Federal Express 2009 Annual Report Download - page 45

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43
FEDEX CORPORATION
Consolidated Statements of Cash Flows
Years ended M ay 31,
(In millions) 2009 2008 2007
OPERATING ACTIVITIES
Net income $ 98 $ 1,125 $ 2,016
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization
1,975 1,946 1,742
Provision for uncollectible accounts 181 134 106
Deferred income taxes and other noncash items 299 124 37
Noncash impairment charges 1,103 882 –
Stock-based compensation 99 101 103
Changes in operating assets and liabilities,
net of the effects of businesses acquired:
Receivables
762 (447) (323)
Other assets (196) (237) (85)
Pension assets and liabilities, net (913) (273) (69)
Accounts payable and other liabilities (628) 190 66
Other, net (27) (80) (36)
Cash provided by operating activities 2,753 3,465 3,557
INVESTING ACTIVITIES
Capital expenditures (2,459) (2,947) (2,882)
Business acquisitions, net of cash acquired (3) (4) (1,310)
Proceeds from asset dispositions and other 79 54 68
Cash used in investing activities (2,383) (2,897) (4,124)
FINANCING ACTIVITIES
Principal payments on debt (501) (639) (906)
Proceeds from debt issuances 1,000 – 1,054
Proceeds from stock issuances 41 108 115
Excess tax benefi ts on the exercise of stock options 4 38 45
Dividends paid (137) (124) (110)
Other, net (7) – (5)
Cash provided by (used in) fi nancing activities 400 (617) 193
CASH AND CASH EQUIVALENTS
Effect of exchange rate changes on cash (17) 19 6
Net increase (decrease) in cash and cash equivalents 753 (30) (368)
Cash and cash equivalents at beginning of period 1,539 1,569 1,937
Cash and cash equivalents at end of period $ 2,292 $ 1,539 $ 1,569
The accompanying notes are an integral part of these consolidated fi nancial statements.