Summary of Quarterly Operating Results (Unaudited)

12 Months Ended

May. 31, 2015

Summary of Quarterly Operating Results [Abstract]

Summary of Quarterly Operating Results (Unaudited)

NOTE 20: SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED)

		First		Second		Third		Fourth
(in millions, except per share amounts)		Quarter		Quarter		Quarter		Quarter
2015(1)
Revenues		$	11,684	$	11,939	$	11,716	$	12,114
Operating income (loss)			1,062		1,088		1,038		(1,321)
Net income (loss)			653		663		628		(895)
Basic earnings (loss) per common share(2)			2.29		2.34		2.21		(3.16)
Diluted earnings (loss) per common share(2)			2.26		2.31		2.18		(3.16)
2014(1)
Revenues		$	11,024	$	11,403	$	11,301	$	11,839
Operating income			891		923		737		1,264
Net income			548		559		437		780
Basic earnings per common share(2)			1.73		1.77		1.44		2.66
Diluted earnings per common share(2)			1.72		1.75		1.42		2.62
(1)	The fourth quarter of 2015 includes a $2.2 billion retirement plans mark-to-market loss, $276 million of impairment and related charges resulting from the decision to permanently retire and adjust the retirement schedule of certain aircraft and related engines at FedEx Express and a $197 million reserve increase due to the settlement of a legal matter at FedEx Ground. In addition, the first, second and third quarters of 2015 and all quarters of 2014 have been recast to conform to the current year presentation reflecting the retirement plans accounting changes discussed further in Note 1 and Note 13 and that were included in our June 12, 2015, Form 8-K filing with the Securities and Exchange Commission.
(2)	The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods.