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Expand Your Critical Thinking 12-03 a Amazon.com, Inc.'s financial statements are presented in Appendix D. Click here to view Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Click here to view Appendix E. (a) Based on the information contained in these financial statements, compute free cash fl (15, 000). Enter amounts in millions.) Amazon.com, Inc. Wal-Mart Stores, Inc. Free cash flow Click if you would like to Show Work for this question: Open Show Work AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Year Ended December 31, 2014 2015 8,658 $ 14.557 $ 2016 15.890 (241) 596 2,371 4.746 1,497 129 6,281 2.119 155 250 81 (119) 8,116 2,975 160 (20) (246) (829) 59 (316) (0) (2,187) (1.755) (1.193) (1,039) 1,759 706 4.433 (3,692) 6.842 913 7.401 (6,109) 11,920 (1.426) (3.367) 5,030 1.724 11.931 (9.976) 16,443 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD OPERATING ACTIVITIES: Net income (loss) 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 Stock-based compensation Other operating expense, net Other expense (income), net Deferred income taxes Excess tax benefits from stock-based compensation Changes in operating assets and liabilities: Inventories Accounts receivable, net and other Accounts payable Accrued expenses and other Additions to uneamed revenue Amortization of previously unearned revenue Net cash provided by (used in operating activities INVESTING ACTIVITIES: Purchases of property and equipment, including intemal-use software and website development, net 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: Excess lax benefits from stock-based compensation 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 and cash equivalents Net increase (decrease in cash and cash equivalents CASH AND CASH EQUIVALENTS, END OF PERIOD SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest on long-term debt Cash paid for interest on capital and finance case 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 (4,893) (979) 3.349 (2.542) (5,065) (4.589) (795) 3.025 (4.091) (6.450) (6,737) (116) 4.733 (7.756) (9.876) 119 353 6,359 (513) (1.285) (135) 4,432 (1.652) (2.462) (121) (3.763) (374) 1.333 15.890 829 621 (354) (3.860) (147) (2.911) (212) (310) 5,899 14.557 19.334 91 $ 86 325 $ 153 290 206 172 273 4.008 4,717 544 412 5,704 1.209 920 AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) Year Ended December 31, 2014 2015 70,080 S 79.268 S 18.908 27.738 88,988 107,006 2016 94.665 41.322 135,987 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 (loss) before income taxes Provision for income taxes Equity-method investment activity, net of tax Net income (loss) Basic earnings per share Diluted earnings per share Weighted average shares used in computation of earnings per share: Basic Diluted 62.752 10,766 4,332 9,275 1,552 133 88,810 178 39 (210) (118) (289) (111) (167) 71,651 13,410 5,254 12,540 1,747 171 104,773 2,233 50 (459) (256) (665) 1,568 (950) (22) 596 88,265 17.619 7,233 16,085 2,432 167 131,801 4,186 100 (484) 90 (294) 3,892 (1,425) (96) (241) S $ 2.371 1.28 (0.52) 1.25 $ 462 474 AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) Year Ended December 31. 2014 2015 (241) $ 596 S 2016 2,371 (210) (279) Net income (loss) Other comprehensive income (loss): Foreign currency translation adjustments, net of tax of $(3). $10, and $(49) Net change in unrealized gains (losses) on available-for-sale securities: Unrealized gains (losses), net of tax of $1. $(5), and $(12) Reclassification adjustment for losses (gains) included in "Other income (expense), net," net of tax of $(1). SO, and so Net unrealized gains (losses) on available-for-sale securities Total other comprehensive income (loss) Comprehensive income (loss) $ 2) (262) 2.109 384 S AMAZON.COM, INC. CONSOLIDATED BALANCE SHEETS (in millions, except per share data) December 31, 2015 15.890 $ 3,918 10,243 5,654 35,705 21,838 3,759 3,445 64,747 $ 19,334 6,647 11,461 8,339 45,781 29.114 3,784 4,723 83,402 S ASSETS Current assets: Cash and cash equivalents Marketable securities Inventories Accounts receivable, net and other Total current assets Property and equipment, net Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and other Unearned revenue Total current liabilities Long-term debt Other long-term liabilities Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $0.01 par value: Authorized shares - 500 Issued and outstanding shares none Common stock, $0.01 par value: Authorized shares - 5,000 Issued shares - 494 and 500 Outstanding shares - 471 and 477 Treasury stock, at cost Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 20,397 $ 10,372 3,118 33,887 8,227 9,249 25,309 13,739 4,768 43,816 7,694 12,607 (1,837) 13,394 (723) 2,545 13,384 64,747 S (1,837) 17,186 (985) 4,916 19,285 83,402 AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY in millions) Common Stock Amount Accumulated Additional Other Treasury Paid In Comprehensive Capital Income (Loss) (1,837) $ 9,573 $ (185) $ 459 $ Total Retained Stockholders Earnings Equity 2,190 $ 9,746 (241) (241) (326) | | 1,510 1,510 11,135 44 10.741 596 (212) | Balance as of January 1, 2014 Net loss Other comprehensive income (loss) Exercise of common stock options Excess tax benefits from stock-based compensation Stock-based compensation and issuance of employee benefit plan stock Issuance of common stock for acquisition activity Balance as of December 31, 2014 Net income Other comprehensive income (loss) Exercise of common stock options Excess tax benefits from stock-based compensation Stock-based compensation and issuance of employee benefit plan stock Issuance of common stock for acquisition activity Balance as of December 31, 2015 Net income Other comprehensive income (loss) Exercise of common stock options Excess tax benefits from stock-based compensation Stock-based compensation and issuance of employee benefit plan stock Balance as of December 31, 2016 IIIIIIIIIIIII LLLLLLLL LLLLLLL 119 2,131 13,384 2,371 (262) | 829 | 829 2.962 17.186 2.962 19.285 477 $ 5$ (1.837) S S (985) $ 4.916 S Wal-Mart Stores, Inc. Consolidated Statement of Income Fiscal Years Ended January 31, 2017 2016 2015 $481,317 4.556 485,873 $478,614 3,516 482,130 $482,229 3,422 485,651 (Amounts in millons except per share data) Revenues: Net sales Membership and other income Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital lease and financing obligations Interest income 361,256 101,853 22,764 360,984 97,041 24.105 365,086 93,418 27,147 2,044 323 (100) 2,027 521 (81) 2,161 100 (113) Interest, net 2.348 2,267 20,497 6,204 14,293 2,467 21638 6.558 24,799 7,985 15,080 16,814 Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Income from discontinued operations, net of income taxes Consolidated net income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart 285 14,293 1650) $ 13,643 15,080 (386) $ 14,694 17,099 (736) $ 16,363 $ 4.40 $ 4.58 $ 5.01 0.06 5.07 $ 4.40 $ 4.58 $ Basic net income per common share: Basic income per common share from continuing operations attributable to Walmart Basic income per common share from discontinued operations attributable to Walmart Basic net income per common share attributable to Walmart Diluted net income per common share: Diluted income per common share from continuing operations attributable to Walmart Diluted income per common share from discontinued operations attributable to Walmart Diluted net income per common share attributable to Walmart $ 4.38 $ 4.57 $ 4.99 0.06 5.05 $ 4.38 $ 4.57 $ 3 Weighted average common shares outstanding: Basic Diluted Dividends declared per common share 3,101 3,112 2.00 ,207 3,217 1.96 3,230 3,243 1.92 $ $ $ See accompanying notes Wal-Mart Stores, Inc. Consolidated Statement of Comprehensive Income Amounts in m Wons) Consolidated net income Less consolidated net income attributable to nonredeemable noncontrolling interest Consolidated net income attributable to Walmart Fiscal Years Ended January 31, 2017 2016 2015 $14,293 $15,080 $17,099 (650) (386) (736) 13,643 14,694 16,363 (5.220) 366 (202) (4.558) 379 (470) (69) 86 Other comprehensive income (loss), net of income taxes Currency translation and other Net investment hedges Cash flow hedges Minimum pension liability Other comprehensive income (loss), net of income taxes Less other comprehensive income foss) attributable to nonredeemable noncontrolling interest Other comprehensive income (loss) attributable to Walmart Comprehensive income, net of income taxes Less comprehensive income foss) attributable to nonredeemable noncontrolling interest Comprehensive income attributable to Walmart (2,882) 413 21 (397) (2,845) 210 (2,635) 11,448 (440) $11,008 (4,970) 541 (4429) 10,110 155 $10,265 (4,718) 546 (4.172) 12,381 (190) $12,191 See accompanying notes Wal-Mart Stores, Inc. Consolidated Balance Sheets As of January 31, 2017 2016 (Amounts in millions) ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other $ $ 6,867 5,835 43,046 1,941 8,705 5,624 44,469 1,441 57,689 60,239 179,492 (71,782) 107,710 176,958 (66,787) 110,171 Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease and financing obligations: Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations, net Goodwill Other assets and deferred charges Total assets 11,637 (5,169) 6,468 17,037 9,921 11,096 (4,751) 6,345 16,695 6,131 $199,581 $198,825 $ $ LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities 1,099 41,433 20,654 921 2,256 565 2,708 38,487 19,607 521 2,745 551 66,928 64,619 Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other 36,015 6,003 9,344 38,214 5,816 7,321 Commitments and contingencies 305 317 1,805 90,021 (11,597) Equity Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Nonredeemable noncontrolling interest Total equity Total liabilities and equity 2,371 89,354 (14,232) 77,798 2,737 80,535 $198,825 80,546 3,065 83,611 $199,581 Wal-Mart Stores, Inc. Consolidated Statements of Cash Flow Fiscal Years Ended January 31, 2017 2016 2015 (Amounts in millions) Cash flows from operating activities: Consolidated net income Income from discontinued operations, net of income taxes $ 14,293 $ 15,080 $ 17,099 (285) 14,293 15,080 16814 10,080 761 9.454 1672) 1.410 9,173 (503) 785 206 Income from continuing operations Adjustments to reconcile income from continuing operations to net cash provided by operating activities Depreciation and amortization Deferred income taxes Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions Receivables.net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities (402) 1,021 3,942 1,137 492 31,530 (19) (703) 2008 1,303 (472) 27389 (569) (1,229) 2678 1.249 166 28,564 (11,477) (12,174) 635 570 Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Investment and business acquisitions, net of cash acquired Other investing activities 246 671 (10,619) 456 662 (1,901) (2,463) (122) (13,987) (79) (10,675) (192) (11,125) Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Payments of long-term debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities (1,673) 137 (2,055) (6,216) (8,298) (479) (90) (255) (18,929) 1,235 39 (4.432) (6,294) (4.112) (719) (1.326) (513) (16.122) (6.288) 5.174 (3,904) (6,185) (1,015) 1600) (1 844) (409) (15071) Effect of exchange rates on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (452) (1,838) 8,705 $ 6,867 (1,022) (430) 9,135 $8,705 (514) 1854 7.281 $ 9,135 Supplemental disclosure of cash flow information: Income taxes paid Interest paid 4,507 2,351 8,1118 2540 ,169 2,433