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Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
May 31, 2012
May 31, 2011
CURRENT ASSETS    
Cash and cash equivalents $ 712 $ 626
Receivables, less allowances of $87 and $83 1,660 1,645
Spare parts, supplies and fuel, less allowances of $183 and $169 370 367
Deferred income taxes 329 398
Due from parent company and other FedEx subsidiaries 428 607
Prepaid expenses and other 94 90
Total current assets 3,593 3,733
PROPERTY AND EQUIPMENT, AT COST    
Aircraft and related equipment 14,361 13,146
Package handling and ground support equipment 2,551 2,451
Vehicles 1,938 1,730
Computer and electronic equipment 736 706
Facilities and other 3,792 3,589
Gross property and equipment 23,378 21,622
Less accumulated depreciation and amortization 11,509 11,110
Net property and equipment 11,869 10,512
OTHER LONG-TERM ASSETS    
Goodwill 1,155 1,085
Other assets 1,110 1,016
Total other long-term assets 2,265 2,101
ASSETS 17,727 16,346
CURRENT LIABILITIES    
Current portion of long-term debt 416 17
Accrued salaries and employee benefits 991 836
Accounts payable 1,131 1,092
Accrued expenses 954 1,084
Due to other FedEx subsidiaries 153 283
Total current liabilities 3,645 3,312
LONG-TERM DEBT, LESS CURRENT PORTION 239 655
OTHER LONG-TERM LIABILITIES    
Deferred income taxes 2,637 1,994
Pension, postretirement healthcare and other benefit obligations 1,052 867
Self-insurance accruals 643 631
Deferred lease obligations 695 695
Deferred gains, principally related to aircraft transactions 249 244
Other liabilities 113 115
Total other long-term liabilities 5,389 4,546
COMMITMENTS AND CONTINGENCIES     
OWNER'S EQUITY    
Common stock, $0.10 par value; 1,000 shares authorized, issued and outstanding 0 0
Additional paid-in capital 608 608
Retained earnings 7,916 7,107
Accumulated other comprehensive (loss) income (70) 118
Total owner's equity 8,454 7,833
LIABILITIES AND OWNER'S EQUITY $ 17,727 $ 16,346