Following is the balance sheet for FedEx. Identify and compute its 2008 net operating assets (NOA). FEDEX

Following is the balance sheet for FedEx. Identify and compute its 2008 net operating assets (NOA).

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FEDEX CORPORATION May 31 ($ millions, except per share amount) Assets 2008 2007 Cash and cash equivalents Receivables, less aliowances of $158 and $136 $ 1,539 $ 1,569 4,359 3,942 Spare parts, supplies and fuel, less allowances of $163 and $156. 435 338 Deferred income taxes..... 544 536 Prepaid expenses and other 367 244 Total current assets..... 7,244 6,629 Property and equipment, at cost Aircraft and related equipment.... 10,165 9,593 Package handling and ground support equipment 4,817 3,889 Computer and electronic equipment 5,040 4,685 Vehicles...... 2,754 2,561 Facilities and other 6,529 6,362 29,305 27,090 Less accumulated depreciation and amortization... 15,827 14,454 Net property and equipment..... 13,478 12,636 Goodwill. Other long-term assets Pension assets 3,165 3,497 827 - Intangible and other assets 919 1,238 Total other long-term assets. 4,911 4,735 Total assets.... $25,633 $24,000 Liabilities and stockholders' investment Current portion of long-term debt 502 639 Accrued salaries and employee benefits. 1,118 1,354 Accounts payable....... 2,195 2,016 Accrued expenses. 1,553 1,419 Total current liabilities.. 5.368 5.428 Long-term debt, less current portion.. 1,506 2,007 Other long-term liabilities Deferred income taxes........... 1,264 897 Pension, postretirement healthcare and other benefit obligations. 989 1,164 Self-insurance accruals 804 759 Deferred lease obligations 671 655 Deferred gains, principally related to aircraft transactions. 315 343 Other liabilities 190 91 Total other long-term liabilities 4,233 3,909 Common stockholders' investment Common stock, $0.10 par value; 800 million shares authorized; 311 million shares issued for 2008 and 308 million shares issued for 2007.. Additional paid-in capital Retained earnings.. Accumulated other comprehensive loss Treasury stock.... Total common stockholders' investment Total liabilities and equity.... 31 31 1,922 1,689 13,002 11,970 (425) (1,030) (4) (4) 14,526 12,656 $25,633 $24,000