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Condensed Consolidating Financial Statements | 9 Months Ended
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Feb. 28, 2015
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 $7.0 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 an y 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)
February 28, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 2,142 |  | $ | 492 |  | $ | 886 | $ |  | (42) |  | $ | 3,478
| Receivables, less allowances |  | 1 |  |  | 4,355 |  |  | 1,277 |  |  | (49) |  |  | 5,584
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 100 |  |  | 687 |  |  | 123 |  |  | - |  |  | 910
| Deferred income taxes |  | - |  |  | 476 |  |  | 34 |  |  | - |  |  | 510
|  |  | Total current assets |  | 2,243 |  |  | 6,010 |  |  | 2,320 |  |  | (91) |  |  | 10,482
PROPERTY AND EQUIPMENT, AT COST |  | 28 |  |  | 40,264 |  |  | 2,360 |  |  | - |  |  | 42,652
| Less accumulated depreciation and amortization |  | 23 |  |  | 20,973 |  |  | 1,231 |  |  | - |  |  | 22,227
|  |  | Net property and equipment |  | 5 |  |  | 19,291 |  |  | 1,129 |  |  | - |  |  | 20,425
INTERCOMPANY RECEIVABLE |  | - |  |  | 1,406 |  |  | 1,578 |  |  | (2,984) |  |  | -
GOODWILL |  | - |  |  | 1,552 |  |  | 2,253 |  |  | - |  |  | 3,805
INVESTMENT IN SUBSIDIARIES |  | 23,736 |  |  | 3,753 |  |  | - |  |  | (27,489) |  |  | -
OTHER ASSETS |  | 2,055 |  |  | 856 |  |  | 473 |  |  | (1,988) |  |  | 1,396
|  |  |  |  | $ | 28,039 |  | $ | 32,868 |  | $ | 7,753 |  | $ | (32,552) |  | $ | 36,108
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Accrued salaries and employee benefits | $ | 35 |  | $ | 1,053 |  | $ | 143 |  | $ | - |  | $ | 1,231
| Accounts payable |  | 60 |  |  | 1,327 |  |  | 754 |  |  | (91) |  |  | 2,050
| Accrued expenses |  | 314 |  |  | 1,410 |  |  | 238 |  |  | - |  |  | 1,962
|  | Total current liabilities |  | 409 |  |  | 3,790 |  |  | 1,135 |  |  | (91) |  |  | 5,243
LONG-TERM DEBT, LESS CURRENT PORTION |  | 6,978 |  |  | 248 |  |  | 2 |  |  | - |  |  | 7,228
INTERCOMPANY PAYABLE |  | 2,984 |  |  | - |  |  | - |  |  | (2,984) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,294 |  |  | 191 |  |  | (1,988) |  |  | 2,497
| Other liabilities |  | 1,656 |  |  | 3,229 |  |  | 243 |  |  | - |  |  | 5,128
|  | Total other long-term liabilities |  | 1,656 |  |  | 7,523 |  |  | 434 |  |  | (1,988) |  |  | 7,625
STOCKHOLDERS' INVESTMENT |  | 16,012 |  |  | 21,307 |  |  | 6,182 |  |  | (27,489) |  |  | 16,012
|  |  |  |  | $ | 28,039 |  | $ | 32,868 |  | $ | 7,753 |  | $ | (32,552) |  | $ | 36,108
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 February 28, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 9,793 |  | $ | 2,024 |  | $ | (101) |  | $ | 11,716
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 25 |  |  | 3,784 |  |  | 602 |  |  | - |  |  | 4,411
| Purchased transportation |  | - |  |  | 1,527 |  |  | 695 |  |  | (57) |  |  | 2,165
| Rentals and landing fees |  | 1 |  |  | 597 |  |  | 89 |  |  | (1) |  |  | 686
| Depreciation and amortization |  | - |  |  | 593 |  |  | 59 |  |  | - |  |  | 652
| Fuel |  | - |  |  | 790 |  |  | 20 |  |  | - |  |  | 810
| Maintenance and repairs |  | - |  |  | 468 |  |  | 37 |  |  | - |  |  | 505
| Intercompany charges, net |  | (48) |  |  | (34) |  |  | 82 |  |  | - |  |  | -
| Other |  | 22 |  |  | 1,231 |  |  | 315 |  |  | (43) |  |  | 1,525
|  |  |  |  | - |  |  | 8,956 |  |  | 1,899 |  |  | (101) |  |  | 10,754
OPERATING INCOME |  | - |  |  | 837 |  |  | 125 |  |  | - |  |  | 962
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 580 |  |  | 90 |  |  | - |  |  | (670) |  |  | -
| Interest, net |  | (66) |  |  | 6 |  |  | 2 |  |  | - |  |  | (58)
| Intercompany charges, net |  | 68 |  |  | (74) |  |  | 6 |  |  | - |  |  | -
| Other, net |  | (2) |  |  | (4) |  |  | 11 |  |  | - |  |  | 5
INCOME BEFORE INCOME TAXES |  | 580 |  |  | 855 |  |  | 144 |  |  | (670) |  |  | 909
| Provision for income taxes |  | - |  |  | 248 |  |  | 81 |  |  | - |  |  | 329
NET INCOME | $ | 580 |  | $ | 607 |  | $ | 63 |  | $ | (670) |  | $ | 580
COMPREHENSIVE INCOME | $ | 607 |  | $ | 596 |  | $ | (75) |  | $ | (670) |  | $ | 458
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended February 28, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 9,509 |  | $ | 1,876 |  | $ | (84) |  | $ | 11,301
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 24 |  |  | 3,615 |  |  | 528 |  |  | - |  |  | 4,167
| Purchased transportation |  | - |  |  | 1,426 |  |  | 680 |  |  | (43) |  |  | 2,063
| Rentals and landing fees |  | 1 |  |  | 576 |  |  | 86 |  |  | (1) |  |  | 662
| Depreciation and amortization |  | - |  |  | 601 |  |  | 51 |  |  | - |  |  | 652
| Fuel |  | - |  |  | 1,138 |  |  | 25 |  |  | - |  |  | 1,163
| Maintenance and repairs |  | 1 |  |  | 406 |  |  | 31 |  |  | - |  |  | 438
| Intercompany charges, net |  | (52) |  |  | (17) |  |  | 69 |  |  | - |  |  | -
| Other |  | 26 |  |  | 1,234 |  |  | 295 |  |  | (40) |  |  | 1,515
|  |  |  |  | - |  |  | 8,979 |  |  | 1,765 |  |  | (84) |  |  | 10,660
OPERATING INCOME |  | - |  |  | 530 |  |  | 111 |  |  | - |  |  | 641
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 378 |  |  | 80 |  |  | - |  |  | (458) |  |  | -
| Interest, net |  | (45) |  |  | 4 |  |  | 3 |  |  | - |  |  | (38)
| Intercompany charges, net |  | 46 |  |  | (52) |  |  | 6 |  |  | - |  |  | -
| Other, net |  | (1) |  |  | (9) |  |  | 1 |  |  | - |  |  | (9)
INCOME BEFORE INCOME TAXES |  | 378 |  |  | 553 |  |  | 121 |  |  | (458) |  |  | 594
| Provision for income taxes |  | - |  |  | 165 |  |  | 51 |  |  | - |  |  | 216
NET INCOME | $ | 378 |  | $ | 388 |  | $ | 70 |  | $ | (458) |  | $ | 378
COMPREHENSIVE INCOME | $ | 419 |  | $ | 388 |  | $ | 44 |  | $ | (458) |  | $ | 393
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Nine Months Ended February 28, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 29,488 |  | $ | 6,136 |  | $ | (285) |  | $ | 35,339
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 78 |  |  | 11,119 |  |  | 1,707 |  |  | - |  |  | 12,904
| Purchased transportation |  | - |  |  | 4,381 |  |  | 2,170 |  |  | (147) |  |  | 6,404
| Rentals and landing fees |  | 4 |  |  | 1,746 |  |  | 263 |  |  | (4) |  |  | 2,009
| Depreciation and amortization |  | 1 |  |  | 1,783 |  |  | 170 |  |  | - |  |  | 1,954
| Fuel |  | - |  |  | 2,913 |  |  | 69 |  |  | - |  |  | 2,982
| Maintenance and repairs |  | - |  |  | 1,497 |  |  | 107 |  |  | - |  |  | 1,604
| Intercompany charges, net |  | (191) |  |  | (82) |  |  | 273 |  |  | - |  |  | -
| Other |  | 108 |  |  | 3,635 |  |  | 911 |  |  | (134) |  |  | 4,520
|  |  |  |  | - |  |  | 26,992 |  |  | 5,670 |  |  | (285) |  |  | 32,377
OPERATING INCOME |  | - |  |  | 2,496 |  |  | 466 |  |  | - |  |  | 2,962
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,802 |  |  | 291 |  |  | - |  |  | (2,093) |  |  | -
| Interest, net |  | (172) |  |  | 15 |  |  | 4 |  |  | - |  |  | (153)
| Intercompany charges, net |  | 176 |  |  | (192) |  |  | 16 |  |  | - |  |  | -
| Other, net |  | (4) |  |  | (5) |  |  | 17 |  |  | - |  |  | 8
INCOME BEFORE INCOME TAXES |  | 1,802 |  |  | 2,605 |  |  | 503 |  |  | (2,093) |  |  | 2,817
| Provision for income taxes |  | - |  |  | 836 |  |  | 179 |  |  | - |  |  | 1,015
NET INCOME | $ | 1,802 |  | $ | 1,769 |  | $ | 324 |  | $ | (2,093) |  | $ | 1,802
COMPREHENSIVE INCOME | $ | 1,883 |  | $ | 1,733 |  | $ | 64 |  | $ | (2,093) |  | $ | 1,587
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Nine Months Ended February 28, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 28,184 |  | $ | 5,796 |  | $ | (252) |  | $ | 33,728
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 79 |  |  | 10,697 |  |  | 1,616 |  |  | - |  |  | 12,392
| Purchased transportation |  | - |  |  | 4,008 |  |  | 2,092 |  |  | (118) |  |  | 5,982
| Rentals and landing fees |  | 4 |  |  | 1,697 |  |  | 253 |  |  | (4) |  |  | 1,950
| Depreciation and amortization |  | 1 |  |  | 1,785 |  |  | 152 |  |  | - |  |  | 1,938
| Fuel |  | - |  |  | 3,330 |  |  | 73 |  |  | - |  |  | 3,403
| Maintenance and repairs |  | 1 |  |  | 1,302 |  |  | 94 |  |  | - |  |  | 1,397
| Intercompany charges, net |  | (163) |  |  | (47) |  |  | 210 |  |  | - |  |  | -
| Other |  | 78 |  |  | 3,559 |  |  | 896 |  |  | (130) |  |  | 4,403
|  |  |  |  | - |  |  | 26,331 |  |  | 5,386 |  |  | (252) |  |  | 31,465
OPERATING INCOME |  | - |  |  | 1,853 |  |  | 410 |  |  | - |  |  | 2,263
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,367 |  |  | 323 |  |  | - |  |  | (1,690) |  |  | -
| Interest, net |  | (114) |  |  | 14 |  |  | 5 |  |  | - |  |  | (95)
| Intercompany charges, net |  | 117 |  |  | (134) |  |  | 17 |  |  | - |  |  | -
| Other, net |  | (3) |  |  | (14) |  |  | 1 |  |  | - |  |  | (16)
INCOME BEFORE INCOME TAXES |  | 1,367 |  |  | 2,042 |  |  | 433 |  |  | (1,690) |  |  | 2,152
| Provision for income taxes |  | - |  |  | 648 |  |  | 137 |  |  | - |  |  | 785
NET INCOME | $ | 1,367 |  | $ | 1,394 |  | $ | 296 |  | $ | (1,690) |  | $ | 1,367
COMPREHENSIVE INCOME | $ | 1,487 |  | $ | 1,401 |  | $ | 235 |  | $ | (1,690) |  | $ | 1,433
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended February 28, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (460) |  | $ | 3,443 |  | $ | 382 |  | $ | 108 |  | $ | 3,473
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | (1) |  |  | (2,849) |  |  | (119) |  |  | - |  |  | (2,969)
| Business acquisitions, net of cash acquired |  | (1,429) |  |  | - |  |  | - |  |  | - |  |  | (1,429)
| Proceeds from asset dispositions and other |  | - |  |  | 35 |  |  | (19) |  |  | - |  |  | 16
CASH USED IN INVESTING ACTIVITIES |  | (1,430) |  |  | (2,814) |  |  | (138) |  |  | - |  |  | (4,382)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 692 |  |  | (681) |  |  | (11) |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | 202 |  |  | (202) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 38 |  |  | (38) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (1) |  |  | - |  |  | - |  |  | (1)
| Proceeds from debt issuance |  | 2,491 |  |  | - |  |  | - |  |  | - |  |  | 2,491
| Proceeds from stock issuances |  | 272 |  |  | - |  |  | - |  |  | - |  |  | 272
| Excess tax benefit on the exercise of stock options |  | 31 |  |  | - |  |  | - |  |  | - |  |  | 31
| Dividends paid |  | (171) |  |  | - |  |  | - |  |  | - |  |  | (171)
| Purchase of treasury stock |  | (1,016) |  |  | - |  |  | - |  |  | - |  |  | (1,016)
| Other, net |  | (23) |  |  | (105) |  |  | 105 |  |  | - |  |  | (23)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |  | 2,276 |  |  | (547) |  |  | (146) |  |  | - |  |  | 1,583
Effect of exchange rate changes on cash |  | - |  |  | (31) |  |  | (73) |  |  | - |  |  | (104)
Net increase in cash and cash equivalents |  | 386 |  |  | 51 |  |  | 25 |  |  | 108 |  |  | 570
Cash and cash equivalents at beginning of period |  | 1,756 |  |  | 441 |  |  | 861 |  |  | (150) |  |  | 2,908
Cash and cash equivalents at end of period | $ | 2,142 |  | $ | 492 |  | $ | 886 |  | $ | (42) |  | $ | 3,478
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended February 28, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (104) |  | $ | 2,386 |  | $ | 341 |  | $ | (45) |  | $ | 2,578
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | - |  |  | (2,342) |  |  | (212) |  |  | - |  |  | (2,554)
| Proceeds from asset dispositions and other |  | - |  |  | 26 |  |  | (3) |  |  | - |  |  | 23
CASH USED IN INVESTING ACTIVITIES |  | - |  |  | (2,316) |  |  | (215) |  |  | - |  |  | (2,531)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 136 |  |  | (123) |  |  | (13) |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | 5 |  |  | (5) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 36 |  |  | (36) |  |  | - |  |  | -
| Principal payments on debt |  | (250) |  |  | (4) |  |  | - |  |  | - |  |  | (254)
| Proceeds from debt issuance |  | 1,997 |  |  | - |  |  | - |  |  | - |  |  | 1,997
| Proceeds from stock issuances |  | 462 |  |  | - |  |  | - |  |  | - |  |  | 462
| Excess tax benefit on the exercise of stock options |  | 27 |  |  | - |  |  | - |  |  | - |  |  | 27
| Dividends paid |  | (142) |  |  | - |  |  | - |  |  | - |  |  | (142)
| Purchase of treasury stock |  | (3,984) |  |  | - |  |  | - |  |  | - |  |  | (3,984)
| Other, net |  | (18) |  |  | - |  |  | - |  |  | - |  |  | (18)
CASH USED IN FINANCING ACTIVITIES |  | (1,772) |  |  | (86) |  |  | (54) |  |  | - |  |  | (1,912)
Effect of exchange rate changes on cash |  | - |  |  | (9) |  |  | (1) |  |  | - |  |  | (10)
Net (decrease) increase in cash and cash equivalents |  | (1,876) |  |  | (25) |  |  | 71 |  |  | (45) |  |  | (1,875)
Cash and cash equivalents at beginning of period |  | 3,892 |  |  | 405 |  |  | 717 |  |  | (97) |  |  | 4,917
Cash and cash equivalents at end of period | $ | 2,016 |  | $ | 380 |  | $ | 788 |  | $ | (142) |  | $ | 3,042

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