Compare Target's 2014 net income to its 2015net income. Next, compare Target's 2014 cash provided by operating activitiesto its 2015 cash provided by operating activities. Which changed the most from2014 to 2015, net earnings or cash provided by operating activities?
What percentage of Target's sales go to pay for
Consolidated Statements of Cash Flows (millions) 2015 2014 2073 Operating activities Net earnings / (loss) $ 3,363 $ (1.636) $ 1,971 Earnings / (losses) from discontinued operations, net of tax 42 (4.065) (723) Net earnings from continuing operations 3,321 2,449 2,694 Adjustments to reconcile net earnings to cash provided by operations: Depreciation and amortization 2.213 2.129 1.896 Share-based compensation expense 115 71 106 Deferred income taxes (322) 7 58 Gain on sale 620) (391) Loss on debt extinguishment 285 445 Noncash (gains) / losses and other, net (12) 40 87 Changes in operating accounts: Accounts receivable originated at Target 157 Proceeds on sale of accounts receivable originated at Target 2,703 Inventory (316) (512) (504) Other assets 227 (115) (79) Accounts payable and accrued liabilities 534 777 247 Cash provided by operating activities-continuing operations 5.140 5.13 .519 Cash provided by / (required for) operating activities-discontinued operations 704 (692) (999) Cash provided by operations 5.844 4.438 6,520 Investing activities Expenditures for property and equipment (1.438) (1.786) (1.886) Proceeds from disposal of property and equipment 28 95 70 Proceeds from sale of businesses 1.875 Change in accounts receivable originated at third parties 121 Proceeds from sale of accounts receivable originated at third parties 3.002 Cash paid for acquisitions, net of cash assumed (20) (157) Other investments 24 106 130 Cash provided by / (required for) investing activities-continuing operations 489 (1.605) 1,280 ash provided by / (required for) investing activities- discontinued operations 19 (321 1.551) ash provided by /(required for) investing activities 508 (1.926) (271) Financing activities Change in commercial paper, net 180 890 Additions to long-term debt 1,993 Reductions of long-term debt (85) (2.079) (3.463) Dividends paid (1,362) (1.205) (1,006 Repurchase of stock (3,438 1,461) Stock option exercises and related tax benefit 368 373 456 Cash required for financing activities (4.516) (998 6.364) Effect of exchange rate changes on cash and cash equivalents 26 Net increase / (decrease) in cash and cash equivalents 1,836 1,515 (89) Cash and cash equivalents at beginning of period 2.210 695 784 Cash and cash equivalents at end of period $ 4.046 2.210 $ 695 Supplemental information Interest paid, net of capitalized interest 604 $ 871 $ 1.043Consolidated Statements of Shareholders' Investment Common Stock Additional Accumulated Other Stock Pa Paid-in Retained Comprehensive (millions, except footnotes) Shares Value Capital Earnings Income/(Loss) Total February 2, 2013 645.3 $ 54 $ 3,925 $ 13,155 $ (576) $ 16,558 Net earnings Other comprehensive income 1 1,971 1,971 (315) (315) Dividends declared - - (1,051) (1,051) Repurchase of stock (21.9) (2) - (1,476) (1,478) Stock options and awards 9.5 1 545 546 February 1, 2014 632.9 $ 53 $ 4,470 $ 12,599 $ (891) $ 16,231 Net loss (1,636) (1,636) Other comprehensive loss 292 292 Dividends declared (1,273) (1,273) Repurchase of stock (0.8) (46) (46) Stock options and awards B.1 429 429 January 31, 2015 640.2 $ 53 $ 4,899 $ 9,644 $ (599) $ 13,997 Net earnings 3,363 3,363 Other comprehensive income (30) (30) Dividends declared - - (1,378) (1,378) Repurchase of stock (44.7 ( 4 ) (3,441) (3,445) Stock options and awards 6.7 1 449 450 January 30, 2016 602.2 $ 50$ 5,348 $ 8,188 $ (629) $ 12,957 Dividends declared per share were $2.20, $1.99, and $1.65 in 2015, 2014, and 2013, respectively. See accompanying Notes to Consolidated Financial Statements.Assets Cash and cash equivalents, including short-term investments of $3,008 and $1,520 $ 4,046 $ 2,210 Inventory 8,601 8,282 Assets of discontinued operations 322 1,058 Other current assets 1,161 2,074 Total current assets 14,130 13,624 Property and equipment Land 6, 125 6,127 Buildings and improvements 27,059 26,613 Fixtures and equipment 5,347 5,329 Computer hardware and software 2,617 2,552 Construction-in-progress 315 424 Accumulated depreciation (16,246) (15,093) Property and equipment, net 25,217 25,952 Noncurrent assets of discontinued operations 75 717 Other noncurrent assets 840 879 Total assets $ 40,262 $ 41,172 Liabilities and shareholders' investment Accounts payable $ 7,418 $ 7,759 Accrued and other current liabilities 4,236 3,783 Current portion of long-term debt and other borrowings 815 91 Liabilities of discontinued operations 153 103 Total current liabilities 12,622 11,736 Long-term debt and other borrowings 11,945 12,634 Deferred income taxes 823 1,160 Noncurrent liabilities of discontinued operations 18 193 Other noncurrent liabilities 1,897 1,452 Total noncurrent liabilities 14,683 15,439 Shareholders' investment Common stock 50 53 Additional paid-in capital 5,348 4,899 Retained earnings 8,188 9.644 Accumulated other comprehensive loss Pension and other benefit liabilities (588) (561) Currency translation adjustment and cash flow hedges (41) (38) Total shareholders' investment 12,957 13,997 Total liabilities and shareholders' investment 40,262 $ 41,172