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FEDEX CORPORATION
67
CONSOLIDATED STATEM ENTS OF CASH FLOWS
Years ended May 31,
(In millions) 2006 2005 2004
OPERATING ACTIVITIES
Net income $ 1,806 $ 1,449 $ 838
Adjustments to reconcile net income to cash provided by operating activities:
Lease accounting charge 79 – –
Depreciation and amortization 1,548 1,462 1,375
Provision for uncollectible accounts 121 101 106
Deferred income taxes and other noncash items 187 63 (8)
Tax benefit on the exercise of stock options 62 36 43
Changes in operating assets and liabilities, net of the effects of businesses acquired:
Receivables (319) (235) (307)
Other current assets (38) (26) 10
Pension assets and liabilities, net (71) (118) 155
Accounts payable and other operating liabilities 346 365 841
Other, net (45) 20 (33)
Cash provided by operating activities 3,676 3,117 3,020
INVESTING ACTIVITIES
Capital expenditures (2,518) (2,236) (1,271)
Business acquisitions, net of cash acquired –(122) (2,410)
Proceeds from asset dispositions 64 12 18
Other, net –(2) 1
Cash used in investing activities (2,454) (2,348) (3,662)
FINANCING ACTIVITIES
Principal payments on debt (369) (791) (319)
Proceeds from debt issuances –– 1,599
Proceeds from stock issuances 144 99 115
Dividends paid (97) (84) (66)
Purchase of treasury stock –– (179)
Other, net (2) – –
Cash (used in) provided by financing activities (324) (776) 1,150
CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash and cash equivalents 898 (7) 508
Cash and cash equivalents at beginning of period 1,039 1,046 538
Cash and cash equivalents at end of period $ 1,937 $ 1,039 $ 1,046
The accompanying notes are an integral part of these consolidated financial statements.