Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 31, 2015	May. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 823	$ 884
Receivables, less allowances of $84 and $92	1,512	1,549
Spare parts, supplies and fuel, less allowances of $209 and $204	386	394
Deferred income taxes	378	378
Due from parent company and other FedEx subsidiaries	579	501
Prepaid expenses and other	132	108
Total current assets	3,810	3,814
PROPERTY AND EQUIPMENT, AT COST	27,095	26,286
Less accumulated depreciation and amortization	12,674	12,392
Net property and equipment	14,421	13,894
OTHER LONG-TERM ASSETS
Goodwill	1,393	1,448
Other assets	963	1,104
Total other long-term assets	2,356	2,552
ASSETS	20,587	20,260
CURRENT LIABILITIES
Current portion of long-term debt	5	7
Accrued salaries and employee benefits	977	1,014
Accounts payable	1,148	1,257
Accrued expenses	981	1,056
Due to other FedEx subsidiaries	2,201	1,932
Total current liabilities	5,312	5,266
LONG-TERM DEBT, LESS CURRENT PORTION	239	239
OTHER LONG-TERM LIABILITIES
Deferred income taxes	1,717	1,712
Pension, postretirement healthcare and other benefit obligations	1,267	1,251
Self insurance accruals	784	711
Deferred lease obligations	614	572
Deferred gains, principally related to aircraft transactions	171	178
Other liabilities	93	117
Total other long-term liabilities	$ 4,646	$ 4,541
COMMITMENTS AND CONTINGENCIES
OWNER'S EQUTIY
Common stock, $0.10 par value; 1,000 shares authorized, issued and outstanding	$ 0	$ 0
Additional paid-in capital	608	608
Retained earnings	10,152	9,839
Accumulated other comprehensive loss	(370)	(233)
Total owner's equity	10,390	10,214
LIABILITIES AND OWNER'S EQUITY	$ 20,587	$ 20,260