Condensed Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Nov. 30, 2014	May 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 848	$ 858
Receivables, less allowances of $87 and $80	1,763	1,705
Spare parts, supplies and fuel, less allowances of $214 and $211	403	395
Deferred income taxes	380	401
Due from parent company and other FedEx subsidiaries	523	502
Prepaid expenses and other	93	103
Total current assets	4,010	3,964
PROPERTY AND EQUIPMENT, AT COST	26,182	25,752
Less accumulated depreciation and amortization	12,593	12,272
Net property and equipment	13,589	13,480
OTHER LONG-TERM ASSETS
Goodwill	1,506	1,561
Other assets	1,029	959
Total other long-term assets	2,535	2,520
ASSETS	20,134	19,964
CURRENT LIABILITIES
Accrued salaries and employee benefits	924	902
Accounts payable	1,315	1,394
Accrued expenses	1,018	1,019
Due to other FedEx subsidiaries	740	910
Total current liabilities	3,997	4,225
LONG-TERM DEBT, LESS CURRENT PORTION	239	239
OTHER LONG-TERM LIABILITIES
Deferred income taxes	3,192	3,196
Pension, postretirement healthcare and other benefit obligations	1,205	1,208
Self insurance accruals	683	667
Deferred lease obligations	713	643
Deferred gains, principally related to aircraft transactions	190	203
Other liabilities	105	96
Total other long-term liabilities	6,088	6,013
COMMITMENTS AND CONTINGENCIES
OWNER'S EQUTIY
Common stock, $0.10 par value; 1,000 shares authorized, issued and outstanding	0	0
Additional paid-in capital	608	608
Retained earnings	9,413	8,944
Accumulated other comprehensive loss	(211)	(65)
Total owner's equity	9,810	9,487
LIABILITIES AND OWNER'S EQUITY	$ 20,134	$ 19,964