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Condensed Consolidating Financial Statements | 6 Months Ended
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Nov. 30, 2014
Condensed Consolidating Financial Statements [Abstract] |
Condensed Consolidating Financial Statements | (10) Condensed Consolidating Financial Statements W e are required to present condensed consolidating financial information in order for the subsidiary guarantors (other than FedEx Express) of our public debt to continue to be exempt from reporting under the Securities Exchange Act of 1934, as amended. The guarantor subsidiaries, which are 100% owned by FedEx, guarantee $4.5 billion of our debt. The guarantees are full and unconditional and joint and several. Our guarantor subsidiaries were not determined using geographic, service line or other similar criteria, and as a re sult, the "Guarantor Subsidiaries" and "Non-g uarantor Subsidiaries" columns each include portions of our domestic and international operations. Accordingly, this basis of presentation is not intended to present our financial condition, results of operations or cash flows for any purpose other than to comply with the specific requirements for su bsidiary guarantor reporting. Condensed consolidating financial statements for our guarantor subsidiaries and non-guarantor subsidiaries are presented in the following tables (in millions):
CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
November 30, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1,048 |  | $ | 482 |  | $ | 869 | $ |  | (133) |  | $ | 2,266
| Receivables, less allowances |  | 1 |  |  | 4,453 |  |  | 1,189 |  |  | (51) |  |  | 5,592
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 76 |  |  | 719 |  |  | 62 |  |  | - |  |  | 857
| Deferred income taxes |  | - |  |  | 474 |  |  | 23 |  |  | - |  |  | 497
|  |  | Total current assets |  | 1,125 |  |  | 6,128 |  |  | 2,143 |  |  | (184) |  |  | 9,212
PROPERTY AND EQUIPMENT, AT COST |  | 28 |  |  | 39,258 |  |  | 2,330 |  |  | - |  |  | 41,616
| Less accumulated depreciation and amortization |  | 22 |  |  | 20,458 |  |  | 1,243 |  |  | - |  |  | 21,723
|  |  | Net property and equipment |  | 6 |  |  | 18,800 |  |  | 1,087 |  |  | - |  |  | 19,893
INTERCOMPANY RECEIVABLE |  | - |  |  | 1,172 |  |  | 1,526 |  |  | (2,698) |  |  | -
GOODWILL |  | - |  |  | 1,552 |  |  | 1,182 |  |  | - |  |  | 2,734
INVESTMENT IN SUBSIDIARIES |  | 21,850 |  |  | 3,747 |  |  | - |  |  | (25,597) |  |  | -
OTHER ASSETS |  | 2,051 |  |  | 862 |  |  | 237 |  |  | (2,005) |  |  | 1,145
|  |  |  |  | $ | 25,032 |  | $ | 32,261 |  | $ | 6,175 |  | $ | (30,484) |  | $ | 32,984
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Accrued salaries and employee benefits | $ | 33 |  | $ | 1,011 |  | $ | 175 |  | $ | - |  | $ | 1,219
| Accounts payable |  | 60 |  |  | 1,403 |  |  | 689 |  |  | (184) |  |  | 1,968
| Accrued expenses |  | 374 |  |  | 1,404 |  |  | 208 |  |  | - |  |  | 1,986
|  | Total current liabilities |  | 467 |  |  | 3,818 |  |  | 1,072 |  |  | (184) |  |  | 5,173
LONG-TERM DEBT, LESS CURRENT PORTION |  | 4,487 |  |  | 248 |  |  | - |  |  | - |  |  | 4,735
INTERCOMPANY PAYABLE |  | 2,698 |  |  | - |  |  | - |  |  | (2,698) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,021 |  |  | 88 |  |  | (2,005) |  |  | 2,104
| Other liabilities |  | 1,817 |  |  | 3,344 |  |  | 248 |  |  | - |  |  | 5,409
|  | Total other long-term liabilities |  | 1,817 |  |  | 7,365 |  |  | 336 |  |  | (2,005) |  |  | 7,513
STOCKHOLDERS' INVESTMENT |  | 15,563 |  |  | 20,830 |  |  | 4,767 |  |  | (25,597) |  |  | 15,563
|  |  |  |  | $ | 25,032 |  | $ | 32,261 |  | $ | 6,175 |  | $ | (30,484) |  | $ | 32,984
CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1,756 |  | $ | 441 |  | $ | 861 |  | $ | (150) |  | $ | 2,908
| Receivables, less allowances |  | 2 |  |  | 4,338 |  |  | 1,151 |  |  | (31) |  |  | 5,460
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 59 |  |  | 674 |  |  | 60 |  |  | - |  |  | 793
| Deferred income taxes |  | - |  |  | 501 |  |  | 21 |  |  | - |  |  | 522
|  |  | Total current assets |  | 1,817 |  |  | 5,954 |  |  | 2,093 |  |  | (181) |  |  | 9,683
PROPERTY AND EQUIPMENT, AT COST |  | 28 |  |  | 38,303 |  |  | 2,360 |  |  | - |  |  | 40,691
| Less accumulated depreciation and amortization |  | 22 |  |  | 19,899 |  |  | 1,220 |  |  | - |  |  | 21,141
|  |  | Net property and equipment |  | 6 |  |  | 18,404 |  |  | 1,140 |  |  | - |  |  | 19,550
INTERCOMPANY RECEIVABLE |  | - |  |  | 1,058 |  |  | 1,265 |  |  | (2,323) |  |  | -
GOODWILL |  | - |  |  | 1,552 |  |  | 1,238 |  |  | - |  |  | 2,790
INVESTMENT IN SUBSIDIARIES |  | 20,785 |  |  | 3,754 |  |  | - |  |  | (24,539) |  |  | -
OTHER ASSETS |  | 2,088 |  |  | 747 |  |  | 250 |  |  | (2,038) |  |  | 1,047
|  |  |  |  | $ | 24,696 |  | $ | 31,469 |  | $ | 5,986 |  | $ | (29,081) |  | $ | 33,070
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current portion of long-term debt | $ | - |  | $ | 1 |  | $ | - |  | $ | - |  | $ | 1
| Accrued salaries and employee benefits |  | 55 |  |  | 1,042 |  |  | 180 |  |  | - |  |  | 1,277
| Accounts payable |  | 2 |  |  | 1,530 |  |  | 620 |  |  | (181) |  |  | 1,971
| Accrued expenses |  | 405 |  |  | 1,444 |  |  | 214 |  |  | - |  |  | 2,063
|  | Total current liabilities |  | 462 |  |  | 4,017 |  |  | 1,014 |  |  | (181) |  |  | 5,312
LONG-TERM DEBT, LESS CURRENT PORTION |  | 4,487 |  |  | 249 |  |  | - |  |  | - |  |  | 4,736
INTERCOMPANY PAYABLE |  | 2,323 |  |  | - |  |  | - |  |  | (2,323) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,059 |  |  | 93 |  |  | (2,038) |  |  | 2,114
| Other liabilities |  | 2,147 |  |  | 3,230 |  |  | 254 |  |  | - |  |  | 5,631
|  | Total other long-term liabilities |  | 2,147 |  |  | 7,289 |  |  | 347 |  |  | (2,038) |  |  | 7,745
STOCKHOLDERS' INVESTMENT |  | 15,277 |  |  | 19,914 |  |  | 4,625 |  |  | (24,539) |  |  | 15,277
|  |  |  |  | $ | 24,696 |  | $ | 31,469 |  | $ | 5,986 |  | $ | (29,081) |  | $ | 33,070
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended November 30, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 9,926 |  | $ | 2,108 |  | $ | (95) |  | $ | 11,939
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 23 |  |  | 3,729 |  |  | 552 |  |  | - |  |  | 4,304
| Purchased transportation |  | - |  |  | 1,468 |  |  | 764 |  |  | (47) |  |  | 2,185
| Rentals and landing fees |  | 2 |  |  | 577 |  |  | 86 |  |  | (2) |  |  | 663
| Depreciation and amortization |  | 1 |  |  | 595 |  |  | 55 |  |  | - |  |  | 651
| Fuel |  | - |  |  | 1,028 |  |  | 24 |  |  | - |  |  | 1,052
| Maintenance and repairs |  | - |  |  | 507 |  |  | 36 |  |  | - |  |  | 543
| Intercompany charges, net |  | (48) |  |  | (50) |  |  | 98 |  |  | - |  |  | -
| Other |  | 22 |  |  | 1,239 |  |  | 313 |  |  | (46) |  |  | 1,528
|  |  |  |  | - |  |  | 9,093 |  |  | 1,928 |  |  | (95) |  |  | 10,926
OPERATING INCOME |  | - |  |  | 833 |  |  | 180 |  |  | - |  |  | 1,013
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 616 |  |  | 103 |  |  | - |  |  | (719) |  |  | -
| Interest, net |  | (53) |  |  | 5 |  |  | 1 |  |  | - |  |  | (47)
| Intercompany charges, net |  | 54 |  |  | (59) |  |  | 5 |  |  | - |  |  | -
| Other, net |  | (1) |  |  | 2 |  |  | 4 |  |  | - |  |  | 5
INCOME BEFORE INCOME TAXES |  | 616 |  |  | 884 |  |  | 190 |  |  | (719) |  |  | 971
| Provision for income taxes |  | - |  |  | 319 |  |  | 36 |  |  | - |  |  | 355
NET INCOME | $ | 616 |  | $ | 565 |  | $ | 154 |  | $ | (719) |  | $ | 616
COMPREHENSIVE INCOME | $ | 642 |  | $ | 543 |  | $ | 57 |  |  | (719) |  | $ | 523
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended November 30, 2013
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 9,447 |  | $ | 2,042 |  | $ | (86) |  | $ | 11,403
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 24 |  |  | 3,568 |  |  | 556 |  |  | - |  |  | 4,148
| Purchased transportation |  | - |  |  | 1,340 |  |  | 739 |  |  | (39) |  |  | 2,040
| Rentals and landing fees |  | 2 |  |  | 563 |  |  | 85 |  |  | (2) |  |  | 648
| Depreciation and amortization |  | 1 |  |  | 595 |  |  | 51 |  |  | - |  |  | 647
| Fuel |  | - |  |  | 1,111 |  |  | 25 |  |  | - |  |  | 1,136
| Maintenance and repairs |  | - |  |  | 447 |  |  | 32 |  |  | - |  |  | 479
| Intercompany charges, net |  | (50) |  |  | (24) |  |  | 74 |  |  | - |  |  | -
| Other |  | 23 |  |  | 1,192 |  |  | 308 |  |  | (45) |  |  | 1,478
|  |  |  |  | - |  |  | 8,792 |  |  | 1,870 |  |  | (86) |  |  | 10,576
OPERATING INCOME |  | - |  |  | 655 |  |  | 172 |  |  | - |  |  | 827
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 500 |  |  | 133 |  |  | - |  |  | (633) |  |  | -
| Interest, net |  | (35) |  |  | 5 |  |  | - |  |  | - |  |  | (30)
| Intercompany charges, net |  | 36 |  |  | (41) |  |  | 5 |  |  | - |  |  | -
| Other, net |  | (1) |  |  | (3) |  |  | (1) |  |  | - |  |  | (5)
INCOME BEFORE INCOME TAXES |  | 500 |  |  | 749 |  |  | 176 |  |  | (633) |  |  | 792
| Provision for income taxes |  | - |  |  | 251 |  |  | 41 |  |  | - |  |  | 292
NET INCOME | $ | 500 |  | $ | 498 |  | $ | 135 |  | $ | (633) |  | $ | 500
COMPREHENSIVE INCOME | $ | 540 |  | $ | 506 |  | $ | 175 |  | $ | (633) |  | $ | 588
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Six Months Ended November 30, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 19,695 |  | $ | 4,112 |  | $ | (184) |  | $ | 23,623
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 53 |  |  | 7,335 |  |  | 1,105 |  |  | - |  |  | 8,493
| Purchased transportation |  | - |  |  | 2,854 |  |  | 1,475 |  |  | (90) |  |  | 4,239
| Rentals and landing fees |  | 3 |  |  | 1,149 |  |  | 174 |  |  | (3) |  |  | 1,323
| Depreciation and amortization |  | 1 |  |  | 1,190 |  |  | 111 |  |  | - |  |  | 1,302
| Fuel |  | - |  |  | 2,123 |  |  | 49 |  |  | - |  |  | 2,172
| Maintenance and repairs |  | - |  |  | 1,029 |  |  | 70 |  |  | - |  |  | 1,099
| Intercompany charges, net |  | (143) |  |  | (48) |  |  | 191 |  |  | - |  |  | -
| Other |  | 86 |  |  | 2,404 |  |  | 596 |  |  | (91) |  |  | 2,995
|  |  |  |  | - |  |  | 18,036 |  |  | 3,771 |  |  | (184) |  |  | 21,623
OPERATING INCOME |  | - |  |  | 1,659 |  |  | 341 |  |  | - |  |  | 2,000
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,222 |  |  | 201 |  |  | - |  |  | (1,423) |  |  | -
| Interest, net |  | (106) |  |  | 9 |  |  | 2 |  |  | - |  |  | (95)
| Intercompany charges, net |  | 108 |  |  | (118) |  |  | 10 |  |  | - |  |  | -
| Other, net |  | (2) |  |  | (1) |  |  | 6 |  |  | - |  |  | 3
INCOME BEFORE INCOME TAXES |  | 1,222 |  |  | 1,750 |  |  | 359 |  |  | (1,423) |  |  | 1,908
| Provision for income taxes |  | - |  |  | 588 |  |  | 98 |  |  | - |  |  | 686
NET INCOME | $ | 1,222 |  | $ | 1,162 |  | $ | 261 |  | $ | (1,423) |  | $ | 1,222
COMPREHENSIVE INCOME | $ | 1,276 |  | $ | 1,137 |  | $ | 139 |  | $ | (1,423) |  | $ | 1,129
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Six Months Ended November 30, 2013
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 18,675 |  | $ | 3,920 |  | $ | (168) |  | $ | 22,427
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 55 |  |  | 7,082 |  |  | 1,088 |  |  | - |  |  | 8,225
| Purchased transportation |  | - |  |  | 2,582 |  |  | 1,412 |  |  | (75) |  |  | 3,919
| Rentals and landing fees |  | 3 |  |  | 1,121 |  |  | 167 |  |  | (3) |  |  | 1,288
| Depreciation and amortization |  | 1 |  |  | 1,184 |  |  | 101 |  |  | - |  |  | 1,286
| Fuel |  | - |  |  | 2,192 |  |  | 48 |  |  | - |  |  | 2,240
| Maintenance and repairs |  | - |  |  | 896 |  |  | 63 |  |  | - |  |  | 959
| Intercompany charges, net |  | (111) |  |  | (30) |  |  | 141 |  |  | - |  |  | -
| Other |  | 52 |  |  | 2,325 |  |  | 601 |  |  | (90) |  |  | 2,888
|  |  |  |  | - |  |  | 17,352 |  |  | 3,621 |  |  | (168) |  |  | 20,805
OPERATING INCOME |  | - |  |  | 1,323 |  |  | 299 |  |  | - |  |  | 1,622
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 989 |  |  | 243 |  |  | - |  |  | (1,232) |  |  | -
| Interest, net |  | (69) |  |  | 10 |  |  | 2 |  |  | - |  |  | (57)
| Intercompany charges, net |  | 71 |  |  | (82) |  |  | 11 |  |  | - |  |  | -
| Other, net |  | (2) |  |  | (5) |  |  | - |  |  | - |  |  | (7)
INCOME BEFORE INCOME TAXES |  | 989 |  |  | 1,489 |  |  | 312 |  |  | (1,232) |  |  | 1,558
| Provision for income taxes |  | - |  |  | 483 |  |  | 86 |  |  | - |  |  | 569
NET INCOME | $ | 989 |  | $ | 1,006 |  | $ | 226 |  | $ | (1,232) |  | $ | 989
COMPREHENSIVE INCOME | $ | 1,068 |  | $ | 1,013 |  | $ | 191 |  | $ | (1,232) |  | $ | 1,040
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended November 30, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (458) |  | $ | 2,335 |  | $ | 257 |  | $ | 17 |  | $ | 2,151
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | (1) |  |  | (1,809) |  |  | (80) |  |  | - |  |  | (1,890)
| Proceeds from asset dispositions and other |  | (1) |  |  | 17 |  |  | (9) |  |  | - |  |  | 7
CASH USED IN INVESTING ACTIVITIES |  | (2) |  |  | (1,792) |  |  | (89) |  |  | - |  |  | (1,883)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 601 |  |  | (610) |  |  | 9 |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | 143 |  |  | (143) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 22 |  |  | (22) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (1) |  |  | - |  |  | - |  |  | (1)
| Proceeds from stock issuances |  | 189 |  |  | - |  |  | - |  |  | - |  |  | 189
| Excess tax benefit on the exercise of stock options |  | 23 |  |  | - |  |  | - |  |  | - |  |  | 23
| Dividends paid |  | (114) |  |  | - |  |  | - |  |  | - |  |  | (114)
| Purchase of treasury stock |  | (947) |  |  | - |  |  | - |  |  | - |  |  | (947)
| Other, net |  | - |  |  | (39) |  |  | 39 |  |  | - |  |  | -
CASH USED IN FINANCING ACTIVITIES |  | (248) |  |  | (485) |  |  | (117) |  |  | - |  |  | (850)
Effect of exchange rate changes on cash |  | - |  |  | (17) |  |  | (43) |  |  | - |  |  | (60)
Net (decrease) increase in cash and cash equivalents |  | (708) |  |  | 41 |  |  | 8 |  |  | 17 |  |  | (642)
Cash and cash equivalents at beginning of period |  | 1,756 |  |  | 441 |  |  | 861 |  |  | (150) |  |  | 2,908
Cash and cash equivalents at end of period | $ | 1,048 |  | $ | 482 |  | $ | 869 |  | $ | (133) |  | $ | 2,266
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended November 30, 2013
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (139) |  | $ | 1,545 |  | $ | 246 |  | $ | (43) |  | $ | 1,609
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | - |  |  | (1,521) |  |  | (169) |  |  | - |  |  | (1,690)
| Proceeds from asset dispositions and other |  | - |  |  | 19 |  |  | - |  |  | - |  |  | 19
CASH USED IN INVESTING ACTIVITIES |  | - |  |  | (1,502) |  |  | (169) |  |  | - |  |  | (1,671)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | (31) |  |  | 64 |  |  | (33) |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | (33) |  |  | 33 |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 22 |  |  | (22) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (3) |  |  | - |  |  | - |  |  | (3)
| Proceeds from stock issuances |  | 380 |  |  | - |  |  | - |  |  | - |  |  | 380
| Excess tax benefit on the exercise of stock options |  | 20 |  |  | - |  |  | - |  |  | - |  |  | 20
| Dividends paid |  | (95) |  |  | - |  |  | - |  |  | - |  |  | (95)
| Purchase of treasury stock |  | (1,219) |  |  | - |  |  | - |  |  | - |  |  | (1,219)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |  | (945) |  |  | 50 |  |  | (22) |  |  | - |  |  | (917)
Effect of exchange rate changes on cash |  | - |  |  | (6) |  |  | 3 |  |  | - |  |  | (3)
Net (decrease) increase in cash and cash equivalents |  | (1,084) |  |  | 87 |  |  | 58 |  |  | (43) |  |  | (982)
Cash and cash equivalents at beginning of period |  | 3,892 |  |  | 405 |  |  | 717 |  |  | (97) |  |  | 4,917
Cash and cash equivalents at end of period | $ | 2,808 |  | $ | 492 |  | $ | 775 |  | $ | (140) |  | $ | 3,935

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