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Based on the information contained in these financial statements, compute free cash flow for Wal-Mart for January 31, 2017.

Wal-Mart Stores, Inc. Consolidated Statement of Income (Amounts in millions, except per share data) Revenues: Net sales Membership and other income Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital lease and financing obligations Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes come from continuing operations Income from discontinued operations, net of income taxes Consolidated net income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart Basic net income per common share: Basic income per common share from continuing operations attributable to Walmart Basic income per common share from discontinued operations attributable to Walmart Basic net income per common share attributable to Walmart Diluted net income per common share: Diluted income per common share from continuing operations attributable to Walmart Diluted income per common share from discontinued operations attributable to Walmart Diluted net income per common share attributable to Walmart Weighted-average common shares outstanding: Basic Diluted Dividends declared per common share See accompanying notes. Fiscal Years Ended January 31, 2016 $478,614 3,516 482,130 360,984 97,041 24,105 2,027 521 2017 $481,317 4,556 485,873 361,256 101,853 22,764 2,044 323 (100) $ 2,267 20,497 6,204 14,293 14,293 (650) $ 13,643 $ 4.40 $ 4.40 $ 4.38 $ 4.38 3,101 3,112 2.00 2,467 21,638 6,558 15,080 15,080 (386) $ 14,694 $ 4.58 4.58 4.57 4.57 3,207 3,217 1.96 $ $ $ (81) $ 2015 $482,229 3,422 485,651 365,086 93,418 27,147 2,161 300 (113) 2,348 24,799 7,985 16,814 285 17,099 (736) $ 16,363 $ 5.01 0.06 5.07 4.99 0.06 5.05 3,230 3,243 1.92 $ $ $ $ Wal-Mart Stores, Inc. Consolidated Statement of Comprehensive Income 2017 $14,293 (650) 13,643 (2,882) 413 21 (397) (2,845) 210 (2,635) 11,448 $11,008 (Amounts in millions) Consolidated net income Less consolidated net income attributable to nonredeemable noncontrolling interest Consolidated net income attributable to Walmart Other comprehensive income (loss), net of income taxes Currency translation and other Net investment hedges Cash flow hedges Minimum pension liability Other comprehensive income (loss), net of income taxes Less other comprehensive income (loss) attributable to nonredeemable noncontrolling interest Other comprehensive income (loss) attributable to Walmart Comprehensive income, net of income taxes Less comprehensive income (loss) attributable to nonredeemable noncontrolling interest Comprehensive income attributable to Walmart See accompanying notes. Fiscal Years Ended January 31, 2016 $15,080 (386) (440) 14,694 (5,220) 366 (202) 86 (4,970) 541 (4,429) 10,110 155 $10,265 2015 $17,099 (736) 16,363 (4,558) 379 (470) (69) (4,718) 546 (4,172) 12,381 (190) $12,191 (Amounts in millions) ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Total current assets Property and equipment: Wal-Mart Stores, Inc. Consolidated Balance Sheets Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease and financing obligations: Property under capital lease and financing obligations Less accumulated amortization Goodwill Other assets and deferred charges Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Nonredeemable noncontrolling interest Total equity Total liabilities and equity See accompanying notes. Property under capital lease and financing obligations, net As of January 31, 2017 $ 6,867 5,835 43,046 1,941 57,689 179,492 (71,782) 107,710 11,637 (5,169) 6,468 17,037 9,921 $198,825 $ 1,099 41,433 20,654 921 2,256 565 66,928 36,015 6,003 9,344 305 2,371 89,354 (14,232) 77,798 2,737 80,535 $198,825 2016 $ 8,705 5,624 44,469 1,441 60,239 176,958 (66,787) 110,171 11,096 (4,751) 6,345 16,695 6,131 $199,581 $ 2,708 38,487 19,607 521 2,745 551 64,619 38,214 5,816 7,321 317 1,805 90,021 (11,597) 80,546 3,065 83,611 $199,581 Wal-Mart Stores, Inc. Consolidated Statements of Shareholders' Equity and Redeemaole Noncontrolling Interest Nonredeemable Redeemable Capital in Excess of Accumulated Total Other Walmart Comprehensive Shareholders' Loss Common Stock Retained. Noncontrolling Total Noncontrolling (Amounts in millions) Amount Par Value Earnings Equity Interest Equity Interest $323 $2,362 $76,566 $ (2,996) $76,255 $5,084 $81,339 $ 1,491 16,363 16,363 736 17,099 (4,172) (4,172) (546) (4,718) Balances as of February 1, 2014 Consolidated net income Other comprehensive loss, net of income taxes Cash dividends declared ($1.92 per share) Purchase of Company stock Purchase of redeemable (6,185) (6,185) (6,185) (980) (1) (29) (950) (980) noncontrolling interest Other 1 129 (17) 113 (731) (618) 323 2,462 81,394 85,937 Balances as of January 31, 2015 Consolidated net income 14,694 15,080 (4,429) (4,970) Other comprehensive loss, net of income taxes Cash dividends declared ($1.96 per share) Purchase of Company stock Cash dividend declared to (6,294) (6,294) (4,256) (4,256) noncontrolling interest (691) Other (563) (1,195) Balances as of January 31, 2016 Consolidated net income Other comprehensive loss, net of income taxes Cash dividends declared ($2.00 per share) Purchase of Company stock Cash dividend declared to (120) noncontrolling interest Other 6 Balances as of January 31, 2017 3,048 See accompanying notes. Shares: 3,233 (13) 8 3,228 (65) (1) 3,162 | D T (6) I 317 I (12) T 90,021 13,643 (6,216) (174) (8,090) 740 (4) $305 $2,371 $89,354 I (102) (555) 1,805 85,777 14,694 (6,294) (4,148) (8) T (7,168) (4,429) | | (11,597) (2,635) $(14,232) 80,546 13,643 (2,635) (6,216) (8,276) 736 $77,798 4,543 386 (541) (691) (632) 3,065 650 (210) (519) (249) $2,737 83,611 14,293 (2,845) (6,216) (8,276) (519) 487 $80,535 T (1,491) $ 11 I ||||| T |||| Wal-Mart Stores, Inc. Consolidated Statements of Cash Flow (Amounts in millions) Cash flows from operating activities: Consolidated net income Income from discontinued operations, net of income taxes Income from continuing operations Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Investment and business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Payments of long-term debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid See accompanying notes. Fiscal Years Ended January 31, 2016 $ 15,080 15,080 9,454 (672) 2017 $ 14,293 14,293 10,080 761 206 (402) 1,021 3,942 1,137 192 31,530 (10,619) 456 662 (1,901) (2,463) (122) (13,987) (1,673) 137 (2,055) (6,216) (8,298) (479) (90) (255) (18,929) (452) (1,838) 8,705 $ 6,867 4,507 2,351 1,410 (19) (703) 2,008 1,303 (472) 27,389 (11,477) 635 246 (79) (10,675) 1,235 39 (4,432) (6,294) (4,112) (719) (1,326) (513) (16,122) (1,022) (430) 9,135 $ 8,705 8,111 2,540 2015 $ 17,099 (285) 16,814 9,173 (503) 785 (569) (1,229) 2,678 1,249 166 28,564 (12,174) 570 671 (192) (11,125) (6,288) 5,174 (3,904) (6,185) (1,015) (600) (1,844) (409) (15,071) (514) 1,854 7,281 $ 9,135 8,169 2,433

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