Federal Express 2011 Annual Report Download - page 69

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67
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2010
Parent
Guarantor
Subsidiaries
Non–guarantor
Subsidiaries Eliminations Consolidated
Assets
Current Assets
Cash and cash equivalents $ 1,310 $ 258 $ 443 $ (59) $ 1,952
Receivables, less allowances 1 3,425 782 (45) 4,163
Spare parts, supplies, fuel, prepaid expenses
and other, less allowances 5 581 54 – 640
Deferred income taxes – 492 37 – 529
Total current assets 1,316 4,756 1,316 (104) 7,284
Property and Equipment, at Cost 23 29,193 2,086 – 31,302
Less accumulated depreciation and amortization 18 15,801 1,098 – 16,917
Net property and equipment 5 13,392 988 – 14,385
Intercompany Receivable – – 1,132 (1,132) –
Goodwill – 1,551 649 – 2,200
Investment in Subsidiaries 13,850 2,619 – (16,469) –
Other Assets 1,527 801 99 (1,394) 1,033
$ 16,698 $ 23,119 $ 4,184 $ (19,099) $ 24,902
Liabilities and Stockholders’ Investment
Current Liabilities
Current portion of long–term debt $ 250 $ 12 $ – $ – $ 262
Accrued salaries and employee benefits 36 955 155 – 1,146
Accounts payable 8 1,196 422 (104) 1,522
Accrued expenses 47 1,488 180 – 1,715
Total current liabilities 341 3,651 757 (104) 4,645
Long–Term Debt, Less Current Portion 1,000 668 – – 1,668
Intercompany Payable 702 430 – (1,132) –
Other Long–Term Liabilities
Deferred income taxes – 2,253 32 (1,394) 891
Other liabilities 844 2,921 122 – 3,887
Total other long–term liabilities 844 5,174 154 (1,394) 4,778
Stockholders’ Investment 13,811 13,196 3,273 (16,469) 13,811
$ 16,698 $ 23,119 $ 4,184 $ (19,099) $ 24,902