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Commitments
9 Months Ended
Feb. 29, 2016
Commitments [Abstract]  
Commitments

(4) Commitments

 

As of February 29, 2016, our purchase commitments under various contracts for the remainder of 2016 and annually thereafter were as follows (in millions):

  Aircraft and        
  Aircraft-Related Other(1)   Total   
             
2016 (remainder)$ 94 $ 43  $ 137  
2017  1,283   47    1,330  
2018  1,748   41    1,789  
2019  1,569   12    1,581  
2020  1,633   9    1,642  
Thereafter  5,779   76    5,855  
Total$ 12,106 $ 228  $ 12,334  
             
(1) Primarily advertising and promotions contracts.
             

The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of February 29, 2016, our obligation to purchase five Boeing 767-300 Freighter (“B767F”) aircraft and nine Boeing 777 Freighter (“B777F”) aircraft is conditioned upon there being no event that causes us or our 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.

 

We had $363 million in deposits and progress payments as of February 29, 2016 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our consolidated balance sheets. Aircraft and aircraft-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, 2016 with the year of expected delivery:

 

   B767F B777F Total 
         
2016 (remainder)  1  -  1 
2017  12  -  12 
2018  16  2  18 
2019  13  2  15 
2020  12  3  15 
Thereafter  26  9  35 
Total  80  16  96 
         

A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at February 29, 2016 is as follows (in millions):

   Operating Leases 
   Aircraft    Total 
   and Related Facilities Operating 
   Equipment  and Other Leases 
            
2016 (remainder)$ 84 $ 414 $ 498 
2017  403   889   1,292 
2018  332   573   905 
2019  274   493   767 
2020  190   424   614 
Thereafter  360   3,076   3,436 
Total$ 1,643 $ 5,869 $ 7,512 
            

Future minimum lease payments under capital leases were immaterial at February 29, 2016. 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.