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Condensed Consolidating Financial Statements | 12 Months Ended
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May 31, 2014
Condensed Consolidating Financial Statements [Abstract] |
Condensed Consolidating Financial Statements | NOTE 21: CONDENSED CONSOLIDATING FINANCIAL STATEMENTS We are required to present condensed consolidating financial information in order for the subsidiary guarantors (other than FedEx Express) of our public debt to cont inue to be exempt from reporting under the Securities Exchange Act of 1934, as amended. The guarantor subsidiaries, which are wholly 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 result, 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 subsidiary 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
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 BALANCE SHEETS
May 31, 2013
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 3,892 |  | $ | 405 |  | $ | 717 |  | $ | (97) |  | $ | 4,917
| Receivables, less allowances |  | - |  |  | 3,989 |  |  | 1,084 |  |  | (29) |  |  | 5,044
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 45 |  |  | 681 |  |  | 54 |  |  | - |  |  | 780
| Deferred income taxes |  | - |  |  | 518 |  |  | 15 |  |  | - |  |  | 533
|  |  | Total current assets |  | 3,937 |  |  | 5,593 |  |  | 1,870 |  |  | (126) |  |  | 11,274
PROPERTY AND EQUIPMENT, AT COST |  | 27 |  |  | 35,915 |  |  | 2,167 |  |  | - |  |  | 38,109
| Less accumulated depreciation and amortization |  | 21 |  |  | 18,469 |  |  | 1,135 |  |  | - |  |  | 19,625
|  |  | Net property and equipment |  | 6 |  |  | 17,446 |  |  | 1,032 |  |  | - |  |  | 18,484
INTERCOMPANY RECEIVABLE |  | - |  |  | 439 |  |  | 1,203 |  |  | (1,642) |  |  | -
GOODWILL |  | - |  |  | 1,552 |  |  | 1,203 |  |  | - |  |  | 2,755
INVESTMENT IN SUBSIDIARIES |  | 18,739 |  |  | 3,347 |  |  | - |  |  | (22,086) |  |  | -
OTHER ASSETS |  | 2,187 |  |  | 822 |  |  | 191 |  |  | (2,146) |  |  | 1,054
|  |  |  |  | $ | 24,869 |  | $ | 29,199 |  | $ | 5,499 |  | $ | (26,000) |  | $ | 33,567
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current portion of long-term debt | $ | 250 |  | $ | 1 |  | $ | - |  | $ | - |  | $ | 251
| Accrued salaries and employee benefits |  | 82 |  |  | 1,402 |  |  | 204 |  |  | - |  |  | 1,688
| Accounts payable |  | 4 |  |  | 1,392 |  |  | 609 |  |  | (126) |  |  | 1,879
| Accrued expenses |  | 355 |  |  | 1,366 |  |  | 211 |  |  | - |  |  | 1,932
|  | Total current liabilities |  | 691 |  |  | 4,161 |  |  | 1,024 |  |  | (126) |  |  | 5,750
LONG-TERM DEBT, LESS CURRENT PORTION |  | 2,489 |  |  | 250 |  |  | - |  |  | - |  |  | 2,739
INTERCOMPANY PAYABLE |  | 1,642 |  |  | - |  |  | - |  |  | (1,642) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 3,798 |  |  | - |  |  | (2,146) |  |  | 1,652
| Other liabilities |  | 2,649 |  |  | 3,133 |  |  | 246 |  |  | - |  |  | 6,028
|  | Total other long-term liabilities |  | 2,649 |  |  | 6,931 |  |  | 246 |  |  | (2,146) |  |  | 7,680
STOCKHOLDERS' INVESTMENT |  | 17,398 |  |  | 17,857 |  |  | 4,229 |  |  | (22,086) |  |  | 17,398
|  |  |  |  | $ | 24,869 |  | $ | 29,199 |  | $ | 5,499 |  | $ | (26,000) |  | $ | 33,567
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended May 31, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 38,088 |  | $ | 7,820 |  | $ | (341) |  | $ | 45,567
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 99 |  |  | 14,303 |  |  | 2,153 |  |  | - |  |  | 16,555
| Purchased transportation |  | - |  |  | 5,374 |  |  | 2,796 |  |  | (159) |  |  | 8,011
| Rentals and landing fees |  | 5 |  |  | 2,282 |  |  | 340 |  |  | (5) |  |  | 2,622
| Depreciation and amortization |  | 1 |  |  | 2,379 |  |  | 207 |  |  | - |  |  | 2,587
| Fuel |  | - |  |  | 4,460 |  |  | 97 |  |  | - |  |  | 4,557
| Maintenance and repairs |  | 1 |  |  | 1,734 |  |  | 127 |  |  | - |  |  | 1,862
| Intercompany charges, net |  | (209) |  |  | (125) |  |  | 334 |  |  | - |  |  | -
| Other |  | 103 |  |  | 4,823 |  |  | 1,178 |  |  | (177) |  |  | 5,927
|  |  |  |  | - |  |  | 35,230 |  |  | 7,232 |  |  | (341) |  |  | 42,121
OPERATING INCOME |  | - |  |  | 2,858 |  |  | 588 |  |  | - |  |  | 3,446
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 2,097 |  |  | 411 |  |  | - |  |  | (2,508) |  |  | -
| Interest, net |  | (167) |  |  | 16 |  |  | 9 |  |  | - |  |  | (142)
| Intercompany charges, net |  | 172 |  |  | (194) |  |  | 22 |  |  | - |  |  | -
| Other, net |  | (5) |  |  | (14) |  |  | 4 |  |  | - |  |  | (15)
INCOME BEFORE INCOME TAXES |  | 2,097 |  |  | 3,077 |  |  | 623 |  |  | (2,508) |  |  | 3,289
| Provision for income taxes |  | - |  |  | 1,004 |  |  | 188 |  |  | - |  |  | 1,192
NET INCOME | $ | 2,097 |  | $ | 2,073 |  | $ | 435 |  | $ | (2,508) |  | $ | 2,097
COMPREHENSIVE INCOME | $ | 2,251 |  | $ | 2,072 |  | $ | 408 |  | $ | (2,508) |  | $ | 2,223
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended May 31, 2013
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 37,073 |  | $ | 7,543 |  | $ | (329) |  | $ | 44,287
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 103 |  |  | 14,375 |  |  | 2,092 |  |  | - |  |  | 16,570
| Purchased transportation |  | - |  |  | 4,839 |  |  | 2,574 |  |  | (141) |  |  | 7,272
| Rentals and landing fees |  | 5 |  |  | 2,198 |  |  | 324 |  |  | (6) |  |  | 2,521
| Depreciation and amortization |  | 1 |  |  | 2,200 |  |  | 185 |  |  | - |  |  | 2,386
| Fuel |  | - |  |  | 4,650 |  |  | 96 |  |  | - |  |  | 4,746
| Maintenance and repairs |  | 1 |  |  | 1,791 |  |  | 117 |  |  | - |  |  | 1,909
| Business realignment, impairment and other charges |  | 21 |  |  | 639 |  |  | - |  |  | - |  |  | 660
| Intercompany charges, net |  | (227) |  |  | (329) |  |  | 556 |  |  | - |  |  | -
| Other |  | 96 |  |  | 4,565 |  |  | 1,193 |  |  | (182) |  |  | 5,672
|  |  |  |  | - |  |  | 34,928 |  |  | 7,137 |  |  | (329) |  |  | 41,736
OPERATING INCOME |  | - |  |  | 2,145 |  |  | 406 |  |  | - |  |  | 2,551
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,561 |  |  | 253 |  |  | - |  |  | (1,814) |  |  | -
| Interest, net |  | (108) |  |  | 42 |  |  | 5 |  |  | - |  |  | (61)
| Intercompany charges, net |  | 113 |  |  | (131) |  |  | 18 |  |  | - |  |  | -
| Other, net |  | (5) |  |  | (20) |  |  | (10) |  |  | - |  |  | (35)
INCOME BEFORE INCOME TAXES |  | 1,561 |  |  | 2,289 |  |  | 419 |  |  | (1,814) |  |  | 2,455
| Provision for income taxes |  | - |  |  | 710 |  |  | 184 |  |  | - |  |  | 894
NET INCOME | $ | 1,561 |  | $ | 1,579 |  | $ | 235 |  | $ | (1,814) |  | $ | 1,561
COMPREHENSIVE INCOME | $ | 2,622 |  | $ | 1,618 |  | $ | 268 |  | $ | (1,814) |  | $ | 2,694
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended May 31, 2012
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 36,412 |  | $ | 6,569 |  | $ | (301) |  | $ | 42,680
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 114 |  |  | 14,153 |  |  | 1,832 |  |  | - |  |  | 16,099
| Purchased transportation |  | - |  |  | 4,509 |  |  | 1,944 |  |  | (118) |  |  | 6,335
| Rentals and landing fees |  | 5 |  |  | 2,221 |  |  | 267 |  |  | (6) |  |  | 2,487
| Depreciation and amortization |  | 1 |  |  | 1,962 |  |  | 150 |  |  | - |  |  | 2,113
| Fuel |  | - |  |  | 4,877 |  |  | 79 |  |  | - |  |  | 4,956
| Maintenance and repairs |  | 1 |  |  | 1,882 |  |  | 97 |  |  | - |  |  | 1,980
| Business realignment, impairment and other charges |  | - |  |  | 134 |  |  | - |  |  | - |  |  | 134
| Intercompany charges, net |  | (218) |  |  | (323) |  |  | 541 |  |  | - |  |  | -
| Other |  | 97 |  |  | 4,482 |  |  | 988 |  |  | (177) |  |  | 5,390
|  |  |  |  | - |  |  | 33,897 |  |  | 5,898 |  |  | (301) |  |  | 39,494
OPERATING INCOME |  | - |  |  | 2,515 |  |  | 671 |  |  | - |  |  | 3,186
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 2,032 |  |  | 395 |  |  | - |  |  | (2,427) |  |  | -
| Interest, net |  | (75) |  |  | 31 |  |  | 5 |  |  | - |  |  | (39)
| Intercompany charges, net |  | 80 |  |  | (102) |  |  | 22 |  |  | - |  |  | -
| Other, net |  | (5) |  |  | (10) |  |  | 9 |  |  | - |  |  | (6)
INCOME BEFORE INCOME TAXES |  | 2,032 |  |  | 2,829 |  |  | 707 |  |  | (2,427) |  |  | 3,141
| Provision for income taxes |  | - |  |  | 875 |  |  | 234 |  |  | - |  |  | 1,109
NET INCOME | $ | 2,032 |  | $ | 1,954 |  | $ | 473 |  | $ | (2,427) |  | $ | 2,032
COMPREHENSIVE (LOSS) INCOME | $ | (120) |  | $ | 1,796 |  | $ | 380 |  | $ | (2,427) |  | $ | (371)
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2014
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (8) |  | $ | 3,790 |  | $ | 535 |  | $ | (53) |  | $ | 4,264
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | (1) |  |  | (3,230) |  |  | (302) |  |  | - |  |  | (3,533)
| Business acquisition, net of cash acquired |  | - |  |  | (36) |  |  | - |  |  | - |  |  | (36)
| Proceeds from asset dispositions and other |  | - |  |  | 37 |  |  | (19) |  |  | - |  |  | 18
CASH USED IN INVESTING ACTIVITIES |  | (1) |  |  | (3,229) |  |  | (321) |  |  | - |  |  | (3,551)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 588 |  |  | (546) |  |  | (42) |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | (4) |  |  | 4 |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 54 |  |  | (54) |  |  | - |  |  | -
| Principal payments on debt |  | (250) |  |  | (4) |  |  | - |  |  | - |  |  | (254)
| Proceeds from debt issuance |  | 1,997 |  |  | - |  |  | - |  |  | - |  |  | 1,997
| Proceeds from stock issuances |  | 557 |  |  | - |  |  | - |  |  | - |  |  | 557
| Excess tax benefit on the exercise of stock options |  | 44 |  |  | - |  |  | - |  |  | - |  |  | 44
| Dividends paid |  | (187) |  |  | - |  |  | - |  |  | - |  |  | (187)
| Purchase of treasury stock |  | (4,857) |  |  | - |  |  | - |  |  | - |  |  | (4,857)
| Other, net |  | (19) |  |  | (16) |  |  | 16 |  |  | - |  |  | (19)
CASH USED IN FINANCING ACTIVITIES |  | (2,127) |  |  | (516) |  |  | (76) |  |  | - |  |  | (2,719)
Effect of exchange rate changes on cash |  | - |  |  | (9) |  |  | 6 |  |  | - |  |  | (3)
Net (decrease) increase in cash and cash equivalents |  | (2,136) |  |  | 36 |  |  | 144 |  |  | (53) |  |  | (2,009)
Cash and cash equivalents at beginning of period |  | 3,892 |  |  | 405 |  |  | 717 |  |  | (97) |  |  | 4,917
Cash and cash equivalents at end of period | $ | 1,756 |  | $ | 441 |  | $ | 861 |  | $ | (150) |  | $ | 2,908
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2013
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 247 |  | $ | 3,936 |  | $ | 486 |  | $ | 19 |  | $ | 4,688
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | (3) |  |  | (3,029) |  |  | (343) |  |  | - |  |  | (3,375)
| Business acquisitions, net of cash acquired |  | - |  |  | - |  |  | (483) |  |  | - |  |  | (483)
| Proceeds from asset dispositions and other |  | - |  |  | 49 |  |  | 6 |  |  | - |  |  | 55
CASH USED IN INVESTING ACTIVITIES |  | (3) |  |  | (2,980) |  |  | (820) |  |  | - |  |  | (3,803)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 141 |  |  | (58) |  |  | (83) |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | (385) |  |  | 385 |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 21 |  |  | (21) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (417) |  |  | - |  |  | - |  |  | (417)
| Proceeds from debt issuances |  | 1,739 |  |  | - |  |  | - |  |  | - |  |  | 1,739
| Proceeds from stock issuances |  | 280 |  |  | - |  |  | - |  |  | - |  |  | 280
| Excess tax benefit on the exercise of stock options |  | 23 |  |  | - |  |  | - |  |  | - |  |  | 23
| Dividends paid |  | (177) |  |  | - |  |  | - |  |  | - |  |  | (177)
| Purchase of treasury stock |  | (246) |  |  | - |  |  | - |  |  | - |  |  | (246)
| Other, net |  | (18) |  |  | (119) |  |  | 119 |  |  | - |  |  | (18)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |  | 1,742 |  |  | (958) |  |  | 400 |  |  | - |  |  | 1,184
Effect of exchange rate changes on cash |  | - |  |  | (10) |  |  | 15 |  |  | - |  |  | 5
Net increase (decrease) in cash and cash equivalents |  | 1,986 |  |  | (12) |  |  | 81 |  |  | 19 |  |  | 2,074
Cash and cash equivalents at beginning of period |  | 1,906 |  |  | 417 |  |  | 636 |  |  | (116) |  |  | 2,843
Cash and cash equivalents at end of period | $ | 3,892 |  | $ | 405 |  | $ | 717 |  | $ | (97) |  | $ | 4,917
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2012
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (88) |  | $ | 4,383 |  | $ | 570 |  | $ | (30) |  | $ | 4,835
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | (5) |  |  | (3,792) |  |  | (210) |  |  | - |  |  | (4,007)
| Business acquisition, net of cash acquired |  | - |  |  | - |  |  | (116) |  |  | - |  |  | (116)
| Proceeds from asset dispositions and other |  | - |  |  | 74 |  |  | - |  |  | - |  |  | 74
CASH USED IN INVESTING ACTIVITIES |  | (5) |  |  | (3,718) |  |  | (326) |  |  | - |  |  | (4,049)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 625 |  |  | (550) |  |  | (75) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 76 |  |  | (76) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (29) |  |  | - |  |  | - |  |  | (29)
| Proceeds from stock issuances |  | 128 |  |  | - |  |  | - |  |  | - |  |  | 128
| Excess tax benefit on the exercise of stock options |  | 18 |  |  | - |  |  | - |  |  | - |  |  | 18
| Dividends paid |  | (164) |  |  | - |  |  | - |  |  | - |  |  | (164)
| Purchase of treasury stock |  | (197) |  |  | - |  |  | - |  |  | - |  |  | (197)
| Other, net |  | - |  |  | (19) |  |  | 19 |  |  | - |  |  | -
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |  | 410 |  |  | (522) |  |  | (132) |  |  | - |  |  | (244)
Effect of exchange rate changes on cash |  | - |  |  | (5) |  |  | (22) |  |  | - |  |  | (27)
Net increase (decrease) in cash and cash equivalents |  | 317 |  |  | 138 |  |  | 90 |  |  | (30) |  |  | 515
Cash and cash equivalents at beginning of period |  | 1,589 |  |  | 279 |  |  | 546 |  |  | (86) |  |  | 2,328
Cash and cash equivalents at end of period | $ | 1,906 |  | $ | 417 |  | $ | 636 |  | $ | (116) |  | $ | 2,843

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