Federal Express 2011 Annual Report Download - page 44

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42
FEDEX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended May 31,
(in millions) 2011 2010 2009
Operating Activities
Net Income $ 1,452 $ 1,184 $ 98
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 1,973 1,958 1,975
Provision for uncollectible accounts 152 124 181
Deferred income taxes and other noncash items 669 331 299
Impairment and other charges 29 18 1,103
Stock–based compensation 98 101 99
Changes in assets and liabilities:
Receivables (400) (906) 762
Other assets (114) 276 (196)
Pension assets and liabilities, net (169) (611) (913)
Accounts payable and other liabilities 370 710 (628)
Other, net (19) (47) (27)
Cash provided by operating activities 4,041 3,138 2,753
Investing Activities
Capital expenditures (3,434) (2,816) (2,459)
Business acquisition, net of cash acquired (96) – –
Proceeds from asset dispositions and other 111 35 76
Cash used in investing activities (3,419) (2,781) (2,383)
Financing Activities
Principal payments on debt (262) (653) (501)
Proceeds from debt issuance – – 1,000
Proceeds from stock issuances 108 94 41
Excess tax benefit on the exercise of stock options 23 25 4
Dividends paid (151) (138) (137)
Other, net (5) (20) (7)
Cash (used in) provided by financing activities (287) (692) 400
Effect of exchange rate changes on cash 41 (5) (17)
Net increase (decrease) in cash and cash equivalents 376 (340) 753
Cash and cash equivalents at beginning of period 1,952 2,292 1,539
Cash and cash equivalents at end of period $ 2,328 $ 1,952 $ 2,292
The accompanying notes are an integral part of these consolidated financial statements.