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Commitments
6 Months Ended
Nov. 30, 2018
Commitments [Abstract]  
Commitments

(8) Commitments

As of November 30, 2018, our purchase commitments under various contracts for the remainder of 2019 and annually thereafter were as follows (in millions):

 

 

 

Aircraft and Related

 

 

Other(1)

 

 

Total

 

2019 (remainder)

 

$

832

 

 

$

572

 

 

$

1,404

 

2020

 

 

1,987

 

 

 

767

 

 

 

2,754

 

2021

 

 

2,285

 

 

 

513

 

 

 

2,798

 

2022

 

 

1,867

 

 

 

367

 

 

 

2,234

 

2023

 

 

1,577

 

 

 

266

 

 

 

1,843

 

Thereafter

 

 

3,015

 

 

 

534

 

 

 

3,549

 

Total

 

$

11,563

 

 

$

3,019

 

 

$

14,582

 

 

 

(1)

Primarily equipment and advertising contracts.

The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of November 30, 2018, our obligation to purchase six Boeing 777 Freighter (“B777F”) aircraft and five Boeing 767-300 Freighter (“B767F”) aircraft is conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the Railway Labor Act of 1926, as amended. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above.

As of November 30, 2018, we had $1.0 billion in deposits and progress payments on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our accompanying unaudited condensed consolidated balance sheets. Aircraft and related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of November 30, 2018 with the year of expected delivery:

 

 

 

Cessna SkyCourier 408

 

 

ATR 72-600F

 

 

B767F

 

 

B777F

 

 

Total

 

2019 (remainder)

 

 

-

 

 

 

-

 

 

 

7

 

 

 

2

 

 

 

9

 

2020

 

 

-

 

 

 

-

 

 

 

17

 

 

 

5

 

 

 

22

 

2021

 

 

12

 

 

 

5

 

 

 

18

 

 

 

2

 

 

 

37

 

2022

 

 

12

 

 

 

6

 

 

 

12

 

 

 

3

 

 

 

33

 

2023

 

 

12

 

 

 

6

 

 

 

6

 

 

 

4

 

 

 

28

 

Thereafter

 

 

14

 

 

 

13

 

 

 

-

 

 

 

6

 

 

 

33

 

Total

 

 

50

 

 

 

30

 

 

 

60

 

 

 

22

 

 

 

162

 

 

A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at November 30, 2018 is as follows (in millions):

 

 

 

Aircraft

and Related

Equipment

 

 

Facilities

and Other

 

 

Total

Operating

Leases

 

2019 (remainder)

 

$

281

 

 

$

1,104

 

 

$

1,385

 

2020

 

 

261

 

 

 

2,026

 

 

 

2,287

 

2021

 

 

203

 

 

 

1,858

 

 

 

2,061

 

2022

 

 

185

 

 

 

1,669

 

 

 

1,854

 

2023

 

 

127

 

 

 

1,499

 

 

 

1,626

 

Thereafter

 

 

48

 

 

 

8,465

 

 

 

8,513

 

Total

 

$

1,105

 

 

$

16,621

 

 

$

17,726

 

Future minimum lease payments under capital leases were immaterial at November 30, 2018. While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations.