In 2007 STAPLES, Inc., was the world's largest office products company, operating over 1,900 office superstores throughout North and South America, Europe, and Asia. It employed 74,000 people and recorded 2006 sales of $18.2 billion?a record. Operating cash flow, however, declined somewhat. This case includes the consolidated balance sheets and statements of income for STAPLES, Inc., and subsidiaries. Also included is a partially completed statement of cash flows for 2006. The students must complete: the statement of cash flows; interpret the "investing activities;" interpret the "financing activities;" interpret the net increase (decrease) in cash and cash equivalent.