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

As the chief executive officer of The XYZ Company, your duty is to write the management letter to your stockholders explaining XYZ€™s major investing activities during 2012. Compare the company€™s level of investment with previous years and indicate how the company financed its investments during 2012. Net income for 2012 was $5,083million.

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The XYZ Company and Subsidiaries Consolidated Statement of Cash Flows (Adapted) Years Ended December 31, (In millions) Operating Activities 2012 2011 5,404 Net cash provided by operating activities Investing Activities Purchases of property, plant, and equipment Acquisitions and investments, principally S1,498 (1,001) (951) trademarks and bottling companies Purchases of investments Proceeds from disposals of investments Proceeds from disposals of property, plant, (851) (590) 608 (521) (668) 384 and equipment Other investing activities 128 183 (1,523) 72 178 (1,506) Net cash used in investing activities Financing Activities Issuances of debt (borrowing) Payments of debt Issuances of stock Purchases of stock for treasury Dividends 4,704 (5,142)(5,477 438 (186) (2,172) (2.693) 3,867 220 (358) (2,298) (3,711) Net cash used in financing activities