Presented below are SWOT analyses for Netflix and JetBlue prepared as of December 7, 2021, and sourced from D&B Hoovers. SWOT is a familiar acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. Strengths and Weaknesses describe conditions internal to the organization. Opportunities and Threats are terms used to describe the external environment within which the organizations operate. Not surprisingly, COVID-19 is identified as a threat for JetBlue but not for Netflix.

Netflix, Inc. JetBlue Airways Corporation Strengths Financial Performance Market Presence and Customer Base Geographic Network Aircraft Fleet Base Route Network Cash Position Weaknesses Lawsuits Operating Performance Opportunities Media and Entertainment Industry: the U.S. Business Expansions Growth Strategies for achieving Market Synergies Positive Outlook for US T&T Industry New Aircrafts Growth Initiatives Threats Dependence on Third-party Vendors Security Issues Oscillating Regulations and Laws Coronavirus (COVID-19) Outbreak Regulations Pilot Shortage (Dun & Bradstreet, Inc., 2021) Required: Financial data for JetBlue are provided in the accompanying Excel Spreadsheet prepared for this Module Submission. Over the three years included in the Excel Spreadsheet, sales and gross margin for JetBlue have changed dramatically due to travel bans and other secondary effects of the COVID19 pandemic.

4.1 To approximate the drop in revenue from December 31, 2019, to December 31, 2020, that is associated with the impact of COVID-19, express the change in revenue from fiscal year 2019 to fiscal year 2020 as a percentage of the revenue reported for the year ended December 31, 2019. Include Other revenue in the calculation. Round percentage to 1 decimal place. Answer: _______ %

4.2 Faced with a dramatic drop in revenue in fiscal year 2020, JetBlue would be expected to focus on cost containment. Costs that cannot be reduced by more than 20% during a period when there is a much greater decline in revenue are considered to be costs that are classified as semifixed costs in the short run. Using this classification, which of the costs and expenses reported by JetBlue in fiscal-year 2020 would be classified as semi-fixed in the short run? Answer:

4.3 Aircraft fuel and related taxes is an expense that is likely to be a variable cost and vary directly as a function of revenue. Was the management of JetBlue successful in employing the practice of flexible budgeting to reduce the expense for aircraft fuel and related taxes in fiscal-year 2020 to a level that should be expected for a cost that is a variable cost? Include the necessary numerical calculations needed to support your response. Answer:

4.4 When faced with a devasting financial crisis, running out of cash is a short route to bankruptcy and financial failure. A company that has no cash cannot pay operating costs and meet financial obligations. For JetBlue, the balances in cash and current investments in marketable securities reported as of December 31, 2020, are significantly greater than in previous years. On first consideration, this increase appears to be contraindicated; a company experiencing a devasting financial crisis shouldnt be expected to report a significant increase in cash. The success of the leadership of JetBlue in being resourceful and responding to a looming cash crisis by shoring up their cash position is reflected in the Dunn and Bradstreet SWOT analysis, which lists Cash Position as one of JetBlues strengths.

4.4.A How much of the increase in cash during fiscal-year 2020 is the result of financing activities? Answer: $____________________

4.4.B How much of the increase in cash during fiscal-year 2020 is the result of operating activities? Explain. Answer: $____________________

Netflix Inc. Consolidated Income Statement (in 12 Months Ended Dec. 31, Dec. 31, Dec. 31, 2020 2019 2018 Revenues Cost of revenues Gross Margin 24996056 20156447 15794341 15,276,319 12,440,213 9,967,538 9,719,737 7,716,234 5,826,803 Expenses: Marketing expense Technology and development General and administrative expense Total Expenses 2,228,362 2,652,462 2,369,469 1,829,600 1,545,149 1,221,814 1,076,486 914,369 630,294 5,134,448 5,111,980 4,221,577 Operating income 4,585,289 2,604,254 1,605,226 Interest expense Other income (expense) Income before income tax 767,499 (618,441) 3,199,349 626,023 420,493 84,000 41,725 2,062,231 1,226,458 Income tax expense Net income (437,954) (195,315) (15,216) $2,761,395 $1,866,916 $1,211,242 Earnings per share Dividend per share Closing Market Price $6.26 $ 0.00 $540.73 $4.26 $0.00 $323.57 $ 2.78 $0.00 $267.66 $8,205,550 $5,018,437 3794483 5,151,186 1,556,030 1,160,067 748,466 9,761,580 6,178,504 9,694,135 Current assets: Cash and cash equivalents Current content assets, nct Other current assets Total current assets Hos-curreat assets: Content assets, net Property and equipment, net Other non-current assets Total non-curreat assets 25,383,950 24,504,567 14,960,954 960,183 565,221 418,281 3,174,646 2.727,420 901,030 29,518,779 27,797,208 16,280,265 Total assets 39.280 359 33,975.712 25,974.400 Current liabilities: Current content liabilities Accounts payable Accrued expenses Deferred revenue Short-term debt Total current liabilities 4,429,536 656,183 1,102,196 1,117,992 499,878 7,805,785 4,413,561 4,686,019 674,347 562,985 843,043 477,417 924,745 760,899 6,855,636 6,487,320 Hos-current liabilities: Non-current content liabilitics Long-term debt Other non-current liabilities Total non-current liabilities 2,618,084 3,334,323 3,759,026 15,809,095 14,759,260 10,360,058 1,982.155 1,444,276 129,231 20,409,334 19,537,859 14,248,315 Total liabilities 28,215 113 26,393,555 20735635 Orner's Equity: Preferred stock Common stock Accumulated other comprehensive loss Retained earnings Total orier's equit 3,447,698 44,398 7.573.144 11,065,240 2,793,929 2,315,988 (23,5211 (19,582) 4.811,749 2.942.359 7.582.157 5.238.765 Total liabilities and stockholder 39280359 33975712 25974400 Hetflix Inc. 12 Months Ended DEC. 1. V. 31. Consolidated Statements of Cash Flors (in millions : Cash flors from operating activities: Net income 2,761,395 1,866,916 1,211,242 Adjustments to reconcile net income to net cash provided by used in operating activities: Additions to content assets -1.2E+07 -1.4E+07 -13043437 Change in content liabilities (757,433) (694,011) 999,880 Amortization of content assets 10,806,912 9,216,247 7,532,088 Depreciation and amortization of property, cquipment and intangi 115,710 103,579 83,157 Stock-based compensation expense 415,180 405,376 320,657 Foreign currency remeasurement loss (gain) on debt 533,278 (45,5761 173,953] Other non-cash items 293,126 228,230 81,640 Deferred income taxes 70,066 (94,443) 185,520) Changes in operating assets and liabilities: Other current assets (187,6231 (252,113) (200,192) Accounts payable (41,605) 96,063 139,198 Accrued expenses and other liabilities 198,183 157,778 150,422 Deferred revenue 133,247 163,846 142,277 Other non-current assets and liabilities (134,075) (122.53111 2,062 Het cash provided by used in operating activities 2,427,077 -2887322-2680479 Cash flors from intesting activities: Purchases of property and equipment Change in other assets Het cash used in intesting activities (497,923) (253,035) (173,946) (7,431 (134,029) (165 174 (505,354) (387,064) (339,120 Cash flors from financing activities: Proceeds from issuance of debt Debt issuance costs Proceeds from issuance of common stock Other financing activities Het cash provided by financing activities 1,003,464 4,469,306 3,961,852 (7,5591 136,1341 (35,871) 235,406 72,490 124,502 (1956) 1237 311 4.505662 4,048,527 Effect of exchange rate changes on cash, cash equivalents and restr 36,050 469 (39,682) Het increase in cash, cash equivalents and 3,195,084 1.231,745 989 246 Cash, cash equivalents and restricted cash, beginnin: 5,043,786 3,812,041 2.822.795 Cash, cash equivalents and restricted cash, end of 8238,870 5043.786 3,812,041 JetBlue Airvas Corporation 12 Months Ended onsolidated Income Statement in million 14196 43830 43465 Revenues: Passenger 2,733 7,786 7,381 Other 224 308 277 Total operating revenues 2,957 8,094 7,658 Costs and expenses: Aircraft fuel and related taxes Salaries, wages and benefits Landing fees and other rents Depreciation and amortization Aircraft rent Sales and marketing Maintenance, materials and repairs Other operating expenses Special items Total operating expenses 631 2,032 358 535 85 110 441 762 (2831 4,671 1,847 2,320 474 525 99 290 619 1,106 14 7.294 1,899 2,044 462 469 104 294 625 1,060 435 7.392 (1,714) 800 266 Operating (Loss) Income Other Income (Expense) Interest expense Capitalized interest Gain on equity method investments Interest income and other Total other income (expense) (Loss) Income before Income Taxes (179) 13 (70) 10 1791 14 15 18 (32) 768 (13) (179) (1,893) 13 (47 219 30 (539) (1354) 199 569 189 Income tax (benefit) expense Net (Loss Income Earnings (loss) per share Dividend per share Closing Market Price $ (4.88) $ 0.60 1.92 $ $ 18.72 $ 14.54 $ 16.06 44196 As of 43830 43465 JetBlue Airyans Corporation Consolidated Balance Sheets in millions Carreat assets: Cash and cash equivalents Investment securities Receivables Inventories Prepaid expenses and other Total current assets 1,918 1,135 98 71 123 3,345 959 369 231 81 146 1,786 474 413 211 78 212 1,388 Hon-current assets: Property and Equipment Flight equipment Pre-delivery deposits for flight equipment Total flight equipment and pre-delivery deposits, gross Less accumulated depreciation Total flight equipment and pre-delivery deposits, net Other property and equipment Less accumulated depreciation Total other property and equipment, net Total property and equipment, net Operating Lease Assets Other assets Investment securities Restricted cash Intangible assets, net of accumulated amortization Other Total other assets Total non-current assets 10,256 420 10,676 2.888 7,788 1,202 591 611 8,399 804 10,332 433 10,765 2768 7,937 1,145 528 617 8,614 912 9,525 293 9,818 2.448 7,370 1,074 461 613 7,983 1,056 3 59 2 51 261 544 858 10,061 3 59 241 303 606 10,132 470 532 9,571 Total assets 13,406 11.918 10.959 Current liabilities: Accounts payable Air traffic liability Accrued salaries, wages and benefits Other accrued liabilities Current operating lease liabilities Current maturities of long-term debt and finance lease obligation Total current liabilities 365 1,122 409 215 113 450 2,674 401 1,119 376 295 128 344 2,663 437 1,035 313 298 133 309 2,525 Total non-curreat assets 10,061 10,132 9,571 Total assets 13,406 11,918 10.959 Current liabilities: Accounts payable Air traffic liability Accrued salaries, wages and benefits Other accrued liabilities Current operating lease liabilities Current maturities of long-term debt and finance lease obligation Total current liabilities 365 1,122 409 215 113 450 2,674 401 1,119 376 295 128 344 2,663 437 1,035 313 298 133 309 2,525 4,413 752 1,990 690 1,361 798 Non-current liabilities: Long-term debt and finance lease obligations Long-term operating lease lisbilities Deferred taxes and other liabilities Deferred income taxes Air traffic liability - non-current Other Total deferred taxes and other liabilities Total non-current liabilities 1,251 481 922 616 78 1,616 6,781 44 1,112 447 31 1590 3,749 1.776 4,456 Total liabilities 9,455 7. 119 6,274 Shareholders' equity: Preferred stock, $0.01 par value: 25 shares authorized, nonc issu Common stock, $0.01 par value: 900 shares authorised, 474 and 427 Chares issued and 316 and 282 shares outstanding at 2020 and 2019, respectively Treasury stock, at cost; 158 and 145 shares at 2020 and 2013,re Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Shareholders' equit 5 (1,981) 2,959 2,968 11,7821 2,253 4,322 2 4.799 (1,272) 2,203 3,753 (3) 4,685 3,951 Total liabilities and shareholders' equit 13,406 11,918 10,959 JetBlue Airvaus Corporation Consolidated Statements Of Cash Floys (in millions 12 Months Ended 44196 43830 43465 189 525 90 319 469 28 Cash flows from operating activities: Net (loss) income (1,354) 569 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Deferred income taxes (329) 139 Impairment of long-lived assets 273 Depreciation and amortization 535 Stock-based compensation 28 31 Losses on sale-leaseback transactions 106 Changes in certain operating assets and liabilities: Decrease (increase) in receivables 144 (3) Decrease (increase) in inventories, prepaid and other 52 Increase in air traffic liability 66 118 (Decrease) increase in accounts payable and other accrued liab (255) (91) Other, net 51 (271 Net cash (used in provided by operating activities (683) 1.449 46 188 (178) 131 103 3 1.200 (715) (76) Cash flows from investing activities: Capital expenditures Pre-delivery deposits for flight equipment Purchase of held-to-maturity investments Proceeds from the maturities of held-to-maturity investments Purchase of available-for-sale securities Proceeds from the sale of available-for-sale securities Proceeds from sale-leaseback transactions Othernet (932) (224) (374) 534 (1,000) 880 (908) (206) (429) 505 (979) 875 21 (1.962) 1,174 209 (13) (15) (1349) (1.129 (1,157) 981 687 Net cash (used in investing activities Cash flows from financing activities: Proceeds from issuance of long-term debt Proceeds from short-term borrowings Proceeds from sale-leaseback transactions Proceeds from issuance of common stock Proceeds from issuance of stock warrants Repayment of long-term debt and finance lease obligations Repayment of short-term borrowings Acquisition of treasury stock Other, net Net cash provided by financing activities 51 48 2,541 981 354 620 28 (372) (1,000) (167) (2 2.983 (323) (222) (382) (542) 12 165 131 Increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period 951 1,018 1.969 485 533 1,018 174 359 533 Supplemental cash flow information Cash payments for interest (net of amount capitalized) Cash payments for income taxes (net of refunds) 139 5 62 (52) 59 11 01 Non-Cash transactions Operating lease assets obtained in exchange for operating lease li. 144 7 20 Netflix Inc. Consolidated Income Statement (in 12 Months Ended Dec. 31, Dec. 31, Dec. 31, 2020 2019 2018 Revenues Cost of revenues Gross Margin 24996056 20156447 15794341 15,276,319 12,440,213 9,967,538 9,719,737 7,716,234 5,826,803 Expenses: Marketing expense Technology and development General and administrative expense Total Expenses 2,228,362 2,652,462 2,369,469 1,829,600 1,545,149 1,221,814 1,076,486 914,369 630,294 5,134,448 5,111,980 4,221,577 Operating income 4,585,289 2,604,254 1,605,226 Interest expense Other income (expense) Income before income tax 767,499 (618,441) 3,199,349 626,023 420,493 84,000 41,725 2,062,231 1,226,458 Income tax expense Net income (437,954) (195,315) (15,216) $2,761,395 $1,866,916 $1,211,242 Earnings per share Dividend per share Closing Market Price $6.26 $ 0.00 $540.73 $4.26 $0.00 $323.57 $ 2.78 $0.00 $267.66 $8,205,550 $5,018,437 3794483 5,151,186 1,556,030 1,160,067 748,466 9,761,580 6,178,504 9,694,135 Current assets: Cash and cash equivalents Current content assets, nct Other current assets Total current assets Hos-curreat assets: Content assets, net Property and equipment, net Other non-current assets Total non-curreat assets 25,383,950 24,504,567 14,960,954 960,183 565,221 418,281 3,174,646 2.727,420 901,030 29,518,779 27,797,208 16,280,265 Total assets 39.280 359 33,975.712 25,974.400 Current liabilities: Current content liabilities Accounts payable Accrued expenses Deferred revenue Short-term debt Total current liabilities 4,429,536 656,183 1,102,196 1,117,992 499,878 7,805,785 4,413,561 4,686,019 674,347 562,985 843,043 477,417 924,745 760,899 6,855,636 6,487,320 Hos-current liabilities: Non-current content liabilitics Long-term debt Other non-current liabilities Total non-current liabilities 2,618,084 3,334,323 3,759,026 15,809,095 14,759,260 10,360,058 1,982.155 1,444,276 129,231 20,409,334 19,537,859 14,248,315 Total liabilities 28,215 113 26,393,555 20735635 Orner's Equity: Preferred stock Common stock Accumulated other comprehensive loss Retained earnings Total orier's equit 3,447,698 44,398 7.573.144 11,065,240 2,793,929 2,315,988 (23,5211 (19,582) 4.811,749 2.942.359 7.582.157 5.238.765 Total liabilities and stockholder 39280359 33975712 25974400 Hetflix Inc. 12 Months Ended DEC. 1. V. 31. Consolidated Statements of Cash Flors (in millions : Cash flors from operating activities: Net income 2,761,395 1,866,916 1,211,242 Adjustments to reconcile net income to net cash provided by used in operating activities: Additions to content assets -1.2E+07 -1.4E+07 -13043437 Change in content liabilities (757,433) (694,011) 999,880 Amortization of content assets 10,806,912 9,216,247 7,532,088 Depreciation and amortization of property, cquipment and intangi 115,710 103,579 83,157 Stock-based compensation expense 415,180 405,376 320,657 Foreign currency remeasurement loss (gain) on debt 533,278 (45,5761 173,953] Other non-cash items 293,126 228,230 81,640 Deferred income taxes 70,066 (94,443) 185,520) Changes in operating assets and liabilities: Other current assets (187,6231 (252,113) (200,192) Accounts payable (41,605) 96,063 139,198 Accrued expenses and other liabilities 198,183 157,778 150,422 Deferred revenue 133,247 163,846 142,277 Other non-current assets and liabilities (134,075) (122.53111 2,062 Het cash provided by used in operating activities 2,427,077 -2887322-2680479 Cash flors from intesting activities: Purchases of property and equipment Change in other assets Het cash used in intesting activities (497,923) (253,035) (173,946) (7,431 (134,029) (165 174 (505,354) (387,064) (339,120 Cash flors from financing activities: Proceeds from issuance of debt Debt issuance costs Proceeds from issuance of common stock Other financing activities Het cash provided by financing activities 1,003,464 4,469,306 3,961,852 (7,5591 136,1341 (35,871) 235,406 72,490 124,502 (1956) 1237 311 4.505662 4,048,527 Effect of exchange rate changes on cash, cash equivalents and restr 36,050 469 (39,682) Het increase in cash, cash equivalents and 3,195,084 1.231,745 989 246 Cash, cash equivalents and restricted cash, beginnin: 5,043,786 3,812,041 2.822.795 Cash, cash equivalents and restricted cash, end of 8238,870 5043.786 3,812,041 JetBlue Airvas Corporation 12 Months Ended onsolidated Income Statement in million 14196 43830 43465 Revenues: Passenger 2,733 7,786 7,381 Other 224 308 277 Total operating revenues 2,957 8,094 7,658 Costs and expenses: Aircraft fuel and related taxes Salaries, wages and benefits Landing fees and other rents Depreciation and amortization Aircraft rent Sales and marketing Maintenance, materials and repairs Other operating expenses Special items Total operating expenses 631 2,032 358 535 85 110 441 762 (2831 4,671 1,847 2,320 474 525 99 290 619 1,106 14 7.294 1,899 2,044 462 469 104 294 625 1,060 435 7.392 (1,714) 800 266 Operating (Loss) Income Other Income (Expense) Interest expense Capitalized interest Gain on equity method investments Interest income and other Total other income (expense) (Loss) Income before Income Taxes (179) 13 (70) 10 1791 14 15 18 (32) 768 (13) (179) (1,893) 13 (47 219 30 (539) (1354) 199 569 189 Income tax (benefit) expense Net (Loss Income Earnings (loss) per share Dividend per share Closing Market Price $ (4.88) $ 0.60 1.92 $ $ 18.72 $ 14.54 $ 16.06 44196 As of 43830 43465 JetBlue Airyans Corporation Consolidated Balance Sheets in millions Carreat assets: Cash and cash equivalents Investment securities Receivables Inventories Prepaid expenses and other Total current assets 1,918 1,135 98 71 123 3,345 959 369 231 81 146 1,786 474 413 211 78 212 1,388 Hon-current assets: Property and Equipment Flight equipment Pre-delivery deposits for flight equipment Total flight equipment and pre-delivery deposits, gross Less accumulated depreciation Total flight equipment and pre-delivery deposits, net Other property and equipment Less accumulated depreciation Total other property and equipment, net Total property and equipment, net Operating Lease Assets Other assets Investment securities Restricted cash Intangible assets, net of accumulated amortization Other Total other assets Total non-current assets 10,256 420 10,676 2.888 7,788 1,202 591 611 8,399 804 10,332 433 10,765 2768 7,937 1,145 528 617 8,614 912 9,525 293 9,818 2.448 7,370 1,074 461 613 7,983 1,056 3 59 2 51 261 544 858 10,061 3 59 241 303 606 10,132 470 532 9,571 Total assets 13,406 11.918 10.959 Current liabilities: Accounts payable Air traffic liability Accrued salaries, wages and benefits Other accrued liabilities Current operating lease liabilities Current maturities of long-term debt and finance lease obligation Total current liabilities 365 1,122 409 215 113 450 2,674 401 1,119 376 295 128 344 2,663 437 1,035 313 298 133 309 2,525 Total non-curreat assets 10,061 10,132 9,571 Total assets 13,406 11,918 10.959 Current liabilities: Accounts payable Air traffic liability Accrued salaries, wages and benefits Other accrued liabilities Current operating lease liabilities Current maturities of long-term debt and finance lease obligation Total current liabilities 365 1,122 409 215 113 450 2,674 401 1,119 376 295 128 344 2,663 437 1,035 313 298 133 309 2,525 4,413 752 1,990 690 1,361 798 Non-current liabilities: Long-term debt and finance lease obligations Long-term operating lease lisbilities Deferred taxes and other liabilities Deferred income taxes Air traffic liability - non-current Other Total deferred taxes and other liabilities Total non-current liabilities 1,251 481 922 616 78 1,616 6,781 44 1,112 447 31 1590 3,749 1.776 4,456 Total liabilities 9,455 7. 119 6,274 Shareholders' equity: Preferred stock, $0.01 par value: 25 shares authorized, nonc issu Common stock, $0.01 par value: 900 shares authorised, 474 and 427 Chares issued and 316 and 282 shares outstanding at 2020 and 2019, respectively Treasury stock, at cost; 158 and 145 shares at 2020 and 2013,re Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Shareholders' equit 5 (1,981) 2,959 2,968 11,7821 2,253 4,322 2 4.799 (1,272) 2,203 3,753 (3) 4,685 3,951 Total liabilities and shareholders' equit 13,406 11,918 10,959 JetBlue Airvaus Corporation Consolidated Statements Of Cash Floys (in millions 12 Months Ended 44196 43830 43465 189 525 90 319 469 28 Cash flows from operating activities: Net (loss) income (1,354) 569 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Deferred income taxes (329) 139 Impairment of long-lived assets 273 Depreciation and amortization 535 Stock-based compensation 28 31 Losses on sale-leaseback transactions 106 Changes in certain operating assets and liabilities: Decrease (increase) in receivables 144 (3) Decrease (increase) in inventories, prepaid and other 52 Increase in air traffic liability 66 118 (Decrease) increase in accounts payable and other accrued liab (255) (91) Other, net 51 (271 Net cash (used in provided by operating activities (683) 1.449 46 188 (178) 131 103 3 1.200 (715) (76) Cash flows from investing activities: Capital expenditures Pre-delivery deposits for flight equipment Purchase of held-to-maturity investments Proceeds from the maturities of held-to-maturity investments Purchase of available-for-sale securities Proceeds from the sale of available-for-sale securities Proceeds from sale-leaseback transactions Othernet (932) (224) (374) 534 (1,000) 880 (908) (206) (429) 505 (979) 875 21 (1.962) 1,174 209 (13) (15) (1349) (1.129 (1,157) 981 687 Net cash (used in investing activities Cash flows from financing activities: Proceeds from issuance of long-term debt Proceeds from short-term borrowings Proceeds from sale-leaseback transactions Proceeds from issuance of common stock Proceeds from issuance of stock warrants Repayment of long-term debt and finance lease obligations Repayment of short-term borrowings Acquisition of treasury stock Other, net Net cash provided by financing activities 51 48 2,541 981 354 620 28 (372) (1,000) (167) (2 2.983 (323) (222) (382) (542) 12 165 131 Increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period 951 1,018 1.969 485 533 1,018 174 359 533 Supplemental cash flow information Cash payments for interest (net of amount capitalized) Cash payments for income taxes (net of refunds) 139 5 62 (52) 59 11 01 Non-Cash transactions Operating lease assets obtained in exchange for operating lease li. 144 7 20