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Commitments
9 Months Ended
Feb. 29, 2020
Commitments [Abstract]  
Commitments

(9) Commitments

As of February 29, 2020, our purchase commitments under various contracts for the remainder of 2020 and annually thereafter were as follows (in millions):

 

 

 

Aircraft and Related

 

 

Other(1)

 

 

Total

 

2020 (remainder)

 

$

159

 

 

$

331

 

 

$

490

 

2021

 

 

2,285

 

 

 

797

 

 

 

3,082

 

2022

 

 

2,630

 

 

 

570

 

 

 

3,200

 

2023

 

 

2,069

 

 

 

381

 

 

 

2,450

 

2024

 

 

698

 

 

 

227

 

 

 

925

 

Thereafter

 

 

3,358

 

 

 

585

 

 

 

3,943

 

Total

 

$

11,199

 

 

$

2,891

 

 

$

14,090

 

 

 

(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 February 29, 2020, our obligation to purchase six Boeing 777 Freighter (“B777F”) aircraft and three 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.

During the first quarter of 2020, FedEx Express exercised options to purchase an additional six B767F aircraft for delivery in 2022.

During the third quarter of 2020, FedEx Express executed two contract amendments rescheduling two B777F aircraft deliveries from 2023 to 2022 and two B767F aircraft deliveries from 2022 to 2023.

As of February 29, 2020, we had $733 million 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 February 29, 2020 with the year of expected delivery:

 

 

 

Cessna SkyCourier 408

 

 

ATR 72-600F

 

 

B767F

 

 

B777F

 

 

Total

 

2020 (remainder)

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

2021

 

 

12

 

 

 

5

 

 

 

18

 

 

 

2

 

 

 

37

 

2022

 

 

12

 

 

 

6

 

 

 

16

 

 

 

5

 

 

 

39

 

2023

 

 

12

 

 

 

6

 

 

 

8

 

 

 

2

 

 

 

28

 

2024

 

 

14

 

 

 

6

 

 

 

 

 

 

4

 

 

 

24

 

Thereafter

 

 

 

 

 

7

 

 

 

 

 

 

2

 

 

 

9

 

Total

 

 

50

 

 

 

30

 

 

 

48

 

 

 

15

 

 

 

143