Federal Express 2006 Annual Report Download - page 68

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FEDEX CORPORATION
66
CONSOLIDATED BALANCE SHEETS
May 31,
(In millions, except share data) 2006 2005
ASSETS
Current Assets
Cash and cash equivalents $ 1,937 $ 1,039
Receivables, less allowances of $144 and $125 3,516 3,297
Spare parts, supplies and fuel, less allowances of $150 and $142 308 250
Deferred income taxes 539 510
Prepaid expenses and other 164 173
Total current assets 6,464 5,269
Property and Equipment, at Cost
Aircraft and related equipment 8,611 7,610
Package handling and ground support equipment 3,558 3,366
Computer and electronic equipment 4,331 3,893
Vehicles 2,203 1,994
Facilities and other 5,371 5,154
24,074 22,017
Less accumulated depreciation and amortization 13,304 12,374
Net property and equipment 10,770 9,643
Other Long-Term Assets
Goodwill 2,825 2,835
Prepaid pension cost 1,349 1,272
Intangible and other assets 1,282 1,385
Total other long-term assets 5,456 5,492
$22,690 $20,404
LIABILITIES AND STOCKHOLDERS’ INVESTM ENT
Current Liabilities
Current portion of long-term debt $ 850 $ 369
Accrued salaries and employee benefits 1,325 1,275
Accounts payable 1,908 1,739
Accrued expenses 1,390 1,351
Total current liabilities 5,473 4,734
Long-Term Debt, Less Current Portion 1,592 2,427
Other Long-Term Liabilities
Deferred income taxes 1,367 1,206
Pension, postretirement healthcare and other benefit obligations 944 828
Self-insurance accruals 692 621
Deferred lease obligations 658 532
Deferred gains, principally related to aircraft transactions 373 400
Other liabilities 80 68
Total other long-term liabilities 4,114 3,655
Commitments and Contingencies
Common Stockholders’ Investment
Common stock, $0.10 par value; 800 million shares authorized; 306 million shares issued for 2006
and 302 million shares issued for 2005 31 30
Additional paid-in capital 1,468 1,241
Retained earnings 10,068 8,363
Accumulated other comprehensive loss (24) (17)
11,543 9,617
Less deferred compensation and treasury stock, at cost 32 29
Total common stockholders’ investment 11,511 9,588
$22,690 $20,404
The accompanying notes are an integral part of these consolidated financial statements.