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Condensed Consolidating Financial Statements (Tables) | 12 Months Ended
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May 31, 2016
Condensed Consolidating Financial Statements (Tables) [Abstract] |
Condensed Consolidating Balance Sheets |
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 |
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 |
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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