Federal Express 2011 Annual Report Download - page 73

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71
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended May 31, 2009
Parent
Guarantor
Subsidiaries
Non–guarantor
Subsidiaries Eliminations Consolidated
Cash provided by (used in) operating activities $ (924) $ 3,156 $ 573 $ (52) $ 2,753
Investing activities
Capital expenditures – (2,248) (211) – (2,459)
Proceeds from asset dispositions and other – 69 7 – 76
Cash used in investing activities – (2,179) (204) – (2,383)
Financing activities
Net transfers from (to) Parent 1,173 (1,066) (107) – –
Payment on loan from Parent 17 – (17) – –
Payment on loan between subsidiaries – 36 (36) – –
Intercompany dividends – 165 (165) – –
Principal payments on debt (500) – (1) – (501)
Proceeds from debt issuance 1,000 – – – 1,000
Proceeds from stock issuances 41 – – – 41
Excess tax benefit on the exercise of stock options 4 – – – 4
Dividends paid (137) – – – (137)
Other, net (7) – – – (7)
Cash provided by (used in) financing activities 1,591 (865) (326) – 400
Effect of exchange rate changes on cash – (6) (11) – (17)
Net increase (decrease) in cash and cash equivalents 667 106 32 (52) 753
Cash and cash equivalents at beginning of period 1,101 166 272 – 1,539
Cash and cash equivalents at end of period $ 1,768 $ 272 $ 304 $ (52) $ 2,292