Federal Express 2009 Annual Report Download - page 71

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
69
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Year Ended May 31, 2009
Guarantor Non-Guarantor
Parent Subsidiaries Subsidiaries Eliminations Consolidated
REVENUES $ – $ 29,923 $ 5,851 $ (277) $ 35,497
OPERATING EXPENSES:
Salaries and employee benefi ts 82 11,483 2,202 – 13,767
Purchased transportation – 3,362 1,211 (39) 4,534
Rentals and landing fees 4 2,134 296 (5) 2,429
Depreciation and amortization 2 1,706 267 – 1,975
Fuel – 3,554 257 – 3,811
Maintenance and repairs 1 1,755 142 – 1,898
Impairment and other charges – 1,098 106 – 1,204
Intercompany charges, net (193) 81 112 – –
Other 104 4,198 1,063 (233) 5,132
– 29,371 5,656 (277) 34,750
OPERATING INCOME – 552 195 – 747
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries 98 103 – (201) –
Interest, net (73) 28 (14) – (59)
Intercompany charges, net 90 (118) 28 – –
Other, net (17) (3) 9 – (11)
INCOME BEFORE INCOME TAXES 98 562 218 (201) 677
Provision for income taxes – 514 65 – 579
NET INCOME $ 98 $ 48 $ 153 $ (201) $ 98
Year Ended May 31, 2008
Guarantor Non-Guarantor
Parent Subsidiaries Subsidiaries Eliminations Consolidated
REVENUES $ – $ 31,464 $ 6,860 $ (371) $ 37,953
OPERATING EXPENSES:
Salaries and employee benefi ts 98 11,660 2,444 – 14,202
Purchased transportation – 3,392 1,333 (91) 4,634
Rentals and landing fees 4 2,127 313 (3) 2,441
Depreciation and amortization 2 1,651 293 – 1,946
Fuel – 4,095 314 – 4,409
Maintenance and repairs 1 1,907 160 – 2,068
Impairment charges – 882 – – 882
Intercompany charges, net (204) (94) 298 – –
Other 99 4,400 1,074 (277) 5,296
– 30,020 6,229 (371) 35,878
OPERATING INCOME – 1,444 631 – 2,075
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries 1,125 310 – (1,435) –
Interest, net (44) 4 (14) – (54)
Intercompany charges, net 51 (66) 15 – –
Other, net (7) 3 (1) – (5)
INCOME BEFORE INCOME TAXES 1,125 1,695 631 (1,435) 2,016
Provision for income taxes – 687 204 – 891
NET INCOME $ 1,125 $ 1,008 $ 427 $ (1,435) $ 1,125
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS