Leases (Tables)

12 Months Ended

May 31, 2021

The following table is a summary of the components of net lease cost for the period ended May 31 (in millions):

	2021		2020
Operating lease cost	$	2,848	$	2,668
Finance lease cost:
Amortization of right-of-use assets		23		18
Interest on lease liabilities		17		12
Total finance lease cost		40		30
Short-term lease cost		387		197
Variable lease cost		1,318		1,160
Net lease cost	$	4,593	$	4,055

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the period ended May 31 is as follows (in millions):

	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	2,750	$	2,608
Operating cash flows paid for interest portion of finance leases		16		14
Financing cash flows paid for principal portion of finance leases		75		84
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,703	$	1,915
Right-of-use assets obtained in exchange for new finance lease liabilities	$	126	$	484

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases as of May 31 is as follows (dollars in millions):

	2021			2020
Operating leases:
Operating lease right-of-use assets, net	$	15,383		$	13,917

Current portion of operating lease liabilities		2,208			1,923
Operating lease liabilities		13,375			12,195
Total operating lease liabilities	$	15,583		$	14,118

Finance leases:
Net property and equipment	$	504		$	480

Current portion of long-term debt		96			51
Long-term debt, less current portion		429			434
Total finance lease liabilities	$	525		$	485

Weighted-average remaining lease term
Operating leases		9.9			9.9
Finance leases		30.1			32.0

Weighted-average discount rate
Operating leases		2.94	%		3.19	%
Finance leases		3.43	%		3.58	%

Summary of Future Minimum Lease Payments, Operating and Finance Leases

A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year at May 31, 2021 is as follows (in millions):

	Aircraft and Related Equipment			Facilities and Other			Total Operating Leases			Finance Leases			Total Leases
2022	$	234		$	2,403		$	2,637		$	19		$	2,656
2023		198			2,255			2,453			106			2,559
2024		102			1,986			2,088			24			2,112
2025		69			1,739			1,808			24			1,832
2026		61			1,516			1,577			23			1,600
Thereafter		184			7,358			7,542			698			8,240
Total lease payments		848			17,257			18,105			894			18,999
Less imputed interest		(66	)		(2,456	)		(2,522	)		(369	)		(2,891	)
Present value of lease liability	$	782		$	14,801		$	15,583		$	525		$	16,108