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Condensed Consolidating Financial Statements | 12 Months Ended
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May 31, 2016
Condensed Consolidating Financial Statements [Abstract] |
Condensed Consolidating Financial Statements | NOTE 2 1: CONDENSED CONSOLIDATING FINANCIAL STATEMENTS We are required to present condensed consolidating financial information in order for the subsidiary guarantors 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 wholly owned by FedEx, guarantee $13.6 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, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1,974 |  | $ | 326 |  | $ | 1,277 |  | $ | (43) |  | $ | 3,534
| Receivables, less allowances |  | 1 |  |  | 4,461 |  |  | 2,831 |  |  | (41) |  |  | 7,252
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 233 |  |  | 724 |  |  | 246 |  |  | - |  |  | 1,203
|  |  | Total current assets |  | 2,208 |  |  | 5,511 |  |  | 4,354 |  |  | (84) |  |  | 11,989
PROPERTY AND EQUIPMENT, AT COST |  | 22 |  |  | 43,760 |  |  | 3,236 |  |  | - |  |  | 47,018
| Less accumulated depreciation and amortization |  | 17 |  |  | 21,566 |  |  | 1,151 |  |  | - |  |  | 22,734
|  |  | Net property and equipment |  | 5 |  |  | 22,194 |  |  | 2,085 |  |  | - |  |  | 24,284
INTERCOMPANY RECEIVABLE |  | 2,437 |  |  | 1,284 |  |  | - |  |  | (3,721) |  |  | -
GOODWILL |  | - |  |  | 1,571 |  |  | 5,176 |  |  | - |  |  | 6,747
INVESTMENT IN SUBSIDIARIES |  | 24,766 |  |  | 3,697 |  |  | - |  |  | (28,463) |  |  | -
OTHER ASSETS |  | 3,461 |  |  | 970 |  |  | 1,851 |  |  | (3,238) |  |  | 3,044
|  |  |  |  | $ | 32,877 |  | $ | 35,227 |  | $ | 13,466 |  | $ | (35,506) |  | $ | 46,064
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current portion of long-term debt | $ | - |  | $ | 13 |  | $ | 16 |  | $ | - |  | $ | 29
| Accrued salaries and employee benefits |  | 54 |  |  | 1,377 |  |  | 541 |  |  | - |  |  | 1,972
| Accounts payable |  | 8 |  |  | 1,501 |  |  | 1,519 |  |  | (84) |  |  | 2,944
| Accrued expenses |  | 883 |  |  | 1,411 |  |  | 769 |  |  | - |  |  | 3,063
|  | Total current liabilities |  | 945 |  |  | 4,302 |  |  | 2,845 |  |  | (84) |  |  | 8,008
LONG-TERM DEBT, LESS CURRENT PORTION |  | 13,553 |  |  | 248 |  |  | 37 |  |  | - |  |  | 13,838
INTERCOMPANY PAYABLE |  | - |  |  | - |  |  | 3,721 |  |  | (3,721) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,436 |  |  | 369 |  |  | (3,238) |  |  | 1,567
| Other liabilities |  | 4,595 |  |  | 3,375 |  |  | 897 |  |  | - |  |  | 8,867
|  | Total other long-term liabilities |  | 4,595 |  |  | 7,811 |  |  | 1,266 |  |  | (3,238) |  |  | 10,434
STOCKHOLDERS' INVESTMENT |  | 13,784 |  |  | 22,866 |  |  | 5,597 |  |  | (28,463) |  |  | 13,784
|  |  |  |  | $ | 32,877 |  | $ | 35,227 |  | $ | 13,466 |  | $ | (35,506) |  | $ | 46,064
CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 2,383 |  | $ | 487 |  | $ | 971 |  | $ | (78) |  | $ | 3,763
| Receivables, less allowances |  | 3 |  |  | 4,383 |  |  | 1,385 |  |  | (52) |  |  | 5,719
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 41 |  |  | 689 |  |  | 123 |  |  | - |  |  | 853
|  |  | Total current assets |  | 2,427 |  |  | 5,559 |  |  | 2,479 |  |  | (130) |  |  | 10,335
PROPERTY AND EQUIPMENT, AT COST |  | 29 |  |  | 40,364 |  |  | 2,471 |  |  | - |  |  | 42,864
| Less accumulated depreciation and amortization |  | 23 |  |  | 20,685 |  |  | 1,281 |  |  | - |  |  | 21,989
|  |  | Net property and equipment |  | 6 |  |  | 19,679 |  |  | 1,190 |  |  | - |  |  | 20,875
INTERCOMPANY RECEIVABLE |  | - |  |  | 713 |  |  | 1,554 |  |  | (2,267) |  |  | -
GOODWILL |  | - |  |  | 1,552 |  |  | 2,258 |  |  | - |  |  | 3,810
INVESTMENT IN SUBSIDIARIES |  | 23,173 |  |  | 3,800 |  |  | - |  |  | (26,973) |  |  | -
OTHER ASSETS |  | 2,770 |  |  | 898 |  |  | 480 |  |  | (2,637) |  |  | 1,511
|  |  |  |  | $ | 28,376 |  | $ | 32,201 |  | $ | 7,961 |  | $ | (32,007) |  | $ | 36,531
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current portion of long-term debt | $ | - |  | $ | 7 |  | $ | 12 |  | $ | - |  | $ | 19
| Accrued salaries and employee benefits |  | 34 |  |  | 1,208 |  |  | 194 |  |  | - |  |  | 1,436
| Accounts payable |  | 5 |  |  | 1,433 |  |  | 758 |  |  | (130) |  |  | 2,066
| Accrued expenses |  | 604 |  |  | 1,557 |  |  | 274 |  |  | - |  |  | 2,435
|  | Total current liabilities |  | 643 |  |  | 4,205 |  |  | 1,238 |  |  | (130) |  |  | 5,956
LONG-TERM DEBT, LESS CURRENT PORTION |  | 6,978 |  |  | 248 |  |  | 23 |  |  | - |  |  | 7,249
INTERCOMPANY PAYABLE |  | 2,267 |  |  | - |  |  | - |  |  | (2,267) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 3,662 |  |  | 185 |  |  | (2,637) |  |  | 1,210
| Other liabilities |  | 3,495 |  |  | 3,367 |  |  | 261 |  |  | - |  |  | 7,123
|  | Total other long-term liabilities |  | 3,495 |  |  | 7,029 |  |  | 446 |  |  | (2,637) |  |  | 8,333
STOCKHOLDERS' INVESTMENT |  | 14,993 |  |  | 20,719 |  |  | 6,254 |  |  | (26,973) |  |  | 14,993
|  |  |  |  | $ | 28,376 |  | $ | 32,201 |  | $ | 7,961 |  | $ | (32,007) |  | $ | 36,531
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended May 31, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 42,143 |  | $ | 8,547 |  | $ | (325) |  | $ | 50,365
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 119 |  |  | 15,880 |  |  | 2,582 |  |  | - |  |  | 18,581
| Purchased transportation |  | - |  |  | 7,380 |  |  | 2,720 |  |  | (134) |  |  | 9,966
| Rentals and landing fees |  | 5 |  |  | 2,484 |  |  | 371 |  |  | (6) |  |  | 2,854
| Depreciation and amortization |  | 1 |  |  | 2,399 |  |  | 231 |  |  | - |  |  | 2,631
| Fuel |  | - |  |  | 2,324 |  |  | 75 |  |  | - |  |  | 2,399
| Maintenance and repairs |  | 1 |  |  | 1,954 |  |  | 153 |  |  | - |  |  | 2,108
| Retirement plans mark-to-market adjustment |  | - |  |  | 1,414 |  |  | 84 |  |  | - |  |  | 1,498
| Intercompany charges, net |  | (645) |  |  | 425 |  |  | 220 |  |  | - |  |  | -
| Other |  | 519 |  |  | 5,274 |  |  | 1,643 |  |  | (185) |  |  | 7,251
|  |  |  |  | - |  |  | 39,534 |  |  | 8,079 |  |  | (325) |  |  | 47,288
OPERATING INCOME |  | - |  |  | 2,609 |  |  | 468 |  |  | - |  |  | 3,077
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,820 |  |  | 279 |  |  | - |  |  | (2,099) |  |  | -
| Interest, net |  | (355) |  |  | 27 |  |  | 13 |  |  | - |  |  | (315)
| Intercompany charges, net |  | 369 |  |  | (354) |  |  | (15) |  |  | - |  |  | -
| Other, net |  | (14) |  |  | (14) |  |  | 6 |  |  | - |  |  | (22)
INCOME BEFORE INCOME TAXES |  | 1,820 |  |  | 2,547 |  |  | 472 |  |  | (2,099) |  |  | 2,740
| Provision for income taxes |  | - |  |  | 818 |  |  | 102 |  |  | - |  |  | 920
NET INCOME | $ | 1,820 |  | $ | 1,729 |  | $ | 370 |  | $ | (2,099) |  | $ | 1,820
COMPREHENSIVE INCOME | $ | 1,746 |  | $ | 1,704 |  | $ | 128 |  | $ | (2,099) |  | $ | 1,479
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended May 31, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 39,420 |  | $ | 8,414 |  | $ | (381) |  | $ | 47,453
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 106 |  |  | 14,626 |  |  | 2,378 |  |  | - |  |  | 17,110
| Purchased transportation |  | - |  |  | 5,802 |  |  | 2,878 |  |  | (197) |  |  | 8,483
| Rentals and landing fees |  | 5 |  |  | 2,322 |  |  | 360 |  |  | (5) |  |  | 2,682
| Depreciation and amortization |  | 1 |  |  | 2,370 |  |  | 240 |  |  | - |  |  | 2,611
| Fuel |  | - |  |  | 3,632 |  |  | 88 |  |  | - |  |  | 3,720
| Maintenance and repairs |  | 1 |  |  | 1,949 |  |  | 149 |  |  | - |  |  | 2,099
| Impairment and other charges |  | - |  |  | 276 |  |  | - |  |  | - |  |  | 276
| Retirement plans mark-to-market adjustment |  | - |  |  | 2,075 |  |  | 115 |  |  | - |  |  | 2,190
| Intercompany charges, net |  | (450) |  |  | 117 |  |  | 333 |  |  | - |  |  | -
| Other |  | 337 |  |  | 4,946 |  |  | 1,311 |  |  | (179) |  |  | 6,415
|  |  |  |  | - |  |  | 38,115 |  |  | 7,852 |  |  | (381) |  |  | 45,586
OPERATING INCOME |  | - |  |  | 1,305 |  |  | 562 |  |  | - |  |  | 1,867
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,050 |  |  | 337 |  |  | - |  |  | (1,387) |  |  | -
| Interest, net |  | (247) |  |  | 23 |  |  | 3 |  |  | - |  |  | (221)
| Intercompany charges, net |  | 253 |  |  | (265) |  |  | 12 |  |  | - |  |  | -
| Other, net |  | (6) |  |  | (32) |  |  | 19 |  |  | - |  |  | (19)
INCOME BEFORE INCOME TAXES |  | 1,050 |  |  | 1,368 |  |  | 596 |  |  | (1,387) |  |  | 1,627
| Provision for income taxes |  | - |  |  | 390 |  |  | 187 |  |  | - |  |  | 577
NET INCOME | $ | 1,050 |  | $ | 978 |  | $ | 409 |  | $ | (1,387) |  | $ | 1,050
COMPREHENSIVE INCOME | $ | 1,053 |  | $ | 929 |  | $ | 121 |  | $ | (1,387) |  | $ | 716
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 |  |  | 13,936 |  |  | 2,136 |  |  | - |  |  | 16,171
| 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
| Retirement plans mark-to-market adjustment |  | - |  |  | 13 |  |  | 2 |  |  | - |  |  | 15
| Intercompany charges, net |  | (209) |  |  | (125) |  |  | 334 |  |  | - |  |  | -
| Other |  | 103 |  |  | 4,823 |  |  | 1,178 |  |  | (177) |  |  | 5,927
|  |  |  |  | - |  |  | 34,876 |  |  | 7,217 |  |  | (341) |  |  | 41,752
OPERATING INCOME |  | - |  |  | 3,212 |  |  | 603 |  |  | - |  |  | 3,815
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 2,324 |  |  | 412 |  |  | - |  |  | (2,736) |  |  | -
| Interest, net |  | (167) |  |  | 16 |  |  | 9 |  |  | - |  |  | (142)
| Intercompany charges, net |  | 172 |  |  | (194) |  |  | 22 |  |  | - |  |  | -
| Other, net |  | (5) |  |  | (14) |  |  | 4 |  |  | - |  |  | (15)
INCOME BEFORE INCOME TAXES |  | 2,324 |  |  | 3,432 |  |  | 638 |  |  | (2,736) |  |  | 3,658
| Provision for income taxes |  | - |  |  | 1,141 |  |  | 193 |  |  | - |  |  | 1,334
NET INCOME | $ | 2,324 |  | $ | 2,291 |  | $ | 445 |  | $ | (2,736) |  | $ | 2,324
COMPREHENSIVE INCOME | $ | 2,248 |  | $ | 2,294 |  | $ | 417 |  | $ | (2,736) |  | $ | 2,223
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (831) |  | $ | 5,932 |  | $ | 572 |  | $ | 35 |  | $ | 5,708
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | - |  |  | (4,617) |  |  | (201) |  |  | - |  |  | (4,818)
| Business acquisitions, net of cash acquired |  | - |  |  | - |  |  | (4,618) |  |  | - |  |  | (4,618)
| Proceeds from asset dispositions and other |  | (55) |  |  | 33 |  |  | 12 |  |  | - |  |  | (10)
CASH USED IN INVESTING ACTIVITIES |  | (55) |  |  | (4,584) |  |  | (4,807) |  |  | - |  |  | (9,446)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 1,629 |  |  | (1,549) |  |  | (80) |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | (4,805) |  |  | 109 |  |  | 4,696 |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 20 |  |  | (20) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (19) |  |  | (22) |  |  | - |  |  | (41)
| Proceeds from debt issuance |  | 6,519 |  |  | - |  |  | - |  |  | - |  |  | 6,519
| Proceeds from stock issuances |  | 183 |  |  | - |  |  | - |  |  | - |  |  | 183
| Excess tax benefit on the exercise of stock options |  | 3 |  |  | - |  |  | - |  |  | - |  |  | 3
| Dividends paid |  | (277) |  |  | - |  |  | - |  |  | - |  |  | (277)
| Purchase of treasury stock |  | (2,722) |  |  | - |  |  | - |  |  | - |  |  | (2,722)
| Other, net |  | (54) |  |  | (48) |  |  | 48 |  |  | - |  |  | (54)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |  | 476 |  |  | (1,487) |  |  | 4,622 |  |  | - |  |  | 3,611
Effect of exchange rate changes on cash |  | 1 |  |  | (22) |  |  | (81) |  |  | - |  |  | (102)
Net (decrease) increase in cash and cash equivalents |  | (409) |  |  | (161) |  |  | 306 |  |  | 35 |  |  | (229)
Cash and cash equivalents at beginning of period |  | 2,383 |  |  | 487 |  |  | 971 |  |  | (78) |  |  | 3,763
Cash and cash equivalents at end of period | $ | 1,974 |  | $ | 326 |  | $ | 1,277 |  | $ | (43) |  | $ | 3,534
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (727) |  | $ | 5,446 |  | $ | 575 |  | $ | 72 |  | $ | 5,366
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | (1) |  |  | (4,139) |  |  | (207) |  |  | - |  |  | (4,347)
| Business acquisitions, net of cash acquired |  | (1,429) |  |  | - |  |  | - |  |  | - |  |  | (1,429)
| Proceeds from asset dispositions and other |  | - |  |  | 42 |  |  | (18) |  |  | - |  |  | 24
CASH USED IN INVESTING ACTIVITIES |  | (1,430) |  |  | (4,097) |  |  | (225) |  |  | - |  |  | (5,752)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 1,431 |  |  | (1,502) |  |  | 71 |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | 267 |  |  | (267) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 68 |  |  | (68) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (1) |  |  | (4) |  |  | - |  |  | (5)
| Proceeds from debt issuances |  | 2,491 |  |  | - |  |  | - |  |  | - |  |  | 2,491
| Proceeds from stock issuances |  | 320 |  |  | - |  |  | - |  |  | - |  |  | 320
| Excess tax benefit on the exercise of stock options |  | 51 |  |  | - |  |  | - |  |  | - |  |  | 51
| Dividends paid |  | (227) |  |  | - |  |  | - |  |  | - |  |  | (227)
| Purchase of treasury stock |  | (1,254) |  |  | - |  |  | - |  |  | - |  |  | (1,254)
| Other, net |  | (27) |  |  | (105) |  |  | 105 |  |  | - |  |  | (27)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |  | 2,785 |  |  | (1,273) |  |  | (163) |  |  | - |  |  | 1,349
Effect of exchange rate changes on cash |  | (1) |  |  | (30) |  |  | (77) |  |  | - |  |  | (108)
Net increase in cash and cash equivalents |  | 627 |  |  | 46 |  |  | 110 |  |  | 72 |  |  | 855
Cash and cash equivalents at beginning of period |  | 1,756 |  |  | 441 |  |  | 861 |  |  | (150) |  |  | 2,908
Cash and cash equivalents at end of period | $ | 2,383 |  | $ | 487 |  | $ | 971 |  | $ | (78) |  | $ | 3,763
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 acquisitions, 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

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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