Leases (Tables)
|
12 Months Ended |
May 31, 2021 |
|---|
| Leases [Abstract] |
|
| Summary of Components of Net Lease Cost |
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 |
|
|