Federal Express 2005 Annual Report Download - page 64

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FEDEX CORPORATION
62
CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended May 31,
(In millions) 2005 2004 2003
OPERATING ACTIVITIES
Net income $ 1,449 $ 838 $ 830
Adjustments to reconcile net income
to cash provided by operating activities:
Depreciation and amortization 1,462 1,375 1,351
Provision for uncollectible accounts 101 106 105
Deferred income taxes and other noncash items 63 (8) 329
Tax benefit on the exercise of stock options 36 43 20
Changes in operating assets and liabilities, net of the effects of businesses acquired:
Receivables (235) (307) (197)
Other current assets (26) 10 39
Pension assets and liabilities, net (118) 155 (854)
Accounts payable and other operating liabilities 365 841 252
Other, net 20 (33) (4)
Cash provided by operating activities 3,117 3,020 1,871
INVESTING ACTIVITIES
Capital expenditures (2,236) (1,271) (1,511)
Business acquisitions, net of cash acquired (122) (2,410) –
Proceeds from asset dispositions 12 18 22
Other, net (2) 1 (1)
Cash used in investing activities (2,348) (3,662) (1,490)
FINANCING ACTIVITIES
Principal payments on debt (791) (319) (10)
Proceeds from debt issuances –1,599 –
Proceeds from stock issuances 99 115 81
Dividends paid (84) (66) (60)
Purchase of treasury stock –(179) (186)
Other, net ––1
Cash (used in) provided by financing activities (776) 1,150 (174)
CASH AND CASH EQUIVALENTS
Net (decrease) increase in cash and cash equivalents (7) 508 207
Cash and cash equivalents at beginning of period 1,046 538 331
Cash and cash equivalents at end of period $ 1,039 $ 1,046 $ 538
The accompanying notes are an integral part of these consolidated financial statements.