CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 6 Months Ended |
Jul. 04, 2014 |
Notes to Financial Statements [Abstract] | ' |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ' |
NOTE 17. CONDENSED CONSOLIDATING FINANCIAL INFORMATION |
On March 15, 2012, the Parent and Fox LP issued the Senior Notes. See Note 8, “Indebtedness,” for more information. |
Consistent with the arrangement between Parent and Fox LP, $399 million and $600 million of the Senior Notes are included in the liabilities of Parent and Fox LP, respectively, as of July 4, 2014. As of January 3, 2014, $299 million and $700 million of the Senior Notes are included in the liabilities of Parent and Fox LP, respectively. |
The following is our condensed consolidating financial information, segregating the issuers, guarantor subsidiaries and non-guarantor subsidiaries, as of July 4, 2014 and January 3, 2014, and for the three and six months ended July 4, 2014 and June 28, 2013. |
| | | | | | | | | | | CONDENSED CONSOLIDATING BALANCE SHEET – UNAUDITED |
| | | | | | | | | | | As of July 4, 2014 |
(in millions) | | Issuer Parent | | Issuer Fox LP | | Guarantors | | Non- Guarantors | | Eliminations | | Consolidated |
ASSETS | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 54 | | $ | — | | $ | 25 | | $ | 247 | | $ | -43 | | $ | 283 |
| Accounts receivable, including retentions | | | — | | | — | | | 761 | | | 624 | | | -11 | | | 1,374 |
| Costs and accrued earnings in excess of billings on contracts | | | — | | | — | | | 966 | | | 575 | | | -4 | | | 1,537 |
| Less receivable allowances | | | — | | | — | | | -23 | | | -36 | | | — | | | -59 |
| | | Net accounts receivable | | | — | | | — | | | 1,704 | | | 1,163 | | | -15 | | | 2,852 |
| Intercompany accounts receivable | | | 489 | | | 25 | | | 2,235 | | | 430 | | | -3,179 | | | — |
| Other current assets | | | 14 | | | — | | | 122 | | | 117 | | | -22 | | | 231 |
| | | | | Total current assets | | | 557 | | | 25 | | | 4,086 | | | 1,957 | | | -3,259 | | | 3,366 |
Investments in and advances to subsidiaries and unconsolidated joint ventures | | | 5,454 | | | 67 | | | 1,520 | | | 178 | | | -6,975 | | | 244 |
Property and equipment, net | | | 28 | | | — | | | 179 | | | 385 | | | — | | | 592 |
Intangible assets, net | | | — | | | — | | | 207 | | | 316 | | | — | | | 523 |
Goodwill | | | — | | | — | | | 2,230 | | | 1,479 | | | — | | | 3,709 |
Other long-term assets | | | 18 | | | — | | | 109 | | | 97 | | | -3 | | | 221 |
| | | | | | | | | Total assets | | $ | 6,057 | | $ | 92 | | $ | 8,331 | | $ | 4,412 | | $ | -10,237 | | $ | 8,655 |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | |
| Current portion of long-term debt | | $ | 2 | | $ | — | | $ | 23 | | $ | 26 | | $ | — | | $ | 51 |
| Accounts payable and subcontractors payable, including retentions | | | 11 | | | — | | | 410 | | | 332 | | | -61 | | | 692 |
| Accrued salaries and employee benefits | | | 38 | | | — | | | 350 | | | 135 | | | — | | | 523 |
| Billings in excess of costs and accrued earnings on contracts | | | — | | | — | | | 120 | | | 102 | | | — | | | 222 |
| Intercompany accounts payable | | | 1,726 | | | — | | | 1,125 | | | 328 | | | -3,179 | | | — |
| Short-term intercompany notes payable | | | 66 | | | — | | | 21 | | | 230 | | | -317 | | | — |
| Other current liabilities | | | 32 | | | 9 | | | 276 | | | 29 | | | -19 | | | 327 |
| | | | | Total current liabilities | | | 1,875 | | | 9 | | | 2,325 | | | 1,182 | | | -3,576 | | | 1,815 |
Long-term debt | | | 1,007 | | | 600 | | | 47 | | | 125 | | | — | | | 1,779 |
Deferred tax liabilities | | | — | | | — | | | 357 | | | 74 | | | -3 | | | 428 |
Self-insurance reserves | | | — | | | — | | | 11 | | | 117 | | | — | | | 128 |
Pension and post-retirement benefit obligations | | | — | | | — | | | 117 | | | 164 | | | — | | | 281 |
Long-term intercompany notes payable | | | — | | | — | | | 568 | | | 1,166 | | | -1,734 | | | — |
Other long-term liabilities | | | 4 | | | — | | | 102 | | | 30 | | | — | | | 136 |
| | | | | | | Total liabilities | | | 2,886 | | | 609 | | | 3,527 | | | 2,858 | | | -5,313 | | | 4,567 |
URS stockholders' equity | | | 3,943 | | | 24 | | | 5,454 | | | 1,497 | | | -6,975 | | | 3,943 |
Intercompany notes receivable | | | -772 | | | -541 | | | -650 | | | -88 | | | 2,051 | | | — |
| | | | | Total URS stockholders' equity | | | 3,171 | | | -517 | | | 4,804 | | | 1,409 | | | -4,924 | | | 3,943 |
Noncontrolling interests | | | — | | | — | | | — | | | 145 | | | — | | | 145 |
| | | | | | | Total stockholders' equity | | | 3,171 | | | -517 | | | 4,804 | | | 1,554 | | | -4,924 | | | 4,088 |
| | | | | | | | | Total liabilities and stockholders' equity | | $ | 6,057 | | $ | 92 | | $ | 8,331 | | $ | 4,412 | | $ | -10,237 | | $ | 8,655 |
| | | | | | | | | | | CONDENSED CONSOLIDATING BALANCE SHEET - UNAUDITED |
| | | | | | | | | | | As of January 3, 2014 |
(in millions) | | Issuer Parent | | Issuer Fox LP | | Guarantors | | Non- Guarantors | | Eliminations | | Consolidated |
ASSETS | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 107 | | $ | — | | $ | 20 | | $ | 205 | | $ | -48 | | $ | 284 |
| Accounts receivable, including retentions | | | — | | | — | | | 815 | | | 590 | | | -12 | | | 1,393 |
| Costs and accrued earnings in excess of billings on contracts | | | — | | | — | | | 980 | | | 547 | | | -6 | | | 1,521 |
| Less receivable allowances | | | — | | | — | | | -30 | | | -35 | | | — | | | -65 |
| | | Net accounts receivable | | | — | | | — | | | 1,765 | | | 1,102 | | | -18 | | | 2,849 |
| Intercompany accounts receivable | | | 440 | | | 19 | | | 2,439 | | | 422 | | | -3,320 | | | — |
| Other current assets | | | 42 | | | — | | | 108 | | | 118 | | | -10 | | | 258 |
| | | | | Total current assets | | | 589 | | | 19 | | | 4,332 | | | 1,847 | | | -3,396 | | | 3,391 |
Investments in and advances to subsidiaries and unconsolidated joint ventures | | | 5,731 | | | 52 | | | 1,488 | | | 192 | | | -7,218 | | | 245 |
Property and equipment at cost, net | | | 29 | | | — | | | 166 | | | 413 | | | — | | | 608 |
Intangible assets, net | | | — | | | — | | | 229 | | | 341 | | | — | | | 570 |
Goodwill | | | — | | | — | | | 2,230 | | | 1,466 | | | — | | | 3,696 |
Other long-term assets | | | 19 | | | — | | | 106 | | | 87 | | | -4 | | | 208 |
| | | | | | | | | Total assets | | $ | 6,368 | | $ | 71 | | $ | 8,551 | | $ | 4,346 | | $ | -10,618 | | $ | 8,718 |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | |
| Current portion of long-term debt | | $ | 2 | | $ | — | | $ | 16 | | $ | 27 | | $ | — | | $ | 45 |
| Accounts payable and subcontractors payable, including retentions | | | 3 | | | — | | | 421 | | | 331 | | | -67 | | | 688 |
| Accrued salaries and employee benefits | | | 34 | | | — | | | 345 | | | 128 | | | — | | | 507 |
| Billings in excess of costs and accrued earnings on contracts | | | — | | | — | | | 126 | | | 107 | | | — | | | 233 |
| Intercompany accounts payable | | | 1,952 | | | — | | | 1,052 | | | 316 | | | -3,320 | | | — |
| Short-term intercompany notes payable | | | 66 | | | — | | | 21 | | | 189 | | | -276 | | | — |
| Other current liabilities | | | 50 | | | 9 | | | 277 | | | 40 | | | -10 | | | 366 |
| | | | | Total current liabilities | | | 2,107 | | | 9 | | | 2,258 | | | 1,138 | | | -3,673 | | | 1,839 |
Long-term debt | | | 907 | | | 700 | | | 28 | | | 32 | | | — | | | 1,667 |
Deferred tax liabilities | | | — | | | — | | | 371 | | | 76 | | | -3 | | | 444 |
Self-insurance reserves | | | — | | | — | | | 11 | | | 116 | | | — | | | 127 |
Pension and post-retirement benefit obligations | | | — | | | — | | | 124 | | | 162 | | | — | | | 286 |
Long-term intercompany notes payable | | | — | | | — | | | 564 | | | 1,263 | | | -1,827 | | | — |
Other long-term liabilities | | | 3 | | | — | | | 94 | | | 31 | | | — | | | 128 |
| | | | | | | Total liabilities | | | 3,017 | | | 709 | | | 3,450 | | | 2,818 | | | -5,503 | | | 4,491 |
URS stockholders' equity | | | 4,081 | | | 19 | | | 5,731 | | | 1,468 | | | -7,218 | | | 4,081 |
Intercompany notes receivable | | | -730 | | | -657 | | | -630 | | | -86 | | | 2,103 | | | — |
| | | | | Total URS stockholders' equity | | | 3,351 | | | -638 | | | 5,101 | | | 1,382 | | | -5,115 | | | 4,081 |
Noncontrolling interests | | | — | | | — | | | — | | | 146 | | | — | | | 146 |
| | | | | | | Total stockholders' equity | | | 3,351 | | | -638 | | | 5,101 | | | 1,528 | | | -5,115 | | | 4,227 |
| | | | | | | | | Total liabilities and stockholders' equity | | $ | 6,368 | | $ | 71 | | $ | 8,551 | | $ | 4,346 | | $ | -10,618 | | $ | 8,718 |
| | | | | | | | | | | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS – UNAUDITED |
| | | | | | | | | | | For the Three Months Ended July 4, 2014 |
(in millions) | | Issuer Parent | | Issuer Fox LP | | Guarantors | | Non- Guarantors | | Eliminations | | Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | $ | — | | $ | — | | $ | 1,525 | | $ | 1,115 | | $ | -85 | | $ | 2,555 |
Cost of revenues | | | — | | | — | | | -1,431 | | | -1,061 | | | 85 | | | -2,407 |
General and administrative expenses | | | -26 | | | — | | | — | | | -1 | | | — | | | -27 |
Equity in income (loss) in subsidiaries | | | 95 | | | 7 | | | 48 | | | -4 | | | -146 | | | — |
Equity in income of unconsolidated joint ventures | | | — | | | — | | | 2 | | | 15 | | | — | | | 17 |
Intercompany royalty and general and administrative charges | | | 22 | | | — | | | -23 | | | 1 | | | — | | | — |
| | | | Operating income (loss) | | | 91 | | | 7 | | | 121 | | | 65 | | | -146 | | | 138 |
Interest expense | | | -9 | | | -7 | | | — | | | -2 | | | — | | | -18 |
Intercompany interest income | | | 3 | | | 1 | | | 9 | | | — | | | -13 | | | — |
Intercompany interest expense | | | — | | | — | | | -3 | | | -10 | | | 13 | | | — |
Other income | | | — | | | — | | | — | | | 1 | | | — | | | 1 |
| | | | Income (loss) before income taxes | | | 85 | | | 1 | | | 127 | | | 54 | | | -146 | | | 121 |
Income tax benefit (expense) | | | 3 | | | 2 | | | -32 | | | 14 | | | — | | | -13 |
| | | | Net income (loss) including noncontrolling interests | | | 88 | | | 3 | | | 95 | | | 68 | | | -146 | | | 108 |
Noncontrolling interests in income of consolidated subsidiaries | | | — | | | — | | | — | | | -20 | | | — | | | -20 |
| | | | | | Net income (loss) attributable to URS | | $ | 88 | | $ | 3 | | $ | 95 | | $ | 48 | | $ | -146 | | $ | 88 |
| | | | | | Comprehensive income (loss) attributable to URS | | $ | 126 | | $ | 3 | | $ | 133 | | $ | 73 | | $ | -209 | | $ | 126 |
| | | | | | | | | | | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS – UNAUDITED |
| | | | | | | | | | | For the Three Months Ended June 28, 2013 |
(in millions) | | Issuer Parent | | Issuer Fox LP | | Guarantors | | Non- Guarantors | | Eliminations | | Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | $ | — | | $ | — | | $ | 1,708 | | $ | 1,172 | | $ | -88 | | $ | 2,792 |
Cost of revenues | | | — | | | — | | | -1,585 | | | -1,145 | | | 88 | | | -2,642 |
General and administrative expenses | | | -24 | | | — | | | — | | | 1 | | | — | | | -23 |
Equity in income (loss) in subsidiaries | | | 66 | | | 7 | | | 2 | | | -4 | | | -71 | | | — |
Equity in income of unconsolidated joint ventures | | | — | | | — | | | 2 | | | 16 | | | — | | | 18 |
Intercompany royalty and general and administrative charges | | | 32 | | | — | | | -28 | | | -4 | | | — | | | — |
| | | | Operating income (loss) | | | 74 | | | 7 | | | 99 | | | 36 | | | -71 | | | 145 |
Interest expense | | | -8 | | | -9 | | | — | | | -4 | | | — | | | -21 |
Intercompany interest income | | | 2 | | | 1 | | | 9 | | | — | | | -12 | | | — |
Intercompany interest expense | | | -1 | | | — | | | -2 | | | -9 | | | 12 | | | — |
Other expenses | | | — | | | — | | | — | | | -3 | | | — | | | -3 |
| | | | Income (loss) before income taxes | | | 67 | | | -1 | | | 106 | | | 20 | | | -71 | | | 121 |
Income tax benefit (expense) | | | — | | | 4 | | | -39 | | | -4 | | | — | | | -39 |
| | | | Net income (loss) including noncontrolling interests | | | 67 | | | 3 | | | 67 | | | 16 | | | -71 | | | 82 |
Noncontrolling interests in income of consolidated subsidiaries | | | — | | | — | | | — | | | -15 | | | — | | | -15 |
| | | | | | Net income (loss) attributable to URS | | $ | 67 | | $ | 3 | | $ | 67 | | $ | 1 | | $ | -71 | | $ | 67 |
| | | | | | Comprehensive income (loss) attributable to URS | | $ | 30 | | $ | 3 | | $ | 31 | | $ | -37 | | $ | 3 | | $ | 30 |
| | | | | | | | | | | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS – UNAUDITED |
| | | | | | | | | | | For the Six Months Ended July 4, 2014 |
(in millions) | | Issuer Parent | | Issuer Fox LP | | Guarantors | | Non- Guarantors | | Eliminations | | Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | $ | — | | $ | — | | $ | 2,988 | | $ | 2,251 | | $ | -147 | | $ | 5,092 |
Cost of revenues | | | — | | | — | | | -2,828 | | | -2,173 | | | 147 | | | -4,854 |
General and administrative expenses | | | -49 | | | — | | | — | | | — | | | — | | | -49 |
Equity in income (loss) in subsidiaries | | | 118 | | | 15 | | | 37 | | | -9 | | | -161 | | | — |
Equity in income of unconsolidated joint ventures | | | — | | | — | | | 4 | | | 32 | | | — | | | 36 |
Intercompany royalty and general and administrative charges | | | 56 | | | — | | | -48 | | | -8 | | | — | | | — |
| | | | Operating income (loss) | | | 125 | | | 15 | | | 153 | | | 93 | | | -161 | | | 225 |
Interest expense | | | -16 | | | -16 | | | — | | | -4 | | | — | | | -36 |
Intercompany interest income | | | 5 | | | 2 | | | 18 | | | 1 | | | -26 | | | — |
Intercompany interest expense | | | -1 | | | — | | | -5 | | | -20 | | | 26 | | | — |
Other expenses | | | — | | | — | | | — | | | -3 | | | — | | | -3 |
| | | | Income (loss) before income taxes | | | 113 | | | 1 | | | 166 | | | 67 | | | -161 | | | 186 |
Income tax benefit (expense) | | | 2 | | | 5 | | | -48 | | | 2 | | | — | | | -39 |
| | | | Net income (loss) including noncontrolling interests | | | 115 | | | 6 | | | 118 | | | 69 | | | -161 | | | 147 |
Noncontrolling interests in income of consolidated subsidiaries | | | — | | | — | | | — | | | -32 | | | — | | | -32 |
| | | | | | Net income (loss) attributable to URS | | $ | 115 | | $ | 6 | | $ | 118 | | $ | 37 | | $ | -161 | | $ | 115 |
| | | | | | Comprehensive income (loss) attributable to URS | | $ | 137 | | $ | 6 | | $ | 142 | | $ | 45 | | $ | -193 | | $ | 137 |
| | | | | | | | | | | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS – UNAUDITED |
| | | | | | | | | | | For the Six Months Ended June 28, 2013 |
(in millions) | | Issuer Parent | | Issuer Fox LP | | Guarantors | | Non- Guarantors | | Eliminations | | Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | $ | — | | $ | — | | $ | 3,431 | | $ | 2,332 | | $ | -168 | | $ | 5,595 |
Cost of revenues | | | — | | | — | | | -3,183 | | | -2,278 | | | 168 | | | -5,293 |
General and administrative expenses | | | -46 | | | — | | | — | | | — | | | — | | | -46 |
Equity in income (loss) in subsidiaries | | | 132 | | | 15 | | | 6 | | | -9 | | | -144 | | | — |
Equity in income of unconsolidated joint ventures | | | — | | | — | | | 5 | | | 37 | | | — | | | 42 |
Intercompany royalty and general and administrative charges | | | 69 | | | — | | | -61 | | | -8 | | | — | | | — |
| | | | Operating income (loss) | | | 155 | | | 15 | | | 198 | | | 74 | | | -144 | | | 298 |
Interest expense | | | -16 | | | -17 | | | — | | | -9 | | | — | | | -42 |
Intercompany interest income | | | 5 | | | 2 | | | 18 | | | — | | | -25 | | | — |
Intercompany interest expense | | | -1 | | | — | | | -5 | | | -19 | | | 25 | | | — |
Other expenses | | | — | | | — | | | — | | | -6 | | | — | | | -6 |
| | | | Income (loss) before income taxes | | | 143 | | | — | | | 211 | | | 40 | | | -144 | | | 250 |
Income tax benefit (expense) | | | -4 | | | 6 | | | -78 | | | -5 | | | — | | | -81 |
| | | | Net income (loss) including noncontrolling interests | | | 139 | | | 6 | | | 133 | | | 35 | | | -144 | | | 169 |
Noncontrolling interests in income of consolidated subsidiaries | | | — | | | — | | | — | | | -30 | | | — | | | -30 |
| | | | | | Net income (loss) attributable to URS | | $ | 139 | | $ | 6 | | $ | 133 | | $ | 5 | | $ | -144 | | $ | 139 |
| | | | | | Comprehensive income (loss) attributable to URS | | $ | 69 | | $ | 6 | | $ | 67 | | $ | -70 | | $ | -3 | | $ | 69 |
| | | | | | | | | | | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS – UNAUDITED |
| | | | | | | | | | | For the Six Months Ended July 4, 2014 |
(in millions) | | Issuer Parent | | Issuer Fox LP | | Guarantors | | Non- Guarantors | | Eliminations | | Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from operating activities | | $ | -14 | | $ | -12 | | $ | 229 | | $ | 54 | | $ | 5 | | $ | 262 |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | |
| Proceeds from disposal of property and equipment | | | — | | | — | | | 1 | | | 32 | | | — | | | 33 |
| Changes in restricted cash | | | — | | | — | | | — | | | 3 | | | — | | | 3 |
| Capital expenditures, less equipment purchased through capital leases and equipment notes | | | -5 | | | — | | | -27 | | | -10 | | | — | | | -42 |
| Other intercompany investing activities | | | 36 | | | 112 | | | -156 | | | 823 | | | -815 | | | — |
Net cash from investing activities | | | 31 | | | 112 | | | -182 | | | 848 | | | -815 | | | -6 |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | |
| Borrowings from long-term debt | | | 100 | | | — | | | — | | | — | | | -100 | | | — |
| Payments on long-term debt | | | — | | | -100 | | | -3 | | | — | | | 100 | | | -3 |
| Borrowings from revolving line of credit | | | 485 | | | — | | | — | | | 178 | | | — | | | 663 |
| Payments on revolving line of credit | | | -485 | | | — | | | — | | | -96 | | | — | | | -581 |
| Net payments on other indebtedness | | | -1 | | | — | | | -3 | | | -7 | | | — | | | -11 |
| Net change in overdrafts | | | — | | | — | | | — | | | 1 | | | — | | | 1 |
| Proceeds from employee stock purchases and exercises of stock options | | | 2 | | | — | | | — | | | — | | | — | | | 2 |
| Distributions to noncontrolling interests | | | — | | | — | | | — | | | -36 | | | — | | | -36 |
| Dividends paid | | | -31 | | | — | | | — | | | — | | | — | | | -31 |
| Repurchases of common stock | | | -266 | | | — | | | — | | | — | | | — | | | -266 |
| Other intercompany financing activities | | | 126 | | | — | | | -36 | | | -905 | | | 815 | | | — |
Net cash from financing activities | | | -70 | | | -100 | | | -42 | | | -865 | | | 815 | | | -262 |
Net change in cash and cash equivalents | | | -53 | | | — | | | 5 | | | 37 | | | 5 | | | -6 |
Effect of foreign exchange rate changes on cash and cash equivalents | | | — | | | — | | | — | | | 5 | | | — | | | 5 |
Cash and cash equivalents at beginning of period | | | 107 | | | — | | | 20 | | | 205 | | | -48 | | | 284 |
Cash and cash equivalents at end of period | | $ | 54 | | $ | — | | $ | 25 | | $ | 247 | | $ | -43 | | $ | 283 |
| | | | | | | | | | | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS – UNAUDITED |
| | | | | | | | | | | For the Six Months Ended June 28, 2013 |
(in millions) | | Issuer Parent | | Issuer Fox LP | | Guarantors | | Non- Guarantors | | Eliminations | | Consolidated |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from operating activities | | $ | -90 | | $ | 2 | | $ | 189 | | $ | -10 | | $ | -1 | | $ | 90 |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | |
| Proceeds from disposal of property and equipment | | | — | | | — | | | — | | | 26 | | | — | | | 26 |
| Changes in restricted cash | | | — | | | — | | | — | | | 2 | | | — | | | 2 |
| Capital expenditures, less equipment purchased through capital leases and equipment notes | | | -3 | | | — | | | -15 | | | -28 | | | — | | | -46 |
| Other intercompany investing activities | | | 394 | | | -2 | | | 307 | | | 9 | | | -708 | | | — |
Net cash from investing activities | | | 391 | | | -2 | | | 292 | | | 9 | | | -708 | | | -18 |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | |
| Payments on long-term debt | | | — | | | — | | | -2 | | | — | | | — | | | -2 |
| Borrowings from revolving line of credit | | | 815 | | | — | | | — | | | 43 | | | — | | | 858 |
| Payments on revolving line of credit | | | -755 | | | — | | | — | | | -68 | | | — | | | -823 |
| Net payments on other indebtedness | | | -16 | | | — | | | -2 | | | -6 | | | — | | | -24 |
| Net change in overdrafts | | | — | | | — | | | 5 | | | 1 | | | -19 | | | -13 |
| Excess tax benefits from stock-based compensation | | | 2 | | | — | | | — | | | — | | | — | | | 2 |
| Proceeds from employee stock purchases and exercises of stock options | | | 13 | | | — | | | — | | | — | | | — | | | 13 |
| Distributions to noncontrolling interests | | | — | | | — | | | — | | | -32 | | | — | | | -32 |
| Dividends paid | | | -31 | | | — | | | — | | | — | | | — | | | -31 |
| Repurchases of common stock | | | -93 | | | — | | | — | | | — | | | — | | | -93 |
| Other intercompany financing activities | | | -212 | | | — | | | -488 | | | -8 | | | 708 | | | — |
Net cash from financing activities | | | -277 | | | — | | | -487 | | | -70 | | | 689 | | | -145 |
Net change in cash and cash equivalents | | | 24 | | | — | | | -6 | | | -71 | | | -20 | | | -73 |
Effect of foreign exchange rate changes on cash and cash equivalents | | | — | | | — | | | — | | | -8 | | | — | | | -8 |
Cash and cash equivalents at beginning of period | | | 14 | | | — | | | 17 | | | 286 | | | -2 | | | 315 |
Cash and cash equivalents at end of period | | $ | 38 | | $ | — | | $ | 11 | | $ | 207 | | $ | -22 | | $ | 234 |