AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions Year Ended December 31, 2014 2015 14,557 8,658 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD OPERATING ACTIVITIES: Net income (loss) (241) 596 Adjustments to reconcile net income (loss) to net cash from operating activities: Depreciation of property and equipment, including internal-use software and website development, and other amortization, including capitalized content costs 4,746 6,281 Stock-based compensation 1,497 2,119 155 Other operating expense, net 129 Other expense (income), net 250 59 Deferred income taxes (316) 81 Excess tax benefits from stock-based compensation (119) (6) Changes in operating assets and liabilities: Inventories (2,187) 2016 15,890 2,371 8,116 2,975 160 (20) (246) (829) (1,426)