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38
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended December 31,
2015 2014 2013
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 14,557 $ 8,658 $ 8,084
OPERATING ACTIVITIES:
Net income (loss) 596 (241) 274
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 6,281
4,746 3,253
Stock-based compensation 2,119 1,497 1,134
Other operating expense (income), net 155 129 114
Losses (gains) on sales of marketable securities, net 5 (3) 1
Other expense (income), net 245 62 166
Deferred income taxes 81 (316) (156)
Excess tax benefits from stock-based compensation (119)
(6) (78)
Changes in operating assets and liabilities:
Inventories (2,187)
(1,193) (1,410)
Accounts receivable, net and other (1,755)
(1,039) (846)
Accounts payable 4,294 1,759 1,888
Accrued expenses and other 913 706 736
Additions to unearned revenue 7,401 4,433 2,691
Amortization of previously unearned revenue (6,109)
(3,692) (2,292)
Net cash provided by (used in) operating activities 11,920 6,842 5,475
INVESTING ACTIVITIES:
Purchases of property and equipment, including internal-use software and website
development, net (4,589)
(4,893) (3,444)
Acquisitions, net of cash acquired, and other (795)
(979) (312)
Sales and maturities of marketable securities 3,025 3,349 2,306
Purchases of marketable securities (4,091)
(2,542) (2,826)
Net cash provided by (used in) investing activities (6,450)
(5,065) (4,276)
FINANCING ACTIVITIES:
Excess tax benefits from stock-based compensation 119 6 78
Proceeds from long-term debt and other 353 6,359 394
Repayments of long-term debt and other (1,652)
(513) (231)
Principal repayments of capital lease obligations (2,462)
(1,285) (775)
Principal repayments of finance lease obligations (121)
(135) (5)
Net cash provided by (used in) financing activities (3,763)
4,432 (539)
Foreign-currency effect on cash and cash equivalents (374)
(310) (86)
Net increase (decrease) in cash and cash equivalents 1,333 5,899 574
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 15,890 $ 14,557 $ 8,658
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on long-term debt $ 325 $ 91 $97
Cash paid for interest on capital and finance lease obligations 153 86 41
Cash paid for income taxes (net of refunds) 273 177 169
Property and equipment acquired under capital leases 4,717 4,008 1,867
Property and equipment acquired under build-to-suit leases 544 920 877
See accompanying notes to consolidated financial statements.