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Wal-Mart Stores, Inc. Statements of Cash Flows (in millions) Fiscal Years Ended Jan 31, 2016 Jan 31, 2015 Jan 31, 2014 Operating activities: Net income

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Wal-Mart Stores, Inc. Statements of Cash Flows (in millions) Fiscal Years Ended Jan 31, 2016 Jan 31, 2015 Jan 31, 2014 Operating activities: Net income (loss) 15,080 17,099 16,695 Adjustments to convert to cash basis 12,309 11,465 6,562 Net cash from operations 27,389 28,564 23,257 Investing activities: Purchases of PP&E (11,477) (12,174) (13,115) Proceeds from disposal of PP&E 635 570 727 Proceeds from disposal of some ops 246 671 Other investing activities (79) (192) (138) Net cash used in investing (10,675) (11,125) (12,526) Financing activities: Net change in borrowings 1,235 (6,288) 911 Proceeds from issuance of debt 5,174 7,072 Repayments of long-term debt (4,432) (3,904) (4,968) Dividends paid (6,294) (6,185) (6,139) Purchase of company stock (4,112) (1,015) (6,683) Other financing activities (2,558) (2,853) (982) Net cash provided(used) by financi (16,122) (15,071) (10,789) Effect of exchange rates (1,022) (514) (442) Net change in cash (430) 1,854 (500) Cash, beginning of year 9,135 7,281 7,781 Cash, end of year 8,705 9,135 7,281 39 1. When analyzing a company's cash flow statement, which section of the statement (operating, investing or financing) do you believe is the best predictor of a company's future profitability? Why? 2. Which company do you believe is healthier based on the cash flow statements presented? Provide at least two specific examples from the statements

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