Federal Express 2009 Annual Report Download - page 70

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FEDEX CORPORATION
68
CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2008
Guarantor Non-Guarantor
Parent Subsidiaries Subsidiaries Eliminations Consolidated
ASSETS
Current Assets
Cash and cash equivalents $ 1,101 $ 166 $ 272 $ – $ 1,539
Receivables, less allowances 4 3,310 1,083 (38) 4,359
Spare parts, supplies and fuel, prepaid expenses
and other, less allowances 10 710 82 – 802
Deferred income taxes – 512 32 – 544
Total current assets 1,115 4,698 1,469 (38) 7,244
Property and Equipment, at Cost 24 26,658 2,623 – 29,305
Less accumulated depreciation and amortization 16 14,578 1,233 – 15,827
Net property and equipment 8 12,080 1,390 – 13,478
Intercompany Receivable 1,902 – 333 (2,235) –
Goodwill – 2,299 866 – 3,165
Investment in Subsidiaries 11,913 2,678 – (14,591) –
Pension Assets 813 1 13 – 827
Other Assets 381 744 153 (359) 919
$ 16,132 $ 22,500 $ 4,224 $ (17,223) $ 25,633
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current Liabilities
Current portion of long-term debt $ 500 $ – $ 2 $ – $ 502
Accrued salaries and employee benefi ts 41 881 196 – 1,118
Accounts payable 3 1,774 456 (38) 2,195
Accrued expenses 25 1,301 227 – 1,553
Total current liabilities 569 3,956 881 (38) 5,368
Long-Term Debt, Less Current Portion 749 756 1 – 1,506
Intercompany Payable – 2,235 – (2,235) –
Other Liabilities
Deferred income taxes – 1,518 105 (359) 1,264
Other liabilities 288 2,549 132 – 2,969
Total other long-term liabilities 288 4,067 237 (359) 4,233
Stockholders’ Investment 14,526 11,486 3,105 (14,591) 14,526
$ 16,132 $ 22,500 $ 4,224 $ (17,223) $ 25,633