The following statement of cash flows is adapted from Shanteza, Inc.'s 2016 annual report. Amounts are shown in millions of dollars.

Required
Analyze Shanteza's statement of cash flows by making at least two observations about each section of the statement.

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2016 2015 2014 Cash flows from operating activities Net income Adjustments to net income $967833 $ 778 Depreciation and amortization Other non-cash items 568 125 547 56 530 26 Changes in operating assets and liabilities Merchandise inventory Other assets Accounts payable Accrued expenses and other liabilities Income taxes payable 51 34 252 18 199 180 97) 12 109 1,250 (235) Net cash provided (used) by operating activities 1412 2,081 Cash flows from investing activities Purchase of property and equipment Proceeds from sale of property and equipment Purchase of short-term investments Maturities of short-term investments Acquisition of business, net of cash acquired Change in restricted cash Change in other assets (431) (682) (572) (75) 251 (142) (894)(1,460) 1,841 1,287 Net cash provided (used) by investing activities (274(150) 2016 2015 2014 Cash flows from financing activities Payments of long-term debt Purchase of treasury stock Cash dividends paid Other (138) 705) (243) (1,700) (252) 165 (1,050) (265) 210 Net cash provided (used) by financing activities (1.0232113 (1105 Change in cash Cash, beginning balance Cash, ending balance 1,724 $1,715 2,030 $1,724 2,030