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Condensed Consolidating Financial Statements | 6 Months Ended
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Nov. 30, 2017
Condensed Financial Information Of Parent Company Only Disclosure [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 $15.0 billion of our long-term 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, 2017
|  |  |  |  |  | Guarantor |  |  | Non-guarantor |  |  |  |  |  |  |  |  |
|  | Parent |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 959 |  |  | $ | 342 |  |  | $ | 1,495 |  |  | $ | (28 | ) |  | $ | 2,768 |
Receivables, less allowances |  |  | 2 |  |  |  | 5,340 |  |  |  | 3,441 |  |  |  | (128 | ) |  |  | 8,655 |
Spare parts, supplies, fuel, prepaid expenses and other, less allowances |  |  | 286 |  |  |  | 931 |  |  |  | 241 |  |  |  | — |  |  |  | 1,458 |
Total current assets |  |  | 1,247 |  |  |  | 6,613 |  |  |  | 5,177 |  |  |  | (156 | ) |  |  | 12,881 |
PROPERTY AND EQUIPMENT, AT COST |  |  | 22 |  |  |  | 49,585 |  |  |  | 3,633 |  |  |  | — |  |  |  | 53,240 |
Less accumulated depreciation and amortization |  |  | 18 |  |  |  | 24,349 |  |  |  | 1,583 |  |  |  | — |  |  |  | 25,950 |
Net property and equipment |  |  | 4 |  |  |  | 25,236 |  |  |  | 2,050 |  |  |  | — |  |  |  | 27,290 |
INTERCOMPANY RECEIVABLE |  |  | 1,175 |  |  |  | 3,184 |  |  |  | — |  |  |  | (4,359 | ) |  |  | — |
GOODWILL |  |  | — |  |  |  | 1,571 |  |  |  | 5,754 |  |  |  | — |  |  |  | 7,325 |
INVESTMENT IN SUBSIDIARIES |  |  | 29,116 |  |  |  | 2,903 |  |  |  | — |  |  |  | (32,019 | ) |  |  | — |
OTHER ASSETS |  |  | 3,501 |  |  |  | 1,197 |  |  |  | 1,297 |  |  |  | (3,210 | ) |  |  | 2,785 |
|  | $ | 35,043 |  |  | $ | 40,704 |  |  | $ | 14,278 |  |  | $ | (39,744 | ) |  | $ | 50,281 |
LIABILITIES AND STOCKHOLDERS’ INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 250 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 250 |
Current portion of long-term debt |  |  | — |  |  |  | 1 |  |  |  | 10 |  |  |  | — |  |  |  | 11 |
Accrued salaries and employee benefits |  |  | 59 |  |  |  | 1,325 |  |  |  | 528 |  |  |  | — |  |  |  | 1,912 |
Accounts payable |  |  | 153 |  |  |  | 1,636 |  |  |  | 1,514 |  |  |  | (156 | ) |  |  | 3,147 |
Accrued expenses |  |  | 451 |  |  |  | 1,621 |  |  |  | 835 |  |  |  | — |  |  |  | 2,907 |
Total current liabilities |  |  | 913 |  |  |  | 4,583 |  |  |  | 2,887 |  |  |  | (156 | ) |  |  | 8,227 |
LONG-TERM DEBT, LESS CURRENT PORTION |  |  | 14,872 |  |  |  | 289 |  |  |  | 19 |  |  |  | — |  |  |  | 15,180 |
INTERCOMPANY PAYABLE |  |  | — |  |  |  | — |  |  |  | 4,359 |  |  |  | (4,359 | ) |  |  | — |
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  |  | — |  |  |  | 6,102 |  |  |  | 196 |  |  |  | (3,210 | ) |  |  | 3,088 |
Other liabilities |  |  | 2,203 |  |  |  | 3,642 |  |  |  | 886 |  |  |  | — |  |  |  | 6,731 |
Total other long-term liabilities |  |  | 2,203 |  |  |  | 9,744 |  |  |  | 1,082 |  |  |  | (3,210 | ) |  |  | 9,819 |
STOCKHOLDERS’ INVESTMENT |  |  | 17,055 |  |  |  | 26,088 |  |  |  | 5,931 |  |  |  | (32,019 | ) |  |  | 17,055 |
|  | $ | 35,043 |  |  | $ | 40,704 |  |  | $ | 14,278 |  |  | $ | (39,744 | ) |  | $ | 50,281 |
CONDENSED CONSOLIDATING BALANCE SHEETS May 31, 2017
|  |  |  |  |  | Guarantor |  |  | Non-guarantor |  |  |  |  |  |  |  |  |
|  | Parent |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,884 |  |  | $ | 325 |  |  | $ | 1,807 |  |  | $ | (47 | ) |  | $ | 3,969 |
Receivables, less allowances |  |  | 3 |  |  |  | 4,729 |  |  |  | 2,928 |  |  |  | (61 | ) |  |  | 7,599 |
Spare parts, supplies, fuel, prepaid expenses and other, less allowances |  |  | 25 |  |  |  | 787 |  |  |  | 248 |  |  |  | — |  |  |  | 1,060 |
Total current assets |  |  | 1,912 |  |  |  | 5,841 |  |  |  | 4,983 |  |  |  | (108 | ) |  |  | 12,628 |
PROPERTY AND EQUIPMENT, AT COST |  |  | 22 |  |  |  | 47,201 |  |  |  | 3,403 |  |  |  | — |  |  |  | 50,626 |
Less accumulated depreciation and amortization |  |  | 18 |  |  |  | 23,211 |  |  |  | 1,416 |  |  |  | — |  |  |  | 24,645 |
Net property and equipment |  |  | 4 |  |  |  | 23,990 |  |  |  | 1,987 |  |  |  | — |  |  |  | 25,981 |
INTERCOMPANY RECEIVABLE |  |  | 1,521 |  |  |  | 2,607 |  |  |  | — |  |  |  | (4,128 | ) |  |  | — |
GOODWILL |  |  | — |  |  |  | 1,571 |  |  |  | 5,583 |  |  |  | — |  |  |  | 7,154 |
INVESTMENT IN SUBSIDIARIES |  |  | 27,712 |  |  |  | 2,636 |  |  |  | — |  |  |  | (30,348 | ) |  |  | — |
OTHER ASSETS |  |  | 3,494 |  |  |  | 1,271 |  |  |  | 1,249 |  |  |  | (3,225 | ) |  |  | 2,789 |
|  | $ | 34,643 |  |  | $ | 37,916 |  |  | $ | 13,802 |  |  | $ | (37,809 | ) |  | $ | 48,552 |
LIABILITIES AND STOCKHOLDERS’ INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | — |  |  | $ | 9 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 22 |
Accrued salaries and employee benefits |  |  | 72 |  |  |  | 1,335 |  |  |  | 507 |  |  |  | — |  |  |  | 1,914 |
Accounts payable |  |  | 10 |  |  |  | 1,411 |  |  |  | 1,439 |  |  |  | (108 | ) |  |  | 2,752 |
Accrued expenses |  |  | 991 |  |  |  | 1,522 |  |  |  | 717 |  |  |  | — |  |  |  | 3,230 |
Total current liabilities |  |  | 1,073 |  |  |  | 4,277 |  |  |  | 2,676 |  |  |  | (108 | ) |  |  | 7,918 |
LONG-TERM DEBT, LESS CURRENT PORTION |  |  | 14,641 |  |  |  | 244 |  |  |  | 24 |  |  |  | — |  |  |  | 14,909 |
INTERCOMPANY PAYABLE |  |  | — |  |  |  | — |  |  |  | 4,128 |  |  |  | (4,128 | ) |  |  | — |
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  |  | — |  |  |  | 5,472 |  |  |  | 238 |  |  |  | (3,225 | ) |  |  | 2,485 |
Other liabilities |  |  | 2,856 |  |  |  | 3,448 |  |  |  | 863 |  |  |  | — |  |  |  | 7,167 |
Total other long-term liabilities |  |  | 2,856 |  |  |  | 8,920 |  |  |  | 1,101 |  |  |  | (3,225 | ) |  |  | 9,652 |
STOCKHOLDERS’ INVESTMENT |  |  | 16,073 |  |  |  | 24,475 |  |  |  | 5,873 |  |  |  | (30,348 | ) |  |  | 16,073 |
|  | $ | 34,643 |  |  | $ | 37,916 |  |  | $ | 13,802 |  |  | $ | (37,809 | ) |  | $ | 48,552 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2017
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
REVENUES |  | $ | — |  |  | $ | 12,044 |  |  | $ | 4,362 |  |  | $ | (93 | ) |  | $ | 16,313 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 35 |  |  |  | 4,439 |  |  |  | 1,268 |  |  |  | — |  |  |  | 5,742 |
Purchased transportation |  |  | — |  |  |  | 2,314 |  |  |  | 1,576 |  |  |  | (50 | ) |  |  | 3,840 |
Rentals and landing fees |  |  | 1 |  |  |  | 640 |  |  |  | 197 |  |  |  | (3 | ) |  |  | 835 |
Depreciation and amortization |  |  | — |  |  |  | 649 |  |  |  | 107 |  |  |  | — |  |  |  | 756 |
Fuel |  |  | — |  |  |  | 746 |  |  |  | 72 |  |  |  | — |  |  |  | 818 |
Maintenance and repairs |  |  | — |  |  |  | 584 |  |  |  | 81 |  |  |  | — |  |  |  | 665 |
Intercompany charges, net |  |  | (95 | ) |  |  | — |  |  |  | 95 |  |  |  | — |  |  |  | — |
Other |  |  | 59 |  |  |  | 1,592 |  |  |  | 784 |  |  |  | (40 | ) |  |  | 2,395 |
|  |  | — |  |  |  | 10,964 |  |  |  | 4,180 |  |  |  | (93 | ) |  |  | 15,051 |
OPERATING INCOME |  |  | — |  |  |  | 1,080 |  |  |  | 182 |  |  |  | — |  |  |  | 1,262 |
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  |  | 775 |  |  |  | 40 |  |  |  | — |  |  |  | (815 | ) |  |  | — |
Interest, net |  |  | (130 | ) |  |  | 11 |  |  |  | (5 | ) |  |  | — |  |  |  | (124 | )
Intercompany charges, net |  |  | 132 |  |  |  | (71 | ) |  |  | (61 | ) |  |  | — |  |  |  | — |
Other, net |  |  | (2 | ) |  |  | (8 | ) |  |  | 11 |  |  |  | — |  |  |  | 1 |
INCOME BEFORE INCOME TAXES |  |  | 775 |  |  |  | 1,052 |  |  |  | 127 |  |  |  | (815 | ) |  |  | 1,139 |
Provision for income taxes |  |  | — |  |  |  | 225 |  |  |  | 139 |  |  |  | — |  |  |  | 364 |
NET INCOME |  | $ | 775 |  |  | $ | 827 |  |  | $ | (12 | ) |  | $ | (815 | ) |  | $ | 775 |
COMPREHENSIVE INCOME |  | $ | 756 |  |  | $ | 817 |  |  | $ | (92 | ) |  | $ | (815 | ) |  | $ | 666 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended November 30, 2016
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Non-guarantor 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) Six Months Ended November 30, 2017
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
REVENUES |  | $ | — |  |  | $ | 23,611 |  |  | $ | 8,216 |  |  | $ | (217 | ) |  | $ | 31,610 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 73 |  |  |  | 8,666 |  |  |  | 2,521 |  |  |  | — |  |  |  | 11,260 |
Purchased transportation |  |  | — |  |  |  | 4,377 |  |  |  | 3,040 |  |  |  | (132 | ) |  |  | 7,285 |
Rentals and landing fees |  |  | 2 |  |  |  | 1,267 |  |  |  | 388 |  |  |  | (4 | ) |  |  | 1,653 |
Depreciation and amortization |  |  | — |  |  |  | 1,288 |  |  |  | 219 |  |  |  | — |  |  |  | 1,507 |
Fuel |  |  | — |  |  |  | 1,383 |  |  |  | 138 |  |  |  | — |  |  |  | 1,521 |
Maintenance and repairs |  |  | — |  |  |  | 1,186 |  |  |  | 154 |  |  |  | — |  |  |  | 1,340 |
Intercompany charges, net |  |  | (211 | ) |  |  | 113 |  |  |  | 98 |  |  |  | — |  |  |  | — |
Other |  |  | 136 |  |  |  | 3,068 |  |  |  | 1,542 |  |  |  | (81 | ) |  |  | 4,665 |
|  |  | — |  |  |  | 21,348 |  |  |  | 8,100 |  |  |  | (217 | ) |  |  | 29,231 |
OPERATING INCOME |  |  | — |  |  |  | 2,263 |  |  |  | 116 |  |  |  | — |  |  |  | 2,379 |
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  |  | 1,371 |  |  |  | 37 |  |  |  | — |  |  |  | (1,408 | ) |  |  | — |
Interest, net |  |  | (259 | ) |  |  | 24 |  |  |  | (3 | ) |  |  | — |  |  |  | (238 | )
Intercompany charges, net |  |  | 263 |  |  |  | (142 | ) |  |  | (121 | ) |  |  | — |  |  |  | — |
Other, net |  |  | (4 | ) |  |  | (16 | ) |  |  | — |  |  |  | — |  |  |  | (20 | )
INCOME BEFORE INCOME TAXES |  |  | 1,371 |  |  |  | 2,166 |  |  |  | (8 | ) |  |  | (1,408 | ) |  |  | 2,121 |
Provision for income taxes |  |  | — |  |  |  | 624 |  |  |  | 126 |  |  |  | — |  |  |  | 750 |
NET INCOME |  | $ | 1,371 |  |  | $ | 1,542 |  |  | $ | (134 | ) |  | $ | (1,408 | ) |  | $ | 1,371 |
COMPREHENSIVE INCOME |  | $ | 1,334 |  |  | $ | 1,536 |  |  | $ | (110 | ) |  | $ | (1,408 | ) |  | $ | 1,352 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Six Months Ended November 30, 2016
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Non-guarantor 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 CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2017
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |  | $ | (1,959 | ) |  | $ | 3,504 |  |  | $ | (66 | ) |  | $ | 19 |  |  | $ | 1,498 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | — |  |  |  | (2,474 | ) |  |  | (147 | ) |  |  | — |  |  |  | (2,621 | )
Business acquisitions, net of cash acquired |  |  | — |  |  |  | (44 | ) |  |  | — |  |  |  | — |  |  |  | (44 | )
Proceeds from asset dispositions and other |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 12 |
CASH USED IN INVESTING ACTIVITIES |  |  | — |  |  |  | (2,506 | ) |  |  | (147 | ) |  |  | — |  |  |  | (2,653 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net transfers from (to) Parent |  |  | 947 |  |  |  | (1,019 | ) |  |  | 72 |  |  |  | — |  |  |  | — |
Payment on loan between subsidiaries |  |  | 167 |  |  |  | — |  |  |  | (167 | ) |  |  | — |  |  |  | — |
Proceeds from short-term borrowings |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 250 |
Principal payments on debt |  |  | — |  |  |  | (18 | ) |  |  | (10 | ) |  |  | — |  |  |  | (28 | )
Proceeds from stock issuances |  |  | 205 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 205 |
Dividends paid |  |  | (268 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (268 | )
Purchase of treasury stock |  |  | (270 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (270 | )
Other, net |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |  |  | 1,034 |  |  |  | (1,037 | ) |  |  | (105 | ) |  |  | — |  |  |  | (108 | )
Effect of exchange rate changes on cash |  |  | — |  |  |  | 56 |  |  |  | 6 |  |  |  | — |  |  |  | 62 |
Net (decrease) increase in cash and cash equivalents |  |  | (925 | ) |  |  | 17 |  |  |  | (312 | ) |  |  | 19 |  |  |  | (1,201 | )
Cash and cash equivalents at beginning of period |  |  | 1,884 |  |  |  | 325 |  |  |  | 1,807 |  |  |  | (47 | ) |  |  | 3,969 |
Cash and cash equivalents at end of period |  | $ | 959 |  |  | $ | 342 |  |  | $ | 1,495 |  |  | $ | (28 | ) |  | $ | 2,768 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended November 30, 2016
|  | Parent |  |  | Guarantor Subsidiaries |  |  | Non-guarantor 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 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 |

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