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

As the chief executive officer of The Ink Spot Company, your duty is to write the management letter to your stockholders explaining Ink Spot's major investing activities during 2016. Compare the company's level of investment with previous years, and indicate how the company financed its investments during 2016. Net income for 2016 was $4,123 million?

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A1 The Ink Spot Company and Subsidiaries Consolidated Statement of Cash Flows (Adapted) Years Ended December 31 2 (In millions) 2016 2015 8 Operating Activities 4Net cash provided by operating activities 5 Investing Activities 6 Purchases of property, plant, and equipmert 7 Acquisitions and investments, principally 8 trademarks and bottling companies 9 Purchases of investments 10 Proceeds from disposals of investments 11 Proceeds from disposals of property, plant 2 and equipment 13 Other investing activities 14Net cash used in investing activities 15 Financing Activities 49 (1,001) 951 (521) 668) 384 608 1 183 1,523 178 (1,506 3 16 Issuances of debt (borrowin 3,867 (5,142) 220 58 2,298 4,704 (5,477) 438 (186) 2,172 2,693 17 Payments of debt 18 Issuances of stock 19 Purchases of stock for treasu 20 Dividends 21 Net cash used in financing activities