Excerpts from The HLH Company statement of cash flows, as adapted, appear as follows:

As the chief executive officer of The HLH Company, your duty is to write the management letter to your stockholders explaining HLH€™s major investing activities during 2014. Compare the company€™s level of investment with previous years, and indicate how the company financed its investments during 2014. Net income for 2014 was $4,123million.

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A1 The HLH Company and Subsidlaries Consolidated Statement of Cash Flows Adapted) Years Ended December 31, 2(In millions) 2014 2013 Operating Activities Net cash provided by operating activities S5404 $1498 Ivesting Activities Purchases of property, plant, and equipment (1,001 (951) 7 Acquistions and investments, princlpally trademarks and bottling companies Purchases of investments Proceeds from disposals of investments (521 (668) 384 (851) 590) 608 9 11 Proceeds from disposals of property, plant, and equipment Other investing activities 128 183 72 178 523 (1.5061 14 1 Net cash used in investing activitles Financing Activities Issuances of debt [borrowing) 4,704 5,477 438 (186 (2,298 (2,172 (2,693 3,867 (5,142) 220 Issuances of stock 19 Purchases of stock for treasury 2Dividends 21Net cash used in financing activities 3,7111