Business Combinations (Tables)

12 Months Ended

May 31, 2017

The following table summarizes the final amounts of the fair values recognized for the assets acquired and liabilities assumed for this acquisition, as well as adjustments made during the measurement period (in millions):

	Preliminary			Measurement Period			Final
	(May 31, 2016)			Adjustments			(May 31, 2017)
Current assets⁽¹⁾	$	1,905		$	(53	)	$	1,852
Property and equipment		1,104			(124	)		980
Goodwill		2,964			488			3,452
Identifiable intangible assets		920			(390	)		530
Other non-current assets		289			183			472
Current liabilities⁽²⁾		(1,644	)		(44	)		(1,688	)
Long-term liabilities		(644	)		(60	)		(704	)
Total purchase price	$	4,894		$	—		$	4,894

⁽¹⁾	Primarily accounts receivable and cash.

⁽²⁾	Primarily accounts payable and accrued expenses.

Schedule of Intangible Assets with Finite Lives

The purchase price was allocated to the identifiable intangible assets acquired as follows (in millions):

Intangible assets with finite lives
Customer relationships (12-year life)	$	430
Technology (3-year life)		20
Trademarks (4-year life)		80
Total intangible assets	$	530

Business Acquisition Pro Forma Financial Information

The following unaudited pro forma consolidated financial information presents the combined operations of FedEx and TNT Express as if the acquisition had occurred at the beginning of 2015 (dollars in millions, except per share amounts):

	(Unaudited)
	2016		2015
Consolidated revenues	$	57,899	$	55,862
Consolidated net income		1,600		638
Diluted earnings per share	$	5.73	$	2.22