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Condensed Consolidating Financial Statements | 9 Months Ended
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Feb. 29, 2016
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 of our public debt to continue to be exempt from reporting under the Securities Exchange Act of 1934, as amended. FedEx Express, however, currently files reports under such act with respect to certain indebtedness previously issued under registration statements filed by FedEx Express with the SEC. The guarantor subsidiaries, which are 100% owned by FedEx, guarantee $8.25 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. Prior year amounts have been recast to conform to the pension accounting changes as discussed in our Annual Report. 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 29, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1,498 |  | $ | 331 |  | $ | 1,044 | $ |  | (32) |  | $ | 2,841
| Receivables, less allowances |  | 20 |  |  | 4,415 |  |  | 1,246 |  |  | (47) |  |  | 5,634
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 298 |  |  | 730 |  |  | 126 |  |  | - |  |  | 1,154
| Deferred income taxes |  | - |  |  | 571 |  |  | 37 |  |  | - |  |  | 608
|  |  | Total current assets |  | 1,816 |  |  | 6,047 |  |  | 2,453 |  |  | (79) |  |  | 10,237
PROPERTY AND EQUIPMENT, AT COST |  | 29 |  |  | 43,938 |  |  | 2,065 |  |  | - |  |  | 46,032
| Less accumulated depreciation and amortization |  | 24 |  |  | 22,334 |  |  | 1,122 |  |  | - |  |  | 23,480
|  |  | Net property and equipment |  | 5 |  |  | 21,604 |  |  | 943 |  |  | - |  |  | 22,552
INTERCOMPANY RECEIVABLE |  | - |  |  | 1,646 |  |  | 1,130 |  |  | (2,776) |  |  | -
GOODWILL |  | - |  |  | 1,571 |  |  | 2,193 |  |  | - |  |  | 3,764
INVESTMENT IN SUBSIDIARIES |  | 24,828 |  |  | 3,052 |  |  | - |  |  | (27,880) |  |  | -
OTHER ASSETS |  | 2,797 |  |  | 802 |  |  | 384 |  |  | (2,717) |  |  | 1,266
|  |  |  |  | $ | 29,446 |  | $ | 34,722 |  | $ | 7,103 |  | $ | (33,452) |  | $ | 37,819
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current portion of long-term debt | $ | - |  | $ | 4 |  | $ | 7 |  | $ | - |  | $ | 11
| Accrued salaries and employee benefits |  | 58 |  |  | 1,201 |  |  | 192 |  |  | - |  |  | 1,451
| Accounts payable |  | 70 |  |  | 1,369 |  |  | 664 |  |  | (79) |  |  | 2,024
| Accrued expenses |  | 805 |  |  | 1,378 |  |  | 270 |  |  | - |  |  | 2,453
|  | Total current liabilities |  | 933 |  |  | 3,952 |  |  | 1,133 |  |  | (79) |  |  | 5,939
LONG-TERM DEBT, LESS CURRENT PORTION |  | 8,217 |  |  | 248 |  |  | 12 |  |  | - |  |  | 8,477
INTERCOMPANY PAYABLE |  | 2,776 |  |  | - |  |  | - |  |  | (2,776) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,583 |  |  | 180 |  |  | (2,717) |  |  | 2,046
| Other liabilities |  | 3,193 |  |  | 3,577 |  |  | 260 |  |  | - |  |  | 7,030
|  | Total other long-term liabilities |  | 3,193 |  |  | 8,160 |  |  | 440 |  |  | (2,717) |  |  | 9,076
STOCKHOLDERS' INVESTMENT |  | 14,327 |  |  | 22,362 |  |  | 5,518 |  |  | (27,880) |  |  | 14,327
|  |  |  |  | $ | 29,446 |  | $ | 34,722 |  | $ | 7,103 |  | $ | (33,452) |  | $ | 37,819
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
| Deferred income taxes |  | - |  |  | 571 |  |  | 35 |  |  | - |  |  | 606
|  |  | Total current assets |  | 2,427 |  |  | 6,130 |  |  | 2,514 |  |  | (130) |  |  | 10,941
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 |  | - |  |  | 686 |  |  | 1,563 |  |  | (2,249) |  |  | -
GOODWILL |  | - |  |  | 1,552 |  |  | 2,258 |  |  | - |  |  | 3,810
INVESTMENT IN SUBSIDIARIES |  | 23,173 |  |  | 3,800 |  |  | - |  |  | (26,973) |  |  | -
OTHER ASSETS |  | 2,752 |  |  | 898 |  |  | 477 |  |  | (2,684) |  |  | 1,443
|  |  |  |  | $ | 28,358 |  | $ | 32,745 |  | $ | 8,002 |  | $ | (32,036) |  | $ | 37,069
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 |  |  | 275 |  |  | - |  |  | 2,436
|  | Total current liabilities |  | 643 |  |  | 4,205 |  |  | 1,239 |  |  | (130) |  |  | 5,957
LONG-TERM DEBT, LESS CURRENT PORTION |  | 6,978 |  |  | 248 |  |  | 23 |  |  | - |  |  | 7,249
INTERCOMPANY PAYABLE |  | 2,249 |  |  | - |  |  | - |  |  | (2,249) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,206 |  |  | 225 |  |  | (2,684) |  |  | 1,747
| Other liabilities |  | 3,495 |  |  | 3,367 |  |  | 261 |  |  | - |  |  | 7,123
|  | Total other long-term liabilities |  | 3,495 |  |  | 7,573 |  |  | 486 |  |  | (2,684) |  |  | 8,870
STOCKHOLDERS' INVESTMENT |  | 14,993 |  |  | 20,719 |  |  | 6,254 |  |  | (26,973) |  |  | 14,993
|  |  |  |  | $ | 28,358 |  | $ | 32,745 |  | $ | 8,002 |  | $ | (32,036) |  | $ | 37,069
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended February 29, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 10,838 |  | $ | 1,892 |  | $ | (76) |  | $ | 12,654
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 32 |  |  | 4,072 |  |  | 608 |  |  | - |  |  | 4,712
| Purchased transportation |  | - |  |  | 2,106 |  |  | 545 |  |  | (28) |  |  | 2,623
| Rentals and landing fees |  | 1 |  |  | 660 |  |  | 84 |  |  | (1) |  |  | 744
| Depreciation and amortization |  | - |  |  | 608 |  |  | 55 |  |  | - |  |  | 663
| Fuel |  | - |  |  | 520 |  |  | 17 |  |  | - |  |  | 537
| Maintenance and repairs |  | - |  |  | 471 |  |  | 33 |  |  | - |  |  | 504
| Intercompany charges, net |  | (344) |  |  | 294 |  |  | 50 |  |  | - |  |  | -
| Other |  | 311 |  |  | 1,344 |  |  | 399 |  |  | (47) |  |  | 2,007
|  |  |  |  | - |  |  | 10,075 |  |  | 1,791 |  |  | (76) |  |  | 11,790
OPERATING INCOME |  | - |  |  | 763 |  |  | 101 |  |  | - |  |  | 864
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 507 |  |  | 86 |  |  | - |  |  | (593) |  |  | -
| Interest, net |  | (90) |  |  | 6 |  |  | 3 |  |  | - |  |  | (81)
| Intercompany charges, net |  | 95 |  |  | (105) |  |  | 10 |  |  | - |  |  | -
| Other, net |  | (5) |  |  | (1) |  |  | 5 |  |  | - |  |  | (1)
INCOME BEFORE INCOME TAXES |  | 507 |  |  | 749 |  |  | 119 |  |  | (593) |  |  | 782
| Provision for income taxes |  | - |  |  | 249 |  |  | 26 |  |  | - |  |  | 275
NET INCOME | $ | 507 |  | $ | 500 |  | $ | 93 |  | $ | (593) |  | $ | 507
COMPREHENSIVE INCOME | $ | 488 |  | $ | 487 |  | $ | 7 |  | $ | (593) |  | $ | 389
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended February 28, 2015
(As Adjusted)
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 9,793 |  | $ | 2,024 |  | $ | (101) |  | $ | 11,716
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 25 |  |  | 3,712 |  |  | 598 |  |  | - |  |  | 4,335
| 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
|  |  |  |  | - |  |  | 8,884 |  |  | 1,895 |  |  | (101) |  |  | 10,678
OPERATING INCOME |  | - |  |  | 909 |  |  | 129 |  |  | - |  |  | 1,038
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 628 |  |  | 91 |  |  | - |  |  | (719) |  |  | -
| Interest, net |  | (66) |  |  | 6 |  |  | 2 |  |  | - |  |  | (58)
| Intercompany charges, net |  | 68 |  |  | (74) |  |  | 6 |  |  | - |  |  | -
| Other, net |  | (2) |  |  | (4) |  |  | 11 |  |  | - |  |  | 5
INCOME BEFORE INCOME TAXES |  | 628 |  |  | 928 |  |  | 148 |  |  | (719) |  |  | 985
| Provision for income taxes |  | - |  |  | 274 |  |  | 83 |  |  | - |  |  | 357
NET INCOME | $ | 628 |  | $ | 654 |  | $ | 65 |  | $ | (719) |  | $ | 628
COMPREHENSIVE INCOME | $ | 611 |  | $ | 640 |  | $ | (74) |  | $ | (719) |  | $ | 458
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Nine Months Ended February 29, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 31,190 |  | $ | 6,449 |  | $ | (253) |  | $ | 37,386
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 92 |  |  | 11,811 |  |  | 1,904 |  |  | - |  |  | 13,807
| Purchased transportation |  | - |  |  | 5,481 |  |  | 2,132 |  |  | (108) |  |  | 7,505
| Rentals and landing fees |  | 4 |  |  | 1,843 |  |  | 278 |  |  | (4) |  |  | 2,121
| Depreciation and amortization |  | 1 |  |  | 1,792 |  |  | 171 |  |  | - |  |  | 1,964
| Fuel |  | - |  |  | 1,808 |  |  | 56 |  |  | - |  |  | 1,864
| Maintenance and repairs |  | - |  |  | 1,476 |  |  | 105 |  |  | - |  |  | 1,581
| Intercompany charges, net |  | (525) |  |  | 338 |  |  | 187 |  |  | - |  |  | -
| Other |  | 428 |  |  | 3,901 |  |  | 1,211 |  |  | (141) |  |  | 5,399
|  |  |  |  | - |  |  | 28,450 |  |  | 6,044 |  |  | (253) |  |  | 34,241
OPERATING INCOME |  | - |  |  | 2,740 |  |  | 405 |  |  | - |  |  | 3,145
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,890 |  |  | 220 |  |  | - |  |  | (2,110) |  |  | -
| Interest, net |  | (246) |  |  | 20 |  |  | 8 |  |  | - |  |  | (218)
| Intercompany charges, net |  | 257 |  |  | (264) |  |  | 7 |  |  | - |  |  | -
| Other, net |  | (11) |  |  | (10) |  |  | 15 |  |  | - |  |  | (6)
INCOME BEFORE INCOME TAXES |  | 1,890 |  |  | 2,706 |  |  | 435 |  |  | (2,110) |  |  | 2,921
| Provision for income taxes |  | - |  |  | 915 |  |  | 116 |  |  | - |  |  | 1,031
NET INCOME | $ | 1,890 |  | $ | 1,791 |  | $ | 319 |  | $ | (2,110) |  | $ | 1,890
COMPREHENSIVE INCOME | $ | 1,834 |  | $ | 1,758 |  | $ | 77 |  | $ | (2,110) |  | $ | 1,559
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Nine Months Ended February 28, 2015
(As Adjusted)
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 29,488 |  | $ | 6,136 |  | $ | (285) |  | $ | 35,339
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 78 |  |  | 10,902 |  |  | 1,698 |  |  | - |  |  | 12,678
| 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
|  |  |  |  | - |  |  | 26,775 |  |  | 5,661 |  |  | (285) |  |  | 32,151
OPERATING INCOME |  | - |  |  | 2,713 |  |  | 475 |  |  | - |  |  | 3,188
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,944 |  |  | 292 |  |  | - |  |  | (2,236) |  |  | -
| Interest, net |  | (172) |  |  | 15 |  |  | 4 |  |  | - |  |  | (153)
| Intercompany charges, net |  | 176 |  |  | (192) |  |  | 16 |  |  | - |  |  | -
| Other, net |  | (4) |  |  | (5) |  |  | 17 |  |  | - |  |  | 8
INCOME BEFORE INCOME TAXES |  | 1,944 |  |  | 2,823 |  |  | 512 |  |  | (2,236) |  |  | 3,043
| Provision for income taxes |  | - |  |  | 916 |  |  | 183 |  |  | - |  |  | 1,099
NET INCOME | $ | 1,944 |  | $ | 1,907 |  | $ | 329 |  | $ | (2,236) |  | $ | 1,944
COMPREHENSIVE INCOME | $ | 1,891 |  | $ | 1,864 |  | $ | 68 |  | $ | (2,236) |  | $ | 1,587
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended February 29, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (833) |  | $ | 4,213 |  | $ | 370 |  | $ | 46 |  | $ | 3,796
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | - |  |  | (3,434) |  |  | (128) |  |  | - |  |  | (3,562)
| Asset dispositions and other |  | (55) |  |  | 26 |  |  | 12 |  |  | - |  |  | (17)
CASH USED IN INVESTING ACTIVITIES |  | (55) |  |  | (3,408) |  |  | (116) |  |  | - |  |  | (3,579)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 1,036 |  |  | (1,039) |  |  | 3 |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | 109 |  |  | (109) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 20 |  |  | (20) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (7) |  |  | (21) |  |  | - |  |  | (28)
| Proceeds from debt issuance |  | 1,238 |  |  | - |  |  | - |  |  | - |  |  | 1,238
| Proceeds from stock issuances |  | 79 |  |  | - |  |  | - |  |  | - |  |  | 79
| Excess tax benefit on the exercise of stock options |  | 9 |  |  | - |  |  | - |  |  | - |  |  | 9
| Dividends paid |  | (210) |  |  | - |  |  | - |  |  | - |  |  | (210)
| Purchase of treasury stock |  | (2,133) |  |  | - |  |  | - |  |  | - |  |  | (2,133)
| Other, net |  | (16) |  |  | (27) |  |  | 27 |  |  | - |  |  | (16)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |  | 3 |  |  | (944) |  |  | (120) |  |  | - |  |  | (1,061)
Effect of exchange rate changes on cash |  | - |  |  | (17) |  |  | (61) |  |  | - |  |  | (78)
Net (decrease) increase in cash and cash equivalents |  | (885) |  |  | (156) |  |  | 73 |  |  | 46 |  |  | (922)
Cash and cash equivalents at beginning of period |  | 2,383 |  |  | 487 |  |  | 971 |  |  | (78) |  |  | 3,763
Cash and cash equivalents at end of period | $ | 1,498 |  | $ | 331 |  | $ | 1,044 |  | $ | (32) |  | $ | 2,841
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)
| 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

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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