CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) 2017 2016 2015 $ s 9,366 2,782 (289) 334 (320) 788 (1,075) 364 503 9,790 2,527 (26) 1,214 (926) 799 (101) 393 674 8,852 2,354 (91) (102) (814) 752 (922) 410 628 (211) 1 107 (5) (52) (368) 208 12.343 (393) 186 (443) 40 (598) 13,136 223 (49) 354 11,385 OPERATING ACTIVITIES Net income Depreciation and amortization Gains on acquisitions and sales of investments Deferred income taxes Equity in the income of investees Cash distributions received from equity investees Net change in film and television costs and advances Equity-based compensation Other Changes in operating assets and liabilities: Receivables Inventories Other assets Accounts payable and other accrued liabilities Income taxes Cash provided by operations INVESTING ACTIVITIES Investments in parks, resorts and other property Acquisitions Other Cash used in investing activities FINANCING ACTIVITIES Commercial paper borrowings/(repayments), net Borrowings Reduction of borrowings Dividends Repurchases of common stock Proceeds from exercise of stock options Contributions from noncontrolling interest holders Other Cash used in financing activities (4.265) (3,623) (417) (71) (4,111) (4,773) (850) (135) (5,758) 20 (4,245) 1,247 4,820 (2,364) (2,445) (920) 6,065 (2,205) (2,313) (7.499) 259 2,376 2,550 (2,221) (3,063) (6,095) 329 1,012 (689) (5,801) 276 17 (1,142) (8,959) (607) (7.220) Impact of exchange rates on cash, cash equivalents and restricted cash 31 (123) (302) (696) 4,760 4,064 35 4,725 4,760 1,037 3,688 4,725 Change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of year Total cash, cash equivalents and restricted cash Supplemental disclosure of cash flow information: Interest paid Income taxes paid s $ 466 3,801 s S 395 4,133 S S 314 4,396 a. Calculate the FCF for 2017 and explain its definition. b. Assume that interest paid is 466, what was the overall change in debt? c. Do capital expenditures cover Company's Depreciation expenses? Is that a good sign for a Company, explain. d. The company borrowed around $13.4 billion between 2015-2017. What were some of the major uses for this cash between 2015-2017. e. An Analyst stated that since Disney continues to spend rather than receive cash from its investing activities it is an alarming sign that should be addressed by the Company's management. Is the analyst correct? Explain