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Condensed Consolidating Financial Statements | 6 Months Ended
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Nov. 30, 2016
Condensed Consolidating Financial Statements [Abstract] |
Condensed Consolidating Financial Statements | (10) 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 100% owned by FedEx, guarantee $13.4 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-guarantor 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
(UNAUDITED)
November 30, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1,330 |  | $ | 294 |  | $ | 1,490 | $ |  | (55) |  | $ | 3,059
| Receivables, less allowances |  | 1 |  |  | 4,753 |  |  | 2,872 |  |  | (51) |  |  | 7,575
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 370 |  |  | 822 |  |  | 226 |  |  | - |  |  | 1,418
|  |  | Total current assets |  | 1,701 |  |  | 5,869 |  |  | 4,588 |  |  | (106) |  |  | 12,052
PROPERTY AND EQUIPMENT, AT COST |  | 22 |  |  | 45,735 |  |  | 3,161 |  |  | - |  |  | 48,918
| Less accumulated depreciation and amortization |  | 17 |  |  | 22,360 |  |  | 1,234 |  |  | - |  |  | 23,611
|  |  | Net property and equipment |  | 5 |  |  | 23,375 |  |  | 1,927 |  |  | - |  |  | 25,307
INTERCOMPANY RECEIVABLE |  | 2,359 |  |  | 1,602 |  |  | - |  |  | (3,961) |  |  | -
GOODWILL |  | - |  |  | 1,571 |  |  | 5,350 |  |  | - |  |  | 6,921
INVESTMENT IN SUBSIDIARIES |  | 25,967 |  |  | 3,558 |  |  | - |  |  | (29,525) |  |  | -
OTHER ASSETS |  | 3,041 |  |  | 867 |  |  | 1,052 |  |  | (2,892) |  |  | 2,068
|  |  |  |  | $ | 33,073 |  | $ | 36,842 |  | $ | 12,917 |  | $ | (36,484) |  | $ | 46,348
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current portion of long-term debt | $ | - |  | $ | 26 |  | $ | 17 |  | $ | - |  | $ | 43
| Accrued salaries and employee benefits |  | 43 |  |  | 1,247 |  |  | 475 |  |  | - |  |  | 1,765
| Accounts payable |  | 112 |  |  | 1,441 |  |  | 1,507 |  |  | (106) |  |  | 2,954
| Accrued expenses |  | 887 |  |  | 1,434 |  |  | 724 |  |  | - |  |  | 3,045
|  | Total current liabilities |  | 1,042 |  |  | 4,148 |  |  | 2,723 |  |  | (106) |  |  | 7,807
LONG-TERM DEBT, LESS CURRENT PORTION |  | 13,281 |  |  | 245 |  |  | 27 |  |  | - |  |  | 13,553
INTERCOMPANY PAYABLE |  | - |  |  | - |  |  | 3,961 |  |  | (3,961) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,792 |  |  | 248 |  |  | (2,892) |  |  | 2,148
| Other liabilities |  | 4,219 |  |  | 3,501 |  |  | 589 |  |  | - |  |  | 8,309
|  | Total other long-term liabilities |  | 4,219 |  |  | 8,293 |  |  | 837 |  |  | (2,892) |  |  | 10,457
STOCKHOLDERS' INVESTMENT |  | 14,531 |  |  | 24,156 |  |  | 5,369 |  |  | (29,525) |  |  | 14,531
|  |  |  |  | $ | 33,073 |  | $ | 36,842 |  | $ | 12,917 |  | $ | (36,484) |  | $ | 46,348
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 |  | 3,359 |  |  | 967 |  |  | 1,851 |  |  | (3,238) |  |  | 2,939
|  |  |  |  | $ | 32,775 |  | $ | 35,224 |  | $ | 13,466 |  | $ | (35,506) |  | $ | 45,959
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 |  | 13,451 |  |  | 245 |  |  | 37 |  |  | - |  |  | 13,733
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
|  |  |  |  | $ | 32,775 |  | $ | 35,224 |  | $ | 13,466 |  | $ | (35,506) |  | $ | 45,959
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended November 30, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 10,997 |  | $ | 4,004 |  | $ | (70) |  | $ | 14,931
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 29 |  |  | 4,161 |  |  | 1,163 |  |  | - |  |  | 5,353
| Purchased transportation |  | - |  |  | 2,074 |  |  | 1,383 |  |  | (26) |  |  | 3,431
| Rentals and landing fees |  | 2 |  |  | 625 |  |  | 177 |  |  | (2) |  |  | 802
| Depreciation and amortization |  | - |  |  | 634 |  |  | 106 |  |  | - |  |  | 740
| Fuel |  | - |  |  | 584 |  |  | 74 |  |  | - |  |  | 658
| Maintenance and repairs |  | - |  |  | 504 |  |  | 75 |  |  | - |  |  | 579
| Intercompany charges, net |  | (89) |  |  | 38 |  |  | 51 |  |  | - |  |  | -
| Other |  | 58 |  |  | 1,429 |  |  | 756 |  |  | (42) |  |  | 2,201
|  |  |  |  | - |  |  | 10,049 |  |  | 3,785 |  |  | (70) |  |  | 13,764
OPERATING INCOME |  | - |  |  | 948 |  |  | 219 |  |  | - |  |  | 1,167
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 700 |  |  | 54 |  |  | - |  |  | (754) |  |  | -
| Interest, net |  | (123) |  |  | 4 |  |  | - |  |  | - |  |  | (119)
| Intercompany charges, net |  | 124 |  |  | (64) |  |  | (60) |  |  | - |  |  | -
| Other, net |  | (1) |  |  | (5) |  |  | 36 |  |  | - |  |  | 30
INCOME BEFORE INCOME TAXES |  | 700 |  |  | 937 |  |  | 195 |  |  | (754) |  |  | 1,078
| Provision for income taxes |  | - |  |  | 291 |  |  | 87 |  |  | - |  |  | 378
NET INCOME | $ | 700 |  | $ | 646 |  | $ | 108 |  | $ | (754) |  | $ | 700
COMPREHENSIVE INCOME | $ | 682 |  | $ | 635 |  | $ | (112) |  | $ | (754) |  | $ | 451
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended November 30, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 10,479 |  | $ | 2,048 |  | $ | (74) |  | $ | 12,453
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 26 |  |  | 3,926 |  |  | 618 |  |  | - |  |  | 4,570
| Purchased transportation |  | - |  |  | 1,941 |  |  | 622 |  |  | (25) |  |  | 2,538
| Rentals and landing fees |  | 2 |  |  | 596 |  |  | 86 |  |  | (2) |  |  | 682
| Depreciation and amortization |  | 1 |  |  | 601 |  |  | 51 |  |  | - |  |  | 653
| Fuel |  | - |  |  | 597 |  |  | 18 |  |  | - |  |  | 615
| Maintenance and repairs |  | - |  |  | 497 |  |  | 32 |  |  | - |  |  | 529
| Intercompany charges, net |  | (112) |  |  | 84 |  |  | 28 |  |  | - |  |  | -
| Other |  | 83 |  |  | 1,293 |  |  | 400 |  |  | (47) |  |  | 1,729
|  |  |  |  | - |  |  | 9,535 |  |  | 1,855 |  |  | (74) |  |  | 11,316
OPERATING INCOME |  | - |  |  | 944 |  |  | 193 |  |  | - |  |  | 1,137
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 691 |  |  | 73 |  |  | - |  |  | (764) |  |  | -
| Interest, net |  | (81) |  |  | 6 |  |  | 1 |  |  | - |  |  | (74)
| Intercompany charges, net |  | 84 |  |  | (83) |  |  | (1) |  |  | - |  |  | -
| Other, net |  | (3) |  |  | (6) |  |  | 1 |  |  | - |  |  | (8)
INCOME BEFORE INCOME TAXES |  | 691 |  |  | 934 |  |  | 194 |  |  | (764) |  |  | 1,055
| Provision for income taxes |  | - |  |  | 309 |  |  | 55 |  |  | - |  |  | 364
NET INCOME | $ | 691 |  | $ | 625 |  | $ | 139 |  | $ | (764) |  | $ | 691
COMPREHENSIVE INCOME | $ | 672 |  | $ | 620 |  | $ | 112 |  | $ | (764) |  | $ | 640
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Six Months Ended November 30, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 21,900 |  | $ | 7,834 |  | $ | (140) |  | $ | 29,594
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 65 |  |  | 8,267 |  |  | 2,332 |  |  | - |  |  | 10,664
| Purchased transportation |  | - |  |  | 3,991 |  |  | 2,734 |  |  | (54) |  |  | 6,671
| Rentals and landing fees |  | 3 |  |  | 1,245 |  |  | 347 |  |  | (3) |  |  | 1,592
| Depreciation and amortization |  | - |  |  | 1,245 |  |  | 234 |  |  | - |  |  | 1,479
| Fuel |  | - |  |  | 1,162 |  |  | 146 |  |  | - |  |  | 1,308
| Maintenance and repairs |  | - |  |  | 1,030 |  |  | 147 |  |  | - |  |  | 1,177
| Intercompany charges, net |  | (179) |  |  | 100 |  |  | 79 |  |  | - |  |  | -
| Other |  | 111 |  |  | 2,802 |  |  | 1,442 |  |  | (83) |  |  | 4,272
|  |  |  |  | - |  |  | 19,842 |  |  | 7,461 |  |  | (140) |  |  | 27,163
OPERATING INCOME |  | - |  |  | 2,058 |  |  | 373 |  |  | - |  |  | 2,431
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,415 |  |  | 110 |  |  | - |  |  | (1,525) |  |  | -
| Interest, net |  | (245) |  |  | 13 |  |  | - |  |  | - |  |  | (232)
| Intercompany charges, net |  | 246 |  |  | (145) |  |  | (101) |  |  | - |  |  | -
| Other, net |  | (1) |  |  | (10) |  |  | 32 |  |  | - |  |  | 21
INCOME BEFORE INCOME TAXES |  | 1,415 |  |  | 2,026 |  |  | 304 |  |  | (1,525) |  |  | 2,220
| Provision for income taxes |  | - |  |  | 671 |  |  | 134 |  |  | - |  |  | 805
NET INCOME | $ | 1,415 |  | $ | 1,355 |  | $ | 170 |  | $ | (1,525) |  | $ | 1,415
COMPREHENSIVE INCOME | $ | 1,378 |  | $ | 1,337 |  | $ | (31) |  | $ | (1,525) |  | $ | 1,159
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Six Months Ended November 30, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 20,352 |  | $ | 4,557 |  | $ | (177) |  | $ | 24,732
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 60 |  |  | 7,739 |  |  | 1,296 |  |  | - |  |  | 9,095
| Purchased transportation |  | - |  |  | 3,375 |  |  | 1,587 |  |  | (80) |  |  | 4,882
| Rentals and landing fees |  | 3 |  |  | 1,183 |  |  | 194 |  |  | (3) |  |  | 1,377
| Depreciation and amortization |  | 1 |  |  | 1,184 |  |  | 116 |  |  | - |  |  | 1,301
| Fuel |  | - |  |  | 1,288 |  |  | 39 |  |  | - |  |  | 1,327
| Maintenance and repairs |  | - |  |  | 1,005 |  |  | 72 |  |  | - |  |  | 1,077
| Intercompany charges, net |  | (181) |  |  | 44 |  |  | 137 |  |  | - |  |  | -
| Other |  | 117 |  |  | 2,557 |  |  | 812 |  |  | (94) |  |  | 3,392
|  |  |  |  | - |  |  | 18,375 |  |  | 4,253 |  |  | (177) |  |  | 22,451
OPERATING INCOME |  | - |  |  | 1,977 |  |  | 304 |  |  | - |  |  | 2,281
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 1,383 |  |  | 134 |  |  | - |  |  | (1,517) |  |  | -
| Interest, net |  | (156) |  |  | 14 |  |  | 5 |  |  | - |  |  | (137)
| Intercompany charges, net |  | 162 |  |  | (159) |  |  | (3) |  |  | - |  |  | -
| Other, net |  | (6) |  |  | (9) |  |  | 10 |  |  | - |  |  | (5)
INCOME BEFORE INCOME TAXES |  | 1,383 |  |  | 1,957 |  |  | 316 |  |  | (1,517) |  |  | 2,139
| Provision for income taxes |  | - |  |  | 666 |  |  | 90 |  |  | - |  |  | 756
NET INCOME | $ | 1,383 |  | $ | 1,291 |  | $ | 226 |  | $ | (1,517) |  | $ | 1,383
COMPREHENSIVE INCOME | $ | 1,346 |  | $ | 1,271 |  | $ | 70 |  | $ | (1,517) |  | $ | 1,170
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended November 30, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (376) |  | $ | 2,550 |  | $ | 473 |  | $ | (12) |  | $ | 2,635
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | - |  |  | (2,455) |  |  | (226) |  |  | - |  |  | (2,681)
| Proceeds from asset dispositions and other |  | 84 |  |  | 13 |  |  | 3 |  |  | - |  |  | 100
CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES |  | 84 |  |  | (2,442) |  |  | (223) |  |  | - |  |  | (2,581)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 24 |  |  | (94) |  |  | 70 |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | 8 |  |  | (15) |  |  | 7 |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 1 |  |  | (1) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (31) |  |  | (12) |  |  | - |  |  | (43)
| Proceeds from stock issuances |  | 164 |  |  | - |  |  | - |  |  | - |  |  | 164
| Dividends paid |  | (213) |  |  | - |  |  | - |  |  | - |  |  | (213)
| Purchase of treasury stock |  | (334) |  |  | - |  |  | - |  |  | - |  |  | (334)
| Other, net |  | 4 |  |  | (2) |  |  | (7) |  |  | - |  |  | (5)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |  | (347) |  |  | (141) |  |  | 57 |  |  | - |  |  | (431)
Effect of exchange rate changes on cash |  | (5) |  |  | 1 |  |  | (94) |  |  | - |  |  | (98)
Net (decrease) increase in cash and cash equivalents |  | (644) |  |  | (32) |  |  | 213 |  |  | (12) |  |  | (475)
Cash and cash equivalents at beginning of period |  | 1,974 |  |  | 326 |  |  | 1,277 |  |  | (43) |  |  | 3,534
Cash and cash equivalents at end of period | $ | 1,330 |  | $ | 294 |  | $ | 1,490 |  | $ | (55) |  | $ | 3,059
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended November 30, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (847) |  | $ | 3,054 |  | $ | 213 |  | $ | 34 |  | $ | 2,454
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | - |  |  | (2,482) |  |  | (80) |  |  | - |  |  | (2,562)
| Proceeds from asset dispositions and other |  | (5) |  |  | 21 |  |  | (4) |  |  | - |  |  | 12
CASH USED IN INVESTING ACTIVITIES |  | (5) |  |  | (2,461) |  |  | (84) |  |  | - |  |  | (2,550)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 648 |  |  | (691) |  |  | 43 |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | 106 |  |  | (106) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 20 |  |  | (20) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (2) |  |  | (15) |  |  | - |  |  | (17)
| Proceeds from debt issuance |  | 1,238 |  |  | - |  |  | - |  |  | - |  |  | 1,238
| Proceeds from stock issuances |  | 62 |  |  | - |  |  | - |  |  | - |  |  | 62
| Dividends paid |  | (141) |  |  | - |  |  | - |  |  | - |  |  | (141)
| Purchase of treasury stock |  | (1,101) |  |  | - |  |  | - |  |  | - |  |  | (1,101)
| Other, net |  | (8) |  |  | (27) |  |  | 27 |  |  | - |  |  | (8)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |  | 698 |  |  | (594) |  |  | (71) |  |  | - |  |  | 33
Effect of exchange rate changes on cash |  | - |  |  | (12) |  |  | (41) |  |  | - |  |  | (53)
Net (decrease) increase in cash and cash equivalents |  | (154) |  |  | (13) |  |  | 17 |  |  | 34 |  |  | (116)
Cash and cash equivalents at beginning of period |  | 2,383 |  |  | 487 |  |  | 971 |  |  | (78) |  |  | 3,763
Cash and cash equivalents at end of period | $ | 2,229 |  | $ | 474 |  | $ | 988 |  | $ | (44) |  | $ | 3,647

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