Exhibit 1.21 Wal-Mart Stores, Inc. Statements of Cash Flows for the Three Fiscal Years Ended January 31 (amounts in millions; allow for rounding) (Integrative Case 1.1) 2014 2015 2016 $ 16,695 8,870 (279) (566) (1,667) 531 (1,224) 103 (144) 938 $ 23,257 727 (13,115) $ 17,099 9,173 (503) (569) (1,229) 2,678 166 1,249 (285) 785 $ 28,564 570 (12,174) Net Income Add back depreciation and amortization expenses Deferred income taxes (Increase) Decrease in accounts receivable (Increase) Decrease in inventories Increase (Decrease) in accounts payable Increase (Decrease) in income taxes payable Increase (Decrease) in other current liabilities (Income) Loss from discontinued segments Other operating cash flows Net Cash Flow from Operating Activities Proceeds from sales of property, plant, and equipment Property, plant, and equipment acquired Investments acquired Other investment transactions Net Cash Flow from Investing Activities Increase (Decrease) in short-term borrowing Increase (Decrease) in long-term borrowing Share repurchases-treasury stock Dividend payments Other financing activities Net Cash Flow from Financing Activities Effects of exchange rate changes on cash Net Change in Cash Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year $ 15,080 9,454 (672) (19) (703) 2,008 (472) 1,303 1,410 $ 27,389 635 (11,477) 479 $(11,125) (6,288 1,270 (1,015) (138) $(12,526) 911 2,104 (6,683) (6,13 (982) $(10,789) (442) $ (500) $ 7,781 $ 7,281 (2,853) $(15,071) (514) $ 1,854 $ 7,281 $ 9,135 167 $(10,675) 1,235 (4,393) (4,112) (6,294) (2,558) $(16,122) (1,022) $ (430) $ 9,135 $ 8,705 Source: Wal-Mart Stores, Inc. Forms 10-K for the three fiscal years ended January 31, 2014, 2015, and 2016. Exhibit 1.19 Wal-Mart Stores, Inc. Balance Sheets as of January 31 (amounts in millions; allow for rounding) (Integrative Case 1.1) 2014 2015 2016 $ 9,135 6,778 45,141 2,224 $ 8,705 5,624 44,469 1,441 $ 7,281 6,677 44,858 1,909 460 $ 61,185 178,678 (60,771) 19,510 6,149 $204,751 $ 63,278 182,634 (65,979) 18,102 5,455 $203,490 $ 60,239 188,054 (71,538) 16,695 6,131 $199,581 Assets: Cash and cash equivalents Accounts and notes receivable-net Inventories Prepaid expenses and other current assets Current assets of discontinued segments Current Assets Property, plant, and equipment-at cost Accumulated depreciation Goodwill Other assets Total Assets Liabilities and Equities: Accounts payable Current accrued expenses Notes payable and short-term debt Current maturities of long-term debt Income taxes payable Current liabilities of discontinued operations Current Liabilities Long-term debt obligations Deferred tax liabilities-noncurrent Redeemable noncontrolling interest Total Liabilities Common stock + Additional paid-in capital Retained earnings Accum. other comprehensive income (loss) Total Common Shareholders' Equity Noncontrolling interests Total Equity Total Liabilities and Equities $ 38,410 19,152 1,592 5,078 1,021 $ 38,487 19,607 2,708 3,296 521 $ 37,415 18,793 7,670 4,412 966 89 $ 69,345 44,559 8,017 1,491 $123,412 2,685 76,566 $ 65,253 43,495 8,805 $ 64,619 44,030 7,321 (2,996) $117,553 2,785 85,777 (7,168) $ 81,394 4,543 $ 85,937 $203,490 $115,970 2,122 90,021 (11,597) $ 80,546 3,065 $ 83,611 $199,581 $ 76,255 5,084 $ 81,339 $204,751 Compute the values of each of the ratios in Exhibit 5.26 for Walmart for 2015. Walmart had 3,162 million common shares outstanding at the end of fiscal 2015, and the market price per share was $66.36. For 2014, the comparable shares and price per share were 3,228 million and $84.98, and for 2013, they were 3,233 million and $74.68, respectively. For days accounts receivable outstanding, use total revenues in your calculations. Exhibit 1.20 Wal-Mart Stores, Inc. Income Statements for the Fiscal Years Ended January 31 (amounts in millions; allow for rounding) (Integrative Case 1.1) + 2014 2015 2016 Revenues $ 476,294 $ 485,651 $ 482,130 Cost of goods sold 358,069 365,086 360,984 Gross Profit $118,225 $120,565 $121,146 Selling, general, and administrative expenses 91,353 93,418 97,041 Operating Profit $ 26,872 $ 27,147 $ 24,105 Interest income 119 113 81 Interest expense (2,335) (2,461) (2,548) Income before Tax $ 24,656 $ 24,799 $ 21,638 Income tax expense 8,105 7,985 6,558 Income (Loss) from discontinued operations 144 285 Net Income $ 16,695 $ 17,099 $ 15,080 Net income attributable to noncontrolling interests (673) (736) (386) Net Income Attributable to Common Shareholders $ 16,022 $ 16,363 $ 14,694 Other comprehensive income items (2,409) (4,172) (4,429) Comprehensive Income $ 13,613 $ 12,191 $ 10,265 Source: Wal-Mart Stores, Inc. Forms 10-K for the three fiscal years ended January 31, 2014, 2015, and 2016. 2015 2014 2013 Current ratio Quick ratio Operating cash flow to current liabilities ratio Days accounts receivable outstanding Days inventory held Days accounts payable outstanding Net days of working capital financing needed Liabilities to assets ratio Liabilities to shareholders' equity ratio Long-term debt to long-term capital ratio Long-term debt to shareholders' equity ratio Interest coverage ratio Operating cash flow to total liabilities ratio Altman's Z-score Probability of bankruptcy 0.97 0.24 0.42 5.06 44.99 37.87 12.17 0.58 1.44 0.33 0.50 11.68 0.24 4.81 0.00% 0.88 0.20 0.33 5.15 45.19 38.37 11.98 0.60 1.62 0.35 0.55 12.19 0.19 4.41 0.00%