Access the 2018 annual report of Amazon and access the company's statements of cash flows

1. Locate the INVESTING section
   1. What are the two largest activities that the company spent most money in during the three years?
   2. Focus on year 2017, and locate the largest investing activity? What is it that Amazon spent almost $14 billion for? You may want to read the disclosure notes or google search
2. Locate the FINANCING section:
   1. What is the largest activity that Amazon spent money in? What does this entail?

2016 Year Ended December 31, 2017 16,175 $ 19,934 $ 2018 $ 21,856 2,371 3,033 10,073 8,116 2,975 160 (20) (246) 11,478 4,215 202 (292) (29) 15,341 5,418 274 219 441 (1,426) (3,436) 5,030 1,724 1,955 17,203 (3,583) (4,780) 7,100 283 738 18,365 (1,314) (4,615) 3,263 472 1,151 30,723 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash from operating activities: Depreciation of property and equipment and other amortization, including capitalized content costs Stock-based compensation Other operating expense, net Other expense (income), net Deferred income taxes Changes in operating assets and liabilities: Inventories Accounts receivable, net and other Accounts payable Accrued expenses and other Unearned revenue Net cash provided by (used in) operating activities INVESTING ACTIVITIES Purchases of property and equipment Proceeds from property and equipment incentives Acquisitions, net of cash acquired, and other Sales and maturities of marketable securities Purchases of marketable securities Net cash provided by (used in) investing activities FINANCING ACTIVITIES: Proceeds from long-term debt and other Repayments of long-term debt and other Principal repayments of capital lease obligations Principal repayments of finance lease obligations Net cash provided by (used in) financing activities Foreign currency effect on cash, cash equivalents, and restricted cash Net increase (decrease) in cash, cash equivalents, and restricted cash CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest on long-term debt Cash paid for interest on capital and finance lease obligations Cash paid for income taxes, net of refunds Property and equipment acquired under capital leases Property and equipment acquired under build-to-suit leases (7,804) 1,067 (116) 4,577 (7,240) (9,516) (11,955) 1,897 (13,972) 9,677 (12,731) (27,084) (13,427) 2,104 (2,186) 8,240 (7,100) (12,369) 618 768 (327) (3,860) (147) (3,716) (212) 3,759 19,934 S 16,228 (1,301) (4,799) (200) 9,928 (668) (7,449) (337) (7,686) (351) 10,317 32,173 713 1,922 $ 21,856 $ S 854 328 $ 319 290 S 206 412 5,704 1,209 957 575 1,184 10,615 3,641 9,637 3,541 See accompanying notes to consolidated financial statements. AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) 2018 $ Year Ended December 31, 2016 2017 94,665 $ 118,573 $ 41,322 59,293 135,987 177,866 141,915 90,972 232,887 Net product sales Net service sales Total net sales Operating expenses: Cost of sales Fulfillment Marketing Technology and content General and administrative Other operating expense, net Total operating expenses Operating income Interest income Interest expense Other income (expense), net Total non-operating income (expense) Income before income taxes Provision for income taxes Equity-method investment activity, net of tax Net income Basic earnings per share Diluted earnings per share Weighted average shares used in computation of earnings per share: Basic Diluted 88,265 17,619 7,233 16,085 2,432 167 131,801 4,186 100 (484) 90 (294) 3,892 (1,425) (96) 2,371 $ 5.01 $ 4.90 $ 111,934 25,249 10,069 22,620 3,674 214 173,760 4,106 202 (848) 346 (300) 3,806 (769) (4) 3,033 $ 6.32 $ 6.15 $ 139,156 34,027 13,814 28,837 4,336 296 220,466 12,421 440 (1,417) (183) (1,160) 11,261 (1,197) 9 $ $ 10,073 20.68 20.14 $ 474 480 487 484 493 500 See accompanying notes to consolidated financial statements. AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) Year Ended December 31, 2016 2017 2,371 $ 3,033 $ 2018 10,073 (279) 533 (538) Net income Other comprehensive income (loss): Foreign currency translation adjustments, net of tax of $(49), $5, and $6 Net change in unrealized gains (losses) on available-for-sale debt securities Unrealized gains (losses), net of tax of S(12), $5, and $0 Reclassification adjustment for losses (gains) included in "Other income (expense), net," net of tax of $0, $o, and $0 Net unrealized gains (losses) on available-for-sale debt securities Total other comprehensive income (loss) Comprehensive income 9 (39) (17) 8 7 8 17 (262) 2,109 $ (32) 501 3,534 $ $ (547) 9,526 See accompanying notes to consolidated financial statements