XML 46 R35.htm IDEA: XBRL DOCUMENT v3.24.1
Financing Arrangements - Additional Information (Details)
3 Months Ended 9 Months Ended
Mar. 15, 2024
USD ($)
Feb. 29, 2024
USD ($)
AirCraft
Feb. 29, 2024
USD ($)
AirCraft
May 31, 2023
USD ($)
Line Of Credit Facility [Line Items]        
Number of Boeing aircraft | AirCraft   19 19  
Net book value of Boeing aircraft   $ 1,700,000,000 $ 1,700,000,000  
Financial covenant terms ratio   3.50% 3.50%  
Financial covenant compliance ratio   1.90% 1.90%  
Long term debt, including current maturities and exclusive of finance leases carrying value   $ 19,800,000,000 $ 19,800,000,000 $ 19,800,000,000
Long term debt, including current maturities and exclusive of finance leases fair value   $ 17,700,000,000 $ 17,700,000,000 $ 17,500,000,000
Long-term debt weighted-average interest rate   3.50% 3.50%  
Subsequent Event [Member]        
Line Of Credit Facility [Line Items]        
Financial covenant terms ratio 4.00%      
Line of credit facility, financial covenant, minimum cash consideration for acquisition $ 250,000,000      
Subsequent Event [Member] | During First Three Quarters upon Acquisition [Member]        
Line Of Credit Facility [Line Items]        
Financial covenant compliance ratio 3.50%      
Old 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 $ 2,000,000,000  
Letter of credit maximum sublimit amount   250,000,000 250,000,000  
Letter of credit outstanding sublimit unused amount   $ 250,000,000 250,000,000  
Old Three-Year Credit Agreement [Member]        
Line Of Credit Facility [Line Items]        
Line of credit facility, term   3 years    
Line of credit facility maximum borrowing capacity   $ 1,500,000,000 1,500,000,000  
Old Credit Agreements [Member]        
Line Of Credit Facility [Line Items]        
Line of credit outstanding   0 0  
Commercial paper outstanding   0 0  
New Five-Year Credit Agreement [Member] | Subsequent Event [Member]        
Line Of Credit Facility [Line Items]        
Line of credit facility, term 5 years      
Line of credit facility maximum borrowing capacity $ 1,750,000,000      
Line of credit facility, expiration date 2029-03      
Letter of credit maximum sublimit amount $ 125,000,000      
Letter of credit outstanding sublimit unused amount $ 125,000,000      
New Three-Year Credit Agreement [Member] | Subsequent Event [Member]        
Line Of Credit Facility [Line Items]        
Line of credit facility, term 3 years      
Line of credit facility maximum borrowing capacity $ 1,750,000,000      
Line of credit facility, expiration date 2027-03      
Letter of credit maximum sublimit amount $ 125,000,000      
Letter of credit outstanding sublimit unused amount $ 125,000,000      
New Credit Agreements [Member] | Subsequent Event [Member]        
Line Of Credit Facility [Line Items]        
Line of credit facility, financial covenant terms (i) net unrestricted cash and cash equivalents up to $500 million from the definition of debt and (ii) add back business optimization and restructuring expenses and pro forma cost savings and synergies associated with an acquisition to adjusted EBITDA. The aggregate amount of adjustments for business optimization and restructuring expenses and pro forma cost savings and synergies associated with an acquisition may not exceed 10% of adjusted EBITDA (calculated after giving effect to any such addback and such cap and all other permitted addbacks and adjustments) in any period. Additionally, following the consummation of an acquisition for which the aggregate cash consideration is at least $250 million, FedEx may elect to increase the ratio to 4.0 to 1.0 with respect to the last day of the fiscal quarter during which such acquisition is consummated and the last day of each of the immediately following three consecutive fiscal quarters, provided that there must be at least two consecutive fiscal quarters between such elections during which the ratio is 3.5 to 1.0.      
Maximum required net unrestricted cash and cash equivalents for financial covenant $ 500,000,000      
Line of credit facility, financial covenant, maximum percentage of adjusted EBITDA 10.00%      
1.875% due in February 2034 [Member]        
Line Of Credit Facility [Line Items]        
Debt instrument, face amount   $ 970,000,000 $ 970,000,000  
Fixed interest rate   1.875% 1.875%  
Debt instrument, maturity date     2034-02