**UNITED STATES**

**SECURITIES AND EXCHANGECOMMISSION**

**Washington, DC 20549**

 

**FORM 10-K**

 

**ANNUAL REPORT PURSUANT TO SECTION 13 OR15(d) OF THESECURITIES EXCHANGE ACT OF 1934**

 

**For the fiscal year ended December 31,2007**

 

**Commission File No. 01-11779**

 

 

**ELECTRONIC DATA SYSTEMSCORPORATION**

(Exact name of registrant asspecified in its charter)  

 

 

**Securitiesregistered pursuant to Section 12(b) of the Act: **

 

| Title of each class                                       | Name of each exchange on which registered                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Zero-Coupon Convertible Senior Notes due October 10, 2021 | 6.0% Senior Notes due 2013, Series B

3.875% Convertible Senior Notes due 2023

** **

**Securitiesregistered pursuant to Section 12(g) of the Act:  None**

** **

Indicate by check mark if the registrant is awell-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes   X  No      .

 

Indicate by check mark if the registrant is not requiredto file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes       No   X  .

 

Indicate by check mark whether the registrant (1) hasfiled all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.  Yes   X  No       .

 

Indicate by check mark if disclosure of delinquentfilers pursuant to Item 405 of Regulation S-K is not contained herein, and willnot be contained, to the best of registrant's knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-Kor any amendment to this Form 10-K. [  ]

 

Indicate by check mark whether the registrant is alarge accelerated filer, an accelerated filer, a non-accelerated filer or asmaller reporting company. Large accelerated filer   X    Acceleratedfiler         Non-accelerated filer         Smaller reporting company       .

 

Indicate by check mark whether the registrant is ashell company (asdefined in Rule 12b-2 of the Exchange Act). Yes        No   X  .

 

As of June 30, 2007, the aggregate market value of theregistrant's common stock held by non-affiliates of the registrant (based onthe closing price on June 29, 2007, as reported on the New York Stock ExchangeComposite Transactions) was approximately $14,100,000,000.

 

There were 509,037,399 shares of the registrant's commonstock outstanding as of January 31, 2008.

 

**DOCUMENTSINCORPORATED BY REFERENCE**

 

Portions of the Registrant's Proxy Statement for theAnnual Meeting of Shareholders to be held on April 15, 2008, are incorporatedby reference in Part III.

 

 

 

 

**PART I**

 

**ITEM 1.      BUSINESS**

 

**Overview**

 

ElectronicData Systems Corporation, or EDS, is a leading global technology servicescompany that delivers business solutions. EDS founded the informationtechnology outsourcing industry more than 45 years ago. Today, we deliver abroad portfolio of information technology and business process outsourcingservices to clients in the manufacturing, financial services, healthcare,communications, energy, transportation, and consumer and retail industries andto governments around the world.  

 

As of January 31, 2008, EDS and itssubsidiaries employed approximately 139,500 persons in the United States and 65other countries around the world. Our principal executive offices are located at5400 Legacy Drive, Plano, Texas 75024, telephone number: (972) 604‐6000.

 

Ourpredecessor was incorporated in Texas under the name Electronic Data SystemsCorporation in 1962. In 1984, General Motors Corporation, or GM, acquired allof the capital stock of our predecessor, and we remained a wholly ownedsubsidiary of GM until our split-off in 1996. As a result of the split-off, webecame an independent, publicly held Delaware corporation. Unless the contextotherwise requires, references to EDS include its predecessor and subsidiaries.

 

**EDS Services**

 

***InfrastructureServices.***EDS InfrastructureServices delivers hosting, workplace (desktop), storage, security and privacy,and communications services that enable clients to drive down their total costof ownership and increase the productivity of their information technology (IT)environment across the globe. Infrastructure Services include:

 
 *
*Data Center Services.*****EDS Data Center Services address the business andtechnology needs of our clients for hosting and storage services. Theseservices establish the client's infrastructure using a set of highly modular,standard components that can be provisioned quickly and easily, serving as theintegrated base platform to support business processes and applications. Data Center Services is composed of eight principal offerings:

 

-     *ServerManagement.*We providemanagement, monitoring and a flexible set of services for our clients' servers.Services are delivered from our secure data center facilities with standardoperational best practices and advanced technologies, including virtualizationand automation.

 

-     *Enterprise Application Hosting Services.*We provide data center servicesincluding managed servers, storage, network and support for mission-critical,packaged enterprise applications. This service extends our full continuum of applicationssupport, providing our clients' application infrastructure and enablingsecurity, privacy, and compliancy.

 

-     *WebHosting Services.*This service includes the operational management and infrastructure forWeb-enabled environments including managed servers, storage, network, andsupport. EDS Web Hosting Services offers clients base and uplift servicesprovided in EDS leveraged data centers as well as in client data centers. 

 

-     *ManagedMainframe**Services.*We offer acomplete spectrum of secure, usage-based mainframe management services,including mainframe platform, storage hardware, operating software and disasterrecovery support.

 

-     *Data Center Modernization.*These transformational servicesrationalize, consolidate, automate and virtualize the client's ITinfrastructure and applications environment to enable reduced cost, increasedquality of service and greater flexibility.

 

-     *StorageManagement Services.* We provide a full spectrum of storage tiers on both Network AttachedStorage (NAS) and Storage Area Network (SAN) platforms.* *

 

-     *Backup& Restore Services.*These services protect and recover lost data for improved systemavailability and rapid response to a single system failure or widespreaddisaster. We offer protection for end user laptops, remote servers, data centerstorage, and high-end mission critical applications.

 

-     *Archive& Compliance Services.*We provide long-term data retention services to support regulatory andlegal requirements. We offer a range of storage archiving tiers designed forend user files, e-mail, file server data, and archival of Enterprise ResourcePlanning (ERP) system reports.

 

 

1

 

 

 
 *
*Workplace Services.*EDS Workplace Services delivers expert management and support of theend user's work environment from the software applications that support theclient's business practices to the supporting network communicationsinfrastructure. Workplace Services include:

* *

-    * MobileWorkplace Services.* We provide an end-to-end managed mobility solution that delivers voiceand enterprise data regardless of a user's locality, device, network orapplication.

 

-     *AssetManagement Services.* We offer a system of integrated management processes, strategies andtechnologies to enable a client to control its IT assets throughout their lifecycle.

 

-     *ThinClient Management Services.* Through these services we centralize clients' applications to deliver themfrom a data center, not the desktop. 

 

-     *WorkplaceSoftware Management Services.* We assist in the planning and automateddeployment of operating systems, software upgrades and security patches.

 

-     *WorkplaceServer Management Services.* We provide IT management for server platforms deployed in complexenvironments.

 

-     *ManagedOutput Services.*We provide comprehensive enterprise wide management of office output, offeringmanagement and maintenance of existing office equipment, consumablesreplenishment and technology refresh. 

 

-     *ManagedMessaging Services.* We offer management of the client's e-mail environment includingimplementation, upgrades and management of end user e-mail infrastructures.

 

-     *CollaborationServices.* Theseservices enable workers to come together in virtual ways to communicate, share,manage and use information. Services include secure instant messaging,collaborative workspaces and presence awareness.

 

-     *Service Desk and SiteSupport Services.* We provide asingle point of contact for issues related to networks, servers, desktops andmobile devices through Web accessible self-help, on-site support and liveagents using fully integrated tools.

 

 
*
*Security and Privacy Services.* We offer defined security, privacy and businesscontinuity features embedded at the onset in every EDS offering. These featuresare the people, tools, processes and controls used by EDS across all portfolioofferings to meet clients' expectations and industry-specific standards andregulations for security, privacy, business continuity management and riskmanagement. Our Security and Privacy Services offerings include governance, risk andcompliance management services, identity & access management services, informationsecurity management services and threat & vulnerability managementservices.

 
 
*
*EDS Networking Services*. EDS assists clients in optimizing in-housenetwork operations by leveraging our significant network experience, networkmanagement tools, processes, assets and global delivery capabilities. Ournetworking services include the following:
 

-     *NetworkManagement Services.*EDS Network Management Services increase operational efficiencies andnetwork scalability and align network operations to support client businessrequirements. Services include: design, deployment, monitoring and managementof network devices; asset management; problem, configuration and changemanagement; performance reporting; and problem resolution.

 

-    *IPCommunications Services.*Our solutions enable secure, integrated enterprise-wide convergence ofvoice, data and communications applications and reduce the complexity ofenterprise communications. Services include project management, siteassessment, engineering, call plan development, migration planning,implementation to operation, asset and operating system management, hardwareand software upgrades and ongoing support services with focus on devicemanagement.

 

-      *Enterprise Networking Services.*We manage wide area networks andcarrier relationships globally on behalf of our clients.**
* *
***Applications Services.***EDS Applications Services helporganizations plan, develop, integrate and manage custom applications, packagedsoftware and industry-specific solutions. Servicesrange from outsourcing of applications development and management toproject-based work that includes custom application development, the implementationof third-party software and application integration. Benefits to clients forthese services can include reduced costs, extended value of technologyinvestments, information sharing and enhanced ability to adapt to marketchanges. Our Applications Services include the following: 

 

 

2

 

 

 

 
*
*Security and Privacy Services.* We offer defined security, privacy and businesscontinuity features embedded at the onset in every EDS offering. These featuresare the people, tools, processes and controls used by EDS across all portfolioofferings to meet clients' expectations and industry-specific standards andregulations for security, privacy, business continuity management and riskmanagement. Our Security and Privacy Services offerings include governance, risk andcompliance management services, identity & access management services, informationsecurity management services and threat & vulnerability managementservices.

 
 
*
 *Applications DevelopmentServices.*We create newapplications, providing full lifecycle support through delivery. We define theapplication requirements, analyze application characteristics, implement to aproduction environment and monitor performance for a warranted time. Servicesinclude custom application development, application testing, mobile applications,workforce enhancement, and enterprise application integration. We also provide implementation, upgrade and consolidationservices for enterprise packages such as SAP®, Oracle®and PeopleSoft®. 

 
 
*
 *Applications ManagementServices.*We offer managedservices for specific applications or entire applications portfolios, bothcustom and packaged, including services for enterprise applications and supportfor SAP®, Oracle® and PeopleSoft®software. We assess the specified applications, plan the transition and provideongoing management to improve client productivity and operatingefficiency. We also provide applicationsrationalization, content management integration and legacy applicationmigration services.

 
 
*
*Integrated ApplicationsServices.* We engineer solutions suchas Service-Oriented Architecture, Portals and Dashboards Services, Web Servicesand Enterprise Applications Integration Services to support the overallintegration of a client's architecture or our own Agile ApplicationArchitecture. These services integrate and extend existing packaged and legacyapplications.

 
 
*
*Industry-Specific Applications Solutions.*These solutions are designed to supportindustry-specific needs. Our industry solutions span eight vertical industrysegments: communications, energy, financial, government, healthcare,manufacturing, retail and transportation.
 

ApplicationsServices offerings and capabilities are delivered via the EDS Global DeliveryModel, which includes the EDS Best Shore® delivery approach thatallows EDS to develop and manage applications in one or more of our Solution Centresstrategically located in cost-effective countries. The delivery of our servicesoffers a lifecycle approach with globally integrated, consistent work processesand tools and project-sharing at multiple facilities on a 24 hours a day, sevendays a week basis.  

*** ***

***BusinessProcess Outsourcing Services.***Our Business Process Outsourcing (BPO) servicesenable clients to drive operational and organizational efficiency, businessprocess integration, application integration and cost savings. By coupling ourIT management and BPO services with in-depth, industry-specific knowledge, weprovide business-focused solutions tailored to meet clients' strategic goals.Our BPO services include the following: 

 

 
*
*Billing and Clearing Services.* These services help clients manage their business andbilling processes, bill payment services and content in multiple formats. 

 
 
*
*CardProcessing Services*. We provide a full range of card capabilities thatenable clients to manage card issuance, processing and servicing for cardissuers and merchant processors. 

 
 
*
*Credit Services*. We provide credit processing utilities that support acomprehensive, integrated solution, enabling improved process efficiencies,lower operational costs and improved channel management. 

 
 
*
*CRM Services*. Our customer relationship management (CRM) services assist our clients inidentifying, acquiring, servicing and retaining their customers. 

 
 
*
*DocumentProcessing Services*. These services enable enterprises to create, capture,customize, archive, manage and share information in any format, includingscanned images, print, mail, electronic documents, legacy data, audio or video.

 
 
*
*Finance & AccountingServices*. We provide end-to-end services to decreaseclients' costs, reduce time to resolve issues, improve accuracy and cycle timeof processes, and create a more cost-effective path to regulatory compliance.

 
 
*
*HumanResources (HR) Outsourcing Services*. Through ExcellerateHRO, our 86% ownedjoint venture with Towers Perrin, we provide comprehensive, integrated HR offeringsto help enterprises manage their HR knowledge and information, enhancedecision-making, control program costs and drive efficiency in HR operations.

 
 
*
*InsuranceServices*. We provide back-office support to streamline payment andadministrative processes for life and annuity, property and casualty, andhealthcare related claims. 

 
 
*
*PaymentServices*.  Our array of electronic, image- and paper-based payment serviceshelp businesses increase settlement speed, improve accuracy and manage costs.
 

 

3

 

 

 
*
*SupplyManagement Services.* Through a combination of processes, strategies andtechnology, we enable clients to transform their supply chain function andachieve greater economies of scale, automated procurementworkflows and reduced operational expenses.
 

We also deliver industry-specific offerings andprovide industry experts to assist clients in key process improvement redesign.One example is our suite of Government BPO Services. For more than 40 years wehave provided Medicare and Medicaid claims processing to the U.S. federal and state governments, helping to lower program costs while increasing efficiency andperformance. Our offerings to governments also include: fiscal agent services;decision support services; fraud, waste and abuse protection services;integrated pharmacy services; Health Insurance Portability and AccountabilityAct (HIPAA) compliance services; immunization registry and tracking services;and case management services. We also offer Web-based enrollment andeligibility inquiry capabilities. Our industry-specific BPO offerings alsosupport the financial services, manufacturing, healthcare,transportation, communications, energy and consumer and retail industries.

 

ManyBPO services are supported by our reusable, multi-client utility platform*.*Thisplatform is comprised of key components of our BPO portfolio, including: CRMand call center services; financial process services such as credit servicesand insurance services, payment and settlement, card processing and billing andclearing transactions; and content management services.

 

**EDSAgile Enterprise**

 

The EDS Agile Enterprise Platform is our network-basedutility architecture designed to create a more flexible and cost-effective technologyfoundation for the delivery of a significant portion of our services. Byleveraging this platform with our industry wide alliance relationships withleading technology companies, we offer flexible IT systems designed to allowclients to manage change through agile processes, applications and technologyarchitectures.  

 

**Revenues**

 

Our revenues are received pursuant to contractswith our clients. These contracts may provide for both fixed and variable feearrangements. The terms of our infrastructure outsourcing contracts aregenerally five or more years, and contracts for applications and BPO servicesgenerally have shorter terms. We refer you to Note 12 to theaccompanying consolidated financial statements for a summary of certainfinancial information related to our reportable segments and service offerings for2007, 2006 and 2005, as well as certain financial information related to ouroperations in certain countries for such years.   

 

No one client accounted for more than 10 percentof our total revenues in 2007. Approximately 48% of our 2007 revenues weregenerated outside the United States. 

 

Certain IT outsourcing agreements contain third-party benchmarkingprovisions which generally permit contractual rates to be compared to a rangeof market rates for comparable services on a periodic basis over the term ofthe agreement. We refer you to "Risk Factors" below for a discussion of theseprovisions.

 

Approximately $2.4 billion of our 2007 revenueswere attributable to the U.S. federal government, including our Navy MarineCorps Intranet ("NMCI") contract discussed under "Management's Discussion andAnalysis of Financial Condition and Results of Operations." Contracts with the U.S. federal government have various attributes that differ from our other commercialcontracts, including provisions for modifications in scope of work due tochanging customer requirements, annual funding constraints of the federalgovernment and, in some cases, the indefinite delivery/indefinite quantitycharacteristics of the contracts.

 

**StrategicAlliances**

 

We maintain multiple technology practices andplatforms to enable us and our clients to select the right vendor for specificneeds. The EDS Alliance Program focuses on building and managing globalalliances that enable us to realize our strategic objectives and delivercompetitive differentiation for our clients' businesses. We believe ourstrategic alliances help us provide clients with the best solutions at asuperior value.

 

The EDS Agility Alliance is our moststrategically significant set of alliance relationships. Through this series ofalliance relationships with leading technology companies, we are able tointegrate our alliance members' products and services into the EDS portfolio. Wejointly go to market with EDS Agility Alliance members by engaging inoperational business planning and other initiatives related to new and existingclients. 

 

 

4

 

 

 

In addition to the EDS Agility Alliance,we have alliance relationships with companies selected to provide specific,focused expertise within certain horizontal or industry segments and solutionalliance relationships that support a specific solution or offering in ourportfolio. 

 

**Competition**

 

TheIT services market remains fragmented and highly competitive. We facecompetition from companies providing infrastructure, applications and BPOservices. Our principal competitors in the infrastructure services market are IBM Global Services, Computer Sciences Corporation ("CSC"), Fujitsu,T-Systems, Hewlett-Packard Services and Accenture Ltd. Our principalcompetitors in the applications services market are IBM Global Services, Accenture Ltd.,CSC, Hewlett-Packard Services, and India-based competitors Infosys TechnologiesLtd. and Tata Consultancy Services Ltd. Our principal competitors in the BPOmarket are Accenture Ltd., Affiliated Computer Services, IBM Global Services,Hewitt and Convergys. In addition, we experience significant competition fromtelecommunications providers in our network services and other businesses,including applications development and hosting. In recent years we have alsoexperienced significant competition from offshore providers in ourinfrastructure, applications and BPO businesses, including in particular fromIndia-based competitors. 

 

We believe we are the second-largest provider of IToutsourcing services in the world. We believe we are positioned to competeeffectively based on our technology and systems capabilities, full range ofservice offerings available on a global scale, service quality and the valueproposition for our service offerings. However, technology and its applicationwithin the business enterprise are in a rapid and continuing state of change asnew technologies continue to be developed, introduced and implemented. Webelieve that in order to continue to compete effectively we must develop andmarket offerings that meet changing user needs and respond to technologicalchanges on a timely and cost-effective basis.

 

**Patentsand Proprietary Rights**

 

Wehold a number of patents and pending patent applications in the United States and other countries. Our policy generally is to pursue patent protection weconsider necessary or advisable for the patentable inventions and technologicalimprovements of our business. We also significantly rely on trade secrets, copyrights,technical expertise and know-how, continuing technological innovations andother means, such as confidentiality agreements with employees, consultants andclients, to protect and enhance our competitive position.

 

Someof our business areas, including in particular our BPO services, are highlypatent-intensive. Many of our competitors have obtained, and may obtain in thefuture, patents that cover or affect services or products directly orindirectly related to those we offer. We routinely receive communications fromthird parties asserting patent or other rights covering our products andservices. We may not be aware of all patents containing claims that may pose arisk of infringement by our products and services. In general, if one or moreof our products or services infringe patents held by others, we would berequired to cease developing or marketing those products or services, obtainlicenses from the holders of the patents, or redesign our products or servicesto avoid infringing the patent claims. There is no assurance that we would beable to take any of such remedial actions or, if we are able to do so, that thecosts incurred would not be significant. 

 

Weare not aware of any pending patent or proprietary right disputes that wouldhave a material adverse affect on our consolidated financial position orresults of operations.

 

**Regulation**

 

Variousaspects of our business are subject to governmental regulation in the United States and other countries in which we operate. Failure to comply with suchregulation may, depending upon the nature of the noncompliance, result in thesuspension or revocation of any license or registration at issue, thetermination or loss of any contract at issue or the imposition of contractualdamages, civil fines or criminal penalties. We have experienced no materialdifficulties in complying with the various laws and regulations affecting ourbusiness.

 

**OurWebsite and Availability of Information**

 

We make available free of charge on our Website at *www.eds.com/investor*our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, CurrentReports on Form 8-K and all amendments to those reports as soon as reasonablypracticable after such material is filed with the Securities and ExchangeCommission ("SEC"). We also make available on our Website other reports filedwith the SEC under the Securities Exchange Act of 1934, including our proxystatements and reports filed by officers and directors under Section 16(a) ofthat Act. We do not intend for information on our Website to be part of thisForm 10-K.

** **

 

5

 

 

 

**ITEM 1A.   RISKFACTORS**

 

Because ofthe following factors, as well as other variables affecting our operatingresults, past financial performance may not be a reliable indicator of futureperformance, and historical trends should not be used to anticipate results ortrends in future periods. 

* *

*Ourengagements with clients may not be profitable*. The pricing and other terms of our client contracts,particularly our long-term IT outsourcing agreements, require us to makeestimates and assumptions at the time we enter into these contracts that coulddiffer from actual results. These estimates reflect our best judgmentsregarding the nature of the engagement and our expected costs to provide thecontracted services. Any increased or unexpected costs or unanticipated delaysin connection with the performance of these engagements, including delayscaused by factors outside our control, could make these contracts lessprofitable or unprofitable, which would have an adverse affect on our profitmargin. Our exposure to this risk increases generally in proportion to thescope of the client contract and is higher in the early stages of such contract.In addition, a majority of our IT outsourcing contracts contain somefixed-price, incentive-based or other pricing terms that condition our fee onour ability to meet defined goals. Our failure to meet a client's expectationsin any type of contract may result in an unprofitable engagement.

 

*Ourability to recover significant capital investments in certain constructcontracts is subject to risks*. Someof our client contracts require significant investment in the early stageswhich is expected to be recovered through billings over the life of thecontract. These contracts often involve the construction of new computersystems and communications networks and the development and deployment of newtechnologies. Substantial performance risk exists in each contract with thesecharacteristics, and some or all elements of service delivery under these contractsare dependent upon successful completion of the development, construction anddeployment phases. At December 31, 2007, approximately$535 million of our deferred construct and set-up costs related to contractswith active construct activities. We normallyhave approximately 20 to 25 activeconstruct contracts with deferred costs in excess of $1 million. Some of these contracts experience delays in theirdevelopment and construction phases and certain milestones may be missed. Therefore,it is reasonably possible that deferred costs associated with one or more ofthese contracts could become impaired due to changes in estimates of futurecontract cash flows.

 

*Adecline in revenues from or loss of significant clients could reduce ourrevenues and profitability*. Oursuccess is to a significant degree dependent on our ability to retain oursignificant clients and maintain or increase the level of revenues from theseclients, including in particular revenues from certain "mega-deal" long-term IToutsourcing agreements. We may lose clients due to their merger or acquisition,business failure, contract expiration or their conversion to a competingservice provider or decision to in-source services. We may not be able toretain or renew relationships with our significant clients in the future. As aresult of business downturns or for other business reasons, we are alsovulnerable to reduced processing volumes from our clients, which can reduce thescope of services provided and the prices for those services. We may not beable to replace the revenue and earnings from any such lost client or reductionin services in the short or long-term. In addition, our contracts may allow aclient to terminate the contract for convenience. In these cases we seek,through the terms of the contract, to recover our investment in the contract.There is no assurance we will be able to fully recover our investments in suchcircumstances.

* *

*Pendinglitigation could have a material adverse affect on our liquidity and financialcondition*. We are defendants invarious claims and pending actions arising in the ordinary course of businessor otherwise. We refer you to the discussion of "Pending Litigation andProceedings" under Note 15 to the accompanying consolidated financialstatements for a description of one of these matters. We are not able topredict the ultimate impact of these matters on us or our consolidatedfinancial statements. However, we may be required to pay judgments orsettlements and incur expenses in aggregate amounts that could have a materialadverse affect on our liquidity and earnings. 

* *

*If weare unable to protect client information from theft or loss, our reputationcould be harmed, and we could suffer significant financial loss.*As with all IT outsourcing companies, we are vulnerableto negative impacts if sensitive information from our clients or theircustomers is inadvertently compromised or lost. We routinely process, store andtransmit large amounts of data for our clients which includes sensitive andpersonally identifiable information, such as Social Security numbers,healthcare information, credit card and personal financial information. We aresubject to numerous U.S. and foreign laws designed to protect this information.Loss or compromise of this data could cost us both monetarily and in terms of clientgood will and lost business.  In order to reduce the risk of such an incidentand minimize the consequences should one occur, we continually enhance our comprehensivesecurity program combining industry best practices, specific industryregulatory requirements, and various global security standards. Notwithstandingthis comprehensive security program, there can be no assurance that we will notexperience a data loss or security breach that would materially adverselyimpact our earnings or liquidity.

* *

*Ourexposure to certain industries and financially troubled customers may adverselyaffect our financial results*. Ourexposure to certain industries and financially troubled customers has had, andcould in the future have, a material adverse affect on our financial positionand our results of operations. For example, we are a leading provider of IToutsourcing services to the United States automobile and airline industries,which sectors have experienced significant financial difficulties.

 

 

6

 

 

 

*Impactof rating agency downgrades*. Anyadverse action by Moody's, S&P or Fitch with respect to our long-termcredit ratings could materially adversely impact our ability to compete for newbusiness, our cost of capital and our ability to access capital. 

 

*Some ofour contracts contain benchmarking provisions that could decrease our revenuesand profitability*. Some of our IToutsourcing agreements contain pricing provisions that permit a client torequest a benchmark study by a mutually acceptable third-party benchmarker.Typically, benchmarking may not be conducted during the initial years of thecontract term but may be requested by a client periodically thereafter, subjectto restrictions which limit benchmarking to certain groupings of services andlimit the number of times benchmarking may be conducted during the term of thecontract. Generally, the benchmarking compares the contractual price of ourservices against the price of similar services offered by other specifiedproviders in a peer comparison group, subject to agreed upon adjustment andnormalization factors. Generally, if the benchmarking study shows that ourpricing has a difference outside a specified range, and the difference is notdue to the unique requirements of the client, then the parties will negotiatein good faith any appropriate adjustments to the pricing. This may result inthe reduction of our rates for the benchmarked services. Due to the enhancedfocus of our clients on reducing their technology costs, as well as theuncertainties and complexities inherent in benchmarking comparisons, ourclients may increasingly attempt to obtain additional price reductions beyondthose already embedded in our contract rates through the exercise ofbenchmarking provisions. Also, if we cannot agree with our client onpost-benchmarking pricing adjustments, the contract may permit the client toexercise an early termination right, which may or may not involve payment of atermination fee. Such activities could negatively impact our results ofoperations or cash flow in 2008 or thereafter to a greater extent than has beenour prior experience. 

* *

*Themarkets in which we operate are highly competitive, and we may not be able tocompete effectively*. The markets inwhich we operate include a large number of participants and are highlycompetitive. Our primary competitors are IT service providers, large consultingand other professional service firms, applications service providers,telecommunications companies, packaged software vendors and resellers andservice groups of computer equipment companies. We also experience competitionfrom numerous smaller, niche-oriented and regionalized service providers. Ourbusiness experiences rapid changes in the competitive landscape, with our competitorsmoving operations offshore to reduce their costs as well as increasedcompetition from offshore providers, primarily India-based competitors. Thecompetition from India-based companies continues to grow in intensity due tothe abundance of highly skilled workers in the country, a pro-businessregulatory environment and significantly lower costs of labor. Although we havesignificantly increased our labor resources in India and other lower costlocations in recent years, competitors with a greater presence in such areasmay be able to offer lower prices than we are able to offer. Any of thesefactors may impose additional pricing pressure on us, which could have anadverse affect on our revenues and profit margin.

  

*Unanticipated changes in our tax provisions orexposure to additional tax liabilities could affect our profitability*. Weare subject to income taxes in the United States and numerous foreignjurisdictions. We are subject to ongoing tax audits in various jurisdictions.Tax authorities may disagree with our intercompany charges or other matters andassess additional taxes. Our provision for income taxes and cash tax liabilityin the future could be adversely affected by numerous factors including, butnot limited to, income before taxes being lower than anticipated in countrieswith accumulated tax losses and higher than anticipated in countries withhigher statutory tax rates, changes in the valuation of deferred tax assets andliabilities, changes in tax laws, regulations, accounting principles orinterpretations thereof, and the discovery of new information in the course ofour tax return preparation process, which could adversely impact our results ofoperations and financial condition in future periods. In particular, thecarrying value of deferred tax assets is dependent on our ability to generatefuture taxable income over the expiration period of the tax asset. Animpairment of deferred tax assets would result in an increase in our effectivetax rate and related tax expense in the period of impairment and could affectour profitability.

* *

*Risksassociated with our non-U.S. operations could negatively affect our earnings.* Non-U.S. operations accounted for approximately 48% ofour revenues in 2007 and will continue to represent a substantial portion ofour business. Our results of operations are affected by our ability to managerisks inherent in doing business abroad. These risks include exchange ratefluctuation, regulatory concerns, terrorist activity, restrictions with respectto the movement of currency, access to highly skilled labor, political andeconomic instability and our ability to protect our intellectual property. Anyof these risks could result in increased costs or otherwise materiallyadversely affect our financial condition or results of operations and may also impedeour ability to expand our international business. 

 

As ofDecember 31, 2007, we owned an approximately 61% interest in MphasiS Limited, apublicly traded applications and business process outsourcing services companybased in Bangalore, India. In connection with this investment, we are exposedto additional international risks, including being subject to Indian securitieslaws and regulations. If we fail to comply with the requirements of the StockExchange Board of India, the stock exchanges upon which MphasiS is listed orany of the other applicable Indian regulatory authorities, our investment inMphasiS could be materially adversely affected, and such violation could resultin significant legal consequences to us.

**

7

 

 

 

*Our services or products may infringe upon theintellectual property rights of others*. We cannot be sure that our servicesand products, or the products of others that we offer to our clients, do notinfringe on the intellectual property rights of third parties, and we may haveinfringement claims asserted against us. These claims may harm our reputation,cost us money and prevent us from offering some services or products. Wegenerally agree in our contracts to indemnify our clients for any expenses orliabilities they may incur resulting from claimed infringements of theintellectual property rights of third parties. In some instances, the amount ofthese indemnities may be greater than the revenues we receive from the client.Any claims or litigation in this area, whether we ultimately win or lose, couldbe time-consuming and costly, injure our reputation or require us to enter intoroyalty or licensing arrangements. We may, in limited cases, be required toforego rights to the use of intellectual property we help create, which limitsour ability to also provide that intellectual property to other clients. Anylimitation on our ability to provide a service or product could cause us tolose revenue-generating opportunities and require us to incur additionalexpenses to develop new or modified solutions for future projects.

 

*A material weakness in our internal controls could havea material adverse affect on us.*Effective internal controls are necessaryfor us to provide reasonable assurance with respect to our financial reportsand to effectively prevent fraud. If we cannot provide reasonable assurancewith respect to our financial reports and effectively prevent fraud, ourreputation and operating results could be harmed. Pursuant to the Sarbanes-OxleyAct of 2002, we are required to furnish a report by management on internalcontrol over financial reporting, including management's assessment of theeffectiveness of such control. Internal control over financial reporting maynot prevent or detect misstatements because of its inherent limitations,including the possibility of human error, the circumvention or overriding ofcontrols, or fraud. Therefore, even effective internal controls can provideonly reasonable assurance with respect to the preparation and fair presentationof financial statements. In addition, projections of any evaluation ofeffectiveness of internal control over financial reporting to future periodsare subject to the risk that the control may become inadequate because ofchanges in conditions, or that the degree of compliance with the policies orprocedures may deteriorate. If we fail to maintain the adequacy of our internalcontrols, including any failure to implement required new or improved controls,or if we experience difficulties in their implementation, our business andoperating results could be adversely impacted, we could fail to meet ourreporting obligations, and our business and stock price could be adverselyaffected.

 

**Cautionary Statement Regarding Forward-Looking Statements**

** **

The statements in this Report that are not historicalstatements are "forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. These forward-looking statementsinclude statements regarding estimated revenues, earnings, free cash flow,total contract value ("TCV") of new contract signings, operating margins andother forward-looking financial information. In addition, we have made in thepast and may make in the future other written or oral forward-lookingstatements, including statements regarding future financial and operatingperformance (including revenue, earnings, free cash flow and operating margins),future cost savings, the timing of the revenue, earnings and free cash flowimpact of new and existing contracts, liquidity, future revenues from new or existingclients, the TCV of new contract signings, business pipeline, industry growthrates and our performance relative thereto, the impact of acquisitions anddivestitures, and the impact of client bankruptcies. Any forward-lookingstatement may rely on a number of assumptions concerning future events and besubject to a number of uncertainties and other factors, many of which areoutside our control, that could cause actual results to differ materially fromsuch statements. In addition to the factors outlined above, these factorsinclude, but are not limited to, the following: the performance of current andfuture client contracts in accordance with our cost, revenue and cash flowestimates, including our ability to achieve any operational efficiencies in ourestimates; for contracts with U.S. federal government clients, including ourNMCI contract, the government's ability to cancel the contract or imposeadditional terms and conditions due to changes in government funding,deployment schedules, military action or otherwise; our ability to access thecapital markets, including our ability to obtain capital leases, surety bondsand letters of credit; the impact of third-party benchmarking provisions incertain client contracts; the impact on a historical and prospective basis ofaccounting rules and pronouncements; the impact of claims, litigation andgovernmental investigations; the success of our cost-cutting initiatives andthe timing and amount of any resulting benefits; the impact of acquisitions anddivestitures; a reduction in the carrying value of our assets; the impact of abankruptcy or financial difficulty of a significant client on the financial andother terms of our agreements with that client; with respect to the funding ofpension plan obligations, the performance of our investments relative to ourassumed rate of return; changes in tax laws and interpretations and failure toobtain treaty relief from double taxation; failure to obtain or protectintellectual property rights; fluctuations in foreign currency, exchange ratesand interest rates; the impact of competition on pricing, revenues and margins;and the degree to which third parties continue to outsource IT and businessprocesses. We disclaim any intention or obligation to update or revise anyforward-looking statements whether as a result of new information, futureevents or otherwise, except as may be required by law.

 

**ITEM 1B.     UNRESOLVED STAFF COMMENTS**

 

None.

** **

8

 

 

 

**ITEM 2.      PROPERTIES**

 

As of****December 31, 2007, EDS and its consolidatedsubsidiaries operated approximately 218 locations in 42 states in the United States and 408 locations in 45 countries outside the United States. At such date, we ownedapproximately 2.7 million square feet of space and leased from third partiesapproximately 22.6 million square feet of space. 

 

We operate 14 large scale service management centers, orSMCs, to service our IT outsourcing operations in locations throughout the United States and in  Australia, Brazil, Canada, France, Germany, the Netherlands and the United Kingdom. In addition, we provide applications services from our Solution Centreslocated throughout the world. We also operate service delivery centers, orSDCs, at client sites or EDS-owned or leased facilities throughout the world.SDCs usually support a single or small number of clients with more specializedrequirements than those supported at the large scale, multiple client SMCs orour solution centres. Our leased properties consist primarily of office,warehouse, solution centre, SDC and non-U.S. SMC facilities. Lease terms aregenerally five years or, for leases related to a specific client contract,generally have a term concurrent with that contract. We do not anticipate anydifficulty in obtaining renewals or alternative space upon expiration of ourexisting leases. In addition to our owned and leased properties, we occupyoffice space at client locations throughout the world. Such space is generallyoccupied pursuant to the terms of the relevant client contract. We review ourspace requirements and efficiency on an ongoing basis. 

** **

**ITEM 3.      LEGALPROCEEDINGS**

 

The information set forth below under the heading"Pending Litigation and Proceedings" in Note 15 of the "Notes to ConsolidatedFinancial Statements" in this Annual Report on Form 10-K is incorporated hereinby reference.

** **

**ITEM 4.      SUBMISSIONOF MATTERS TO A VOTE OF SECURITY HOLDERS**

 

Nonesubmitted.

** **

** **

**EXECUTIVEOFFICERS OF EDS**

 

Thefollowing sets forth certain information with respect to our executive officersas of February 1, 2008:

* *

*RonaldA. Rittenmeyer*, 60, has been Chairman of the Board of EDS since December2007, Chief Executive Officer since September 2007 and President since December2006. He served as Chief Operating Officer of EDS from October 2005 toSeptember 2007 (including service as Co-Chief Operating Officer until May 2006)and as Executive Vice President, Global Service Delivery from July 2005 toDecember 2006. Prior to joining EDS, Mr. Rittenmeyer was Managing Director ofThe Cypress Group, a private equity firm, from July 2004 to June 2005, Chairman, Chief Executive Officer and President of Safety-Kleen, Inc., a hazardouswaste management company, from August 2001 to July 2004, and Chief ExecutiveOfficer and President of AmeriServe, a food services company, from February2000 to December 2001. Prior to that time he held executive positions withRailTex, Inc., Ryder TRS, Inc., Burlington Northern Railroad, Frito-Lay, Inc.,PepsiCo Food International and Merisel.  

* *

*JeffreyM. Heller*, 68, has been Vice Chairman of EDS since December 2006 and adirector since rejoining EDS in 2003. He was President of EDS from March 2003to December 2006 and Chief Operating Officer from March 2003 to October 2005.Mr. Heller retired from EDS in 2002 as Vice Chairman, a position he had heldsince 2000. He served as President and Chief Operating Officer of EDS from 1996to 2000 and Senior Vice President from 1984 to 1996. Mr. Heller joined EDSin 1968 and has served in numerous technical and management capacities. He isalso a director of Temple Inland Corp. and Mutual of Omaha.

* *

*CharlesS. Feld*, 65, has been Senior Executive Vice President, ApplicationsServices of EDS since December 2006 and was Executive Vice President, PortfolioDevelopment of EDS from January 2004 to December 2006. Mr. Feld has oversightresponsibility for the development and strategic direction of our serviceofferings. From 1992 to January 2004, he served as Chief Executive Officer andPresident of The Feld Group, Inc., a technology management firm founded by himand acquired by EDS in January 2004. During that period, Mr. Feld served intechnology positions at numerous Feld Group clients, including as ChiefInformation Officer at First Data Resources, a division of First Data Corp.,from 2000 to 2002 and Chief Information Officer of Delta Air Lines from 1997 to2000. Prior to establishing The Feld Group, Mr. Feld had served as ChiefInformation Officer of the Frito-Lay subsidiary of PepsiCo, Inc. since 1981.His association with that company began in 1970 as a systems engineer forInternational Business Machines Corporation.

* *

 

9

 

 

 

*Storrow M. Gordon*, 55, has been Executive VicePresident, General Counsel and Secretary of EDS since September 2005. Ms.Gordon has oversight responsibility for our legal affairs on a global basis andis responsible for our Office of Ethics and Compliance. She served as DeputyGeneral Counsel of EDS from 2000 to September 2005. Prior to joining EDS in1991, Ms. Gordon was a shareholder in a Dallas law firm specializing incorporate and general business law.

* *

*JeffreyD. Kelly,* 51, has been Executive Vice President, Americas of EDS since August2007 with oversight responsibility for our Americas operations, and wasExecutive Vice President, North America of EDS from January 2007 to August 2007.He was a vice president responsible for our General Motors account from January2005 to January 2007 and divisional vice president of our infrastructureportfolio, leading our services focused on transformation in IT outsourcing,agile infrastructure and leveraged market solutions, from 2002 to 2004. Mr.Kelly has served in numerous operational, sales and client account leadershiproles since joining EDS in 1985. 

* *

*TinaM. Sivinski,*51, has been Senior Executive Vice President and ChiefAdministrative Officer of EDS since February 2007, with oversightresponsibility for our human resources, enterprise risk management, securityand real estate functions. She also serves as Chairman of our ExcellerateHROhuman resources outsourcing business and as strategic advisor to our globalenergy industry group. She served as Executive Vice President, Human Resourcesfrom October 2003 to February 2007, Senior Vice President, Human Resources fromOctober 2002 to October 2003 and President of our global energy industrygroup from 2001 to October 2002. Before joining EDS, Ms. Sivinski was VicePresident of Strategic Marketing, Sales and Business Development forGrandBasin, a Halliburton Company, from 2000 to 2001, a Vice President of ScienceApplications International from January to November 2000 and was employed byData General Corp from 1980 to 1999, most recently as a Vice President. 

* *

*WilliamG. Thomas*, 48, has been Executive Vice President, EMEA of EDS sinceDecember 2006. In this and prior positions held since January 2003 he has hadoversight responsibility for EDS' Europe, Middle East and Africa (EMEA)operations. Mr. Thomas was regional vice president of EDS UK and Ireland from September 2000 to January 2003. He has served in numerous operational,business development and client account roles since joining EDS in 1991.

* *

*RonaldP. Vargo,*53, has been Executive Vice President and Chief Financial Officerof EDS since August 2006 and was Co-Chief Financial Officer from March to August2006. He has oversight responsibility for all aspects of EDS' finance function,including treasury, financial planning and analysis, tax, controller,administration, investor relations and audit functions. He served as VicePresident and Treasurer of EDS from January 2004 until August 2006 and asTreasurer until December 2006, in which positions he had responsibility forEDS' global treasury, corporate finance, and risk management operations as wellas pension and corporate investment activities. Prior to joining EDS in January2004, he was Vice President and Treasurer of TRW Inc., now part of NorthropGrumman, from 1999 to 2003, a position he also held between 1991 and 1994. Inaddition, he held various financial and management positions at TRW Inc., TheStandard Oil Company (subsequently British Petroleum p.l.c.) and GeneralElectric Company. 

 

Executiveofficers serve at the discretion of our Board of Directors.

 

 

10

 

 

 

**PART II**

 

 

**ITEM 5.    MARKETFOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES**

 

Ourcommon stock is listed on the New York Stock Exchange (the "NYSE") under thesymbol "EDS." The table below shows the range of reported per share salesprices on the NYSE Composite Tape for the common stock for the periodsindicated. 

 

**Calendar Year**

**High**

**Low**

**2006**

First Quarter

 $

28.09 

 $

23.83 

Second Quarter

27.86 

23.31 

Third Quarter

24.59 

22.42 

Fourth Quarter

27.93 

23.80 

**2007**

First Quarter

 $

29.94 

 $

25.75 

Second Quarter

29.95 

26.80 

Third Quarter

28.93 

21.34 

Fourth Quarter

23.54 

18.89 

 

 

Thelast reported sale price of the common stock on the NYSE on February 22, 2008,was $18.78 per share. As of that date, there were approximately 98,800 recordholders of common stock.

 

We declaredquarterly dividends on our common stock at the rate of $0.05 per share in 2006and 2007. 

 

The following table provides information about purchases byEDS of shares of its common stock during the three months ended December 31, 2007. 

 

**Purchases ofEquity Securities by EDS**

 

**Period**

**Total  Number  of Shares  Purchased**

**Average Price  Paid per Share**

  

**Total Number of  Shares Purchased  as Part of  Publicly Announced  Program**

**Approximate Dollar  Value of Shares that  May Yet Be Purchased  Under the Program**

October 1 -  31, 2007

-

-

-

-

November 1  - 30, 2007

-

-

-

-

December 1  - 31, 2007

 2,675,000      

$21.29

2,675,000

$943,038,475

Total

 2,675,000      

$21.29

2,675,000

$943,038,475

 

On December4, 2007, our Board of Directors authorized the repurchase of up to $1 billionof our outstanding common stock over the next 18 months in open marketpurchases or other transactions. As of December 31, 2007, we had purchased anaggregate of 2,675,000 shares pursuant to this share repurchase authorization ata cost of approximately $57 million. The foregoing table does not includeshares tendered to satisfy the exercise price in connection with cashlessexercises of employee stock options or shares tendered to satisfy taxwithholding obligations in connection with employee equity awards.

** **

 

11

 

 

**ITEM 6.  SELECTED FINANCIAL DATA**

(in millions, except per shareamounts)

 

** **

**As of and for  the Years Ended December 31,**

**2007(1)**

**2006(1)**

**2005(1)**

**2004(2)**

**2003(2)**

**Operating results**

Revenues

 $

22,134 

 $

21,268 

 $

19,757 

 $

19,863 

 $

19,758 

Cost of revenues

18,936 

18,579 

17,422 

18,224 

18,261 

Selling, general and administrative

1,910 

1,858 

1,819 

1,571 

1,577 

Other operating (income) expense

156 

15 

(26)

170 

175 

Other income (expense)(3)

(43)

(60)

(103)

(272)

(262)

Provision (benefit) for income taxes

360 

257 

153 

(103)

(205)

Income (loss) from continuing operations

729 

499 

286 

(271)

(312)

Income (loss) from discontinued operations

(13)

(29)

(136)

429 

46 

Cumulative effect on prior years of changes in accounting  principles, net of income taxes

                                  -

                                  -

                                  -

                                  -

(1,432)

Net income (loss)

 $

716 

 $

470 

 $

150 

 $

158 

 $

(1,698)

 

**Per share data**

Basic earnings per share of common stock:

Income (loss) from continuing operations

 $

1.42 

 $

0.96 

 $

0.55 

 $

(0.54)

 $

(0.65)

Net income (loss)

1.40 

0.91 

0.29 

0.32 

(3.55)

Diluted earnings per share of common stock:

                   

Income (loss) from continuing operations

1.37 

0.94 

0.54 

(0.54)

(0.65)

Net income (loss)

1.35 

0.89 

0.28 

0.32 

(3.55)

Cash dividends per share of common stock

0.20 

0.20 

0.20 

0.40 

0.60 

 

**Financial position**

                   

                   

                   

                   

                   

Total assets

 $

19,224 

 $

17,954 

 $

17,087 

 $

17,744 

 $

18,616 

Long-term debt, less current portion

3,209 

2,965 

2,939 

3,168 

4,148 

Shareholders' equity

9,691 

7,896 

7,512 

7,440 

7,022 

 

*(1)  We adopted a new method ofaccounting for share-based payments as of January 1, 2005.  This change inaccounting resulted in the recognition of pre-tax compensation expense of $33million ($25 million net of tax), $123 million ($83 million net of tax) and$160 million ($110 million net of tax) for the years ended December 31,2007, 2006 and 2005, respectively. *

*(2)  Operating results for eachof the years in the two year period ended December 31, 2004, have been restatedto conform to the current presentation to reflect certain activities asdiscontinued operations during 2005.*

*(3)  Other income (expense)includes net investment gains (losses) in the pre-tax amounts of $0 million,$17 million, $(41) million, $6 million, and $6 million for the years endedDecember 31, 2007, 2006, 2005, 2004, and 2003, respectively.*

 

 

12

 

 

 

**ITEM 7.    MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS **

 

*Thefollowing discussion should be read in conjunction with the consolidatedfinancial statements and related notes that appear elsewhere in this document.*

 

**Overview**

 

Weare a leading provider of IT infrastructure, applications development andbusiness process outsourcing services to corporate and government clientsaround the world. This section provides an overview of the principal factorsand events that impacted our 2007 financial results and may impact futurefinancial results. 

 

*Results.*We reported revenues of $22.1 billion in 2007, an increase of 4% over 2006revenues of $21.3 billion. Revenues were flat compared to 2006 on an organicbasis which excludes the impact of currency fluctuations, acquisitions anddivestitures. Income from continuing operations was $729 million ($1.42 perbasic share and $1.37 per diluted share) in 2007, compared to $499 million($0.96 per basic share and $0.94 per diluted share) in 2006 and $286 million($0.55 per basic share and $0.54 per diluted share) in 2005. Net income was $716million ($1.40 per basic share and $1.35 per diluted share) in 2007, comparedto $470 million ($0.91 per basic share and $0.89 per diluted share) in 2006 and$150 million ($0.29 per basic share and $0.28 per diluted share) in 2005. 

 

Werefer you to "Results of Operations" below for additional information about ourresults for 2007, 2006 and 2005.

 

*Investmentsin Infrastructure and Workforce Alignment*.  We continued to investsignificant amounts in our infrastructure and workforce alignment initiatives in2007. These investments represented approximately $0.51 per share of expensesduring the year ended December 31, 2007, compared to approximately $0.80 pershare during the year ended December 31, 2006, and $0.44 per share during theyear ended December 31, 2005. 

 

Theprincipal focus of our infrastructure investments in 2007 continued to be thedevelopment of our "Agile Enterprise" platform, a network-based utilityarchitecture designed to create a flexible, open and cost-effective technologyfoundation for the delivery of a significant portion of our IT infrastructure,applications and BPO services, and investments in automation and monitoringtools and products to improve productivity.  This initiative includesinvestments to drive standardization and automation in our service deliveryplatforms. We completed the migration of certain large clients to our newservice delivery platforms in 2006 and 2007. Our infrastructure investmentsrepresented approximately $0.38 per share of expenses in 2007, compared toapproximately $0.46 per share of expenses in 2006. 

 

Ourworkforce alignment investments are focused on increasing our capabilities inlower-cost, Best Shore geographies, including India, Latin America, Hungary and China. We increased the number of employees in Best Shore locations from approximately32,000 persons at the end of 2006 to approximately 41,000 at the end of 2007,including approximately 27,000 in India. Our India workforce includes employeesof our majority-owned MphasiS Limited subsidiary, which in 2007 was integratedwith our former EDS India operations. Our 2007 initiatives to increasecapabilities in Best Shore locations included the transfer of certain internaladministrative functions, which was a principal component of our efforts to reduceour selling, general and administrative ("SG&A") expenses as a percentageof revenue. Our investments in workforce alignment represented approximately$0.13 per share of expenses in 2007 (excluding expenses related to the U.S. early retirement offer described below) compared to $0.34 per share of expenses in2006. 

 

Weexpect to significantly increase our overall investment in workforce alignmentin 2008 compared to 2007. We expect our 2008 investment in workforce alignment,comprised principally of severance expense and training costs for employees in Best Shore locations, to be approximately $200 million-$250 million in 2008, orapproximately $0.25-0.31 per share. This represents an incremental increase ofapproximately $100 million-$150 million, or $0.12-0.18 per share, compared to2007. We expect to incur a majority of the incremental workforce alignmentexpense during the first half of 2008.

 

Duringthe third quarter of 2007, we announced an early retirement offer ("ERO") forapproximately 12,000 U.S. employees. Approximately 2,400 employees accepted theERO. Employees accepting the offer will receive enhanced retirement benefitspayable through normal payment options under the EDS Retirement Plan. Inconnection with the ERO, we incurred expenses of approximately $154 million, or$0.18 per share, in the fourth quarter of 2007, substantially all of which isattributable to the enhanced retirement benefits. Because substantially all ofthe ERO cash expenditures will be funded by the EDS Retirement Plan, we do notexpect the ERO to result in any material cash expenditures in the future basedon the current funded status of that plan. 

 

 

13

 

 

*TotalContract Value of New Contract Signings*. A significant portion of ourrevenue is generated by long-term IT services contracts. Accordingly, the totalcontract value, or TCV, of new business signings is a key metric used bymanagement to monitor new business activity. We refer you to the discussion ofour calculation of TCV under the heading "Non-GAAP Financial Measures" below.The TCV of contract signings (excluding contracts related to discontinuedoperations) was: 2007 - $19.5 billion; 2006 - $26.5 billion; 2005 - $20.1billion; 2004 - $14.0 billion; and 2003 - $12.6 billion. The TCV of contractsignings can fluctuate significantly from year to year depending on a number offactors, including the number and timing of significant new and renewalcontracts (sometimes referred to as "mega-deals") and the length of thosecontracts. TCV in 2006 included contract renewals with General Motors and theU.S. Navy totaling $7.5 billion. See "2008 Priorities and Expectations" belowfor our expectations regarding the TCV of new contract signings in 2008.

 

*Acquisitionof Saber Government Solutions.*****On November 30, 2007, we completedthe acquisition of an approximate 93 percent equity interest in SaberGovernment Solutions, a leading provider of software and services to U.S. stateand local governments, for approximately $423 million in cash. The acquisitionprovides us with leverageable platforms for state and local government agencieson a global basis. Saber's current product line includes market-leadingsoftware and services that underpin essential, federally funded governmentfunctions such as voter registration, election management, public retirementprograms, human services, public health services, motor vehicle registrationand unemployment insurance. 

 

*MphasiS*.On June 20, 2006, we acquired a controlling interest in MphasiS Limited, anapplications and business process outsourcing services company based in Bangalore, India. The acquisition of MphasiS enhances our capabilities in priority growthareas of applications development and business process outsourcing services. InJuly 2007, we completed the merger of Electronic Data Systems (India) Private Limited, our wholly-owned Indian subsidiary, into MphasiS. As of December31, 2007, we owned approximately 61% of MphasiS.

 

*NMCIContract*. We provide end-to-end IT infrastructure on a seat managementbasis to the Department of Navy (the "DoN"), which includes the U.S. Navy andMarine Corps. Seats are ordered on a governmental fiscal year basis, which runsfrom October 1 through September 30. Under the terms of our contract withthe DoN, seat prices were reduced commencing with the three months endedDecember 31, 2007, which offset the revenue and earnings growth attributable tothis contract during the first three quarters of 2007 and will impact year-over-yearcomparisons of the performance of this contract through the third quarter of2008. On March 24, 2006, we entered into a contract modification with the DoNpursuant to which, among other amendments, the DoN exercised its option toextend this contract by three years through September 2010. As a result of thecontract modification, in compliance with Emerging Issues Task Force 01-8, *DeterminingWhether an Arrangement Contains a Lease*, we recognized sales-type capitallease revenue of $116 million in the first quarter of 2006 associated withcertain assets previously accounted for as operating leases, and certain assetspreviously accounted for as capital leases with an aggregate net investmentbalance of $113 million are now accounted for as operating leases based onrevised estimates of economic lives as agreed in the contract modification (20years). As a result of the activity on the contract during the first quarter of2006, including the sales-type capital lease revenue resulting from thecontract modification, we recognized net non-recurring income of $0.02 pershare during that quarter. We expect to recover a significant portion of ourinvestment in this contract through the sale of NMCI infrastructure and desktopassets to the client at the end of the contract term, including amounts inexcess of the expected carrying amounts of contract assets. Long-lived assetsand lease receivables associated with the contract totaled approximately $405million and $288 million, respectively, at December 31, 2007. 

 

*U.K.Ministry of Defence Contract*. In March 2005, a consortium led by EDS wasawarded a 10-year contract for the first increment of the U.K. Ministry ofDefence (MoD) project to consolidate numerous existing information networksinto a single next-generation infrastructure (the Defence InformationInfrastructure Future project). The total contract value of the initialcontract was approximately $3.9 billion over 10 years. Amendments to thiscontract in December 2006 and September 2007 increased the total contract valueby approximately $1.7 billion over the remaining years of the contract. Ourupfront expenditure and capital investment requirements for this contract haveadversely impacted our free cash flow and earnings during certain fiscalperiods since inception of the contract and may continue to do so in thefuture. There have occurred and may occur in the future program changes andinabilities to achieve certain related dependencies that extend the initialdevelopment timeline. This contract provides for adjustments to be made toreflect the financial impact to EDS of certain program changes and anyinability to achieve dependencies. During 2007, we reached a mutuallysatisfactory agreement with the client regarding some billing adjustments underthe contract to reflect part of the financial impact to us of an extendeddevelopment timeline. We will continue in the ongoing course of this contractto work with the client to agree upon any future appropriate adjustments underthe contract which may be necessary. If we are unable to reach agreement withthe client regarding such adjustments, our revenues, earnings and free cashflow for this contract, or the timing of the recognition thereof, could beadversely impacted. 

 

14

 

 

*Verizon*.We provided IT services to MCI, Inc. pursuant to an IT services agreement thatincluded minimum annual purchase obligations through January 2008. We alsoprocured network telecommunications services from MCI pursuant to an agreementthat included minimum annual purchase obligations through 2010. MCI wasacquired by Verizon Communications, Inc. in January 2006. In December 2006,Verizon in-sourced most of the IT services we had been providing to MCI. Wereceived a $90 million payment from Verizon in the fourth quarter of 2006 forassets and transition services. We also received a payment of $225 million fromVerizon in the first quarter of 2007 related to the termination of the serviceswe had been providing to MCI. Due to certain contingencies in our agreementwith this client, $100 million of this amount was recognized in the firstquarter of 2007 and $125 million was deferred and recognized in the thirdquarter of 2007. We do not expect to recognize any significant revenue orearnings or generate any significant cash flow from this client after 2007. Inaddition to the changes to our IT services agreement, the agreement pursuant towhich we procure telecommunications network services was also amended to, amongother things, reduce our minimum annual spend commitment by approximately 50%and provide additional flexibility in our ability to meet that commitment.

 

*ShareCount*. The weighted-average number of shares used to compute basic anddiluted earnings per share were 512 million and 542 million, respectively, forthe year ended December 31, 2007, 519 million and 529 million, respectively,for the year ended December 31, 2006, and 519 million and 526 million,respectively, for the year ended December 31, 2005. Our share count reflectsshare repurchases as well as shares issued under our employee stock-basedcompensation programs. Factors that could affect basic and dilutive sharecounts in the future include the share price and additional repurchases ofshares, offset by the dilutive effects of all our employee stock-basedcompensation plans and our contingently convertible senior notes. The effect ofour contingently convertible debt was dilutive for the year ended December 31,2007. Accordingly, $19 million of tax-effected interest was added to incomefrom continuing operations and net income and 20 million shares were added toweighted-average shares outstanding in the computation of diluted earnings pershare. On a full-year 2008 weighted-average basis, we expect the number ofshares used to compute diluted earnings per share to be approximately 530million shares, which includes the full effect of our contingently convertibledebt.

 

InApril 2007, we completed the $1 billion share repurchase program announced inFebruary 2006. We purchased an aggregate of 37.6 million shares of common stockat a cost of $1 billion (excluding transaction costs) under this program. OnDecember 4, 2007, the Board of Directors authorized another $1 billion sharerepurchase program over 18 months. Through December 31, 2007, we had purchased2.7 million shares at a cost of $57 million under this repurchase program. 

 

*2008Priorities and Expectations. *In 2008, we will continue to invest inimproving our cost competitiveness, expanding our sales capabilities, growingour applications services business and improving our service quality, clientsatisfaction and client innovation. We expect that the successful execution ofthese initiatives in 2008 will position us for free cash flow and operatingmargin improvement in 2009.  

 

Wecurrently expect revenues of $22.5 billion plus in 2008, representing growth ofapproximately 2 percent, including the impact of our Saber acquisition butexcluding the impact of currency exchange rates. 

 

We currently expect 2008 adjusted earnings ofapproximately $1.35 per diluted share. This estimate reflects the expectedworkforce alignment investments discussed above, a planned increase in salesexpenses to support growth opportunities and an increase in Other expense (asdescribed under Other income (expense) below), offset by expected improvementsin productivity from our operations, growth and improved contract performance.We refer you to the discussion of adjusted net income and adjusted earnings pershare under "Non-GAAP Financial Measures" below.   

 

Wecurrently expect to generate free cash flow of approximately $900 million in2008. This reflects the positive impact of anticipated improvements in ourworking capital compared to 2007, offset by higher capital expendituresattributable principally to data center expansions and the investments inworkforce alignment discussed above. We refer you to the discussion of freecash flow under "Non-GAAP Financial Measures" below.  

 

Wecurrently expect the TCV of new contract signings in 2008 to be in excess of$20 billion. We refer you to the discussion of the calculation of TCV under theheading "Non-GAAP Financial Measures" below. 

 

Theestimates for 2008 financial performance set forth in this Management'sDiscussion and Analysis of Financial Condition and Results of Operations relyon management's current assumptions, including assumptions concerning future events,and are subject to a number of uncertainties and other factors, many of whichare outside the control of management, that could cause actual results todiffer materially from such estimates. For a discussion of these factors, werefer you to the discussion under "Risk Factors" above. 

 

 

15

 

 

**Non-GAAPFinancial Measures**

 

Inaddition to generally accepted accounting principles, or GAAP, results, wedisclose the non-GAAP measures of adjusted net income, adjusted earnings pershare (EPS), and free cash flow. Adjusted net income and adjusted earnings pershare exclude the impact of certain special amounts, specifically assetwrite-offs and other uncapitalized costs associated with acquisitions,earnings/losses from discontinued operations net of taxes, gains and lossesfrom divestitures, reversals of previously recognized restructuring expense,charges to earnings attributable to early retirement offers, and otheridentified items that management believes are not reflective of our coreoperating business. Such amounts may have a material impact on our net incomeand earnings per share. We define free cash flow as net cash provided byoperating activities, less capital expenditures. Capital expenditures is thesum of (i) net cash used in investing activities, excluding proceeds from salesof marketable securities, proceeds related to divested assets andnon-marketable equity investments, payments for acquisitions, net of cashacquired, and non-marketable equity investments, and payments for purchases ofmarketable securities, and (ii) payments on capital leases. Free cash flowexcludes items that are actual expenditures that impact cash available to EDSfor other uses and should not be considered a measure of liquidity or analternative to the cash flow measurements required by GAAP, such as net cashprovided by operating activities or net increase (decrease) in cash and cashequivalents. Refer to "Liquidity and Capital Resources" below for areconciliation of free cash flow to the net increase (decrease) in cash and cashequivalents for the years ended December 31, 2007, 2006 and 2005.Management considers these non-GAAP measures an important measure of EDS'performance. Management uses these measures to evaluate EDS' core operatingperformance period-over-period, analyze underlying trends in EDS' business andestablish operational goals and forecasts, including targets forperformance-based compensation. EDS may not define adjusted net income,adjusted earnings per share or free cash flow in the same manner as other companiesand, accordingly, the amounts reported by EDS for such measures may not becomparable to similarly titled measures reported by other companies. 

 

Wealso disclose the TCV of new business signings. Management considers TCV to bean important metric to monitor new business activity. There are no third-partystandards or requirements governing the calculation of TCV. The TCV of a clientcontract represents our estimate at contract signing of the total revenueexpected over the term of that contract. Contract signings include contractswith new clients and renewals, extensions and add-on business with existingclients. TCV does not include potential revenues that could be earned from aclient relationship as a result of future expansion of service offerings tothat client, nor does it reflect option years under non-governmental contractsthat are subject to client discretion. TCV reflects a number of managementestimates and judgments regarding the contract, including assumptions regardingdemand-driven usage, scope of work and client requirements. In addition, ourcontracts may be subject to currency fluctuations and, for contracts with the U.S. federal government, annual funding constraints and indefinite delivery/indefinitequantity characteristics. Accordingly, the TCV we report should not beconsidered firm orders or predictive of future operating results. 

 

Non-GAAPmeasures are a supplement to, and not a replacement for, GAAP financialmeasures. To gain a complete picture of our performance, management does (andinvestors should) rely on our GAAP financial statements. 

** **

**Resultsof Operations**

 

*Revenues.*As-reported growth percentages are calculated using revenues reported in theconsolidated statements of income. Organic growth percentages are calculated byremoving from current year as-reported revenues the impact of the change inexchange rates between the local currency and the U.S. dollar from the currentperiod and the comparable prior period. It further excludes revenue growth dueto acquisitions in the period presented if the comparable prior period had norevenue from the same acquisition, and revenue decreases due to businessesdivested in the period presented or the comparable prior period. Segmentrevenues for non-U.S. operations are measured using fixed currency exchangerates. Differences between the fixed and actual exchange rates are included inthe "all other" category.  

 

 

16

 

 

 

 

Following is a summary of revenues for the years endedDecember 31, 2007 and 2006 (in millions): 

 

** **

**As-Reported**

**Organic**

**Consolidated revenues:**

**2007**

**2006**

**Growth %**

**Growth %**

Revenues

$       22,134

$     21,268

           4%

         0%

 

 

** **

** **

** **

**% Increase**

**Segment revenues:**

**2007**

**2006**

**(Decrease)**

Americas

$       10,403

$     10,584

          (2)%

EMEA

           6,433

         6,470

          (1)%

Asia Pacific

           1,800

         1,490

         21%

U.S. Government

           2,576

         2,520

           2%

Other

                  5

                3

            -

Total Outsourcing

         21,217

       21,067

           1%

All other

              917

            201

Total

$      22,134

$     21,268

           4%

 

The decrease in Americas revenues was primarily attributableto the Verizon contract termination. As discussed above, Verizon in-sourcedmost of the IT services we had been providing to MCI in December 2006. Thedecrease in revenues from the Verizon contract was partially offset by revenuegrowth attributable to a contract with a new client in our consumer and retail industriesgroup and add-on business with an existing client in our financial servicesindustry group. The decrease in EMEA revenues was attributable to the November2006 divestiture of Global Field Services ("GFS"), our desktop service andsupport business located in Europe, which generated approximately $250 millionin revenue in 2006.  The decrease in EMEA revenues attributable to this divestiturewas substantially offset by a net increase in revenues from client contractsdue to certain new contracts in Central and South EMEA offset by decreasedrevenues from certain client contracts, including terminated contracts, in the U.K.  Revenue growth in Asia Pacific was primarily attributable to our acquisition ofMphasiS in the second quarter of 2006, partially offset by a decline inrevenues from a client in the financial services industry in Australia. Revenue growth in U.S. Government was primarily attributable to the NMCI contractpartially offset by certain contractual price reductions commencing in thefourth quarter of 2007. Refer to the "Overview" section above for a furtherdiscussion of the NMCI contract. 

 

Following is a summary of revenues for the years endedDecember 31, 2006 and 2005 (in millions): 

 

** **

**As-Reported**

**Organic**

**Consolidated revenues:**

**2006**

**2005**

**Growth %**

**Growth %**

Revenues

$       21,268

$     19,757

           8%

         7%

 

 

** **

** **

** **

**% Increase**

**Segment revenues:**

**2006**

**2005**

**(Decrease)**

Americas

$       10,584

$     10,156

           4%

EMEA

           6,470

         5,956

           9%

Asia Pacific

           1,490

         1,384

           8%

U.S. Government

           2,520

         2,093

         20%

Other

                  3

                1

           -

Total Outsourcing

         21,067

       19,590

           8%

All other

              201

            167

Total

$       21,268

$     19,757

           8%

 

Revenue growth in the Americas from 2005 to 2006 was primarilyattributable to contracts with new clients in our retail, energy andtransportation industry groups, add-on business with existing clients in ourfinancial services industry group and in Latin America, and our ExcellerateHRObusiness which began operations in March 2005. Americas revenues in 2006includes the recognition of a $90 million payment for assets and transitionservices related to the in-sourcing of services by Verizon described above.Revenue growth in EMEA was primarily attributable to revenues fromthe U.K. MoD contract, for which 2006 was the first full year of operations, and clients in North and South EMEA, partially offset bya decline in revenues from clients in Central EMEA and the U.K.  Revenue growth in Asia Pacific was primarily attributable to our acquisition of MphasiS in thesecond quarter of 2006, partially offset by a decline in revenues from a clientin the financial services industry in Australia. Revenue growth in U.S.Government was primarily attributable to the NMCI contract and several stateMedicaid contracts, partially offset by the impact of the completion of a largefederal contract in 2005. Refer to "Overview" above for a further discussion ofthe U.K. MoD, NMCI and Verizon contracts.

 

 

17

 

 

 

*Grossmargin*. Our gross margin percentages [(revenues less cost ofrevenues)/revenues] were 14.4%, 12.6% and 11.8% in 2007, 2006 and 2005,respectively. The increase in our gross margin percentage in 2007 was primarilyattributable to efficiencies in our service delivery organization (110 basispoints), a reduction in costs associated with our workforce alignment andinfrastructure investment initiatives (80 basis points) and improvedperformance on the NMCI contract (70 basis points), offset by a net decrease ingross margin related to certain other large contracts. The increase in ourgross margin percentage in 2006 was primarily attributable to ourenterprise-wide productivity initiatives, including improved performance onsignificant contracts, better sourcing and other cost structure improvements(240 basis points) and a pension obligation settlement loss associated with thetermination of the U.K. Inland Revenue contract in 2005 (40 basis points),partially offset by incremental costs related to investments in ourinfrastructure, new service offerings and severance (190 basis points).Contracts with improved performance in 2006 include, among others, the NMCIcontract (140 basis points), which includes the impact of the contractmodification discussed above, and the Verizon contract (35 basis points), whichincludes the impact of the $90 million payment for assets and transitionassistance services discussed above.

 

*Selling,general and administrative*. SG&A expenses as a percentage of revenueswere 8.6%, 8.7% and 9.2% in 2007, 2006 and 2005, respectively. The decrease inour SG&A percentage in 2007 was primarily attributable to various costcontainment initiatives in our corporate support area. The decrease in ourSG&A percentage in 2006 was primarily attributable to an increase inrevenues (70 basis points) and a decrease in legal costs (20 basis points),including costs associated with the settlement of a consolidated securitiesaction in 2005, partially offset by an increase in selling costs associatedwith increasing TCV of new business signings (10 basis points). 

 

*Other operating (income) expense*. Following is asummary of other operating (income) expense for the years ended December 31,2007, 2006 and 2005 (in millions): 

 

**2007**

**2006**

**2005**

**Other operating (income) expense:**

Restructuring costs, net of reversals

 $

(4)

 $

(7)

 $

68 

Early retirement offer

154 

               -

               -

Acquired in-process R&D

6 

               -

               -

Losses (gains) on disposals of  businesses

               -

22 

(93)

Other

               -

               -

(1)

Total

 $

156 

 $

15 

 $

(26)

 

Werefer you to Note 19 in the accompanying Notes to Consolidated FinancialStatements for a further discussion of the components of other operating(income) expense. 

 

*Other income (expense)*. Other income (expense) includesinterest expense, interest and dividend income, investment gains and losses,minority interest expense, and foreign currency transaction gains and losses.Following is a summary of other income (expense) for the years endedDecember 31, 2007, 2006 and 2005 (in millions): 

 

**2007**

**2006**

**2005**

**Other income (expense):**

Interest expense

 $

(225)

 $

(239)

 $

(241)

Interest income and other, net

182 

179 

138 

Total

 $

(43)

 $

(60)

 $

(103)

 

Other income (expense) is impactedprincipally by the following: changes in cash and debt balances that impactinterest income and expense; changes in interest rates; interest rate swaprevaluations; investment gains and losses; foreign exchange transactionexposure; and minority interest expense for subsidiaries with third-partyshareholders.

Other income (expense) decreased from 2006 to 2007 by a net $17 million. Theinterest expense improvement was primarily due to the impact of interest ratechanges on debt. The impact of interest rate changes to interest income was $14million and to interest rate swap revaluation was $12 million, both of whichwere substantially offset by decreases in one-time investment gains compared to2006. Other income (expense) decreased from 2005 to 2006 by a net $43 million.Interest income increased $22 million principally due to higher interest rates.Interest income and other in 2006 included net investment gains of $17 millionin 2006 compared to net investment losses of $41 million in 2005, which includeda write-down of $35 million related to our leveraged lease investments. Theseincreases were primarily offset by an increase in net foreign currencytransaction losses of $24 million, interest rate swap revaluation losses andminority shareholding results. 

We anticipate Other expense will increase in 2008 due to the impact of expectedinterest rates on cash balances, interest rate swap valuations and minorityshareholding results.

 

 

18

 

 

 

 

*Income taxes*. Our effective incometax rates on income from continuing operations were 33.1%, 34.0% and 34.9% forthe years ended December 31, 2007, 2006 and 2005, respectively. The effectivetax rate for 2007 was impacted by (i) Texas tax legislation which will permitthe recovery of $13 million of deferred tax assets that were written off in2006, (ii) a change in the German tax rate which resulted in a $29 millionreduction in deferred tax assets, and (iii) favorable changes to the liabilitiesfor foreign tax contingencies and other audit related settlements of $49million. The effective tax rate for 2006 was impacted by (i) the passage of aTexas tax system requiring a $19 million write-off of net deferred tax assets,(ii) the recognition of additional valuationallowances of $44 million for losses incurred in certain foreign taxjurisdictions due to underperforming operations, and (iii) favorable changes tothe liabilities for tax contingencies of $48 million, including settlements withthe U.S. Internal Revenue Service ("IRS"). The effective tax rate in 2005 wasimpacted by (i) recognition of additional valuation allowances of $115 millionfor losses incurred in certain foreign tax jurisdictions due to underperformingoperations, and (ii) reversal of certain tax contingency accruals of $40 milliondue to progress made in jurisdictional tax audits. Our effective tax rate couldfluctuate periodically as a result of our adoption of SFAS No. 123R. As werecord expense under Statement of Financial Accounting Standards ("SFAS") No.123R, a deferred tax asset is recorded. The realization of that asset isdependent upon the intrinsic value of an option on the date of exercise. Anyunrealized deferred tax asset is charged to tax expense in the period ofexercise or expiration and, accordingly, would result in a higher effective taxrate in such period. See "Application of Critical Accounting Policies" for adiscussion of factors affecting income tax expense. 

 

Weadopted Financial Accounting Standards Board Interpretation No. ("FIN") 48, *Accountingfor Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109*,effective January 1, 2007. FIN 48 clarifies the accounting for uncertainty inincome taxes recognized in an entity's financial statements in accordance with SFASNo. 109, *Accounting for Income Taxes*, and prescribes a recognitionthreshold and measurement attribute for financial statement disclosure of taxpositions taken or expected to be taken on a tax return. As a result of theimplementation of FIN 48, we recognized an increase of $2 million in netunrecognized tax benefits. Refer to Note 1 in the accompanying Notes toConsolidated Financial Statements for additional information. 

 

*Discontinuedoperations*. Loss from discontinued operations includes the results of themaintenance, repair and operations (MRO) management services business which wassold in March 2007 and the Company's A.T. Kearney subsidiary which was sold inJanuary 2006. Loss from discontinued operations also includes variousadjustments to gains and losses associated with sales of certain businessesclassified as discontinued operations in prior years. Refer to Note 17 in theaccompanying Notes to Consolidated Financial Statements for additionalinformation related to discontinued operations. 

 

*Segmentinformation*. Refer to Note 12 in the accompanying Notes to ConsolidatedFinancial Statements for a summary of certain financial information related toour reportable segments, as well as certain financial information related toour operations by geographic region and by service line.

 

*Seasonality*. Ourrevenues, net income and operating cash flow vary over the calendar year, withthe fourth quarter generally reflecting the highest revenues, net income andoperating cash flow for the year due to certain services that are purchasedmore heavily in that quarter as well as the achievement of annual contractualdelivery milestones for certain customer contracts in the fourth quarter. Inaddition, annual contractual pricing reductions for certain IT services aregenerally weighted toward the beginning of the calendar year while productivityand cost improvements occur throughout the year, resulting in lower net incomeand operating cash flow earlier in the calendar year. Operating cash flow inthe first quarter of each year is also reduced by annual incentive compensationpayments accrued in the prior year and annual software and maintenance paymentsassociated with the new fiscal year. 

 

**Financial Position**

 

AtDecember 31, 2007, we held cash and marketable securities of $3.2 billion, hadworking capital of $3.5 billion, and had a current ratio (currentassets/current liabilities) of 1.72-to-1. This compares to cash and marketablesecurities of $3.0 billion, working capital of $3.0 billion, and a currentratio of 1.58-to-1 at December 31, 2006. Approximately 5% of our cash and cashequivalents and marketable securities at December 31, 2007, were notavailable for debt repayment due to various commercial and regulatorylimitations on the use of these assets. 

 

Dayssales outstanding for trade receivables were 55 days at December 31, 2007,compared to 56 days at December 31, 2006. Days sales outstanding atDecember 31, 2007, reflects improved collections of trade receivables in 2007,offset by the impact of a change in payment terms with a significant clientthat became effective during the year. Days payable outstanding were 21 days atboth December 31, 2007, and 2006.

 

Totaldebt was $3.4 billion at December 31, 2007 versus $3.1 billion at December 31,2006. Total debt consists of notes payable and capital leases. The totaldebt-to-capital ratio (which includes total debt and minority interests ascomponents of capital) was 26% at December 31, 2007, and 28% at December 31,2006. 

 

 

19

 

 

 

**Off-Balance Sheet Arrangements and Contractual Obligations**

 

In connection with certain servicecontracts, we may arrange a client supported financing transaction ("CSFT") withour client and an independent third-party financial institution or its designee.The use of these transactions enables us to offer clients more favorablecontract terms. These transactions also enable the preservation of our capitaland allow us to avoid client credit risk relating to the repayment of the financed amounts. Under thesetransactions, the independent third-party financial institution finances thepurchase of certain IT-related assets and simultaneously leases those assets foruse in connection with the service contract. The use of a CSFT on a servicecontract results in lower contract revenue and expense to EDS over the contractterm.

 

InCSFTs, client payments are made directly to the financial institution providingthe financing. If the client does not make the required payments under theservice contract, under no circumstances do we have an ultimate obligation toacquire the underlying assets unless our nonperformance under the servicecontract would permit its termination, or we fail to comply with certaincustomary terms under the financing agreements, including, for example,covenants we have undertaken regarding the use of the assets for their intendedpurpose. We consider the possibility of our failure to comply with any of theseterms to be remote. 

 

Theaggregate dollar values of assets purchased under our CSFT arrangements were $5million, $16 million and $8 million during 2007, 2006 and 2005, respectively.Approximately $15 million in future asset purchases are expected to be financedunder existing arrangements. As of December 31, 2007, there wereoutstanding an aggregate of $76 million under CSFTs yet to be paid by ourclients. In the event a client contract is terminated due to nonperformance, wewould be required to acquire only those assets associated with the outstandingamounts for that contract. Net of repayments, the estimated future maximumamount outstanding under existing financing arrangements is not expected toexceed $100 million. We may enter into new CSFTs for existing or new clientswhich would increase the maximum amount outstanding under these financingarrangements. We believe we have sufficient alternative sources of capital todirectly finance the purchase of capital assets to be used for our current andfuture client contracts without the use of these arrangements. 

 

*Performanceguarantees*. In the normal course of business, we may provide certainclients, principally governmental entities, with financial performanceguarantees, which are generally backed by standby letters of credit or suretybonds. In general, we would be liable for the amounts of these guarantees inthe event our nonperformance permits termination of the related contract by ourclient, the likelihood of which we believe is remote. We believe we are incompliance with our performance obligations under all service contracts forwhich there is a performance guarantee. 

 

Following is a summary of the estimated expiration offinancial guarantees outstanding as of December 31, 2007 (in millions): 

 

** **

**Estimated  Expiration Per Period**

**Total**

**2008**

**2009**

**2010**

**Thereafter**

Performance guarantees:

CSFT transactions

$           76

$           33

$           30

$          13

$             -

Standby letters of credit, surety  bonds and other

           568

           232

             23

            15

           298

Other guarantees

               8

               7

               1

               -

                -

Total 

$         652

$         272

$           54

$          28

$         298

* *

*Contractual obligations*. Following is a summary ofpayments due in specified periods related to our contractual obligations as ofDecember 31, 2007 (in millions):  

 

** **

**Payments  Due by Period**

** **

**Total**

** **

**2008**

** **

**2009-2010**

** **

**2011-2012**

**After**

**2012**

Long-term debt, including current  portion and interest(1)

$     4,859

$         362

$      1,931

$        327

$      2,239

Operating lease obligations

       1,591

           398

           616

          317

           260

Purchase obligations(2)

        1,708

        1,099

           559

            49

              1

Total(3)

$     8,158

$      1,859

$      3,106

$        693

$     2,500

 

*(1)  Amounts represent the expected cash payments (principaland interest) of our long-term debt and do not include any fair valueadjustments or bond premiums or discounts. Amounts also include capital leasepayments (principal and interest).*

*(2)  Purchase obligations includematerial agreements to purchase goods or services, principally software andtelecommunications services, that are enforceable and legally binding on EDS andthat specify all significant terms, including: fixed or minimum quantities to bepurchased; fixed, minimum or variable price provisions; and the approximatetiming of the transaction.  Purchase obligations exclude agreements thatare cancelable without penalty. Purchase obligations also exclude our obligationto*

 

20

 

 

 

 

*      repurchase minority interests in joint ventures, including our obligation torepurchase Towers Perrin's minority interest in ExcellerateHRO, and torepurchase the approximately 7% interest in our recently acquired SaberGovernment Solutions subsidiary retained by management of that business. See Note 16 of the accompanying consolidated financial statements. *

*(3)  We contributed $123 millionand $240 million to our qualified and nonqualified pension plans in 2007 and2006, respectively, and we expect to contribute approximately $130 million tothese plans in 2008, including discretionary and statutory contributions. Our U.S. funding policy is to contribute amounts that fall within the range of deductible contributionsfor U.S. federal income tax purposes. See Note 13 of the accompanyingconsolidated financial statements for additional information about ourretirement plans.*

** **

 

**Liquidity and Capital Resources**

 

Followingis a summary of our cash flows for the years ended December 31, 2007, 2006 and2005 (in millions): 

 

**2007**

**2006**

**2005**

Cash flows:

Net cash provided by operating  activities

 $

2,041 

 $

1,933 

 $

1,296 

Net cash used in investing activities

(1,386)

(33)

(797)

Net cash used in financing activities

(504)

(834)

(681)

Free cash flow

892 

887 

619 

 

*Operatingactivities*. The increase in cash provided by operating activities in 2007compared to 2006 was due to a $344 million increase in cash provided byearnings (i.e., net income less non-cash operating items) and a $(236) millionchange in operating assets and liabilities. The change in operating assets andliabilities resulted primarily from a $463 million net decrease in amountscollected from customers but not yet earned and a $407 million net increase invendor payments. The net decrease in amounts collected from customers but notyet earned in 2007 resulted primarily from a $100 million payment from NMCI anda $270 million payment from another government client in 2006. The increase invendor payments was primarily associated with the ramp-up of certain largecontracts. The decrease in cash in 2007 resulting from changes in theaforementioned operating assets and liabilities was partially offset by animprovement in receivable collections and less cash used for taxes in 2007,primarily resulting from higher tax payments to the IRS in 2006 associated withtax audit issues and a decrease in deferred tax assets in the first half of2007. The increase in cash provided by operating activities in 2006 compared to2005 was due to a $48 million increase in cash provided by earnings (i.e., netincome less non-cash operating items) and a $589 million change in operatingassets and liabilities. The change in operating assets and liabilities resultedprimarily from an improvement in receivable collections and lower vendor andtax payments, partially offset by an increase in contract costs and vendorprepayments and a decrease in customer prepayments. The change in operatingliabilities was also impacted by various severance accruals recognized in 2006that were paid in 2007, and certain significant vendor payments in 2005 thathad been recognized as expense in 2004. 

 

*Investingactivities*. The change in net cash used in investing activities in 2007compared to 2006 was primarily due to a decrease in net proceeds frommarketable securities and investments and other assets. The change in net cashused in investing activities in 2006 compared to 2005 was primarily due to anincrease in net proceeds from marketable securities, partially offset by adecrease in net proceeds from investments and real estate and an increase inpayments for software. Payments for acquisitions relate primarily to thepurchases of Saber and RelQ in 2007, MphasiS in 2006 and the Towers Perrinpension, health and welfare administration services business in 2005. Refer toNote 16 in the accompanying Notes to Consolidated Financial Statements foradditional information related to our acquisitions. Net proceeds from realestate sales resulted from the sales of real estate properties and land heldfor development. Refer to Notes 3 and 5 in the accompanying Notes toConsolidated Financial Statements for additional information related to ourreal estate sales. 

 

*Financingactivities*. The increase in net cash used in financing activities in 2007compared to 2006 was primarily due to a decrease in purchases of treasury stockand debt repayments, partially offset by a decrease in cash provided byemployee stock transactions. The increase in net cash used in financingactivities in 2006 was primarily due to purchases of treasury stock, partiallyoffset by a reduction in debt payments and an increase in cash provided byemployee stock transactions. Refer to the "Overview" section above and Note 1in the accompanying Notes to Consolidated Financial Statements for additionalinformation about our share repurchase authorizations. Refer to "Off-BalanceSheet Arrangements and Contractual Obligations" above for a summary of expectedpayments related to our outstanding debt at December 31, 2007. 

 

*Freecash flow*. We reported free cash flow of $892 million for the year endedDecember 31, 2007, compared to $887 million for the year ended December 31, 2006and $619 million for the year ended December 31, 2005. We refer you to thediscussion of free cash flow under "Non-GAAP Financial Measures" above. We maynot define free cash flow in the same manner as other companies and,accordingly, the free cash flow we report may not be comparable to similarlytitled measures reported by other companies. 

 

 

21

 

 

 

Following is a reconciliation of free cash flow to the netchange in cash and cash equivalents for the years ended December 31, 2007, 2006and 2005 (in millions): 

 

**2007**

**2006**

**2005**

Net cash provided by operating  activities

 $

2,041 

 $

1,933 

 $

1,296 

 

Capital expenditures:

Proceeds from investments and other  assets

67 

264 

310 

Net proceeds from real estate sales

28 

49 

178 

Payments for purchases of property and  equipment

(725)

(729)

(718)

Payments for investments and other  assets

               -

(94)

(27)

Payments for purchases of software and  other intangibles

(378)

(427)

(300)

Other investing activities

34 

35 

29 

Capital lease payments

(175)

(144)

(149)

Total net capital expenditures

(1,149)

(1,046)

(677)

Free cash flow

892 

887 

619 

 

Other investing and financing  activities:

Proceeds from sales of marketable  securities

               -

2,793 

1,434 

Net proceeds (payments) from divested  assets and non-marketable equity securities

53 

(49)

160 

Payments for acquisitions, net of cash  acquired, and non-marketable equity securities

(461)

(361)

(552)

Payments for purchases of marketable  securities

(4)

(1,514)

(1,311)

Proceeds from long-term debt

13 

               -

5 

Payments on long-term debt

(17)

(213)

(560)

Purchase of treasury stock

(391)

(667)

               -

Employee stock transactions

155 

285 

107 

Dividends paid

(102)

(104)

(105)

Other financing activities

13 

9 

21 

Effect of exchange rate changes on  cash and cash equivalents

16 

7 

(21)

Net increase (decrease) in cash and  cash equivalents

 $

167 

 $

1,073 

 $

(203)

 

*Credit facilities*. On June 30, 2006, we entered into a$1 billion Five Year Credit Agreement (the "Credit Agreement") with a bankgroup including Citibank, N.A., as Administrative Agent for the lenders, andBank of America, N.A., as Syndication Agent. The Credit Agreement may be usedfor general corporate borrowing purposes and issuance of letters of credit,with a $500 million sub-limit for letters of credit. The Credit Agreementcontains certain financial and other restrictive covenants which would allowany amounts outstanding thereunder to be accelerated, or restrict our abilityto borrow thereunder, in the event of our noncompliance. Following is a summaryof such covenants and the calculated ratios at December 31, 2007:  

 

**Covenant**

**Actual**

Leverage ratio

      ≤ 3.00

        1.16

Interest coverage ratio

      ≥  3.00

      12.88

 

AtDecember 31, 2007, there were no amounts outstanding under the CreditAgreement. We anticipate utilizing the Credit Agreement principally for theissuance of letters of credit which aggregated $184 million at December 31,2007. The issuance of letters of credit under the Credit Agreement utilizesavailability under the Credit Agreement. 

* *

*Credit ratings*. Following is a summary of our seniorlong-term debt credit ratings and outlook by Moody's Investor Services, Inc.("Moody's"), Standard & Poor's Rating Services ("S&P") and FitchRatings ("Fitch") at December 31, 2007: 

 

**Moody's**

**S&P**

**Fitch**

Senior long-term debt

Ba1

BBB-

BBB-

Outlook

Positive

Stable

Positive

 

AtDecember 31, 2007, we had no recognized or contingent material liabilitiesthat would be subject to accelerated payment due to a ratings downgrade. We donot believe a negative change in our credit rating would have a materialadverse impact on us under the terms of our existing client agreements.

**

22

 

 

 

*Liquidity*.At December 31, 2007, we had total liquidity of $3.8 billion, comprised ofunrestricted cash and marketable securities of $3.0 billion and availabilityunder our unsecured credit facilities of $816 million. Management currentlyintends to maintain unrestricted cash and marketable securities in an amountequal to at least $1 billion. 

 

**NewAccounting Pronouncements**

 

InDecember 2007, the Financial Accounting Standards Board ("FASB") issuedStatement No. 141R, *Business Combinations*, and Statement No. 160, *NoncontrollingInterests in Consolidated Financial Statements, an amendment of ARB No. 51*.Statement No. 141R modifies the accounting and disclosure requirements forbusiness combinations and broadens the scope of the previous standard to applyto all transactions in which one entity obtains control over another business.Statement No. 160 establishes new accounting and reporting standards fornoncontrolling interests in subsidiaries. We will be required to apply theprovisions of the new standards in the first quarter of 2009. 

 

InFebruary 2007, the FASB issued Statement No. 159, *The Fair Value Option forFinancial Assets and Financial Liabilities*. This new standard will allowcompanies to elect to measure specified financial instruments and warranty andinsurance contracts at fair value on a contract-by-contract basis, with changesin fair value recognized in earnings in each reporting period. We will berequired to adopt this new standard in the first quarter of 2008.

 

InSeptember 2006, the FASB issued Statement No. 157, *Fair Value Measurements*.This new standard defines fair value, establishes a framework for measuringfair value in generally accepted accounting principles, and expands disclosuresabout fair value measurements. The new standard is effective for financialstatements issued for fiscal years beginning after November 15, 2007, andinterim periods within those years. The provisions of the new standard are tobe applied prospectively for most financial instruments and retrospectively forothers as of the beginning of the fiscal year in which the standard isinitially applied. We will be required to adopt this new standard in the firstquarter of 2008. 

 

Weadopted FIN 48 effective January 1, 2007. We refer you to "Results ofOperations" above and Note 1 in the accompanying Notes to ConsolidatedFinancial Statements for additional information about this accounting change.

 

**Application of Critical Accounting Policies**

 

Thepreparation of our financial statements in conformity with generally acceptedaccounting principles in the United States ("GAAP") requires us to makeestimates, judgments and assumptions that affect the reported amounts of assetsand liabilities and disclosure of contingent assets and liabilities at the dateof the consolidated financial statements and the reported amounts of revenuesand expenses during the reporting period. Our estimates, judgments andassumptions are continually evaluated based on available information andexperience. Because of the use of estimates inherent in the financial reportingprocess, actual results could differ from those estimates. Areas in whichsignificant judgments and estimates are used include, but are not limited to,revenue recognition and associated cost deferral, accounts receivablecollectibility, accounting for long-lived assets, deferred income taxes,liabilities for tax contingencies, retirement plans, stock-based compensation,performance guarantees and litigation. 

 

*Revenuerecognition and associated cost deferral*. We provide IT and businessprocess outsourcing services under time-and-material, unit-price andfixed-price contracts, which may extend up to 10 or more years. Servicesprovided over the term of these arrangements may include one or more of thefollowing: IT infrastructure support and management; IT system and softwaremaintenance; application hosting; the design, development, or construction ofsoftware and systems ("Construct Service"); transaction processing; andbusiness process management. 

 

If acontract involves the provision of a single element, revenue is generallyrecognized when the product or service is provided and the amount earned is notcontingent upon any future event. If the service is provided evenly during thecontract term but service billings are irregular, revenue is recognized on astraight-line basis over the contract term. However, if the single service is aConstruct Service, revenue is recognized under the percentage-of-completionmethod usually using a zero-profit methodology. Under this method, costs are deferreduntil contractual milestones are met, at which time the milestone billing isrecognized as revenue and an amount of deferred costs is recognized as expenseso that cumulative profit equals zero. If the milestone billing exceedsdeferred costs, then the excess is recorded as deferred revenue. When theConstruct Service is completed and the final milestone met, all unrecognizedcosts, milestone billings and profit are recognized in full. If the contractdoes not contain contractual milestones, costs are expensed as incurred andrevenue is recognized in an amount equal to costs incurred until completion ofthe Construct Service, at which time any profit would be recognized in full. Iftotal costs are estimated to exceed revenue for the Construct Service, then aprovision for the estimated loss is made in the period in which the loss firstbecomes apparent. 

 

If a contract involves the provision ofmultiple service elements, total estimated contract revenue is allocated to eachelement based on the relative fair value of each element. The amount of revenueallocated to each element is limited to the amount that is not contingent uponthe delivery of another element in the future. Revenue is then recognized foreach element as 

 

 

23

 

 

 

described above for single-elementcontracts, except revenue recognized on a straight-linebasis for a non-Construct Service will not exceed amounts currently billableunless the excess revenue is recoverable from the client upon any contracttermination event. If the amount of revenue allocated to a Construct Service isless than its relative fair value, costs to deliver such service equal to thedifference between allocated revenue and the relative fair value are deferredand amortized over the contract term. If total Construct Service costs areestimated to exceed the relative fair value for the Construct Service containedin a multiple-element arrangement, then a provision for the estimated loss ismade in the period in which the loss first becomes apparent. 

 

Inthe rare event that fair value is not determinable for each service element ofa multiple-element contract, the contract is considered one accounting unit,and revenue is recognized using the proportional performance method. Under thismethod, contract revenue is recognized for each service element based on theproportional performance of each service element to the total expectedperformance of each service element over the life of the contract. 

 

We also defer and subsequently amortizecertain set-up costs related to activities that enable the provision ofcontracted services to the client. Such activities include the relocation oftransitioned employees, the migration of client systems or processes, and theexit of client facilities. Deferred contract costs, including set-up costs, areamortized on a straight-line basis over the remaining original contract termunless billing patterns indicate a more accelerated method is appropriate. Therecoverability of deferred contract costs associated with a particular contractis analyzed whenever events or circumstances indicate that their carrying valuemay not be recoverable using the undiscounted estimated cash flows of the wholecontract over its remaining contract term. If such undiscounted cash flows areinsufficient to recover the long-lived assets and deferred contract costs,including contract concessions paid to the client, the deferred contract costsand contract concessions are written down by the amount of the cash flowdeficiency. If a cash flow deficiency remains after reducing the balance of thedeferred contract costs and contract concessions to zero, any remaininglong-lived assets are evaluated for impairment. Any such impairment recognizedwould equal the amount by which the carrying value of the long-lived assetsexceeds the fair value of those assets. 

 

*Accountsreceivable*. Reserves for uncollectible trade receivables are establishedwhen collection of amounts due from clients is deemed improbable. Indicators ofimprobable collection include client bankruptcy, client litigation, industrydownturns, client cash flow difficulties or ongoing service or billingdisputes. Receivables more than 180 days past due are automatically reservedunless persuasive evidence of probable collection exists. Our allowances fordoubtful accounts as a percentage of total gross trade receivables were 1.4%and 1.9% at December 31, 2007 and 2006, respectively. 

 

*Long-livedassets*. Our property and equipment, software and definite-lived intangibleasset policies require the amortization or depreciation of assets over theirestimated useful lives. An asset's useful life is the period over which theasset is expected to contribute directly or indirectly to our future cashflows. The useful lives of property and equipment are limited to the standarddepreciable lives or, for certain assets dedicated to client contracts, therelated contract term. The useful lives of capitalized software are limited tothe shorter of the license period or the related contract term. The estimateduseful lives of definite-lived intangible assets are based on the expected useof the asset and factors that may limit the use of the asset. We may utilizethe assistance of a third-party appraiser in the assessment of the useful lifeof an intangible asset. 

 

Goodwillis not amortized, but instead tested for impairment at least annually. Thegoodwill impairment test requires us to identify our reporting units, obtainestimates of the fair values of those units as of the testing date and comparethe estimated fair value of each unit to its carrying value. Our reportingunits are identified based on a review of our internal reporting structure andare comprised of the components of our operating segments that share similareconomic characteristics. The fair value of a reporting unit is the amount atwhich the unit as a whole could be bought or sold in a current transactionbetween willing parties. We estimate the fair values of our reporting unitsusing discounted cash flow valuation models. Those models require estimates offuture revenues, profits, capital expenditures and working capital for eachunit. We estimate these amounts by evaluating historical trends, currentbudgets, operating plans and industry data. We utilize our weighted-averagecost of capital to discount the estimated expected future cash flows of eachunit. We conducted our annual goodwill impairment test for 2007 as of December1, 2007. The estimated fair value of each of our reporting units exceeded itsrespective carrying value in 2007 indicating the underlying goodwill of eachunit was not impaired. 

 

Weplan to conduct our annual impairment test as of December 1st of eachyear when our budgets and operating plans for the forthcoming year are expectedto be finalized. The timing and frequency of additional goodwill impairmenttests are based on an ongoing assessment of events and circumstances that wouldmore than likely reduce the fair value of a reporting unit below its carryingvalue. We will continue to monitor our goodwill balance for impairment andconduct formal tests when impairment indicators are present. A decline in thefair value of any of our reporting units below its carrying value is anindicator that the underlying goodwill of the unit is potentially impaired. Thissituation would require the second step of the goodwill impairment test todetermine whether the unit's goodwill is impaired. The second step of thegoodwill impairment test is a comparison of the implied fair value of areporting unit's goodwill 

 

24

 

 

 

 

to its carrying value. An impairment lossis required for the amount which the carrying value of a reporting unit'sgoodwill exceeds its implied fair value. The implied fair value of the reportingunit's goodwill would become the new cost basis of the unit's goodwill. 

 

*Deferredincome taxes*. We must make certain estimates and judgments in determiningincome tax expense for financial statement purposes. These estimates andjudgments occur in the calculation of certain tax assets and liabilities, whicharise from differences in the timing of recognition of revenue and expense fortax and financial statement purposes. We must assess the likelihood that wewill be able to recover our deferred tax assets. In assessing the realizabilityof deferred tax assets, we consider whether it is more likely than not thatsome portion or all of the deferred tax assets will not be realized and adjustthe valuation allowances accordingly. Factors considered in making thisdetermination include the period of expiration of the tax asset, planned use ofthe tax asset, tax planning strategies and historical and projected taxableincome as well as tax liabilities for the tax jurisdiction in which the taxasset is located. Valuation allowances will be subject to change in each futurereporting period as a result of changes in one or more of these factors. Amajority of the tax assets are associated with tax jurisdictions in which wehave a large scale of operations and long history of generating taxable income,thereby reducing the estimation risk associated with recoverability analysis.However, in smaller tax jurisdictions in which we have less historicalexperience or smaller scale of operations, the assessment of recoverability oftax assets is largely based on projections of taxable income over theexpiration period of the tax asset and is subject to greater estimation risk.Accordingly, it is reasonably possible the recoverability of tax assets inthese smaller jurisdictions could be impaired as a result of poor operatingperformance over extended periods of time or a future decision to reduce oreliminate operating activity in such jurisdictions. Such an impairment wouldresult in an increase in our effective tax rate and related tax expense in theperiod of impairment. 

 

*Liabilitiesfor tax contingencies*. We have recorded liabilities for tax contingenciesrelated to positions we have taken that could be challenged by taxingauthorities. These potential exposures result from the uncertainties inapplication of statutes, rules, regulations and interpretations. We recognizeliabilities for anticipated tax audit issues in the U.S. and other taxjurisdictions based on our estimate of whether and the extent to whichadditional taxes will be due. Our estimate of the ultimate tax liabilitycontains assumptions based on past experiences, judgments about potentialactions by taxing jurisdictions as well as judgments about the likely outcomeof issues that have been raised by taxing jurisdictions. Although we believeour reserves for tax contingencies are reasonable, they may change in thefuture due to new developments with each issue. We record an additional chargeor benefit in our provision for taxes in the period in which we determine thatthe recorded tax liability is more or less than we expect the ultimateassessment to be. 

* *

*Retirementplans*. We offer pension and other postretirement benefits to our employeesthrough multiple global pension plans. Our largest pension plans are fundedthrough our cash contributions and earnings on plan assets. We use theactuarial models required by SFAS No. 87, *Employers' Accounting for Pensions*,to account for our pension plans. Two of the most significant actuarial assumptionsused to calculate the net periodic pension benefit expense and the relatedpension benefit obligation for our defined pension benefit plans are theexpected long-term rate of return on plan assets and the discount rateassumptions. 

 

SFASNo. 87 requires the use of an expected long-term rate of return that, overtime, will approximate the actual long-term returns earned on pension planassets. We base this assumption on historical actual returns as well asanticipated future returns based on our investment mix. Given our relativelyyoung workforce, we are able to take a long-term view of our pension investmentstrategy. Accordingly, plan assets are weighted heavily towards equityinvestments. Equity investments are susceptible to significant short-termfluctuations but have historically outperformed most other investmentalternatives on a long-term basis. At December 31, 2007, 86% of pension assetswere invested in public and private equity and real estate investments with theremaining assets being invested in fixed income securities. Such mix isconsistent with that assumed in determining the expected long-term rate ofreturn on plan assets. Rebalancing our actual asset allocations to our plannedallocations based on actual performance has not been a significant issue. 

 

An8.5% and 8.4% weighted-average expected long-term rate of return on plan assetsassumption was used for the pension plan actuarial valuations in 2007 and 2006,respectively. A 100 basis point increase or decrease in this assumption resultsin an estimated pension expense decrease or increase, respectively, of $96million in the subsequent year's pension expense (based on the most recentpension valuation and assuming all other variables are constant). 

 

An assumed discount rate is required to beused in each pension plan actuarial valuation. This rate reflects the underlyingrate determined on the measurement date at which the pension benefits couldeffectively be settled. High-quality bond yields on our measurement date,October 31, 2007, with maturities consistent with expected pension paymentperiods are used to determine the appropriate discount rate assumption. For thecountries with the largest pension plans, actual participant data is used by ouractuaries to determine the maturity of the benefit obligation which is matchedto bonds available at the measurement date. In other countries, we use theaverage age of the participants to determine the maturity of the benefitobligation. The weighted-average discount rate assumptions used for the 2007 and2006 pension plan actuarial valuations were 5.9% and 5.4%, respectively. Themethodology used to determine the appropriate discount rate assumption has beenconsistently applied. A 100 basis point increase in the discount rate assumptionwill result in an estimated decrease of approximately $195 

 

 

25

 

 

 

million in the subsequent year's pensionexpense, and a 100 basis point decrease in the discount rate assumption willresult in an estimated increase of approximately $147 million in the subsequentyear's pension expense (based on the most recent pension valuation and assumingall other variables are constant). 

 

Ourlong-standing policy has been to make consistent cash pension plancontributions and invest plan assets in diversified portfolios to provideinvestment returns that will fund a substantial portion of the ongoing benefitcosts. Actual pension plan asset returns have exceeded expected returnsreflected in our assumptions in recent years, and we have also experiencedrising discount rates that have resulted in substantial improvements to ourpension plans' funded status. The overall funded status increased by $973million from October 31, 2006, to October 31, 2007, resulting in anincrease in shareholders' equity of $842 million from December 31, 2006, toDecember 31, 2007. Deferred pension costs were $565 million at December 31,2007, an increase of $473 million from December 31, 2006. Pension benefitliabilities were $989 million at December 31, 2007, a decrease of $415 millionfrom December 31, 2006. 

 

Ourweighted-average long-term rate of return assumption for plan assets as ofJanuary 1, 2008, is 8.5%. Our 2008 net periodic benefit cost is expected todecrease from 2007 due to additional cash contributions made in recent years,returns on plan assets in excess of expectations and increases in the discountrates of most countries. Our required minimum amount of 2008 contributions willbe approximately the same as actual contributions made in 2007. 

 

*Stock-basedcompensation*. We estimate the fair value of stock options using aBlack-Scholes-Merton pricing model. The outstanding term of an option isestimated using a simplified method, which is the average of the vesting termand contractual term of the option. Expected volatility during the estimatedoutstanding term of the option is based on historical volatility during aperiod equivalent to the estimated outstanding term of the option and impliedvolatility as determined based on observed market prices of our publicly tradedoptions. Expected dividends during the estimated outstanding term of the optionare based on recent dividend activity. Risk-free interest rates are based onthe U.S. Treasury yield in effect at the time of the grant. We estimate thefair value of restricted stock units based on the market value of our stock onthe date of grant, adjusted for any restrictive provisions affecting fairvalue, such as required holding periods after the date of vesting. Compensationexpense for share-based payment is charged to operations over the vestingperiod of the award, and includes an estimate for the number of awards expectedto vest. The initial estimate is based on historical results, and compensationexpense is adjusted for actual results. If vesting of such an award is conditionedupon the achievement of performance goals, compensation expense during theperformance period is estimated using the most probable outcome of theperformance goals, and adjusted as the expected outcome changes. 

 

*Otherliabilities*. In the normal course of business, we may provide certainclients, principally governmental entities, with financial performanceguarantees, which are generally backed by standby letters of credit or suretybonds. In general, we would only be liable for the amounts of these guaranteesin the event that our nonperformance permits termination of the relatedcontract by our client, the likelihood of which we believe is remote. Webelieve we are in compliance with our performance obligations under all servicecontracts for which there is a performance guarantee. 

 

Thereare various claims and pending actions against EDS arising in the ordinarycourse of our business. See Note 15 in the accompanying Notes to ConsolidatedFinancial Statements for a discussion of one current action. Certain of theseactions seek damages in significant amounts. In determining whether a lossaccrual or disclosure in our consolidated financial statements is required, weconsider, among other things, the degree to which we can make a reasonableestimate of the loss, the degree of probability of an unfavorable outcome, andthe applicability of insurance coverage for a loss. The degree of probabilityand the loss related to a particular claim are typically estimated with theassistance of legal counsel. 

 

 

26

 

 

 

 

**ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUTMARKET RISK **

 

Weare exposed to market risk from changes in interest rates and foreign currencyexchange rates. We enter into various hedging transactions to manage this risk.We do not hold or issue derivative financial instruments for trading purposes.A discussion of our accounting policies for financial instruments, and furtherdisclosure relating to financial instruments, are included in the notes to theaccompanying consolidated financial statements.

 

*Interestrate risk*. Interest rate risk is managed through our debt portfolio offixed- and variable-rate instruments including interest rate swaps. Risk can beestimated by measuring the impact of a near-term adverse movement of 10% inshort-term market interest rates. If these rates average 10% more in 2008 thanin 2007, there would be no material adverse impact on our results of operationsor financial position. During 2007, had short-term market interest ratesaveraged 10% more than in 2006, there would have been no material adverseimpact on our results of operations or financial position. 

 

*Foreignexchange risk*. We conduct business in the United States and around theworld. Our most significant foreign currency transaction exposures relate to Canada, Mexico, the United Kingdom, Western European countries that use the euro as a commoncurrency, Australia, India, Israel and Switzerland. The primary purpose of ourforeign currency hedging activities is to protect against foreign currencyexchange risk from intercompany financing and trading transactions. We enterinto foreign currency forward contracts and may enter into currency optionswith durations of generally less than 30 days to hedge such transactions. Wehave not entered into foreign currency forward contracts for speculative ortrading purposes.

 

Generally,foreign currency forward contracts are not designated as hedges for accountingpurposes and changes in the fair value of these instruments are recognizedimmediately in earnings. In addition, since we enter into forward contractsonly as an economic hedge, any change in currency rates would not result in anymaterial gain or loss, as any gain or loss on the underlyingforeign-denominated balance would be offset by the loss or gain on the forwardcontract. Risk can be estimated by measuring the impact of a near-term adversemovement of 10% in foreign currency rates against the U.S. dollar. If theserates average 10% more in 2008 than in 2007, there would be no material adverseimpact on our results of operations or financial position. During 2007, hadforeign currency rates averaged 10% more than in 2006, there would have been nomaterial adverse impact on our results of operations or financial position.

 

 

27

 

 

 

**ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

 

**MANAGEMENT REPORT**

** **

**MANAGEMENTRESPONSIBILITY FOR FINANCIAL INFORMATION**

 

Responsibilityfor the objectivity, integrity, and presentation of the accompanying financialstatements and other financial information presented in this report rests withEDS management. The accompanying financial statements have been prepared inaccordance with accounting principles generally accepted in the United States. The financial statements include amounts that are based on estimates andjudgments which management believes are reasonable under the circumstances.

 

KPMGLLP, independent auditors, is retained to audit EDS' consolidated financialstatements and the effectiveness of the company's internal control overfinancial reporting. Its accompanying report is based on audits conducted inaccordance with the standards of the Public Company Accounting Oversight Board(United States). 

 

TheAudit Committee of the Board of Directors is composed solely of independent,non-employee directors, and is responsible for recommending to the Board theindependent auditing firm to be retained for the coming year. The AuditCommittee meets regularly and privately with the independent auditors, with thecompany's internal auditors, and with management to review accounting,auditing, internal control and financial reporting matters. 

 

**MANAGEMENT'S  REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**

 

Managementof EDS is responsible for establishing and maintaining adequate internalcontrol over financial reporting as defined in Rule 13a-15(f) or 15d-15(f)promulgated under the Securities Exchange Act of 1934. Those rules defineinternal control over financial reporting as a process designed to providereasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance withaccounting principles generally accepted in the United States of America. EDS'internal control over financial reporting includes those policies andprocedures that: 

 

 
*
pertain to the maintenance of records    that, in reasonable detail, accurately and fairly reflect the transactions    and dispositions of the assets of EDS;

 
 
*
provide reasonable assurance that    transactions are recorded as necessary to permit preparation of financial    statements in accordance with accounting principles generally accepted in    the United States of America;

 
 
*
provide reasonable assurance that receipts    and expenditures of EDS are being made only in accordance with authorization    of management and directors of EDS; and

 
 
*
provide reasonable assurance regarding    prevention or timely detection of unauthorized acquisition, use or    disposition of EDS' assets that could have a material effect on the    consolidated financial statements.
 

Becauseof its inherent limitations, internal control over financial reporting may notprevent or detect misstatements. Also, projections of any evaluation ofeffectiveness to future periods are subject to the risk that controls maybecome inadequate because of changes in conditions, or that the degree of compliancewith the policies or procedures may deteriorate. 

               

EDSmanagement assessed the effectiveness of EDS' internal control over financialreporting as of December 31, 2007. In making this assessment, management usedthe criteria described in "*Internal Control - Integrated Framework*"issued by the Committee of Sponsoring Organizations of the Treadway Commission.Management's assessment included an evaluation of the design of EDS' internalcontrol over financial reporting and testing of the operational effectivenessof its internal control over financial reporting. Management reviewed theresults of its assessment with the Audit Committee of our Board of Directors.

 

Basedon this assessment and those criteria, management believes that EDS maintained,in all material respects, effective internal control over financial reportingas of December 31, 2007.

 

 

Ronald  A. Rittenmeyer

CHAIRMAN  OF THE BOARD, PRESIDENT

AND  CHIEF EXECUTIVE OFFICER

February  27, 2008

Ronald  P. Vargo

EXECUTIVE  VICE PRESIDENT AND

CHIEF  FINANCIAL OFFICER

February  27, 2008 

****

28

 

 

 

**REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

 

TheBoard of Directors

 

ElectronicData Systems Corporation:

 

Wehave audited Electronic Data Systems Corporation and subsidiaries'(the "Company") internal control over financial reporting as ofDecember 31, 2007, based on criteria established in *Internal Control -Integrated Framework* issued by the Committee of Sponsoring Organizations ofthe Treadway Commission ("COSO"). The Company's management is responsible formaintaining effective internal control over financial reporting and for itsassessment of the effectiveness of internal control over financial reporting.Our responsibility is to express an opinion on the Company's internal controlover financial reporting based on our audit.

 

Weconducted our audit in accordance with the standards of the Public CompanyAccounting Oversight Board (United States). Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whethereffective internal control over financial reporting was maintained in allmaterial respects. Our audit included obtaining an understanding of internalcontrol over financial reporting, assessing the risk that a material weaknessexists, and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. Our audit also included performingsuch other procedures as we considered necessary in the circumstances. Webelieve that our audit provides a reasonable basis for our opinion.

 

Acompany's internal control over financial reporting is a process designed toprovide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal controlover financial reporting includes those policies and procedures that(1) pertain to the maintenance of records that, in reasonable detail,accurately and fairly reflect the transactions and dispositions of the assetsof the company; (2) provide reasonable assurance that transactions arerecorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles, and that receipts andexpenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorizedacquisition, use, or disposition of the company's assets that could have amaterial effect on the financial statements.

 

Becauseof its inherent limitations, internal control over financial reporting may notprevent or detect misstatements. Also, projections of any evaluation ofeffectiveness to future periods are subject to the risk that controls maybecome inadequate because of changes in conditions, or that the degree ofcompliance with the policies or procedures may deteriorate.

 

Inour opinion, the Company maintained, in all material respects, effectiveinternal control over financial reporting as of December 31, 2007, basedon criteria established in *Internal Control - Integrated Framework*issuedby COSO.

 

Wealso have audited, in accordance with the standards of the Public CompanyAccounting Oversight Board (United States), the consolidated balance sheets ofElectronic Data Systems Corporation and subsidiaries as of December 31, 2007and 2006, and the related consolidated statements of income, shareholders'equity and comprehensive income (loss), and cash flows for each of the years inthe three-year period ended December 31, 2007, and the related financialstatement schedule, and our report dated February 27, 2008, expressed anunqualified opinion on those consolidated financial statements and schedule.

 

 

KPMGLLP

Dallas, Texas

February27, 2008

****

29

 

 

 

**REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

 

TheBoard of Directors

ElectronicData Systems Corporation:

 

 

Wehave audited the accompanying consolidated balance sheets of Electronic DataSystems Corporation and subsidiaries as of December 31, 2007 and 2006, and therelated consolidated statements of income, shareholders' equity andcomprehensive income (loss), and cash flows for each of the years in the three‐yearperiod ended December 31, 2007. In connection with our audits of theconsolidated financial statements, we have also audited the related financialstatement schedule. These consolidated financial statements and financialstatement schedule are the responsibility of the Company's management. Ourresponsibility is to express an opinion on these consolidated financialstatements and financial statement schedule based on our audits.

 

Weconducted our audits in accordance with the standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that weplan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

Inour opinion, the consolidated financial statements referred to above presentfairly, in all material respects, the financial position of Electronic DataSystems Corporation and subsidiaries as of December 31, 2007 and 2006, andthe results of their operations and their cash flows for each of the years inthe three-year period ended December 31, 2007, in conformity with U.S.generally accepted accounting principles. Also in our opinion, the related financialstatement schedule, when considered in relation to the basic consolidatedfinancial statements taken as a whole, presents fairly, in all materialrespects, the information set forth therein.

 

Asdiscussed in Note 1 to the consolidated financial statements, during 2007,the Company adopted Financial Standards Board Interpretation No. 48, *Accountingfor Uncertainty in Income Taxes*, during 2006, the Company adopted Statementof Financial Accounting Standards (SFAS) No. 158, *Employers' Accountingfor Defined Benefit Pension and Other Post Retirement Plans - an Amendment ofFASB Statements No. 87, 88, 106, and 132R*, and, during 2005, theCompany adopted SFAS No. 123R, *Share- Based Payment*.

 

We also haveaudited, in accordance with the standards of the Public Company AccountingOversight Board (United States), Electronic Data Systems Corporation andsubsidiaries' internal control over financial reporting as of December 31,2007, based on criteria established in *Internal Control - IntegratedFramework* issued by the Committee of Sponsoring Organizations of theTreadway Commission (COSO), and our report dated February 27, 2008, expressedan unqualified opinion on the effectiveness of the Company's internal controlover financial reporting.

 

KPMGLLP

Dallas, Texas

February27, 2008

****

30

 

 

 

**ELECTRONICDATA SYSTEMS CORPORATION AND SUBSIDIARIES**

** **

**CONSOLIDATEDSTATEMENTS OF INCOME**

(in millions, except per share amounts)

 

**Years  Ended December 31,**

**2007**

**2006**

**2005**

 

Revenues

 $

22,134 

 $

21,268 

 $

19,757 

 

Costs and expenses

Cost of revenues

18,936 

18,579 

17,422 

Selling, general and administrative

1,910 

1,858 

1,819 

Other operating (income) expense

156 

15 

(26)

Total costs and expenses

21,002 

20,452 

19,215 

 

Operating income

1,132 

816 

542 

 

Interest expense

(225)

(239)

(241)

Interest income and other, net

182 

179 

138 

Other income (expense)

(43)

(60)

(103)

 

Income from continuing operations  before income taxes

1,089 

756 

439 

 

Provision for income taxes

360 

257 

153 

Income from continuing operations

729 

499 

286 

Loss from discontinued operations, net  of income taxes

(13)

(29)

(136)

Net income

 $

716 

 $

470 

 $

150 

 

Basic earnings per share of common  stock

Income from continuing operations

 $

1.42 

 $

0.96 

 $

0.55 

Loss from discontinued operations

(0.02)

(0.05)

(0.26)

Net income

 $

1.40 

 $

0.91 

 $

0.29 

 

Diluted earnings per share of common  stock

Income from continuing operations

 $

1.37 

 $

0.94 

 $

0.54 

Loss from discontinued operations

(0.02)

(0.05)

(0.26)

Net income

 $

1.35 

 $

0.89 

 $

0.28 

 

*See accompanying notes to consolidated financialstatements.*

* *

 

31

 

 

 

**ELECTRONIC DATA SYSTEMS CORPORATION AND SUBSIDIARIES**

** **

**CONSOLIDATED BALANCE SHEETS**

(in millions, except share andper share amounts)

 

**December  31,**

**2007**

**2006**

ASSETS

Current assets

Cash and cash equivalents

 $

3,139 

 $

2,972 

Marketable securities

55 

45 

Accounts receivable, net

3,603 

3,647 

Prepaids and other

958 

866 

Deferred income taxes

690 

727 

Total current assets

8,445 

8,257 

 

Property and equipment, net

2,489 

2,179 

Deferred contract costs, net

984 

807 

Investments and other assets

1,099 

636 

Goodwill

5,092 

4,365 

Other intangible assets, net

929 

749 

Deferred income taxes

186 

961 

Total assets

 $

19,224 

 $

17,954 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable

 $

605 

 $

677 

Accrued liabilities

2,616 

2,689 

Deferred revenue

1,473 

1,669 

Income taxes

54 

72 

Current portion of long-term debt

168 

127 

Total current liabilities

4,916 

5,234 

 

Pension benefit liability

989 

1,404 

Long-term debt, less current portion

3,209 

2,965 

Minority interests and other long-term  liabilities

419 

455 

Commitments and contingencies

Shareholders' equity

Preferred stock, $.01 par value;  authorized 200,000,000 shares; none issued

               -

               -

Common stock, $.01 par value;  authorized 2,000,000,000 shares; 531,975,655 shares issued at December 31, 2007  and 2006

  5 

  5 

Additional paid-in capital

3,097 

2,973 

Retained earnings

6,158 

5,630 

Accumulated other comprehensive income  (loss)

1,070 

(182)

Treasury stock, at cost, 22,113,129  and 17,658,428 shares at December 31, 2007 and 2006, respectively

  (639)

  (530)

Total shareholders' equity

9,691 

7,896 

Total liabilities and shareholders'  equity

 $

19,224 

 $

17,954 

 

*See accompanying notes to consolidated financialstatements.*

 

 

32

 

 

 

**ELECTRONIC DATA SYSTEMS CORPORATION AND SUBSIDIARIES**

 

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ANDCOMPREHENSIVE INCOME (LOSS)**

(in millions)

 

** **

** **

** **

** **

**Accumu-**

** **

** **

** **

** **

** **

** **

** **

**lated**

** **

** **

** **

** **

** **

** **

** **

**Other**

** **

** **

** **

** **

** **

** **

** **

**Compre-**

** **

** **

** **

**Common Stock**

**Additional**

** **

**hensive**

**Treasury Stock**

**Share-**

**Shares**

** **

**  Paid-In**

**Retained**

**Income**

**Shares**

** **

**holders'**

**Issued**

**Amount**

**  Capital**

**Earnings**

**(Loss)**

**Held**

**Amount**

**Equity**

Balance at December 31, 2004

523 

 $

5 

 $

2,433 

 $

5,492 

 $

(59)

7 

 $

(431)

 $

7,440 

Comprehensive  loss:

Net income

-

            -

            -

150 

                        -

-

             -

150 

Currency translation adjustment, net of tax effect of  $(75)

-

            

            -

            

            -

            -

(293)

-

             

             -

(293)

Unrealized losses on securities, net of tax effect of  $(3), and reclassification adjustment

-

            -

               

            -

            -

  (1)

-

                

             -

  (1)

Change in minimum pension liability, net of tax  effect of $(7)

-

               

            -

               

            -

            -

(14)

-

            

             -

(14)

Total comprehensive loss

(158)

Dividends

-

            -

            -

(105)

                        -

-

             -

(105)

Stock award transactions

3 

            -

249 

(166)

                        -

(4)

252 

335 

Balance at December 31, 2005

526 

 $

5 

 $

2,682 

 $

5,371     

 $

(367)

3 

 $

(179)

 $

7,512 

Comprehensive  income:

Net income

-

            -

            -

470 

                        -

-

             -

470 

Currency translation adjustment, net of tax effect of  $70

-

               

            -

               

            -

            -

  313 

-

                

             -

  313 

Unrealized losses on securities, net of tax effect of  $4, and reclassification adjustment

-

            -

               

            -

            -

  4 

-

                

             -

  4 

Change in minimum pension liability, net of tax  effect of $229

-

               

            -

               

            -

            -

  434 

-

                

             -

  434 

Total comprehensive income

1,221 

Adjustment to initially apply FASB Statement No. 158,  net of tax effect of $(255)

-

            -

            -

            -

  (566)

-

             -

  (566)

Dividends

-

            -

            -

(104)

                        -

-

             -

(104)

Purchase of treasury shares

-

            -

            -

            -

                        -

26 

(683)

(683)

Stock award transactions

6 

            -

291 

(107)

                        -

(11)

332 

516 

Balance at December 31, 2006

532 

 $

5 

 $

2,973 

 $

5,630 

 $

(182)

18 

 $

(530)

 $

7,896 

Comprehensive  income:

Net income

-

            -

            -

716 

                        -

-

             -

716 

Currency translation adjustment, net of tax effect of  $135

-

               

            -

               

            -

            -

  410 

-

                

             -

  410 

Change in funded status of pension plans, net of tax  effect of $394

-

               

            -

               

            -

               

            -

  842 

-

                

                

             -

  842 

Total comprehensive income

1,968 

Adjustment to initially apply FASB Interpretation No.  48

-

            -

            -

  (17)

-

-

             -

(17)

Dividends

-

            -

            -

(102)

                        -

-

             -

(102)

Purchase of treasury shares

-

            -

            -

            -

                        -

14 

(374)

(374)

Stock award transactions

-

            -

124 

(69)

                        -

(10)

265 

320 

Balance at December 31, 2007

532 

 $

5 

 $

3,097 

 $

6,158 

 $

1,070 

22 

 $

(639)

 $

9,691 

* *

*See accompanying notes to consolidated financialstatements.*

 

33

 

 

 

**ELECTRONIC DATA SYSTEMS CORPORATION AND SUBSIDIARIES**

** **

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in millions)

 

**Years  Ended December 31,**

**2007**

**2006**

**2005**

Cash Flows from Operating Activities

Net income

 $

716 

 $

470 

 $

150 

Adjustments to reconcile net income to  net cash provided by operating activities:

Depreciation and amortization and  deferred cost charges

1,441 

1,337 

1,384 

Deferred compensation

154 

209 

224 

Other long-lived asset write-downs

14 

19 

164 

Other

69 

15 

80 

Changes in operating assets and  liabilities, net of effects of acquired companies:

Accounts receivable

327 

51 

(310)

Prepaids and other

(191)

(155)

20 

Deferred contract costs

(331)

(285)

(161)

Accounts payable and accrued  liabilities

(95)

312 

(207)

Deferred revenue

(269)

194 

299 

Income taxes

206 

(234)

(347)

Total adjustments

1,325 

1,463 

1,146 

Net cash provided by operating activities

2,041 

1,933 

1,296 

 

Cash Flows from Investing Activities

Proceeds from sales of marketable  securities

               -

2,793 

1,434 

Proceeds from investments and other  assets

67 

264 

310 

Net proceeds (payments) from divested  assets and non-marketable equity securities

53 

(49)

160 

Net proceeds from real estate sales

28 

49 

178 

Payments for purchases of property and  equipment

(725)

(729)

(718)

Payments for investments and other  assets

               -

(94)

(27)

Payments for acquisitions, net of cash  acquired, and non-marketable equity securities

(461)

(361)

(552)

Payments for purchases of software and  other intangibles

(378)

(427)

(300)

Payments for purchases of marketable  securities

(4)

(1,514)

(1,311)

Other

34 

35 

29 

Net cash used in investing activities

(1,386)

(33)

(797)

 

Cash Flows from Financing Activities

Proceeds from long-term debt

13 

               -

5 

Payments on long-term debt

(17)

(213)

(560)

Capital lease payments

(175)

(144)

(149)

Purchase of treasury stock

(391)

(667)

               -

Employee stock transactions

155 

285 

107 

Dividends paid

(102)

(104)

(105)

Other

13 

9 

21 

Net cash used in financing activities

(504)

(834)

(681)

Effect of exchange rate changes on  cash and cash equivalents

16 

7 

(21)

Net increase (decrease) in cash and  cash equivalents

167 

1,073 

(203)

Cash and cash equivalents at beginning  of year

2,972 

1,899 

2,102 

Cash and cash equivalents at end of  year

 $

3,139 

 $

2,972 

 $

1,899 

 

*See accompanying notes to consolidated financialstatements.*

34

 

 

 

 

 

**NOTES TO CONSOLIDATED FINANCIAL  STATEMENTS**

** **

**NOTE 1:  SUMMARY OF SIGNIFICANT  ACCOUNTING POLICIES**

 

**Description of Business**

 

Electronic Data Systems Corporation is a  professional services firm that offers its clients a portfolio of related  services worldwide within the broad categories of IT infrastructure,  applications and business process outsourcing services. The Company also  provided management consulting services through its A.T. Kearney subsidiary  which was sold in January 2006 (see Note 17). Services include the design,  construction or management of computer networks, information systems,  information processing facilities and business processes. As used herein, the  terms "EDS" and the "Company" refer to Electronic Data Systems Corporation and  its consolidated subsidiaries. 

 

**Principles of Consolidation**

 

The consolidated financial statements  include the accounts of EDS and its controlled subsidiaries. The Company  defines control as a non-shared, non-temporary ability to make decisions that  enable it to guide the ongoing activities of a subsidiary and the ability to  use that power to increase the benefits or limit the losses from the  activities of that subsidiary. Subsidiaries in which other shareholders  effectively participate in significant operating decisions through voting or  contractual rights are not considered controlled subsidiaries. The Company's  investments in entities it does not control, but in which it has the ability  to exercise significant influence over operating and financial policies, are  accounted for under the equity method. Under such method, the Company  recognizes its share of the subsidiaries' income (loss) in other income  (expense). If the Company is the primary beneficiary of variable interest  entities, the consolidated financial statements include the accounts of such  entities. No variable interest entities were consolidated during the periods  presented. 

 

**Earnings Per Share**

 

Basic earnings per share of common stock  is computed using the weighted-average number of common shares outstanding  during the period. Diluted earnings per share of common stock reflects the  incremental increase in common shares outstanding assuming the exercise of all  employee stock options and stock purchase contracts and the issuance of shares  in respect of restricted stock units that would have had a dilutive effect on  earnings per share. Contingently convertible debt is excluded from the  computation of diluted earnings per share when the result is antidilutive. If  the result is dilutive, net income and weighted-average shares outstanding are  adjusted as if conversion took place on the first day of the reporting period.  The effect of the Company's contingently convertible debt was dilutive for the  year ended December 31, 2007. Accordingly, $19 million of tax-effected  interest was added to income from continuing operations and net income and 20  million shares were added to weighted-average shares outstanding in the  computation of diluted earnings per share for the year ended December 31,  2007. 

 

Following is a reconciliation of the  number of shares used in the calculation of basic and diluted earnings per  share for the years ended December 31, 2007, 2006 and 2005 (in millions):  

 

**2007**
**2006**
**2005**
Basic earnings per share of common      stock:

Weighted-average common shares      outstanding
                512
                519
                519
Effect of dilutive securities (Note      11):

Restricted stock units
                    6
                    2
                    2
Stock options
                    4
                    8
                    5
Convertible debt
                  20
                    -
                    -
Diluted earnings per share of common      stock:

Weighted-average common and common      equivalent shares outstanding
                542
                529
                526

 

Securities that were outstanding but  were not included in the computation of diluted earnings per share because  their effect was antidilutive are as follows for the years ended December 31,  2007, 2006 and 2005 (in millions): 

 

**2007**
**2006**
**2005**
Common stock      options and warrants
                  13
                  15
                  42
Convertible debt
                    -
                  20
                  20
****

 

35

 

 

 

 

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**

 

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