number	1-15829
Entity Tax Identification Number	62-1721435
Entity Address, Address Line One	942 South Shady Grove Road
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38120
City Area Code	901
Local Phone Number	818-7500
Entity Central Index Key	0001048911
Current Fiscal Year End Date	--05-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		264,969,342
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Common Stock, Par Value $0.10 Per Share [Member]
Document Information [Line Items]
Trading Symbol	FDX
Title of 12(b) Security	Common Stock, par value $0.10 per share
Security Exchange Name	NYSE
0.450% Notes Due 2025 [Member]
Document Information [Line Items]
Trading Symbol	FDX 25A
Title of 12(b) Security	0.450% Notes due 2025
Security Exchange Name	NYSE
1.625% Notes Due 2027 [Member]
Document Information [Line Items]
Trading Symbol	FDX 27
Title of 12(b) Security	1.625% Notes due 2027
Security Exchange Name	NYSE
0.450% Notes Due 2029 [Member]
Document Information [Line Items]
Trading Symbol	FDX 29A
Title of 12(b) Security	0.450% Notes due 2029
Security Exchange Name	NYSE
1.300% Notes Due 2031 [Member]
Document Information [Line Items]
Trading Symbol	FDX 31
Title of 12(b) Security	1.300% Notes due 2031
Security Exchange Name	NYSE
0.950% Notes Due 2033 [Member]
Document Information [Line Items]
Trading Symbol	FDX 33
Title of 12(b) Security	0.950% Notes due 2033
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 30, 2021	May 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 6,833	$ 7,087
Receivables, less allowances of $792 and $742	12,197	12,069
Spare parts, supplies, and fuel, less allowances of $351 and $349	594	587
Prepaid expenses and other	1,123	837
Total current assets	20,747	20,580
PROPERTY AND EQUIPMENT, AT COST	72,974	70,077
Less accumulated depreciation and amortization	35,821	34,325
Net property and equipment	37,153	35,752
OTHER LONG-TERM ASSETS
Operating lease right-of-use assets, net	16,018	15,383
Goodwill	6,702	6,992
Other assets	3,627	4,070
Total other long-term assets	26,347	26,445
ASSETS	84,247	82,777
CURRENT LIABILITIES
Current portion of long-term debt	117	146
Accrued salaries and employee benefits	2,537	2,903
Accounts payable	4,190	3,841
Operating lease liabilities	2,371	2,208
Accrued expenses	4,669	4,562
Total current liabilities	13,884	13,660
LONG-TERM DEBT, LESS CURRENT PORTION	20,386	20,733
OTHER LONG-TERM LIABILITIES
Deferred income taxes	4,162	3,927
Pension, postretirement healthcare, and other benefit obligations	3,353	3,501
Self-insurance accruals	2,594	2,430
Operating lease liabilities	13,955	13,375
Other liabilities	973	983
Total other long-term liabilities	25,037	24,216
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of November 30, 2021 and May 31, 2021	32	32
Additional paid-in capital	3,653	3,481
Retained earnings	31,307	29,817
Accumulated other comprehensive loss	(977)	(732)
Treasury stock, at cost	(9,075)	(8,430)
Total common stockholders’ investment	24,940	24,168
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT	$ 84,247	$ 82,777

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 30, 2021	May 31, 2021
CURRENT ASSETS
Allowances for receivables	$ 792	$ 742
Allowances for spare parts, supplies and fuel	$ 351	$ 349
COMMON STOCKHOLDERS' INVESTMENT
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	318,000,000	318,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Income Statement [Abstract]
REVENUE	$ 23,474	$ 20,563	$ 45,477	$ 39,884
OPERATING EXPENSES:
Salaries and employee benefits	8,135	7,443	15,911	14,295
Purchased transportation	6,241	5,407	11,900	10,384
Rentals and landing fees	1,177	1,006	2,310	1,942
Depreciation and amortization	995	936	1,966	1,862
Fuel	1,145	625	2,154	1,190
Maintenance and repairs	839	815	1,708	1,621
Business realignment costs	44		111
Other	3,301	2,866	6,422	5,535
OPERATING EXPENSES	21,877	19,098	42,482	36,829
OPERATING INCOME	1,597	1,465	2,995	3,055
OTHER (EXPENSE) INCOME:
Interest, net	(155)	(184)	(315)	(368)
Other retirement plans (expense) income	(47)	150	169	351
Other, net	(15)	(25)	(12)	(26)
OTHER INCOME (EXPENSE)	(217)	(59)	(158)	(43)
INCOME BEFORE INCOME TAXES	1,380	1,406	2,837	3,012
PROVISION FOR INCOME TAXES	336	180	681	541
NET INCOME	$ 1,044	$ 1,226	$ 2,156	$ 2,471
EARNINGS PER COMMON SHARE:
Basic	$ 3.94	$ 4.64	$ 8.11	$ 9.40
Diluted	3.88	4.55	7.97	9.26
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.75	$ 0.65	$ 2.25	$ 1.95

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 1,044	$ 1,226	$ 2,156	$ 2,471
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustments, net of tax benefit of $4 and $4 in 2021 and tax expense of $6 and $4 in 2020	(94)	124	(241)	253
Amortization of prior service credit, net of tax benefit of $1 and $1 in 2021 and $0 and $1 in 2020	(2)	(2)	(4)	(4)
Other comprehensive income (loss)	(96)	122	(245)	249
COMPREHENSIVE INCOME	$ 948	$ 1,348	$ 1,911	$ 2,720

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Other Comprehensive Income, Tax Amounts
Foreign currency translation adjustments, tax expense (benefit)	$ (4)	$ 6	$ (4)	$ 4
Amortization of prior service credit, tax benefit	$ 1	$ 0	$ 1	$ 1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Operating Activities:
Net income	$ 2,156	$ 2,471
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	1,966	1,862
Provision for uncollectible accounts	211	291
Stock-based compensation	112	121
Retirement plans mark-to-market adjustments	260	52
Other noncash items including leases and deferred income taxes	1,713	1,482
Business realignment costs	55
Changes in assets and liabilities:
Receivables	(519)	(1,100)
Other assets	(236)	(56)
Accounts payable and other liabilities	(1,582)	241
Other, net	(54)	(134)
Cash provided by operating activities	4,082	5,230
Investing Activities:
Capital expenditures	(3,143)	(2,826)
Proceeds from asset dispositions and other	31	14
Cash used in investing activities	(3,112)	(2,812)
Financing Activities:
Principal payments on debt	(72)	(75)
Proceeds from debt issuances		970
Proceeds from stock issuances	111	431
Dividends paid	(400)	(341)
Purchase of treasury stock	(748)
Other, net		(12)
Cash (used in) provided by financing activities	(1,109)	973
Effect of exchange rate changes on cash	(115)	67
Net (decrease) increase in cash and cash equivalents	(254)	3,458
Cash and cash equivalents at beginning of period	7,087	4,881
Cash and cash equivalents at end of period	$ 6,833	$ 8,339

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Common Stockholders' Investment - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Beginning Balance			$ 24,168
Net income	$ 1,044	$ 1,226	2,156	$ 2,471
Other comprehensive income, net of tax benefit/(expense)	(96)	122	(245)	249
Ending Balance	24,940	21,039	24,940	21,039
Common Stock
Beginning Balance	32	32	32	32
Ending Balance	32	32	32	32
Additional Paid-In Capital
Beginning Balance	3,610	3,375	3,481	3,356
Employee incentive plans and other	43	25	172	44
Ending Balance	3,653	3,400	3,653	3,400
Retained Earnings
Beginning Balance	30,462	26,108	29,817	25,216
Net income	1,044	1,226	2,156	2,471
Cash dividends declared	(198)	(172)	(598)	(513)
Employee incentive plans and other	(1)	46	(68)	34
Ending Balance	31,307	27,208	31,307	27,208
Accumulated Other Comprehensive Income
Beginning Balance	(881)	(1,020)	(732)	(1,147)
Other comprehensive income, net of tax benefit/(expense)	(96)	122	(245)	249
Ending Balance	(977)	(898)	(977)	(898)
Treasury Stock
Beginning Balance	(8,902)	(9,033)	(8,430)	(9,162)
Purchase of treasury stock	(199)		(748)
Employee incentive plans and other	26	330	103	459
Ending Balance	$ (9,075)	$ (8,703)	$ (9,075)	$ (8,703)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Common Stockholders' Investment (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Statement Of Stockholders Equity [Abstract]
Cash dividends declared, per share	$ 0.75	$ 0.65	$ 2.25	$ 1.95
Other comprehensive income, tax benefit/(expense)	$ 5	$ (6)	$ 5	$ (3)
Purchase of treasury stock	900,000	0	2,800,000	0
Employee incentive plans and other, shares issued	200,000	2,400,000	800,000	3,400,000

General

General	6 Months Ended
General	Nov. 30, 2021
General [Abstract]
General	(1) General SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of FedEx Corporation (“FedEx”) have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10-K for the year ended May 31, 2021 (“Annual Report”). Significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of November 30, 2021, and the results of our operations for the three- and six-month periods ended November 30, 2021 and 2020, cash flows for the six-month periods ended November 30, 2021 and 2020, and changes in common stockholders’ investment for the three- and six-month periods ended November 30, 2021 and 2020. Operating results for the three- and six-month periods ended November 30, 2021 are not necessarily indicative of the results that may be expected for the year ending May 31, 2022. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2022 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year. REVENUE RECOGNITION . Contract Assets and Liabilities Contract assets include billed and unbilled amounts resulting from in-transit shipments, as we have an unconditional right to payment only once all performance obligations have been completed (e.g., packages have been delivered). Contract assets are generally classified as current and the full balance is converted each quarter based on the short-term nature of the transactions. Our contract liabilities consist of advance payments and billings in excess of revenue. The full balance of deferred revenue is converted each quarter based on the short-term nature of the transactions. Gross contract assets related to in-transit shipments totaled $926 million and $715 million at November 30, 2021 and May 31, 2021, respectively. Contract assets net of deferred unearned revenue were $683 million and $572 million at November 30, 2021 and May 31, 2021, respectively. Contract assets are included within current assets in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities related to advance payments from customers were $9 million at both November 30, 2021 and May 31, 2021. Contract liabilities are included within current liabilities in the accompanying unaudited condensed consolidated balance sheets. Disaggregation of Revenue The following table provides revenue by service type (in millions) for the periods ended November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Six Months Ended 2021 2020 2021 2020 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 2,249 $ 2,012 $ 4,419 $ 3,873 U.S. overnight envelope 474 435 956 861 U.S. deferred 1,307 1,204 2,538 2,300 Total U.S. domestic package revenue 4,030 3,651 7,913 7,034 International priority 3,107 2,510 5,946 4,827 International economy 706 658 1,375 1,274 Total international export package revenue 3,813 3,168 7,321 6,101 International domestic (1) 1,147 1,206 2,261 2,294 Total package revenue 8,990 8,025 17,495 15,429 Freight: U.S. 775 799 1,550 1,632 International priority 994 737 1,867 1,390 International economy 438 408 852 779 International airfreight 47 65 94 140 Total freight revenue 2,254 2,009 4,363 3,941 Other 361 334 713 645 Total FedEx Express segment 11,605 10,368 22,571 20,015 FedEx Ground segment 8,264 7,344 15,941 14,384 FedEx Freight segment 2,272 1,936 4,523 3,762 FedEx Services segment 77 8 112 16 Other and eliminations (2) 1,256 907 2,330 1,707 $ 23,474 $ 20,563 $ 45,477 $ 39,884 (1) International domestic revenue relates to our international intra-country operations. (2) Includes the FedEx Office and Print Services, Inc. (“FedEx Office”), FedEx Logistics, Inc. (“FedEx Logistics”), and FedEx Dataworks (including ShopRunner, Inc.) (“FedEx Dataworks”) operating segments. The financial results of FedEx Dataworks are included in the period ended November 30, 2021. EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. The pilots of Federal Express Corporation (“FedEx Express”), who are a small number of its total employees, are employed under a collective bargaining agreement that took effect on November 2, 2015, and became amendable in November 2021. Bargaining for a successor agreement began in May 2021 and continues. A small number of our other employees are members of unions. EQUITY INVESTMENT. On December 8, 2021, FedEx Express’s strategic alliance with Delhivery Limited (“Delhivery”) came into effect. In connection with the strategic alliance, FedEx Express and Delhivery entered into equity and commercial agreements. As part of the collaboration, FedEx Express made a $100 million equity investment in Delhivery, FedEx Express sold certain assets pertaining to its domestic business in India to Delhivery, and the companies entered into a long-term commercial agreement. FedEx Express will focus on international export and import services to and from India, and Delhivery will, in addition to FedEx, sell FedEx Express international products and services in the India market and provide pickup-and-delivery services across India. This transaction will be recorded in the third quarter of 2022 and is not expected to be material to our 2022 results of operations STOCK-BASED COMPENSATION. We have two types of equity-based compensation: stock options and restricted stock. The key terms of the stock option and restricted stock awards granted under our outstanding incentive stock plans and all financial disclosures about these programs are set forth in our Annual Report. Our stock-based compensation expense was $43 million for the three-month period ended November 30, 2021 and $112 million for the six-month period ended November 30, 2021. Our stock-based compensation expense was $46 million for the three-month period ended November 30, 2020 and $121 million for the six-month period ended November 30, 2020. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report. BUSINESS REALIGNMENT COSTS. In 2021, FedEx Express announced a workforce reduction plan in Europe as it nears the completion of the network integration of TNT Express. The plan will affect between 5,500 and 6,300 employees in Europe across operational teams and back-office functions. The execution of the plan is subject to a works council consultation process that will occur over an 18-month period in accordance with local country processes and regulations We incurred costs associated with our business realignment activities of $44 million ($34 million, net of tax, or $0.13 per diluted share) in the second quarter and $111 million ($85 million, net of tax, or $0.31 per diluted share) in the first half of 2022 . rst half of 2022 he actual amount and timing of business realignment costs and related cost savings resulting from the workforce reduction plan are dependent on local country consultation processes and regulations and negotiated social plans. For additional information about the business realignment costs, see the section titled “Business Realignment Costs” included in Item 2 of this Form 10-Q (“Management’s Discussion and Analysis of Results of Operations and Financial Condition DERIVATIVE FINANCIAL INSTRUMENTS. Our risk management strategy includes the select use of derivative instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. In accordance with our risk management policies, we do not hold or issue derivative instruments for trading or speculative purposes. All derivative instruments are recognized in the financial statements at fair value, regardless of the purpose or intent for holding them. When we become a party to a derivative instrument and intend to apply hedge accounting, we formally document the hedge relationship and the risk management objective for undertaking the hedge, which includes designating the instrument for financial reporting purposes as a fair value hedge, a cash flow hedge, or a net investment hedge. If a derivative is designated as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in other comprehensive income. For net investment hedges, the entire change in the fair value is recorded in other comprehensive income. Any portion of a change in the fair value of a derivative that is considered to be ineffective, along with the change in fair value of any derivatives not designated in a hedging relationship, is immediately recognized in the income statement. We do not have any derivatives designated as a cash flow hedge for any period presented. As of November 30, 2021, we had €212 million of debt designated as a net investment hedge to reduce the volatility of the U.S. dollar value of a portion of our net investment in a euro-denominated consolidated subsidiary. As of November 30, 2021, the hedge remains effective. RECENT ACCOUNTING GUIDANCE. New accounting rules and disclosure requirements can significantly affect our reported results and the comparability of our financial statements. We believe the following new accounting guidance is relevant to the readers of our financial statements. New Accounting Standards and Accounting Standards Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate or another reference to be discontinued because of reference rate reform. The expedients and exceptions provided in ASU 2020-04 are optional and may be elected over time individually or in aggregate, through December 31, 2022, as reference rate reform activities occur. Any expedients and exceptions elected must be applied prospectively for all eligible contract modifications. While there has been no material effect to our financial condition, results of operations, or cash flows from reference rate reform as of November 30, 2021, we continue to monitor our contracts and transactions for potential application of this ASU. In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842), which amends lease classification requirements for lessors to align with practice under Topic 840 (Leases). These changes will be effective June 1, 2022 (fiscal 2023). We expect this new guidance will have minimal effect on our financial reporting. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), which requires annual disclosures that increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. These changes will be effective June 1, 2022 (fiscal 2023). We are assessing the effect of this new standard on our consolidated financial statements and related disclosures. TREASURY SHARES. In January 2016, our Board of Directors approved a stock repurchase program of up to 25 million shares. During the second quarter of 2022, we repurchased 0.9 million shares of FedEx common stock under the 2016 program at an average price of $223.90 per share for a total of $199 million. During the first half of 2022, we repurchased 2.8 million shares of FedEx common stock under the 2016 program at an average price of $267.27 per share for a total of $748 million. As of November 30, 2021, 2.3 million shares remained available for repurchase under the 2016 stock repurchase authorization. In December 2021, our Board of Directors authorized a new stock repurchase program of up to $5 billion of FedEx common stock, including $1.5 billion of FedEx common stock to be repurchased through an accelerated share repurchase (“ASR”) agreement with a bank. The ASR will be used in part to complete the 2016 stock repurchase authorization. Shares under the 2016 and 2021 repurchase programs may be repurchased from time to time in the open market or in privately negotiated transactions. The timing and volume of repurchases are at the discretion of management, based on the capital needs of the business, the market price of FedEx common stock, and general market conditions. No time limits were set for the completion of the programs, and the programs may be suspended or discontinued at any time. DIVIDENDS DECLARED PER COMMON SHARE. On November 19, 2021, our Board of Directors declared a quarterly dividend of $0.75 per share of common stock. The dividend will be paid on December 27, 2021 to stockholders of record as of the close of business on December 13, 2021. Each quarterly dividend payment is subject to review and approval by our Board of Directors, and we evaluate our dividend payment amount on an annual basis. There are no material restrictions on our ability to declare dividends, nor are there any material restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances.

Credit Losses

Credit Losses	6 Months Ended
Credit Losses	Nov. 30, 2021
Credit Loss [Abstract]
Credit Losses	(2) Credit Losses We are exposed to credit losses primarily through our trade receivables. We assess ability for certain customers to pay by conducting a credit review, which considers the customer’s established credit rating and our assessment of creditworthiness. We determine the allowance for credit losses on accounts receivable using a combination of specific reserves for accounts that are deemed to exhibit credit loss indicators and general reserves that are determined using loss rates based on historical write-offs by geography and recent forecasted information, including underlying economic expectations. We update our estimate of credit loss reserves quarterly, considering recent write-offs and collections information and underlying economic expectations. Credit losses were $94 million for the three-month period ended November 30, 2021 and $211 million for the six-month period ended November 30, 2021. Credit losses were $148 million for the three-month period ended November 30, 2020 and $291 million for the six-month period ended November 30, 2020. Our allowance for credit losses was $362 million at November 30, 2021 and $358 million at May 31, 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
Accumulated Other Comprehensive Loss	Nov. 30, 2021
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Loss	(3) Accumulated Other Comprehensive Loss The following table provides changes in accumulated other comprehensive income (“AOCI”), net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended November 30 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Six Months Ended 2021 2020 2021 2020 Foreign currency translation loss: Balance at beginning of period $ (932 ) $ (1,078 ) $ (785 ) $ (1,207 ) Translation adjustments (94 ) 124 (241 ) 253 Balance at end of period (1,026 ) (954 ) (1,026 ) (954 ) Retirement plans adjustments: Balance at beginning of period 51 58 53 60 Reclassifications from AOCI (2 ) (2 ) (4 ) (4 ) Balance at end of period 49 56 49 56 Accumulated other comprehensive (loss) at end of period $ (977 ) $ (898 ) $ (977 ) $ (898 ) The following table presents details of the reclassifications from AOCI for the periods ended November 30 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Six Months Ended 2021 2020 2021 2020 Amortization of retirement plans prior service credits, before tax $ 3 $ 2 $ 5 $ 5 Other retirement plans (expense) income Income tax benefit (1 ) — (1 ) (1 ) Provision for income taxes AOCI reclassifications, net of tax $ 2 $ 2 $ 4 $ 4 Net income

Financing Arrangements

Financing Arrangements	6 Months Ended
Financing Arrangements	Nov. 30, 2021
Debt And Capital Lease Obligations [Abstract]
Financing Arrangements	(4) Financing Arrangements We have a shelf registration statement filed with the SEC that allows us to sell, in one or more future offerings, any combination of our unsecured debt securities and common stock and allows pass-through trusts formed by FedEx Express to sell, in one or more future offerings, pass-through certificates. FedEx Express has issued $970 million of Pass-Through Certificates, Series 2020-1AA (the “Certificates”) with a fixed interest rate of 1.875% due in February 2034 utilizing pass-through trusts. The Certificates are secured by 19 Boeing aircraft with a net book value of $1.8 billion at November 30, 2021. The payment obligations of FedEx Express in respect of the Certificates are fully and unconditionally guaranteed by FedEx. FedEx Express is using the proceeds from the issuance for general corporate purposes. We have a $2.0 billion five-year credit agreement (the “ Five-Year Our Credit Agreements contain a financial covenant requiring us to maintain a ratio of debt to consolidated earnings (excluding noncash retirement plans mark-to-market (“MTM”) adjustments, noncash pension service costs, and noncash asset impairment charges) before interest, taxes, depreciation, and amortization (“adjusted EBITDA”) of not more than 3.5 to 1.0, calculated as of November 30, 2021 on a rolling four-quarters basis. The ratio of our debt to adjusted EBITDA was 1.93 to 1.0 at November 30, 2021. We believe the financial covenant discussed above is the only significant restrictive covenant in the Credit Agreements. The Credit Agreements contain other customary covenants that do not, individually or in the aggregate, materially restrict the conduct of our business. We are in compliance with the financial covenant and all other covenants in the Credit Agreements and do not expect the covenants to affect our operations, including our liquidity or expected funding needs. If we failed to comply with the financial covenant or any other covenants in the Credit Agreements, our access to financing could become limited. Long-term debt, including current maturities and exclusive of finance leases, had carrying values of $20.0 billion at November 30, 2021 and $20.4 billion at May 31, 2021, compared with estimated fair values of $23.1 billion at both November 30, 2021 and May 31, 2021. The annualized weighted-average interest rate on long-term debt was 3.5% at November 30, 2021. The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of our long-term debt is classified as Level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the liability, either directly or indirectly.

Computation of Earnings Per Sha

Computation of Earnings Per Share	6 Months Ended
Computation of Earnings Per Share	Nov. 30, 2021
Earnings Per Share [Abstract]
Computation of Earnings Per Share	(5) Computation of Earnings Per Share The calculation of basic and diluted earnings per common share for the periods ended November 30 was as follows (in millions, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Basic earnings per common share: Net earnings allocable to common shares (1) $ 1,042 $ 1,224 $ 2,152 $ 2,466 Weighted-average common shares 265 264 265 263 Basic earnings per common share $ 3.94 $ 4.64 $ 8.11 $ 9.40 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 1,042 $ 1,224 $ 2,152 $ 2,466 Weighted-average common shares 265 264 265 263 Dilutive effect of share-based awards 3 5 5 3 Weighted-average diluted shares 268 269 270 266 Diluted earnings per common share $ 3.88 $ 4.55 $ 7.97 $ 9.26 Anti-dilutive options excluded from diluted earnings per common share 4.2 1.3 3.5 5.1 (1) Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans

Retirement Plans	6 Months Ended
Retirement Plans	Nov. 30, 2021
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	(6) Retirement Plans We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans, and postretirement healthcare plans. Key terms of our retirement plans are provided in our Annual Report. Our retirement plans costs for the periods ended November 30 were as follows (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Defined benefit pension plans, net $ (2 ) $ 27 $ (5 ) $ 52 Defined contribution plans 171 153 351 311 Postretirement healthcare plans 23 20 45 41 Retirement plans MTM net loss 260 52 260 52 $ 452 $ 252 $ 651 $ 456 Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2021 2020 2021 2020 2021 2020 Service cost $ 208 $ 212 $ 14 $ 26 $ 12 $ 11 Other retirement plans expense (income): Interest cost 255 239 7 11 11 9 Expected return on plan assets (477 ) (446 ) (6 ) (13 ) — — Amortization of prior service credit and other (2 ) (2 ) (1 ) — — — MTM net loss 36 — 224 52 — — (188 ) (209 ) 224 50 11 9 $ 20 $ 3 $ 238 $ 76 $ 23 $ 20 Six Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2021 2020 2021 2020 2021 2020 Service cost $ 416 $ 425 $ 29 $ 49 $ 24 $ 22 Other retirement plans expense (income): Interest cost 511 479 19 21 21 19 Expected return on plan assets (955 ) (892 ) (20 ) (25 ) — — Amortization of prior service credit and other (4 ) (4 ) (1 ) (1 ) — — MTM net loss 36 — 224 52 — — (412 ) (417 ) 222 47 21 19 $ 4 $ 8 $ 251 $ 96 $ 45 $ 41 For 2022, no pension contributions are required for our tax-qualified U.S. domestic pension plans (“U.S. Pension Plans”) as they are fully funded under the Employee Retirement Income Security Act. We made voluntary contributions to our U.S. Pension Plans of $250 million during the first half of 2022. In 2020, we announced the closing of our U.S.-based defined benefit pension plans to new non-union employees hired on or after January 1, 2020. We will introduce an all-401(k) plan retirement benefit structure for eligible employees with a higher company match of up to 8% across all U.S.-based operating companies in 2022. During calendar 2021, current eligible employees under the Portable Pension Account (“PPA”) pension formula were given a one-time option to continue to be eligible for pension compensation credits under the existing PPA formula and remain in the existing 401(k) plan with its match of up to 3.5%, or to cease receiving compensation credits under the PPA and move to the new 401(k) plan with the higher company match of up to 8%. Changes to the new 401(k) plan structure will become effective beginning January 1, 2022. While this new program will provide employees greater flexibility and reduce our long-term pension costs, it will not have a material impact on current or near-term financial results. In the second quarter of 2022, we incurred a pre-tax, noncash MTM net loss of $36 million related to the U.S. FedEx Freight Pension Plan. During the second quarter of 2022, 21% of FedEx Freight employees elected to move from the current pension/401(k) benefit structure to the new 401(k)-only structure with a higher company match effective January 1, 2022. We incurred an additional pre-tax, noncash MTM net loss of $224 million in the second quarter of 2022 related to the termination of the TNT Express Netherlands Pension Plan. Effective October 1, 2021, the responsibility of all pension assets and liabilities of this plan was transferred to a separate, multi-employer pension plan. In the second quarter of 2021, we incurred a pre-tax, noncash MTM net loss of $52 million related to amendments to the TNT Express Netherlands Pension Plan. Benefits for approximately 2,100 employees were frozen effective December 31, 2020. Effective January 1, 2021, these employees began earning pension benefits under a separate, multi-employer pension plan. This $52 million net loss consisted of a $106 million MTM loss due to a lower discount rate and a $54 million curtailment gain .

Business Segment Information

Business Segment Information	6 Months Ended
Business Segment Information	Nov. 30, 2021
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Business Segment Information	(7) Business Segment Information We provide a broad portfolio of transportation, e-commerce, and business services through companies competing collectively, operating collaboratively, and innovating digitally, under the respected FedEx brand. Our primary operating companies are FedEx Express, the world’s largest express transportation company; FedEx Ground Package System, Inc. (“FedEx Ground”), a leading North American provider of small-package ground delivery services; and FedEx Freight Corporation (“FedEx Freight”), a leading North American provider of less-than-truckload (“LTL”) freight transportation services. These companies represent our major service lines and, along with FedEx Corporate Services, Inc. (“FedEx Services”), constitute our reportable segments. Our reportable segments include the following businesses: FedEx Express Segment FedEx Express (express transportation, small-package ground delivery, and freight transportation) FedEx Custom Critical, Inc. (time-critical transportation) FedEx Cross Border Holdings, Inc. (cross-border e-commerce technology and e-commerce transportation solutions) FedEx Ground Segment FedEx Ground (small-package ground delivery) FedEx Freight Segment FedEx Freight (LTL freight transportation) FedEx Services Segment FedEx Services (sales, marketing, information technology, communications, customer service, technical support, billing and collection services, and back-office functions) References to our transportation segments include, collectively, the FedEx Express segment, the FedEx Ground segment, and the FedEx Freight segment. FedEx Services Segment The FedEx Services segment operates combined sales, marketing, administrative, and information-technology functions in shared services operations for U.S. customers of our major business units and certain back-office support to our operating segments which allows us to obtain synergies from the combination of these functions. For the international regions of FedEx Express, some of these functions are performed on a regional basis and reported by FedEx Express in their natural expense line items. The FedEx Services segment provides direct and indirect support to our operating segments, and we allocate all of the net operating costs of the FedEx Services segment to reflect the full cost of operating our businesses in the results of those segments. We review and evaluate the performance of our transportation segments based on operating income (inclusive of FedEx Services segment allocations). For the FedEx Services segment, performance is evaluated based on the effect of its total allocated net operating costs on our operating segments. Operating expenses for each of our transportation segments include the allocations from the FedEx Services segment to the respective transportation segments. These allocations also include charges and credits for administrative services provided between operating companies. The allocations of net operating costs are based on metrics such as relative revenue or estimated services provided. We believe these allocations approximate the net cost of providing these functions. Our allocation methodologies are refined periodically, as necessary, to reflect changes in our businesses. Corporate, Other, and Eliminations Corporate and other includes corporate headquarters costs for executive officers and certain legal and finance functions, including certain other costs and credits not attributed to our core business, as well as certain costs associated with developing our innovate digitally strategic pillar through our FedEx Dataworks operating segment. FedEx Dataworks is focused on creating solutions to transform the digital and physical experiences of our customers and team members. Also included in Corporate and other are the FedEx Office operating segment, which provides an array of document and business services and retail access to our customers for our package transportation businesses, and the FedEx Logistics operating segment, which provides integrated supply chain management solutions, specialty transportation, customs brokerage, and global ocean and air freight forwarding. The results of Corporate, other, and eliminations are not allocated to the other business segments. Certain FedEx operating companies provide transportation and related services for other FedEx companies outside their reportable segment in order to optimize our resources. Billings for such services are based on negotiated rates, which we believe approximate fair value, and are reflected as revenue of the billing segment. These rates are adjusted from time to time based on market conditions. Such intersegment revenue and expenses are eliminated in our consolidated results and are not separately identified in the following segment information because the amounts are not material. The following table provides a reconciliation of reportable segment revenue and operating income (loss) to our unaudited condensed consolidated financial statement totals for the periods ended November 30 (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenue: FedEx Express segment $ 11,605 $ 10,368 $ 22,571 $ 20,015 FedEx Ground segment 8,264 7,344 15,941 14,384 FedEx Freight segment 2,272 1,936 4,523 3,762 FedEx Services segment 77 8 112 16 Other and eliminations 1,256 907 2,330 1,707 $ 23,474 $ 20,563 $ 45,477 $ 39,884 Operating income (loss): FedEx Express segment $ 949 $ 900 $ 1,516 $ 1,610 FedEx Ground segment 481 552 1,152 1,386 FedEx Freight segment 334 252 724 526 Corporate, other, and eliminations (167 ) (239 ) (397 ) (467 ) $ 1,597 $ 1,465 $ 2,995 $ 3,055

Commitments

Commitments	6 Months Ended
Commitments	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 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.

Contingencies

Contingencies	6 Months Ended
Contingencies	Nov. 30, 2021
Loss Contingency [Abstract]
Contingencies	(9) Contingencies Service Provider Lawsuits . FedEx Ground is defending lawsuits in which it is alleged that FedEx Ground should be treated as a joint employer of drivers employed by service providers engaged by FedEx Ground. These cases are in varying stages of litigation, and we are not currently able to estimate an amount or range of potential loss in all of these matters. However, we do not expect to incur, individually or in the aggregate, a material loss in these matters. Nevertheless, adverse determinations in these matters could, among other things, entitle service providers’ drivers to certain wage payments from the service providers and FedEx Ground and result in employment and withholding tax and benefit liability for FedEx Ground. We continue to believe that FedEx Ground is not an employer or joint employer of the drivers of these independent businesses. Derivative Lawsuit Related to New York Cigarette Litigation . On October 3, 2019, FedEx and certain present and former FedEx directors and officers were named as defendants in a stockholder derivative lawsuit filed in the Delaware Court of Chancery. The complaint alleges the defendants breached their fiduciary duties in connection with the activities alleged in lawsuits filed by the City of New York and the State of New York against FedEx Ground in December 2013 and November 2014 and against FedEx Ground and FedEx Freight in July 2017. The underlying lawsuits related to the alleged shipment of cigarettes to New York residents in contravention of several statutes, as well as common law nuisance claims, and were dismissed by the court in December 2018 following entry into a final settlement agreement for approximately $35 million. The settlement did not include any admission of liability by FedEx Ground or FedEx Freight. In addition to the settlement amount, we recognized approximately $10 million for certain attorney’s fees in connection with the underlying lawsuits. On June 28, 2021, the stockholder derivative lawsuit was dismissed with prejudice. The dismissal was appealed on July 28, 2021. Other Matters . FedEx and its subsidiaries are subject to other legal proceedings that arise in the ordinary course of business, including certain lawsuits containing various class-action allegations of wage-and-hour violations in which plaintiffs claim, among other things, that they were forced to work “off the clock,” were not paid overtime, or were not provided work breaks or other benefits, as well as lawsuits containing allegations that FedEx and its subsidiaries are responsible for third-party losses related to vehicle accidents that could exceed our insurance coverage for such losses. In the opinion of management, the aggregate liability, if any, with respect to these other actions will not have a material adverse effect on our financial position, results of operations, or cash flows. Environmental Matters . SEC regulations require us to disclose certain information about proceedings arising under federal, state, or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, FedEx uses a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters required to be disclosed for this period.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
Supplemental Cash Flow Information	Nov. 30, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	(10) Supplemental Cash Flow Information Cash paid for interest expense and income taxes for the six-month periods ended November 30 was as follows (in millions): 2021 2020 Cash payments for: Interest (net of capitalized interest) $ 330 $ 377 Income taxes $ 474 $ 526 Income tax refunds received (177 ) (22 ) Cash tax payments, net $ 297 $ 504

General (Policies)

General (Policies)	6 Months Ended
General (Policies)	Nov. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of FedEx Corporation (“FedEx”) have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10-K for the year ended May 31, 2021 (“Annual Report”). Significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of November 30, 2021, and the results of our operations for the three- and six-month periods ended November 30, 2021 and 2020, cash flows for the six-month periods ended November 30, 2021 and 2020, and changes in common stockholders’ investment for the three- and six-month periods ended November 30, 2021 and 2020. Operating results for the three- and six-month periods ended November 30, 2021 are not necessarily indicative of the results that may be expected for the year ending May 31, 2022. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2022 or ended May 31 of the year referenced and comparisons are to the corresponding period of the prior year.
Revenue Recognition	REVENUE RECOGNITION . Contract Assets and Liabilities Contract assets include billed and unbilled amounts resulting from in-transit shipments, as we have an unconditional right to payment only once all performance obligations have been completed (e.g., packages have been delivered). Contract assets are generally classified as current and the full balance is converted each quarter based on the short-term nature of the transactions. Our contract liabilities consist of advance payments and billings in excess of revenue. The full balance of deferred revenue is converted each quarter based on the short-term nature of the transactions. Gross contract assets related to in-transit shipments totaled $926 million and $715 million at November 30, 2021 and May 31, 2021, respectively. Contract assets net of deferred unearned revenue were $683 million and $572 million at November 30, 2021 and May 31, 2021, respectively. Contract assets are included within current assets in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities related to advance payments from customers were $9 million at both November 30, 2021 and May 31, 2021. Contract liabilities are included within current liabilities in the accompanying unaudited condensed consolidated balance sheets. Disaggregation of Revenue The following table provides revenue by service type (in millions) for the periods ended November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Six Months Ended 2021 2020 2021 2020 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 2,249 $ 2,012 $ 4,419 $ 3,873 U.S. overnight envelope 474 435 956 861 U.S. deferred 1,307 1,204 2,538 2,300 Total U.S. domestic package revenue 4,030 3,651 7,913 7,034 International priority 3,107 2,510 5,946 4,827 International economy 706 658 1,375 1,274 Total international export package revenue 3,813 3,168 7,321 6,101 International domestic (1) 1,147 1,206 2,261 2,294 Total package revenue 8,990 8,025 17,495 15,429 Freight: U.S. 775 799 1,550 1,632 International priority 994 737 1,867 1,390 International economy 438 408 852 779 International airfreight 47 65 94 140 Total freight revenue 2,254 2,009 4,363 3,941 Other 361 334 713 645 Total FedEx Express segment 11,605 10,368 22,571 20,015 FedEx Ground segment 8,264 7,344 15,941 14,384 FedEx Freight segment 2,272 1,936 4,523 3,762 FedEx Services segment 77 8 112 16 Other and eliminations (2) 1,256 907 2,330 1,707 $ 23,474 $ 20,563 $ 45,477 $ 39,884 (1) International domestic revenue relates to our international intra-country operations. (2) Includes the FedEx Office and Print Services, Inc. (“FedEx Office”), FedEx Logistics, Inc. (“FedEx Logistics”), and FedEx Dataworks (including ShopRunner, Inc.) (“FedEx Dataworks”) operating segments. The financial results of FedEx Dataworks are included in the period ended November 30, 2021.
Stock-Based Compensation	STOCK-BASED COMPENSATION. We have two types of equity-based compensation: stock options and restricted stock. The key terms of the stock option and restricted stock awards granted under our outstanding incentive stock plans and all financial disclosures about these programs are set forth in our Annual Report. Our stock-based compensation expense was $43 million for the three-month period ended November 30, 2021 and $112 million for the six-month period ended November 30, 2021. Our stock-based compensation expense was $46 million for the three-month period ended November 30, 2020 and $121 million for the six-month period ended November 30, 2020. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report.
Business Realignment Costs	BUSINESS REALIGNMENT COSTS. In 2021, FedEx Express announced a workforce reduction plan in Europe as it nears the completion of the network integration of TNT Express. The plan will affect between 5,500 and 6,300 employees in Europe across operational teams and back-office functions. The execution of the plan is subject to a works council consultation process that will occur over an 18-month period in accordance with local country processes and regulations We incurred costs associated with our business realignment activities of $44 million ($34 million, net of tax, or $0.13 per diluted share) in the second quarter and $111 million ($85 million, net of tax, or $0.31 per diluted share) in the first half of 2022 . rst half of 2022 he actual amount and timing of business realignment costs and related cost savings resulting from the workforce reduction plan are dependent on local country consultation processes and regulations and negotiated social plans. For additional information about the business realignment costs, see the section titled “Business Realignment Costs” included in Item 2 of this Form 10-Q (“Management’s Discussion and Analysis of Results of Operations and Financial Condition
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS. Our risk management strategy includes the select use of derivative instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. In accordance with our risk management policies, we do not hold or issue derivative instruments for trading or speculative purposes. All derivative instruments are recognized in the financial statements at fair value, regardless of the purpose or intent for holding them. When we become a party to a derivative instrument and intend to apply hedge accounting, we formally document the hedge relationship and the risk management objective for undertaking the hedge, which includes designating the instrument for financial reporting purposes as a fair value hedge, a cash flow hedge, or a net investment hedge. If a derivative is designated as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in other comprehensive income. For net investment hedges, the entire change in the fair value is recorded in other comprehensive income. Any portion of a change in the fair value of a derivative that is considered to be ineffective, along with the change in fair value of any derivatives not designated in a hedging relationship, is immediately recognized in the income statement. We do not have any derivatives designated as a cash flow hedge for any period presented. As of November 30, 2021, we had €212 million of debt designated as a net investment hedge to reduce the volatility of the U.S. dollar value of a portion of our net investment in a euro-denominated consolidated subsidiary. As of November 30, 2021, the hedge remains effective.

General (Tables)

General (Tables)	6 Months Ended
General (Tables)	Nov. 30, 2021
Accounting Policies [Abstract]
Schedule of Revenue by Service Type	The following table provides revenue by service type (in millions) for the periods ended November 30. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance. Three Months Ended Six Months Ended 2021 2020 2021 2020 REVENUE BY SERVICE TYPE FedEx Express segment: Package: U.S. overnight box $ 2,249 $ 2,012 $ 4,419 $ 3,873 U.S. overnight envelope 474 435 956 861 U.S. deferred 1,307 1,204 2,538 2,300 Total U.S. domestic package revenue 4,030 3,651 7,913 7,034 International priority 3,107 2,510 5,946 4,827 International economy 706 658 1,375 1,274 Total international export package revenue 3,813 3,168 7,321 6,101 International domestic (1) 1,147 1,206 2,261 2,294 Total package revenue 8,990 8,025 17,495 15,429 Freight: U.S. 775 799 1,550 1,632 International priority 994 737 1,867 1,390 International economy 438 408 852 779 International airfreight 47 65 94 140 Total freight revenue 2,254 2,009 4,363 3,941 Other 361 334 713 645 Total FedEx Express segment 11,605 10,368 22,571 20,015 FedEx Ground segment 8,264 7,344 15,941 14,384 FedEx Freight segment 2,272 1,936 4,523 3,762 FedEx Services segment 77 8 112 16 Other and eliminations (2) 1,256 907 2,330 1,707 $ 23,474 $ 20,563 $ 45,477 $ 39,884 (1) International domestic revenue relates to our international intra-country operations. (2) Includes the FedEx Office and Print Services, Inc. (“FedEx Office”), FedEx Logistics, Inc. (“FedEx Logistics”), and FedEx Dataworks (including ShopRunner, Inc.) (“FedEx Dataworks”) operating segments. The financial results of FedEx Dataworks are included in the period ended November 30, 2021.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Nov. 30, 2021
Accumulated Other Comprehensive Income Loss Tables [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) ("AOCI")	The following table provides changes in accumulated other comprehensive income (“AOCI”), net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended November 30 (in millions; amounts in parentheses indicate debits to AOCI): Three Months Ended Six Months Ended 2021 2020 2021 2020 Foreign currency translation loss: Balance at beginning of period $ (932 ) $ (1,078 ) $ (785 ) $ (1,207 ) Translation adjustments (94 ) 124 (241 ) 253 Balance at end of period (1,026 ) (954 ) (1,026 ) (954 ) Retirement plans adjustments: Balance at beginning of period 51 58 53 60 Reclassifications from AOCI (2 ) (2 ) (4 ) (4 ) Balance at end of period 49 56 49 56 Accumulated other comprehensive (loss) at end of period $ (977 ) $ (898 ) $ (977 ) $ (898 )
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	The following table presents details of the reclassifications from AOCI for the periods ended November 30 (in millions; amounts in parentheses indicate debits to earnings): Amount Reclassified from AOCI Affected Line Item in the Income Statement Three Months Ended Six Months Ended 2021 2020 2021 2020 Amortization of retirement plans prior service credits, before tax $ 3 $ 2 $ 5 $ 5 Other retirement plans (expense) income Income tax benefit (1 ) — (1 ) (1 ) Provision for income taxes AOCI reclassifications, net of tax $ 2 $ 2 $ 4 $ 4 Net income

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	6 Months Ended
Computation of Earnings Per Share (Tables)	Nov. 30, 2021
Computation Of Earnings Per Share Tables [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share	The calculation of basic and diluted earnings per common share for the periods ended November 30 was as follows (in millions, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Basic earnings per common share: Net earnings allocable to common shares (1) $ 1,042 $ 1,224 $ 2,152 $ 2,466 Weighted-average common shares 265 264 265 263 Basic earnings per common share $ 3.94 $ 4.64 $ 8.11 $ 9.40 Diluted earnings per common share: Net earnings allocable to common shares (1) $ 1,042 $ 1,224 $ 2,152 $ 2,466 Weighted-average common shares 265 264 265 263 Dilutive effect of share-based awards 3 5 5 3 Weighted-average diluted shares 268 269 270 266 Diluted earnings per common share $ 3.88 $ 4.55 $ 7.97 $ 9.26 Anti-dilutive options excluded from diluted earnings per common share 4.2 1.3 3.5 5.1 (1) Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
Retirement Plans (Tables)	Nov. 30, 2021
Retirement Plan Tables [Abstract]
Schedule of Retirement Plan Costs	Our retirement plans costs for the periods ended November 30 were as follows (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Defined benefit pension plans, net $ (2 ) $ 27 $ (5 ) $ 52 Defined contribution plans 171 153 351 311 Postretirement healthcare plans 23 20 45 41 Retirement plans MTM net loss 260 52 260 52 $ 452 $ 252 $ 651 $ 456
Schedule of Net Periodic Benefit Cost	Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions): Three Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2021 2020 2021 2020 2021 2020 Service cost $ 208 $ 212 $ 14 $ 26 $ 12 $ 11 Other retirement plans expense (income): Interest cost 255 239 7 11 11 9 Expected return on plan assets (477 ) (446 ) (6 ) (13 ) — — Amortization of prior service credit and other (2 ) (2 ) (1 ) — — — MTM net loss 36 — 224 52 — — (188 ) (209 ) 224 50 11 9 $ 20 $ 3 $ 238 $ 76 $ 23 $ 20 Six Months Ended U.S. Pension Plans International Pension Plans Postretirement Healthcare Plans 2021 2020 2021 2020 2021 2020 Service cost $ 416 $ 425 $ 29 $ 49 $ 24 $ 22 Other retirement plans expense (income): Interest cost 511 479 19 21 21 19 Expected return on plan assets (955 ) (892 ) (20 ) (25 ) — — Amortization of prior service credit and other (4 ) (4 ) (1 ) (1 ) — — MTM net loss 36 — 224 52 — — (412 ) (417 ) 222 47 21 19 $ 4 $ 8 $ 251 $ 96 $ 45 $ 41

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
Business Segment Information (Tables)	Nov. 30, 2021
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]
Schedule of Segment Information	The following table provides a reconciliation of reportable segment revenue and operating income (loss) to our unaudited condensed consolidated financial statement totals for the periods ended November 30 (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenue: FedEx Express segment $ 11,605 $ 10,368 $ 22,571 $ 20,015 FedEx Ground segment 8,264 7,344 15,941 14,384 FedEx Freight segment 2,272 1,936 4,523 3,762 FedEx Services segment 77 8 112 16 Other and eliminations 1,256 907 2,330 1,707 $ 23,474 $ 20,563 $ 45,477 $ 39,884 Operating income (loss): FedEx Express segment $ 949 $ 900 $ 1,516 $ 1,610 FedEx Ground segment 481 552 1,152 1,386 FedEx Freight segment 334 252 724 526 Corporate, other, and eliminations (167 ) (239 ) (397 ) (467 ) $ 1,597 $ 1,465 $ 2,995 $ 3,055

Commitments (Tables)

Commitments (Tables)	6 Months Ended
Commitments (Tables)	Nov. 30, 2021
Commitments Tables [Abstract]
Schedule of Purchase 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.
Schedule of Aircraft Purchase Commitments	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
Summary of Future Minimum Lease Payments, Operating and Finance Leases	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

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
Supplemental Cash Flow Information (Tables)	Nov. 30, 2021
Supplemental Cash Flow Tables [Abstract]
Supplemental Cash Flow	Cash paid for interest expense and income taxes for the six-month periods ended November 30 was as follows (in millions): 2021 2020 Cash payments for: Interest (net of capitalized interest) $ 330 $ 377 Income taxes $ 474 $ 526 Income tax refunds received (177 ) (22 ) Cash tax payments, net $ 297 $ 504

General - Additional Informatio

General - Additional Information (Details) $ / shares in Units, € in Millions	3 Months Ended		6 Months Ended			12 Months Ended
	Nov. 30, 2021USD ($)$ / sharesshares	Nov. 30, 2020USD ($)shares	Nov. 30, 2021USD ($)$ / sharesshares	May 31, 2021USD ($)$ / shares	Nov. 30, 2020USD ($)shares	May 31, 2023USD ($)	May 31, 2021USD ($)Employee	Dec. 16, 2021USD ($)	Dec. 08, 2021USD ($)	Nov. 30, 2021EUR (€)shares	Jan. 26, 2016shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Gross contract assets related to in-transit shipments	$ 926,000,000		$ 926,000,000	$ 715,000,000			$ 715,000,000
Contract assets net of deferred unearned revenue	683,000,000		683,000,000	572,000,000			572,000,000
Contract liabilities related to advance payments from customers	9,000,000		9,000,000	9,000,000			$ 9,000,000
Stock-based compensation	43,000,000	$ 46,000,000	112,000,000		$ 121,000,000
Restructuring plan execution period							18 months
Business realignment costs	44,000,000		111,000,000	116,000,000
Business realignment costs, net of tax	$ 34,000,000		$ 85,000,000	$ 90,000,000
Business realignment costs per diluted share \| $ / shares	$ 0.13		$ 0.31	$ 0.33
Business employee severance costs paid	$ 25,000,000		$ 56,000,000
Denominated debt as a net investment hedge \| €										€ 212
Stock repurchase program number of shares authorized to be repurchased \| shares											25,000,000
Number of shares repurchased \| shares	900,000	0	2,800,000		0
Treasury stock acquired, average cost per share \| $ / shares	$ 223.90		$ 267.27
Payments for repurchase of common stock	$ 199,000,000		$ 748,000,000
Stock repurchase program, remaining number of shares authorized to be available for repurchase \| shares	2,300,000		2,300,000							2,300,000
Dividends payable, date declared			Nov. 19, 2021
Dividends payable amount per share \| $ / shares	$ 0.75		$ 0.75
Dividends payable, date to be paid			Dec. 27, 2021
Dividends payable, date of record			Dec. 13, 2021
Minimum [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of employees will affect in workforce reduction plan \| Employee							5,500
Minimum [Member] \| Forecast [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business realignment costs						$ 300,000,000
Maximum [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of employees will affect in workforce reduction plan \| Employee							6,300
Maximum [Member] \| Forecast [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Business realignment costs						$ 575,000,000
Subsequent Event
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock repurchase program number of shares authorized to be repurchased, amount								$ 5,000,000,000
Subsequent Event \| Accelerated Share Repurchase Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock repurchase program number of shares authorized to be repurchased, amount								$ 1,500,000,000
Equity and Commercial Agreements \| Delhivery \| Subsequent Event
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity investment									$ 100,000,000

General - Schedule of Revenue b

General - Schedule of Revenue by Service Type (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		$ 23,474	$ 20,563	$ 45,477	$ 39,884
Operating Segments [Member] \| FedEx Express Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		11,605	10,368	22,571	20,015
Operating Segments [Member] \| FedEx Express Segment [Member] \| U.S. overnight box [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		2,249	2,012	4,419	3,873
Operating Segments [Member] \| FedEx Express Segment [Member] \| U.S. overnight envelope [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		474	435	956	861
Operating Segments [Member] \| FedEx Express Segment [Member] \| U.S. deferred [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		1,307	1,204	2,538	2,300
Operating Segments [Member] \| FedEx Express Segment [Member] \| Total U.S. domestic package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		4,030	3,651	7,913	7,034
Operating Segments [Member] \| FedEx Express Segment [Member] \| International priority [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		3,107	2,510	5,946	4,827
Operating Segments [Member] \| FedEx Express Segment [Member] \| International economy [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		706	658	1,375	1,274
Operating Segments [Member] \| FedEx Express Segment [Member] \| Total international export package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		3,813	3,168	7,321	6,101
Operating Segments [Member] \| FedEx Express Segment [Member] \| International domestic [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[1]	1,147	1,206	2,261	2,294
Operating Segments [Member] \| FedEx Express Segment [Member] \| Total package revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		8,990	8,025	17,495	15,429
Operating Segments [Member] \| FedEx Express Segment [Member] \| U.S. freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		775	799	1,550	1,632
Operating Segments [Member] \| FedEx Express Segment [Member] \| International priority freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		994	737	1,867	1,390
Operating Segments [Member] \| FedEx Express Segment [Member] \| International Economy Freight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		438	408	852	779
Operating Segments [Member] \| FedEx Express Segment [Member] \| International Airfreight [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		47	65	94	140
Operating Segments [Member] \| FedEx Express Segment [Member] \| Total freight revenue [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		2,254	2,009	4,363	3,941
Operating Segments [Member] \| FedEx Express Segment [Member] \| Other [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		361	334	713	645
Operating Segments [Member] \| FedEx Ground Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		8,264	7,344	15,941	14,384
Operating Segments [Member] \| FedEx Freight Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		2,272	1,936	4,523	3,762
Operating Segments [Member] \| FedEx Services Segment [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues		77	8	112	16
Other and eliminations [Member]
Entity Wide Information Revenue From External Customer [Line Items]
Revenues	[2]	$ 1,256	$ 907	$ 2,330	$ 1,707

[1]	International domestic revenue relates to our international intra-country operations.
[2]	Includes the FedEx Office and Print Services, Inc. (“FedEx Office”), FedEx Logistics, Inc. (“FedEx Logistics”), and FedEx Dataworks (including ShopRunner, Inc.) (“FedEx Dataworks”) operating segments. The financial results of FedEx Dataworks are included in the period ended November 30, 2021.

Credit Losses - Additional Info

Credit Losses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020	May 31, 2021
Credit Loss [Abstract]
Credit losses	$ 94	$ 148	$ 211	$ 291
Allowance for credit losses	$ 362		$ 362		$ 358

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) ("AOCI") (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance			$ 24,168
Translation adjustments	$ (94)	$ 124	(241)	$ 253
Ending Balance	24,940	21,039	24,940	21,039
Foreign Currency Translation Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(932)	(1,078)	(785)	(1,207)
Translation adjustments	(94)	124	(241)	253
Ending Balance	(1,026)	(954)	(1,026)	(954)
Retirement Plans Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	51	58	53	60
Reclassifications from AOCI	(2)	(2)	(4)	(4)
Ending Balance	49	56	49	56
Accumulated Other Comprehensive (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(881)	(1,020)	(732)	(1,147)
Ending Balance	$ (977)	$ (898)	$ (977)	$ (898)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Other retirement plans (expense) income	$ 3	$ 2	$ 5	$ 5
Provision for income taxes	(1)		(1)	(1)
Net income	$ 2	$ 2	$ 4	$ 4

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details)	6 Months Ended
Financing Arrangements - Additional Information (Details)	Nov. 30, 2021USD ($)air-craft	May 31, 2021USD ($)
Line Of Credit Facility [Line Items]
Number of Boeing aircraft \| air-craft	19
Net book value of Boeing aircraft	$ 1,800,000,000
Letter of credit maximum sublimit amount	$ 250,000,000
Financial covenant terms ratio	350.00%
Financial covenant compliance ratio	193.00%
Long term debt, including current maturities and exclusive of finance leases carrying value	$ 20,000,000,000	$ 20,400,000,000
Long term debt, including current maturities and exclusive of finance leases fair value	$ 23,100,000,000	$ 23,100,000,000
Long-term debt weighted-average interest rate	3.50%
Five-Year Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, term	5 years
Line of credit facility maximum borrowing capacity	$ 2,000,000,000
Line of credit facility, expiration date	2026-03
Letter of credit outstanding sublimit unused amount	$ 250,000,000
364-Day Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, term	364 days
Line of credit facility maximum borrowing capacity	$ 1,500,000,000
Line of credit facility, expiration date	2022-03
Credit Agreement
Line Of Credit Facility [Line Items]
Commercial paper outstanding	$ 0
1.875% due in February 2034 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, face amount	$ 970,000,000
Fixed interest rate	1.875%
Debt instrument, maturity date	2034-02

Computation of Earnings Per S_3

Computation of Earnings Per Share - Schedule of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Basic earnings per common share:
Net earnings allocable to common shares	[1]	$ 1,042	$ 1,224	$ 2,152	$ 2,466
Weighted-average common shares		265	264	265	263
Basic earnings per common share		$ 3.94	$ 4.64	$ 8.11	$ 9.40
Diluted earnings per common share:
Net earnings allocable to common shares	[1]	$ 1,042	$ 1,224	$ 2,152	$ 2,466
Weighted-average common shares		265	264	265	263
Dilutive effect of share-based awards		3	5	5	3
Weighted-average diluted shares		268	269	270	266
Diluted earnings per common share		$ 3.88	$ 4.55	$ 7.97	$ 9.26
Anti-dilutive options excluded from diluted earnings per common share		4.2	1.3	3.5	5.1

[1]	Net earnings available to participating securities were immaterial in all periods presented.

Retirement Plans - Schedule of

Retirement Plans - Schedule of Retirement Plan Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Pension And Other Postretirement Benefit Expense [Abstract]
Defined benefit pension plans, net	$ (2)	$ 27	$ (5)	$ 52
Defined contribution plans	171	153	351	311
Postretirement healthcare plans	23	20	45	41
Retirement plans MTM net loss	260	52	260	52
Retirement plans costs	$ 452	$ 252	$ 651	$ 456

Retirement Plans - Schedule o_2

Retirement Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Other retirement plans expense (income):
MTM net loss	$ 260	$ 52	$ 260	$ 52
Pension Plans [Member] \| U.S. Plans [Member]
Net Periodic Benefit Cost
Service cost	208	212	416	425
Other retirement plans expense (income):
Interest cost	255	239	511	479
Expected return on plan assets	(477)	(446)	(955)	(892)
Amortization of prior service credit and other	(2)	(2)	(4)	(4)
MTM net loss	36		36
Other retirement plans (income) expense	(188)	(209)	(412)	(417)
Net periodic benefit cost	20	3	4	8
Pension Plans [Member] \| International Pension Plans [Member]
Net Periodic Benefit Cost
Service cost	14	26	29	49
Other retirement plans expense (income):
Interest cost	7	11	19	21
Expected return on plan assets	(6)	(13)	(20)	(25)
Amortization of prior service credit and other	(1)		(1)	(1)
MTM net loss	224	52	224	52
Other retirement plans (income) expense	224	50	222	47
Net periodic benefit cost	238	76	251	96
Postretirement Healthcare Plans [Member]
Net Periodic Benefit Cost
Service cost	12	11	24	22
Other retirement plans expense (income):
Interest cost	11	9	21	19
Other retirement plans (income) expense	11	9	21	19
Net periodic benefit cost	$ 23	$ 20	$ 45	$ 41

Retirement Plans - Additional I

Retirement Plans - Additional Information (Details)	Dec. 31, 2020Employee	Nov. 30, 2021USD ($)	Nov. 30, 2020USD ($)	Nov. 30, 2021USD ($)	Nov. 30, 2020USD ($)	May 31, 2022USD ($)
Defined Benefit Plan Disclosure [Line Items]
Non-cash MTM net loss		$ 260,000,000	$ 52,000,000	$ 260,000,000	$ 52,000,000
401(k) plan description				In 2020, we announced the closing of our U.S.-based defined benefit pension plans to new non-union employees hired on or after January 1, 2020. We will introduce an all-401(k) plan retirement benefit structure for eligible employees with a higher company match of up to 8% across all U.S.-based operating companies in 2022. During calendar 2021, current eligible employees under the Portable Pension Account (“PPA”) pension formula were given a one-time option to continue to be eligible for pension compensation credits under the existing PPA formula and remain in the existing 401(k) plan with its match of up to 3.5%, or to cease receiving compensation credits under the PPA and move to the new 401(k) plan with the higher company match of up to 8%. Changes to the new 401(k) plan structure will become effective beginning January 1, 2022. While this new program will provide employees greater flexibility and reduce our long-term pension costs, it will not have a material impact on current or near-term financial results.
Future Plan Structure [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contributions to eligible employees				8.00%
Current Plan Structure [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Company matching contributions to eligible employees				3.50%
Voluntary Contribution [Member] \| U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer				$ 250,000,000
Pension Plans [Member] \| U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Non-cash MTM net loss		36,000,000		36,000,000
Pension Plans [Member] \| U.S. Pension Plans [Member] \| Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan contributions by employer						$ 0
Pension Plans [Member] \| North America [Member]
Defined Benefit Plan Disclosure [Line Items]
Non-cash MTM net loss		$ 36,000,000
Percentage of FedEx Freight employees elected to move to new 401(k) plan		21.00%
MTM loss due to lower discount rate		$ 75,000,000
Curtailment gain		39,000,000
Pension Plans [Member] \| International Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Non-cash MTM net loss		224,000,000	52,000,000	$ 224,000,000	$ 52,000,000
Pension Plans [Member] \| Netherlands [Member]
Defined Benefit Plan Disclosure [Line Items]
Non-cash MTM net loss		$ 224,000,000	52,000,000
MTM loss due to lower discount rate			106,000,000
Curtailment gain			$ 54,000,000
Number of employees frozen \| Employee	2,100

Business Segment Information -

Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 23,474	$ 20,563	$ 45,477	$ 39,884
Operating income (loss)	1,597	1,465	2,995	3,055
Operating Segments [Member] \| FedEx Express Segment [Member]
Segment Reporting Information [Line Items]
Revenue	11,605	10,368	22,571	20,015
Operating income (loss)	949	900	1,516	1,610
Operating Segments [Member] \| FedEx Ground Segment [Member]
Segment Reporting Information [Line Items]
Revenue	8,264	7,344	15,941	14,384
Operating income (loss)	481	552	1,152	1,386
Operating Segments [Member] \| FedEx Freight Segment [Member]
Segment Reporting Information [Line Items]
Revenue	2,272	1,936	4,523	3,762
Operating income (loss)	334	252	724	526
Operating Segments [Member] \| FedEx Services Segment [Member]
Segment Reporting Information [Line Items]
Revenue	77	8	112	16
Corporate, Other and Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue	1,256	907	2,330	1,707
Operating income (loss)	$ (167)	$ (239)	$ (397)	$ (467)

Commitments - Schedule of Purch

Commitments - Schedule of Purchase Commitments (Details) $ in Millions	Nov. 30, 2021USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2022 (remainder)	$ 954
2023	3,399
2024	2,493
2025	1,803
2026	830
Thereafter	2,557
Total	12,036
Aircraft And Related Equipment Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2022 (remainder)	485
2023	2,615
2024	1,907
2025	1,359
2026	432
Thereafter	2,289
Total	9,087
Other Commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
2022 (remainder)	469	[1]
2023	784	[1]
2024	586	[1]
2025	444	[1]
2026	398	[1]
Thereafter	268	[1]
Total	$ 2,949	[1]

[1]	Primarily equipment and advertising contracts.

Commitments - Additional Inform

Commitments - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 31, 2021air-craft	Nov. 30, 2021USD ($)air-craft
Other Aircraft Commitments Disclosure [Abstract]
Deposit and Progress Payments \| $		$ 629
Lessee Disclosure [Abstract]
Additional leases not yet commenced, undiscounted future payments \| $		$ 2,500
Minimum [Member]
Lessee Disclosure [Abstract]
Operating lease commencement date		2022
Maximum [Member]
Lessee Disclosure [Abstract]
Operating lease commencement date		2023
B777F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Conditional Aircraft Commitments		2
B767F [Member]
Other Aircraft Commitments Disclosure [Abstract]
Conditional Aircraft Commitments		2
Number of additional aircraft agreed to purchase options exercised	20
B767F Aircraft Delivered in 2025 [Member]
Other Aircraft Commitments Disclosure [Abstract]
Number of aircrafts rescheduled delivery	10
Aircraft expected to be delivered, latest fiscal year	2025
B767F Aircraft Delivered in 2024 [Member]
Other Aircraft Commitments Disclosure [Abstract]
Number of aircrafts rescheduled delivery	10
Aircraft expected to be delivered, earliest fiscal year	2024

Commitments - Schedule of Aircr

Commitments - Schedule of Aircraft Purchase Commitments (Details)	6 Months Ended
	Nov. 30, 2021air-craft
Schedule of Aircraft Commitments [Line Items]
2022 (remainder)	13
2023	33
2024	36
2025	30
2026	12
Total	124
Cessna SkyCourier 408 [Member]
Schedule of Aircraft Commitments [Line Items]
2022 (remainder)	3
2023	12
2024	12
2025	12
2026	11
Total	50
ATR 72-600F [Member]
Schedule of Aircraft Commitments [Line Items]
2022 (remainder)	7
2023	6
2024	6
2025	6
2026	1
Total	26
B767F [Member]
Schedule of Aircraft Commitments [Line Items]
2022 (remainder)	3
2023	13
2024	14
2025	10
Total	40
B777F [Member]
Schedule of Aircraft Commitments [Line Items]
2023	2
2024	4
2025	2
Total	8

Commitments - Summary of Future

Commitments - Summary of Future Minimum Lease Payments, Operating and Finance Leases (Details) $ in Millions	Nov. 30, 2021USD ($)
Schedule Of Future Minimum Lease Payments For Operating Leases And Finance Leases [Line Items]
2022 (remainder)	$ 1,495
2023	2,705
2024	2,348
2025	2,055
2026	1,799
Thereafter	9,264
Total lease payments	19,666
Less imputed interest	(2,830)
Present value of lease liability	16,836
Operating Leases
2022 (remainder)	1,425
2023	2,671
2024	2,318
2025	2,029
2026	1,778
Thereafter	8,574
Total lease payments	18,795
Less imputed interest	(2,469)
Present value of lease liability	16,326
Finance Leases
2022 (remainder)	70
2023	34
2024	30
2025	26
2026	21
Thereafter	690
Total lease payments	871
Less imputed interest	(361)
Present value of lease liability	510
Aircraft and Related Equipment [Member]
Operating Leases
2022 (remainder)	165
2023	200
2024	111
2025	80
2026	73
Thereafter	223
Total lease payments	852
Less imputed interest	(59)
Present value of lease liability	793
Facilities and Other [Member]
Operating Leases
2022 (remainder)	1,260
2023	2,471
2024	2,207
2025	1,949
2026	1,705
Thereafter	8,351
Total lease payments	17,943
Less imputed interest	(2,410)
Present value of lease liability	$ 15,533

Contingencies - Additional Info

Contingencies - Additional Information (Details) $ in Millions	6 Months Ended
	Nov. 30, 2021USD ($)
Loss Contingency [Abstract]
Litigation, final settlement amount	$ 35
Attorneys fees recognized in connection with underlying lawsuits	10
Proceedings of environmental matters	$ 1

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Supplemental Cash Flow Information [Abstract]
Interest (net of capitalized interest)	$ 330	$ 377
Income taxes	474	526
Income tax refunds received	(177)	(22)
Cash tax payments, net	$ 297	$ 504