Summary of Quarterly Operating Results (Unaudited)

12 Months Ended

May 31, 2012

Summary of Quarterly Operating Results [Abstract]

Summary of Quarterly Operating Results (Unaudited)

NOTE 16: SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED)

		First		Second		Third		Fourth
(in millions)		Quarter		Quarter		Quarter		Quarter

2012⁽¹⁾
Revenues		$	6,409		6,406	$	6,363	$	6,588
Operating income			282		339		351		276
Net income			185		221		231		171

2011⁽²⁾
Revenues		$	5,769		5,841	$	5,914	$	6,466
Operating income			351		255		176		424
Net income			212		152		100		267

⁽¹⁾	The fourth quarter of 2012 includes an impairment charge of $134 million resulting from the decision to retire 24 aircraft and related engines. The third quarter of 2012 includes the reversal of a $66 million legal reserve associated with the ATA Airlines lawsuit.

⁽²⁾	The second quarter of 2011 includes a $66 million legal reserve associated with the ATA Airlines lawsuit.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details