Business Combinations

12 Months Ended

May 31, 2012

Business Combinations [Abstract]

Business Combinations

NOTE 3: BUSINESS COMBINATIONS

During 2012, we continued to expand our international network. On July 25, 2011, we completed our acquisition of Servicios Nacionales Mupa, S.A. de C.V. (MultiPack), a Mexican domestic express package delivery company, for $128 million in cash from operations. Last year, we completed the acquisition of the Indian logistics, distribution and express businesses of AFL Pvt. Ltd. and its affiliate Unifreight India Pvt. Ltd. for $96 million in cash on February 22, 2011. The financial results of these acquired businesses were not material, individually or in the aggregate, to our results of operations or financial condition and therefore, pro forma financial information has not been presented.Substantially all of the purchase price was allocated to goodwill.

Subsequent to year-end, we completed the following acquisitions:

• Opek Sp.z o.o., a Polish domestic express package delivery company, for $54 million in cash from operations on June 13, 2012
• TATEX, a French express transportation company, for $55 million in cash from operations on July 3, 2012
• Rapidão Cometa Logística e Transportes S.A., a Brazilian transportation and logistics company, for $398 million in cash from operations on July 4, 2012

Based on the timing of the completion of these acquisitions in relation to the date of issuance of the financial statements, the initial purchase price accounting was not completed for these acquisitions. The financial results of these acquired businesses will be included in our results from the date of acquisition and will be immaterial to our 2013 results. These acquisitions will give us more robust transportation networks within these countries and added capabilities in these important global markets.