OVERVIEW OF THIS IN A FEW SENTENCES OR PARAGRAPH PLEASE Consolidated Statements
ID: 2526453 • Letter: O
Question
OVERVIEW OF THIS IN A FEW SENTENCES OR PARAGRAPH PLEASE
Consolidated Statements of Cash Flows
(millions)
2016
2015
2014
Operating activities
Net earnings / (loss)
$
2,737
$
3,363
$
(1,636
)
Earnings / (losses) from discontinued operations, net of tax
68
42
(4,085
)
Net earnings from continuing operations
2,669
3,321
2,449
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation and amortization
2,298
2,213
2,129
Share-based compensation expense
113
115
71
Deferred income taxes
41
(322
)
7
Gain on sale
—
(620
)
—
Loss on debt extinguishment
422
—
285
Noncash (gains) / losses and other, net
—
57
40
Changes in operating accounts:
Inventory
293
(316
)
(512
)
Other assets
36
227
(115
)
Accounts payable and accrued liabilities
(543
)
579
803
Cash provided by operating activities—continuing operations
5,329
5,254
5,157
Cash provided by / ( required for) operating activities—discontinued operations
107
704
(692
)
Cash provided by operations
5,436
5,958
4,465
Investing activities
Expenditures for property and equipment
(1,547
)
(1,438
)
(1,786
)
Proceeds from disposal of property and equipment
46
28
95
Proceeds from sale of businesses
—
1,875
—
Cash paid for acquisitions, net of cash assumed
—
—
(20
)
Other investments
28
24
106
Cash (required for) / provided by investing activities—continuing operations
(1,473
)
489
(1,605
)
Cash provided by / ( required for) investing activities—discontinued operations
—
19
(321
)
Cash ( required for) / provided by investing activities
(1,473
)
508
(1,926
)
Financing activities
Change in commercial paper, net
—
—
(80
)
Additions to long-term debt
1,977
—
1,993
Reductions of long-term debt
(2,641
)
(85
)
(2,079
)
Dividends paid
(1,348
)
(1,362
)
(1,205
)
Repurchase of stock
(3,706
)
(3,483
)
(26
)
Stock option exercises
221
300
373
Cash required for financing activities
(5,497
)
(4,630
)
(1,024
)
Net (decrease) / increase in cash and cash equivalents
(1,534
)
1,836
1,515
Cash and cash equivalents at beginning of period (a)
4,046
2,210
695
Cash and cash equivalents at end of period
$
2,512
$
4,046
$
2,210
Supplemental information
Interest paid, net of capitalized interest
$
999
$
604
$
871
Income taxes paid / (refunded)
1,514
(127
)
1,251
Property and equipment acquired through capital lease obligations
238
126
88
(a) Includes cash of our discontinued operations of $25 million at February 1, 2014.
(millions)
2016
2015
2014
Operating activities
Net earnings / (loss)
$
2,737
$
3,363
$
(1,636
)
Earnings / (losses) from discontinued operations, net of tax
68
42
(4,085
)
Net earnings from continuing operations
2,669
3,321
2,449
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation and amortization
2,298
2,213
2,129
Share-based compensation expense
113
115
71
Deferred income taxes
41
(322
)
7
Gain on sale
—
(620
)
—
Loss on debt extinguishment
422
—
285
Noncash (gains) / losses and other, net
—
57
40
Changes in operating accounts:
Inventory
293
(316
)
(512
)
Other assets
36
227
(115
)
Accounts payable and accrued liabilities
(543
)
579
803
Cash provided by operating activities—continuing operations
5,329
5,254
5,157
Cash provided by / ( required for) operating activities—discontinued operations
107
704
(692
)
Cash provided by operations
5,436
5,958
4,465
Investing activities
Expenditures for property and equipment
(1,547
)
(1,438
)
(1,786
)
Proceeds from disposal of property and equipment
46
28
95
Proceeds from sale of businesses
—
1,875
—
Cash paid for acquisitions, net of cash assumed
—
—
(20
)
Other investments
28
24
106
Cash (required for) / provided by investing activities—continuing operations
(1,473
)
489
(1,605
)
Cash provided by / ( required for) investing activities—discontinued operations
—
19
(321
)
Cash ( required for) / provided by investing activities
(1,473
)
508
(1,926
)
Financing activities
Change in commercial paper, net
—
—
(80
)
Additions to long-term debt
1,977
—
1,993
Reductions of long-term debt
(2,641
)
(85
)
(2,079
)
Dividends paid
(1,348
)
(1,362
)
(1,205
)
Repurchase of stock
(3,706
)
(3,483
)
(26
)
Stock option exercises
221
300
373
Cash required for financing activities
(5,497
)
(4,630
)
(1,024
)
Net (decrease) / increase in cash and cash equivalents
(1,534
)
1,836
1,515
Cash and cash equivalents at beginning of period (a)
4,046
2,210
695
Cash and cash equivalents at end of period
$
2,512
$
4,046
$
2,210
Supplemental information
Interest paid, net of capitalized interest
$
999
$
604
$
871
Income taxes paid / (refunded)
1,514
(127
)
1,251
Property and equipment acquired through capital lease obligations
238
126
88
Explanation / Answer
A close review of the cash flows and comparison over the 3 year period shows the following
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