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From the information provided in the statement of cash flows, explain what allows Fedex Corporation to expand its business as evidenced by the investing activities,

From the information provided in the statement of cash flows, explain what allows Fedex Corporation to expand its business as evidenced by the investing activities, while at the same time not raising as much cash through financing.

Investing activities: 2017 2016 2015
Capital expenditures (5,116) (4,818) (4,347)
Business acquisitions, net of cash acquired (4,618) (1,429)
Proceeds from asset dispositions and other (10) 24 18
(5,126) (9,412) (5,758)

Financing activities: 2017 2016 2015
Purchase of treasury stock (509) (2,722) (1,254)
Principal payments on debt (82) (41) (5)
Proceeds from debt issuances 1,190 6,519 2,491
Dividends paid (426) (227) (227)
Other 355 132 344
528 3,661 1,349

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