Federal Express 2011 Annual Report Download - page 71

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69
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Year Ended May 31, 2009
Parent
Guarantor
Subsidiaries
Non–guarantor
Subsidiaries Eliminations Consolidated
Revenues $ – $ 29,923 $ 5,851 $ (277) $ 35,497
Operating Expenses:
Salaries and employee benefits 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